FAZ vs. NUGT
FAZ (Direxion Daily Financial Bear 3X Shares) and NUGT (Direxion Daily Gold Miners Index Bull 2X ETF) are both exchange-traded funds - FAZ is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (-300%), while NUGT is a Gold fund tracking the MarketVector Global Gold Miners Index (200%). Both are passively managed. Over the past 10 years, FAZ returned -44.72%/yr vs -11.63%/yr for NUGT. At a correlation of -0.10, they often move in opposite directions. FAZ charges 1.07%/yr vs 1.13%/yr for NUGT.
Performance
FAZ vs. NUGT - Performance Comparison
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Returns By Period
In the year-to-date period, FAZ achieves a 1.40% return, which is significantly higher than NUGT's -32.09% return. Over the past 10 years, FAZ has underperformed NUGT with an annualized return of -44.72%, while NUGT has yielded a comparatively higher -11.63% annualized return.
FAZ
- 1D
- -1.75%
- 1M
- -12.03%
- YTD
- 1.40%
- 6M
- 5.46%
- 1Y
- -17.74%
- 3Y*
- -40.57%
- 5Y*
- -30.61%
- 10Y*
- -44.72%
NUGT
- 1D
- -9.53%
- 1M
- -19.60%
- YTD
- -32.09%
- 6M
- -39.03%
- 1Y
- 60.88%
- 3Y*
- 55.65%
- 5Y*
- 17.04%
- 10Y*
- -11.63%
FAZ vs. NUGT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | 1.40% | -37.21% | -51.01% | -26.67% | 1.16% | -67.05% | -73.90% | -58.62% | 16.84% | -46.18% |
NUGT Direxion Daily Gold Miners Index Bull 2X ETF | -32.09% | 425.05% | 2.89% | 2.60% | -32.10% | -26.31% | -60.16% | 100.73% | -44.52% | 3.73% |
Correlation
The correlation between FAZ and NUGT is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010 | -0.10 |
The correlation between FAZ and NUGT shifts across timeframes, from -0.21 (5 years) to -0.08 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
FAZ vs. NUGT — Risk / Return Rank
FAZ
NUGT
FAZ vs. NUGT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bear 3X Shares (FAZ) and Direxion Daily Gold Miners Index Bull 2X ETF (NUGT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FAZ | NUGT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.69 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.18 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | 0.96 | -1.53 |
| Martin ratioReturn relative to average drawdown | -1.26 | 2.30 | -3.57 |
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Drawdowns
FAZ vs. NUGT - Drawdown Comparison
The maximum FAZ drawdown since its inception was -100.00%, roughly equal to the maximum NUGT drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for FAZ and NUGT.
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Drawdown Indicators
| FAZ | NUGT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.97% | -0.03% |
Max Drawdown (1Y)Largest decline over 1 year | -31.57% | -63.43% | +31.86% |
Max Drawdown (3Y)Largest decline over 3 years | -83.61% | -63.43% | -20.18% |
Max Drawdown (5Y)Largest decline over 5 years | -87.53% | -73.72% | -13.81% |
Max Drawdown (10Y)Largest decline over 10 years | -99.78% | -96.91% | -2.87% |
Current DrawdownCurrent decline from peak | -100.00% | -99.84% | -0.16% |
Average DrawdownAverage peak-to-trough decline | -99.12% | -91.53% | -7.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.64% | 26.52% | -11.88% |
Volatility
FAZ vs. NUGT - Volatility Comparison
The current volatility for Direxion Daily Financial Bear 3X Shares (FAZ) is 12.48%, while Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) has a volatility of 35.11%. This indicates that FAZ experiences smaller price fluctuations and is considered to be less risky than NUGT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FAZ | NUGT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.48% | 35.11% | -22.63% |
Volatility (6M)Calculated over the trailing 6-month period | 33.25% | 80.35% | -47.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.64% | 94.31% | -50.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.67% | 72.94% | -17.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.93% | 87.97% | -26.04% |
FAZ vs. NUGT - Expense Ratio Comparison
FAZ has a 1.07% expense ratio, which is lower than NUGT's 1.13% expense ratio.
Dividends
FAZ vs. NUGT - Dividend Comparison
FAZ's dividend yield for the trailing twelve months is around 3.35%, more than NUGT's 0.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | 3.35% | 5.07% | 7.34% | 4.88% | 0.00% | 0.00% | 0.62% | 1.63% | 0.56% |
NUGT Direxion Daily Gold Miners Index Bull 2X ETF | 0.44% | 0.22% | 1.79% | 1.67% | 0.70% | 0.00% | 0.00% | 0.63% | 0.57% |
Frequently Asked Questions
FAZ and NUGT have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NUGT has higher volatility (35.11%) compared to FAZ (12.48%). In terms of maximum drawdown, FAZ dropped -100.00% vs NUGT's -99.97%.
On 10-year performance, NUGT leads with -11.63% vs -44.72% for FAZ. On fees, FAZ is cheaper at 1.07% per year. On volatility, FAZ has been the lower-risk option at 12.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, NUGT has performed better with a -11.63% return vs -44.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FAZ is cheaper with a 1.07% expense ratio, compared with 1.13% for NUGT.
FAZ has the higher dividend yield at 3.35%, compared with 0.44% for NUGT.
FAZ is categorized as Leveraged Equities, while NUGT is Gold. FAZ tracks Russell 1000 Financial Services Index (-300%), while NUGT tracks MarketVector Global Gold Miners Index (200%). Their fees differ too: 1.07% for FAZ and 1.13% for NUGT.
NUGT currently has the higher Sharpe Ratio (0.65 vs -0.41), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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