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GDXD vs. NUGT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GDXD vs. NUGT

Last updated Jun 24, 2026

GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs) and NUGT (Direxion Daily Gold Miners Index Bull 2X ETF) are both exchange-traded funds - GDXD is a Inverse Equities fund tracking the S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%), while NUGT is a Gold fund tracking the MarketVector Global Gold Miners Index (200%). Both are passively managed. Over the past 5 years, GDXD returned -73.69%/yr vs 17.04%/yr for NUGT. At a correlation of -0.99, they often move in opposite directions. GDXD charges 0.95%/yr vs 1.13%/yr for NUGT.

Performance

GDXD vs. NUGT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) and Direxion Daily Gold Miners Index Bull 2X ETF (NUGT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GDXD achieves a -44.09% return, which is significantly lower than NUGT's -32.09% return.

GDXD

1D
14.60%
1M
10.85%
YTD
-44.09%
6M
-36.28%
1Y
-92.07%
3Y*
-84.34%
5Y*
-73.69%
10Y*
—

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GDXD vs. NUGT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
GDXD
MicroSectors Gold Miners -3X Inverse Leveraged ETNs		-44.09%-97.53%-57.78%-52.35%-52.56%-19.71%-13.10%
NUGT
Direxion Daily Gold Miners Index Bull 2X ETF		-32.09%425.05%2.89%2.60%-32.10%-26.31%0.14%

Correlation

The correlation between GDXD and NUGT is -1.00, 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

-1.00

Correlation (3Y)
Calculated over the trailing 3-year period

-1.00

Correlation (5Y)
Calculated over the trailing 5-year period

-0.99

Correlation (All Time)
Calculated using the full available price history since Dec 3, 2020

-0.99

The correlation between GDXD and NUGT has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.

GDXD vs. NUGT - Sectors Allocation Comparison

Sectors
GDXD
NUGT

Basic Materials

100.0%
100.0%

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Basic Materials

GDXD
100.0%
NUGT
100.0%

Communication Services

GDXD

-

NUGT

-

Consumer Cyclical

GDXD

-

NUGT

-

Consumer Defensive

GDXD

-

NUGT

-

Energy

GDXD

-

NUGT

-

Financial Services

GDXD

-

NUGT

-

Healthcare

GDXD

-

NUGT

-

Industrials

GDXD

-

NUGT

-

Real Estate

GDXD

-

NUGT

-

Technology

GDXD

-

NUGT

-

Utilities

GDXD

-

NUGT

-

Compare stocks, funds, or ETFs

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MicroSectors Gold Miners -3X Inverse Leveraged ETNs

Direxion Daily Gold Miners Index Bull 2X ETF

Often compared with GDXD:
GDXD vs. GDXUGDXD vs. GDXGDXD vs. VOOGDXD vs. GLDGDXD vs. DUSTGDXD vs. SQQQGDXD vs. IAU
Often compared with NUGT:
NUGT vs. GDXUNUGT vs. UGLNUGT vs. JNUGNUGT vs. GLDNUGT vs. DUSTNUGT vs. SILNUGT vs. JDST

Return for Risk

GDXD vs. NUGT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GDXD
GDXD Risk / Return Rank: 22
Overall Rank
GDXD Sharpe Ratio Rank: 44
Sharpe Ratio Rank
GDXD Sortino Ratio Rank: 11
Sortino Ratio Rank
GDXD Omega Ratio Rank: 22
Omega Ratio Rank
GDXD Calmar Ratio Rank: 11
Calmar Ratio Rank
GDXD Martin Ratio Rank: 33
Martin Ratio Rank
NUGT
NUGT Risk / Return Rank: 2323
Overall Rank
NUGT Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
NUGT Sortino Ratio Rank: 2525
Sortino Ratio Rank
NUGT Omega Ratio Rank: 2727
Omega Ratio Rank
NUGT Calmar Ratio Rank: 2222
Calmar Ratio Rank
NUGT Martin Ratio Rank: 2020
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GDXD vs. NUGT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) 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.

GDXDNUGTDifference
Sharpe ratioReturn per unit of total volatility
-0.64
0.65

-1.29

Sortino ratioReturn per unit of downside risk
-1.57
1.35

-2.92

Omega ratioGain probability vs. loss probability

0.83

1.18

-0.35

Calmar ratioReturn relative to maximum drawdown

-0.96

0.96

-1.92

Martin ratioReturn relative to average drawdown

-1.17

2.30

-3.47

GDXD vs. NUGT - Sharpe Ratio Comparison

The current GDXD Sharpe Ratio is -0.64, which is lower than the NUGT Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of GDXD and NUGT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

GDXD vs. NUGT - Drawdown Comparison

The maximum GDXD drawdown since its inception was -99.96%, roughly equal to the maximum NUGT drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for GDXD and NUGT.

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Drawdown Indicators

GDXDNUGTDifference

Max Drawdown

Largest peak-to-trough decline

-99.96%

-99.97%

+0.01%

Max Drawdown (1Y)

Largest decline over 1 year

-96.33%

-63.43%

-32.90%

Max Drawdown (3Y)

Largest decline over 3 years

-99.86%

-63.43%

-36.43%

Max Drawdown (5Y)

Largest decline over 5 years

-99.96%

-73.72%

-26.24%

Max Drawdown (10Y)

Largest decline over 10 years

—

-96.91%

—

Current Drawdown

Current decline from peak

-99.92%

-99.84%

-0.08%

Average Drawdown

Average peak-to-trough decline

-72.06%

-91.53%

+19.47%

Ulcer Index

Depth and duration of drawdowns from previous peaks

78.80%

26.52%

+52.28%

Volatility

GDXD vs. NUGT - Volatility Comparison

MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a higher volatility of 53.31% compared to Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) at 35.11%. This indicates that GDXD's price experiences larger fluctuations and is considered to be riskier 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

GDXDNUGTDifference

Volatility (1M)

Calculated over the trailing 1-month period

53.31%

35.11%

+18.20%

Volatility (6M)

Calculated over the trailing 6-month period

117.73%

80.35%

+37.38%

Volatility (1Y)

Calculated over the trailing 1-year period

143.27%

94.31%

+48.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

111.54%

72.94%

+38.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

110.62%

87.97%

+22.65%

GDXD vs. NUGT - Expense Ratio Comparison

GDXD has a 0.95% expense ratio, which is lower than NUGT's 1.13% expense ratio.

Dividends

GDXD vs. NUGT - Dividend Comparison

GDXD has not paid dividends to shareholders, while NUGT's dividend yield for the trailing twelve months is around 0.44%.

PositionTTM20252024202320222021202020192018
GDXD
MicroSectors Gold Miners -3X Inverse Leveraged ETNs		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
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

GDXD and NUGT have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GDXD has higher volatility (53.31%) compared to NUGT (35.11%). In terms of maximum drawdown, GDXD dropped -99.96% vs NUGT's -99.97%.

On 5-year performance, NUGT leads with 17.04% vs -73.69% for GDXD. On fees, GDXD is cheaper at 0.95% per year. On volatility, NUGT has been the lower-risk option at 35.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, NUGT has performed better with a 17.04% return vs -73.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GDXD is cheaper with a 0.95% expense ratio, compared with 1.13% for NUGT.

NUGT has the higher dividend yield at 0.44%, compared with 0.00% for GDXD.

GDXD is categorized as Inverse Equities, while NUGT is Gold. GDXD tracks S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%), while NUGT tracks MarketVector Global Gold Miners Index (200%). They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for GDXD and 1.13% for NUGT.

NUGT currently has the higher Sharpe Ratio (0.65 vs -0.64), 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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