DULL vs SHNY: which held to its multiple?
Over three months against its own daily promise, DULL finished 1.2 points over and SHNY 5.3 points short. MicroSectors Gold -3X Inverse Leveraged ETNs due January 29, 2043 and MicroSectors Gold 3X Leveraged ETNs due January 29, 2043.
DULL returned −14.8% while −3 times GLD's move would have been −8.3%
SHNY returned −1.6% while 3 times GLD's move would have been +8.3%
DULL among the 125 inverse ETFs over three months
SHNY among the 470 leveraged ETFs, long, over three months
A percentile among the 125 inverse ETFs over three months. SHNY is a percentile among the 470 leveraged ETFs, long, over three months, a different set, so the two marks are not on one scale. 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
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | DULL | SHNY | DULL | SHNY | DULL | SHNY |
| 1 month | +20.3% | −21.4% | +20.3% | −20.3% | 0.0 pts | −1.1 pts |
| 3 months | −14.8% | −1.6% | −8.3% | +8.3% | −6.5 pts | −9.9 pts |
| 6 months | +31.4% | −45.5% | +39.0% | −39.0% | −7.7 pts | −6.4 pts |
| 1 year | −48.5% | −23.8% | −21.4% | +21.4% | −27.1 pts | −45.2 pts |
| 3 years | −94.8% | +270.3% | not meaningful | not meaningful | not meaningful | not meaningful |
| Since launch DULL Feb 2023 · SHNY Feb 2023 | −94.9% | +223.6% | not meaningful | not meaningful | not meaningful | not meaningful |
DULL and SHNY over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
DULL and SHNY on the same fields, as of Sep 30, 2026. Source: ETFIQ.
DULL in plain words
Three months to Sep 30, 2026: DULL returned −14.8% where its own daily promise gave −15.9%, 1.2 points over. Read the multiple against the whole window instead and −3 times GLD's 2.8% implies −8.3%, which makes DULL look 6.5 points short. 7.6 of that is daily compounding, which happens to any −3 times fund over the same path, and the rest is the fund. DULL aims to return -3 times GLD's move each day, then resets. Over one day it does that. 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. GLD moved at 25% 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.
SHNY in plain words
Three months to Sep 30, 2026: SHNY returned −1.6% where its own daily promise gave +3.6%, 5.3 points short. Read the multiple against the whole window instead and 3 times GLD's 2.8% implies +8.3%, which makes SHNY look 9.9 points short. 4.6 of that is daily compounding, which happens to any 3 times fund over the same path, and the rest is the fund. SHNY aims to return +3 times GLD'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, DULL or SHNY?
- Over the window to Sep 30, 2026, DULL finished 6.5 points from what its multiple implies and SHNY finished 9.9 points from its own, so DULL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are DULL and SHNY levered on the same thing?
- Yes. Both are levered on gold, DULL at -3 times and SHNY at +3 times the daily move.
- Which one decays faster, DULL or SHNY?
- Decay follows how much the underlying moves about. Over this window DULL’s moved at 25% annualized and SHNY’s at 25%, so DULL has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold DULL or SHNY 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.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, DULL against SHNY, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/dull-vs-shny
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, DULL against SHNY, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/dull-vs-shny Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, DULL against SHNY, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/dull-vs-shny
- APA
- ETFIQ. (Sep 30, 2026). DULL against SHNY. Retrieved from https://etfiq.com/compare/leverage/dull-vs-shny
- Markdown
- [DULL against SHNY (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/dull-vs-shny)