GDXJ vs. DUST
GDXJ (VanEck Junior Gold Miners ETF) and DUST (Direxion Daily Gold Miners Bear 2X Shares) are both exchange-traded funds - GDXJ is a Gold fund tracking the MVIS Global Junior Gold Miners Index, while DUST is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (-300%). Both are passively managed. Over the past 10 years, GDXJ returned 8.85%/yr vs -49.57%/yr for DUST. Their -0.95 correlation means they have often moved in opposite directions in the past. GDXJ charges 0.52%/yr vs 1.07%/yr for DUST.
Performance
GDXJ vs. DUST - Performance Comparison
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Returns By Period
In the year-to-date period, GDXJ achieves a -13.28% return, which is significantly higher than DUST's -17.56% return. Over the past 10 years, GDXJ has outperformed DUST with an annualized return of 8.85%, while DUST has yielded a comparatively lower -49.57% annualized return.
GDXJ
- 1D
- 3.44%
- 1M
- -4.12%
- 6M
- -20.48%
- YTD
- -13.28%
- 1Y
- 55.23%
- 3Y*
- 43.15%
- 5Y*
- 18.66%
- 10Y*
- 8.85%
- ALL TIME*
- 1.78%
DUST
- 1D
- -5.00%
- 1M
- 3.43%
- 6M
- 6.67%
- YTD
- -17.56%
- 1Y
- -74.07%
- 3Y*
- -61.93%
- 5Y*
- -47.86%
- 10Y*
- -49.57%
- ALL TIME*
- -48.63%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $28.81M | $35.06M | $44.24M | |
| $470.71M | $441.62M | $622.38M |
GDXJ vs. DUST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDXJ VanEck Junior Gold Miners ETF | -13.28% | 172.28% | 15.67% | 7.12% | -14.53% | -21.25% | 30.40% | 40.44% | -11.02% | 8.22% |
DUST Direxion Daily Gold Miners Bear 2X Shares | -17.56% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -85.75% | -75.11% | -3.27% | -51.00% |
Correlation
The correlation between GDXJ and DUST is -0.98, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.98 |
Correlation (3Y) Balances recent behavior with more history. | -0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.96 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010 | -0.95 |
The correlation between GDXJ and DUST has been stable across timeframes, ranging from -0.98 to -0.95 - a consistent structural relationship.
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Return for Risk
GDXJ vs. DUST — Risk / Return Rank
GDXJ
DUST
GDXJ vs. DUST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Junior Gold Miners ETF (GDXJ) and Direxion Daily Gold Miners Bear 2X Shares (DUST). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GDXJ | DUST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.80 | ||
| Sortino ratioReturn per unit of downside risk | +2.87 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 0.86 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 1.34 | -0.89 | +2.23 |
| Martin ratioReturn relative to average drawdown | 2.83 | -1.15 | +3.98 |
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Drawdowns
GDXJ vs. DUST - Drawdown Comparison
The maximum GDXJ drawdown since its inception was -88.66%, smaller than the maximum DUST drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for GDXJ and DUST.
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Drawdown Indicators
| GDXJ | DUST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.66% | -100.00% | +11.34% |
Max Drawdown (1Y)Largest decline over 1 year | -41.32% | -83.43% | +42.11% |
Max Drawdown (3Y)Largest decline over 3 years | -41.32% | -97.55% | +56.23% |
Max Drawdown (5Y)Largest decline over 5 years | -48.79% | -98.68% | +49.89% |
Max Drawdown (10Y)Largest decline over 10 years | -57.77% | -99.98% | +42.21% |
Current DrawdownCurrent decline from peak | -36.83% | -100.00% | +63.17% |
Average DrawdownAverage peak-to-trough decline | -60.25% | -83.50% | +23.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.56% | 67.62% | -48.06% |
Volatility
GDXJ vs. DUST - Volatility Comparison
The current volatility for VanEck Junior Gold Miners ETF (GDXJ) is 14.46%, while Direxion Daily Gold Miners Bear 2X Shares (DUST) has a volatility of 24.45%. This indicates that GDXJ experiences smaller price fluctuations and is considered to be less risky than DUST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDXJ | DUST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.46% | 24.45% | -9.99% |
Volatility (6M)Calculated over the trailing 6-month period | 42.31% | 73.98% | -31.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.05% | 96.68% | -42.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.11% | 73.86% | -31.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.20% | 86.68% | -42.48% |
GDXJ vs. DUST - Expense Ratio Comparison
GDXJ has a 0.52% expense ratio, which is lower than DUST's 1.07% expense ratio.
Dividends
GDXJ vs. DUST - Dividend Comparison
GDXJ's dividend yield for the trailing twelve months is around 2.69%, less than DUST's 4.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | 4.60% | 12.51% | 4.99% | 4.47% | 0.00% | 0.00% | 3.60% | 2.50% | 0.37% | 0.00% | 0.00% | 0.00% |
GDXJ VanEck Junior Gold Miners ETF | 2.69% | 2.33% | 2.61% | 0.72% | 0.51% | 1.78% | 1.58% | 0.39% | 0.45% | 0.03% | 4.78% | 0.72% |
Frequently Asked Questions
GDXJ and DUST have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUST has higher volatility (24.45%) compared to GDXJ (14.46%). In terms of maximum drawdown, GDXJ dropped -88.66% vs DUST's -100.00%.
On 10-year performance, GDXJ leads with 8.85% vs -49.57% for DUST. On fees, GDXJ is cheaper at 0.52% per year. On volatility, GDXJ has been the lower-risk option at 14.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDXJ has performed better with a 8.85% return vs -49.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDXJ is cheaper with a 0.52% expense ratio, compared with 1.07% for DUST.
DUST has the higher dividend yield at 4.60%, compared with 2.69% for GDXJ.
GDXJ is categorized as Gold, while DUST is Leveraged Equities. GDXJ tracks MVIS Global Junior Gold Miners Index, while DUST tracks NYSE Arca Gold Miners Index (-300%). They also come from different issuers: VanEck and Direxion. Their fees differ too: 0.52% for GDXJ and 1.07% for DUST.
GDXJ currently has the higher Sharpe Ratio (1.03 vs -0.77), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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