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 -14.38%/yr vs -47.24%/yr for DUST. Their -0.99 correlation means they have often moved in opposite directions in the past. 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 -69.22% return, which is significantly lower than DUST's -13.22% return.
GDXU
- 1D
- -10.43%
- 1M
- -21.69%
- 6M
- -73.59%
- YTD
- -69.22%
- 1Y
- 8.47%
- 3Y*
- 27.81%
- 5Y*
- -14.38%
- 10Y*
- —
- ALL TIME*
- -18.76%
DUST
- 1D
- 6.62%
- 1M
- 8.88%
- 6M
- 12.29%
- YTD
- -13.22%
- 1Y
- -72.70%
- 3Y*
- -60.67%
- 5Y*
- -47.24%
- 10Y*
- -48.81%
- ALL TIME*
- -48.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.19M | $36.63M | $44.10M | |
| $99.61M | $115.40M | $172.82M |
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 | -69.22% | 796.47% | -18.60% | -21.36% | -62.82% | -54.93% | 4.32% |
DUST Direxion Daily Gold Miners Bear 2X Shares | -13.22% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -3.26% |
Correlation
The correlation between GDXU and DUST is -1.00, 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. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -1.00 |
Correlation (5Y) Shows whether the relationship held over a longer 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 | +0.85 | ||
| Sortino ratioReturn per unit of downside risk | +2.50 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.86 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.15 | -0.87 | +1.01 |
| Martin ratioReturn relative to average drawdown | 0.27 | -1.09 | +1.36 |
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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 | -87.14% | -85.03% | -2.11% |
Max Drawdown (3Y)Largest decline over 3 years | -87.14% | -97.55% | +10.41% |
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 | -85.71% | -100.00% | +14.29% |
Average DrawdownAverage peak-to-trough decline | -70.08% | -83.50% | +13.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 48.64% | 68.24% | -19.60% |
Volatility
GDXU vs. DUST - Volatility Comparison
MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a higher volatility of 38.79% compared to Direxion Daily Gold Miners Bear 2X Shares (DUST) at 25.85%. 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 | 38.79% | 25.85% | +12.94% |
Volatility (6M)Calculated over the trailing 6-month period | 125.93% | 77.14% | +48.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 147.32% | 96.41% | +50.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 113.44% | 73.80% | +39.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 111.56% | 86.65% | +24.91% |
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 4.37%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | 4.37% | 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 (38.79%) compared to DUST (25.85%). In terms of maximum drawdown, GDXU dropped -94.39% vs DUST's -100.00%.
On 5-year performance, GDXU leads with -14.38% vs -47.24% for DUST. On fees, GDXU is cheaper at 0.95% per year. On volatility, DUST has been the lower-risk option at 25.85%. 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 -14.38% return vs -47.24%. 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 4.37%, 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 (0.09 vs -0.76), 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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