DULL vs UGLD: which held to its multiple?
Over three months against its own daily promise, DULL finished 1.2 points over and UGLD 2.4 points short. MicroSectors Gold -3X Inverse Leveraged ETNs due January 29, 2043 and Direxion Daily Gold Bull 2X ETF.
DULL returned −14.8% while −3 times GLD's move would have been −8.3%
UGLD returned +1.6% while 2 times GLD's move would have been +5.5%
DULL among the 125 inverse ETFs over three months
UGLD among the 470 leveraged ETFs, long, over three months
A percentile among the 125 inverse ETFs over three months. UGLD 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 | UGLD | DULL | UGLD | DULL | UGLD |
| 1 month | +20.3% | −14.0% | +20.3% | −13.5% | 0.0 pts | −0.5 pts |
| 3 months | −14.8% | +1.6% | −8.3% | +5.5% | −6.5 pts | −3.9 pts |
| 6 months | +31.4% | not published | +39.0% | not published | −7.7 pts | not published |
| 1 year | −48.5% | not published | −21.4% | not published | −27.1 pts | not published |
| 3 years | −94.8% | not published | not meaningful | not published | not meaningful | not published |
| Since launch DULL Feb 2023 · UGLD May 2026 | −94.9% | −19.6% | not meaningful | −15.5% | not meaningful | −4.2 pts |
DULL and UGLD 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 UGLD 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.
UGLD in plain words
Three months to Sep 30, 2026: UGLD returned +1.6% where its own daily promise gave +4.0%, 2.4 points short. Read the multiple against the whole window instead and 2 times GLD's 2.8% implies +5.5%, which makes UGLD look 3.9 points short. 1.5 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. UGLD aims to return +2 times GLD's move each day, then resets. 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.
Questions people ask
- Which came closer to its stated multiple, DULL or UGLD?
- Over the window to Sep 30, 2026, DULL finished 6.5 points from what its multiple implies and UGLD finished 3.9 points from its own, so UGLD came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are DULL and UGLD levered on the same thing?
- Yes. Both are levered on gold, DULL at -3 times and UGLD at +2 times the daily move.
- Which one decays faster, DULL or UGLD?
- Decay follows how much the underlying moves about. Over this window DULL’s moved at 25% annualized and UGLD’s at 25%, so DULL has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold DULL or UGLD 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 UGLD, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/dull-vs-ugld
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 UGLD, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/dull-vs-ugld Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, DULL against UGLD, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/dull-vs-ugld
- APA
- ETFIQ. (Sep 30, 2026). DULL against UGLD. Retrieved from https://etfiq.com/compare/leverage/dull-vs-ugld
- Markdown
- [DULL against UGLD (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/dull-vs-ugld)