TSII vs. DULL

Last updated Aug 2, 2026

TSII (REX TSLA Growth & Income ETF) and DULL (MicroSectors Gold -3X Inverse Leveraged ETN) are both exchange-traded funds - TSII is a Leveraged Equities fund actively managed by REX, while DULL is a Inverse Commodities fund tracking the LBMA Gold Price PM ($/ozt) (-300%). TSII is actively managed, while DULL is passively managed. Over the past year, TSII returned -2.85% vs -61.47% for DULL. Their -0.21 correlation means they have often moved in opposite directions in the past. TSII charges 0.99%/yr vs 0.95%/yr for DULL.

Performance

TSII vs. DULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in REX TSLA Growth & Income ETF (TSII) and MicroSectors Gold -3X Inverse Leveraged ETN (DULL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSII achieves a -35.03% return, which is significantly lower than DULL's -12.16% return.

TSII

• 1D: 1.37%
• 1M: -22.61%
• 6M: -32.70%
• YTD: -35.03%
• 1Y: -2.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -8.22%

DULL

• 1D: 4.27%
• 1M: 3.77%
• 6M: 35.38%
• YTD: -12.16%
• 1Y: -61.47%
• 3Y*: -58.74%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -56.20%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DULL MicroSectors Gold -3X Inverse Leveraged ETN	$435.85K	$839.62K	$687.64K
TSII REX TSLA Growth & Income ETF	$1.63M	$1.31M	$1.07M

TSII vs. DULL - Yearly Performance Comparison

	2026 (YTD)	2025
TSII REX TSLA Growth & Income ETF	-35.03%	39.41%
DULL MicroSectors Gold -3X Inverse Leveraged ETN	-12.16%	-56.48%

Correlation

The correlation between TSII and DULL is -0.24, 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.	-0.24
Correlation (All Time) Calculated using the full available price history since Jun 4, 2025	-0.21

Return for Risk

TSII vs. DULL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TSII

TSII Risk / Return Rank: 10
TSII Sharpe Ratio Rank: 9
TSII Sortino Ratio Rank: 11
TSII Omega Ratio Rank: 12
TSII Calmar Ratio Rank: 9
TSII Martin Ratio Rank: 9

DULL

DULL Risk / Return Rank: 3
DULL Sharpe Ratio Rank: 3
DULL Sortino Ratio Rank: 3
DULL Omega Ratio Rank: 3
DULL Calmar Ratio Rank: 3
DULL Martin Ratio Rank: 4

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TSII vs. DULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for REX TSLA Growth & Income ETF (TSII) and MicroSectors Gold -3X Inverse Leveraged ETN (DULL). 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.

	TSII	DULL	Difference
Sharpe ratio: Return per unit of total volatility	-0.10	-0.77	+0.68
Sortino ratio: Return per unit of downside risk	0.19	-1.23	+1.43
Omega ratio: Gain probability vs. loss probability	1.02	0.86	+0.16
Calmar ratio: Return relative to maximum drawdown	-0.11	-0.79	+0.68
Martin ratio: Return relative to average drawdown	-0.29	-1.06	+0.76

TSII vs. DULL - Sharpe Ratio Comparison

The current TSII Sharpe Ratio is -0.10, which is higher than the DULL Sharpe Ratio of -0.77. The chart below compares the historical Sharpe Ratios of TSII and DULL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TSII vs. DULL - Drawdown Comparison

The maximum TSII drawdown since its inception was -44.14%, smaller than the maximum DULL drawdown of -97.12%. Use the drawdown chart below to compare losses from any high point for TSII and DULL.

Drawdown Indicators

	TSII	DULL	Difference
Max Drawdown Largest peak-to-trough decline	-44.14%	-97.12%	+52.98%
Max Drawdown (1Y) Largest decline over 1 year	-44.14%	-81.20%	+37.06%
Max Drawdown (3Y) Largest decline over 3 years	—	-97.12%	—
Current Drawdown Current decline from peak	-40.63%	-94.33%	+53.70%
Average Drawdown Average peak-to-trough decline	-11.52%	-60.87%	+49.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.75%	61.14%	-45.39%

Volatility

TSII vs. DULL - Volatility Comparison

REX TSLA Growth & Income ETF (TSII) has a higher volatility of 24.75% compared to MicroSectors Gold -3X Inverse Leveraged ETN (DULL) at 18.63%. This indicates that TSII's price experiences larger fluctuations and is considered to be riskier than DULL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSII	DULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.75%	18.63%	+6.12%
Volatility (6M) Calculated over the trailing 6-month period	37.69%	67.73%	-30.04%
Volatility (1Y) Calculated over the trailing 1-year period	47.70%	82.78%	-35.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.45%	59.13%	-8.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.45%	59.13%	-8.68%

TSII vs. DULL - Expense Ratio Comparison

TSII has a 0.99% expense ratio, which is higher than DULL's 0.95% expense ratio.

Dividends

TSII vs. DULL - Dividend Comparison

TSII's dividend yield for the trailing twelve months is around 109.28%, while DULL has not paid dividends to shareholders.

Position	TTM	2025
DULL MicroSectors Gold -3X Inverse Leveraged ETN	0.00%	0.00%
TSII REX TSLA Growth & Income ETF	109.28%	32.17%

Frequently Asked Questions

Can I hold both TSII and DULL in my portfolio?

TSII and DULL have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSII or DULL?

TSII has higher volatility (24.75%) compared to DULL (18.63%). In terms of maximum drawdown, TSII dropped -44.14% vs DULL's -97.12%.

Which ETF is better, TSII or DULL?

On 1-year performance, TSII leads with -2.85% vs -61.47% for DULL. On fees, DULL is cheaper at 0.95% per year. On volatility, DULL has been the lower-risk option at 18.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSII or DULL?

Over the 1-year period, TSII has performed better with a -2.85% return vs -61.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSII or DULL?

DULL is cheaper with a 0.95% expense ratio, compared with 0.99% for TSII.

Which ETF pays a higher dividend yield, TSII or DULL?

TSII has the higher dividend yield at 109.28%, compared with 0.00% for DULL.

What is the main difference between TSII and DULL?

TSII is categorized as Leveraged Equities, while DULL is Inverse Commodities. Their fees differ too: 0.99% for TSII and 0.95% for DULL.

Which has better risk-adjusted returns?

TSII currently has the higher Sharpe Ratio (-0.10 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.