Data as of .
DUST vs GDXU: which held to its multiple?
Over three months against its own daily promise, DUST finished 1.4 points over and GDXU 11.1 points short.
ETFIQ Decay Resistance Score: DUST scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 121 inverse ETFs over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| DUST | GDXU | DUST | GDXU | DUST | GDXU | |
| 1 month | −17.5% | +10.4% | −13.5% | +20.3% | −4.0 pts | −9.8 pts |
| 3 months | −42.3% | +39.3% | −42.7% | +64.0% | +0.4 pts | −24.7 pts |
| 6 months | −35.0% | −36.2% | −8.2% | +12.4% | −26.7 pts | −48.5 pts |
| 1 year | −74.0% | −6.2% | −80.3% | +120.5% | +6.4 pts | −126.7 pts |
| 3 years | −97.1% | +405.1% | not meaningful | not meaningful | not meaningful | not meaningful |
| Since launch | −100.0% | −38.3% | −169.7% | not meaningful | +69.7 pts | not meaningful |
| DUST Direxion Daily Gold Miners Index Bear 2X ETF Aims to return twice the opposite of the daily move of gold miners (GDX) | GDXU MicroSectors Gold Miners 3X Leveraged ETN Aims to return three times the daily move of gold miners (GDX) | |
|---|---|---|
| Issuer | Direxion | MicroSectors |
| Sets out to return | -2x | +3x |
| On | GDX | GDX |
| Segment | metal | index |
| Fund returned, 3 months | −42.3% | +39.3% |
| Underlying returned, 3 months | +21.3% | +21.3% |
| What the stated multiple implies, 3 months | −42.7% | +64.0% |
| Difference from stated, 3 months | +0.4 pts | −24.7 pts |
| Fund returned, 1 year or since launch | −74.0% | −6.2% |
| Difference from stated, over that window | +6.4 pts | −126.7 pts |
| Underlying volatility | 50% | 50% |
| Expense ratio | 0.94% | not published |
| Launched | Dec 8, 2010 | Dec 3, 2020 |
DUST in plain words
Three months to Sep 11, 2026: DUST returned −42.3% where its own daily promise gave −43.7%, 1.4 points over. Read the multiple against the whole window instead and −2 times GDX's 21.3% implies −42.7%, which makes DUST look 0.4 points over. 1.0 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. DUST aims to return -2 times GDX's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. GDX moved at 50% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
GDXU in plain words
Three months to Sep 11, 2026: GDXU returned +39.3% where its own daily promise gave +50.4%, 11.1 points short. Read the multiple against the whole window instead and +3 times GDX's 21.3% implies +64.0%, which makes GDXU look 24.7 points short. 13.6 of that is daily compounding, which happens to any +3 times fund over the same path, and the rest is the fund. GDXU aims to return +3 times GDX's move each day, then resets. Over longer, the daily results compound, so the total is not +3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, DUST or GDXU?
- Over the window to Sep 11, 2026, DUST finished 0.4 points from what its multiple implies and GDXU finished 24.7 points from its own, so DUST came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are DUST and GDXU levered on the same thing?
- Yes. Both are levered on gold miners, DUST at -2 times and GDXU at +3 times the daily move.
- Which one decays faster, DUST or GDXU?
- Decay follows how much the underlying moves about. Over this window DUST’s moved at 50% annualized and GDXU’s at 50%, so DUST has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold DUST or GDXU for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, DUST against GDXU, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/DUST-GDXU Free to use with attribution; the underlying files are at Open data.