GDXU vs. DUST
GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) 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 -8.03%/yr vs -49.18%/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 -54.87% return, which is significantly lower than DUST's -24.56% return.
GDXU
- 1D
- -3.77%
- 1M
- -22.15%
- YTD
- -54.87%
- 6M
- -61.87%
- 1Y
- 47.73%
- 3Y*
- 45.15%
- 5Y*
- -8.03%
- 10Y*
- —
DUST
- 1D
- 2.61%
- 1M
- 1.37%
- YTD
- -24.56%
- 6M
- -17.76%
- 1Y
- -76.70%
- 3Y*
- -63.09%
- 5Y*
- -49.18%
- 10Y*
- -52.43%
GDXU vs. DUST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 | -54.87% | 796.47% | -18.60% | -21.36% | -62.82% | -54.93% | 4.32% |
DUST Direxion Daily Gold Miners Bear 2X Shares | -24.56% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -3.26% |
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 3, 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 ETNs due June 29, 2040 (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.
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.
| GDXU | DUST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.15 | ||
| Sortino ratioReturn per unit of downside risk | +3.01 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.83 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 0.57 | -0.89 | +1.46 |
| Martin ratioReturn relative to average drawdown | 1.20 | -1.18 | +2.38 |
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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 | -83.97% | -86.15% | +2.18% |
Max Drawdown (3Y)Largest decline over 3 years | -83.97% | -97.55% | +13.58% |
Max Drawdown (5Y)Largest decline over 5 years | -91.30% | -98.68% | +7.38% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.98% | — |
Current DrawdownCurrent decline from peak | -79.05% | -100.00% | +20.95% |
Average DrawdownAverage peak-to-trough decline | -69.79% | -83.38% | +13.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.79% | 65.06% | -25.27% |
Volatility
GDXU vs. DUST - Volatility Comparison
MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a higher volatility of 53.36% compared to Direxion Daily Gold Miners Bear 2X Shares (DUST) at 33.14%. 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 | 53.36% | 33.14% | +20.22% |
Volatility (6M)Calculated over the trailing 6-month period | 125.48% | 76.55% | +48.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 143.87% | 94.34% | +49.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 112.23% | 72.99% | +39.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 111.12% | 87.38% | +23.74% |
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 8.64%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | 8.64% | 12.51% | 4.99% | 4.47% | 0.00% | 0.00% | 3.60% | 2.50% | 0.37% |
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 | 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 (53.36%) compared to DUST (33.14%). In terms of maximum drawdown, GDXU dropped -94.39% vs DUST's -100.00%.
On 5-year performance, GDXU leads with -8.03% vs -49.18% for DUST. On fees, GDXU is cheaper at 0.95% per year. On volatility, DUST has been the lower-risk option at 33.14%. 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 -8.03% return vs -49.18%. 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 8.64%, 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 (0.33 vs -0.82), 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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