MicroSectors Gold -3X Inverse Leveraged ETN (DULL) Performance
DULL total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −14.5% since Dec 31, 2025
- 1 year
- −27.4% total return
- 3 years
- −58.7% a year
- Since first price
- −54.3% a year since 2023
DULL trailing returns vs SPY, QQQ, AGG
| Period | DULL total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +20.8% | +20.8% | −1.0% | −5.0% | +0.9% |
| 3 months | −2.8% | −2.8% | +3.2% | +1.9% | −0.4% |
| 6 months | +41.1% | +41.1% | +7.8% | +8.4% | −1.5% |
| YTD | −14.5% | −14.5% | +12.3% | +15.1% | −1.0% |
| 1 year | −27.4% | −27.4% | +14.4% | +15.9% | −1.1% |
| 3 years | −92.9%−58.7%/yr | −92.9% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionFeb 22, 2023 | −94.3%−54.3%/yr | −94.3% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: DULL vs SPY
From Feb 22, 2023: DULL grew to $565, SPY to $19,992.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
DULL returns by calendar year
0 of 2 full years positive. Best 2024 (−51.7%), worst 2025 (−80.6%). 2026 is year to date.
DULL annual returns table
| Year | DULL | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −14.5% | −54.8% | +12.3% | +15.1% | −1.0% |
| 2025 | −80.6% | −82.9% | +17.7% | +20.8% | +7.2% |
| 2024 | −51.7% | −63.6% | +24.9% | +25.6% | +1.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
DULL largest drawdowns
Now 94.5% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Oct 5, 2023 | −97.1% | Mar 2, 2026 | not yet | 2.4 years | 3.0 years so far |
| Feb 24, 2023 | −31.8% | May 4, 2023 | Oct 5, 2023 | 2 months | 7 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
DULL risk statistics
| Statistic | 3 years | Since 2023 |
|---|---|---|
| Annualized return | −62.7% | −56.4% |
| Volatility (annualized) | 54.7% | 53.2% |
| Sharpe ratio | -1.54 | -1.33 |
| Sortino ratio | -1.69 | -1.50 |
| Best month | +39.5% | +39.5% |
| Worst month | −35.1% | −35.1% |
| Best 12 months | −48.5% | −26.3% |
| Worst 12 months | −88.3% | −88.3% |
| Positive months | 25% | 30% |
| Beta vs S&P 500 | -0.04 | — |
| Correlation with S&P 500 | -0.01 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
DULL rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 33 | −88.3% | −64.1% | −26.3% | 0% |
| 3-year (a year) | 9 | −68.6% | −62.0% | −58.3% | 0% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
DULL performance overview
MicroSectors Gold -3X Inverse Leveraged ETN (DULL) returned −27.4% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned −54.3% a year, turning $10,000 into about $565. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −97.1%, from Oct 5, 2023 to Mar 2, 2026; the fund has not yet regained that high. Volatility has been 53.2% a year.
Related: DULL chart. See the DULL overview for the latest quote and fund facts.
DULL performance FAQ
What is the DULL return over the past year?
DULL returned −27.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 27.4%.
How much would $10,000 invested in DULL be worth?
$10,000 invested in DULL at its first recorded close on February 22, 2023 would be worth about $565 on October 23, 2026 with distributions reinvested.
What was the worst year for DULL?
The worst calendar year was 2025, with a total return of −80.6%. The best was 2024 at −51.7%.
What is the biggest drawdown of DULL?
The largest peak-to-trough decline was −97.1% between October 5, 2023 and March 2, 2026. It has not yet recovered to that high; it is 94.5% below its peak.
How volatile is DULL?
Over the past 3 years DULL had an annualized volatility of 54.7% and a Sharpe ratio of -1.54 (excess return over 1–3 month T-bills per unit of risk).