GDXU vs. DUST
GDXU (MicroSectors Gold Miners 3X Leveraged ETN) and DUST (Direxion Daily Gold Miners Bear 2X Shares) are both Leveraged Equities funds - GDXU tracks the S-Network MicroSectors Gold Miners Index while DUST tracks the NYSE Arca Gold Miners Index (-300%). Both are passively managed. Over the past 5 years, GDXU returned -8.12%/yr vs -48.16%/yr for DUST. At a correlation of -0.99, they often move in opposite directions. GDXU charges 0.95%/yr vs 1.07%/yr for DUST.
Performance
GDXU vs. DUST - Performance Comparison
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Returns By Period
In the year-to-date period, GDXU achieves a -37.13% return, which is significantly lower than DUST's -31.39% return.
GDXU
- 1D
- 3.73%
- 1M
- -5.99%
- YTD
- -37.13%
- 6M
- -27.31%
- 1Y
- 85.47%
- 3Y*
- 52.20%
- 5Y*
- -8.12%
- 10Y*
- —
DUST
- 1D
- -2.91%
- 1M
- -7.54%
- YTD
- -31.39%
- 6M
- -40.29%
- 1Y
- -77.70%
- 3Y*
- -62.92%
- 5Y*
- -48.16%
- 10Y*
- -53.95%
GDXU vs. DUST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GDXU MicroSectors Gold Miners 3X Leveraged ETN | -37.13% | 796.47% | -18.60% | -21.36% | -62.82% | -54.93% | 4.66% |
DUST Direxion Daily Gold Miners Bear 2X Shares | -31.39% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -5.87% |
Correlation
The correlation between GDXU and DUST is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020 | -0.99 |
The correlation between GDXU and DUST has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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Return for Risk
GDXU vs. DUST — Risk / Return Rank
GDXU
DUST
GDXU vs. DUST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners 3X Leveraged ETN (GDXU) 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.
| GDXU | DUST | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.63 | -0.86 | +1.49 |
Sortino ratioReturn per unit of downside risk | 1.61 | -1.80 | +3.41 |
Omega ratioGain probability vs. loss probability | 1.22 | 0.81 | +0.41 |
Calmar ratioReturn relative to maximum drawdown | 1.62 | -0.93 | +2.56 |
Martin ratioReturn relative to average drawdown | 3.34 | -1.28 | +4.62 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GDXU | DUST | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.63 | -0.86 | +1.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.07 | -0.67 | +0.60 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.62 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.07 | -0.51 | +0.43 |
Drawdowns
GDXU vs. DUST - Drawdown Comparison
The maximum GDXU drawdown since its inception was -94.39%, smaller than the maximum DUST drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for GDXU and DUST.
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Drawdown Indicators
| GDXU | DUST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.39% | -100.00% | +5.61% |
Max Drawdown (1Y)Largest decline over 1 year | -73.99% | -86.15% | +12.16% |
Max Drawdown (3Y)Largest decline over 3 years | -73.99% | -97.55% | +23.56% |
Max Drawdown (5Y)Largest decline over 5 years | -92.93% | -98.68% | +5.75% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.98% | — |
Current DrawdownCurrent decline from peak | -70.82% | -100.00% | +29.18% |
Average DrawdownAverage peak-to-trough decline | -69.76% | -83.34% | +13.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.93% | 62.66% | -26.73% |
Volatility
GDXU vs. DUST - Volatility Comparison
MicroSectors Gold Miners 3X Leveraged ETN (GDXU) has a higher volatility of 45.40% compared to Direxion Daily Gold Miners Bear 2X Shares (DUST) at 29.73%. This indicates that GDXU's price experiences larger fluctuations and is considered to be riskier 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
| GDXU | DUST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 45.40% | 29.73% | +15.67% |
Volatility (6M)Calculated over the trailing 6-month period | 117.57% | 71.79% | +45.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 138.28% | 90.85% | +47.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 110.85% | 72.13% | +38.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 109.97% | 87.18% | +22.79% |
GDXU vs. DUST - Expense Ratio Comparison
GDXU has a 0.95% expense ratio, which is lower than DUST's 1.07% expense ratio.
Dividends
GDXU vs. DUST - Dividend Comparison
GDXU has not paid dividends to shareholders, while DUST's dividend yield for the trailing twelve months is around 9.50%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | 9.50% | 12.51% | 4.99% | 4.47% | 0.00% | 0.00% | 3.60% | 2.50% | 0.37% |
GDXU MicroSectors Gold Miners 3X Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GDXU and DUST have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXU has higher volatility (45.40%) compared to DUST (29.73%). In terms of maximum drawdown, GDXU dropped -94.39% vs DUST's -100.00%.
On 5-year performance, GDXU leads with -8.12% vs -48.16% for DUST. On fees, GDXU is cheaper at 0.95% per year. On volatility, DUST has been the lower-risk option at 29.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GDXU has performed better with a -8.12% return vs -48.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDXU is cheaper with a 0.95% expense ratio, compared with 1.07% for DUST.
DUST has the higher dividend yield at 9.50%, compared with 0.00% for GDXU.
GDXU tracks S-Network MicroSectors Gold Miners Index, while DUST tracks NYSE Arca Gold Miners Index (-300%). They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for GDXU and 1.07% for DUST.
GDXU currently has the higher Sharpe Ratio (0.63 vs -0.86), 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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