DULL vs SPY
MicroSectors Gold -3X Inverse Leveraged ETN vs State Street SPDR S&P 500 ETF Trust
Which is better, DULL or SPY?
Precious Metals against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | DULL | SPY |
|---|---|---|
| Expense Ratio | 0.95% | 0.09%Best |
| AUM | $17M | $823.2B |
| Dividend Yield | 0.00% | 0.99% |
| Holdings | 1 | 1,515 |
| YTD Return | -19.39% | +13.53%Best |
| 1Y Return | -34.08% | +17.47%Best |
| 3Y Return (annualized) | -60.80% | +22.36%Best |
| 5Y Return (annualized) | - | +13.21% |
| Volatility (annualized) | 52.8% | 12.2%Best |
| Max Drawdown | -97.1% | -18.8%Best |
| $10,000 over 3.6 years | $544 | $20,082Best |
| Fund Family | BMO Capital Markets | State Street Investment Management |
| Category | Commodity | Equity |
| Style | Precious Metals | Large Cap Blend |
| Inception | Feb 21, 2023 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 3.6 years row, are measured over the window both funds cover: Feb 22, 2023 to Oct 14, 2026 (3.6 years).
DULL vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 3.6 years both funds cover.
DULL vs SPY Performance
MicroSectors Gold -3X Inverse Leveraged ETN (DULL) is an ETF from BMO Capital Markets and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DULL returned -34.08% while SPY returned +17.47%. Year to date, DULL is down 19.39% versus a gain of 13.53% for SPY.
Over three years, DULL compounded at -60.80% per year against +22.36% for SPY. Across the full 4-year window we track, SPY has the edge at +21.37% annualized vs -55.45%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DULL has been the more volatile fund, with annualized monthly volatility of 52.8% compared with 12.2% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -97.1% for DULL and -18.8% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at -0.08. They move largely independently of each other.
Fees and Cost Over Time
DULL charges 0.95% per year while SPY charges 0.09%. On a $10,000 position that is $95 vs $9 annually, a gap of $86 per year that compounds over a long holding period. On income, DULL currently yields 0.00% against 0.99% for SPY.
Holdings Overlap
We hold position weights for 1 holding in DULL and 504 in SPY, totalling 100.0% and 99.8% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 1 positions we hold weights for in DULL and 504 in SPY, against full books of 1 and 1,515.
What only one of them owns
Measured across the 1 and 504 positions we hold weights for.
SPY holds 496 positions DULL does not, 99.1% of the fund.
Largest: NVDA 7.78%, AAPL 7.45%, MSFT 5.71%, AMZN 3.78%, GOOGL 3.12%
You are not choosing between two funds in isolation.
Whichever of DULL and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, DULL or SPY?
DULL has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option, by $86 a year on a $10,000 investment.
Which performed better, DULL or SPY?
Over the past year DULL returned -34.08% vs +17.47% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), DULL annualized -55.45% vs +21.37% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DULL or SPY?
DULL has been the more volatile fund at 52.8% annualized versus 12.2% for SPY. Worst drawdown: DULL -97.1% vs SPY -18.8%.
Should I hold both DULL and SPY?
DULL and SPY have a monthly-return correlation of -0.08, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, DULL or SPY?
DULL yields 0.00% while SPY yields 0.99%, so SPY currently pays the higher dividend yield.
Is SPY better than DULL?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.