GDXU vs. NUGT

Last updated Jun 23, 2026

GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) and NUGT (Direxion Daily Gold Miners Index Bull 2X ETF) are both exchange-traded funds - GDXU is a Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index, while NUGT is a Gold fund tracking the MarketVector Global Gold Miners Index (200%). Both are passively managed. Over the past 5 years, GDXU returned -8.03%/yr vs 19.48%/yr for NUGT. With a 0.99 correlation, they move nearly in lockstep. GDXU charges 0.95%/yr vs 1.13%/yr for NUGT.

Performance

GDXU vs. NUGT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) and Direxion Daily Gold Miners Index Bull 2X ETF (NUGT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDXU achieves a -54.87% return, which is significantly lower than NUGT's -24.93% return.

GDXU

• 1D: -3.77%
• 1M: -22.15%
• YTD: -54.87%
• 6M: -61.87%
• 1Y: 47.73%
• 3Y*: 45.15%
• 5Y*: -8.03%
• 10Y*: —

NUGT

• 1D: -2.62%
• 1M: -11.13%
• YTD: -24.93%
• 6M: -32.67%
• 1Y: 82.75%
• 3Y*: 60.93%
• 5Y*: 19.48%
• 10Y*: -10.74%

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

GDXU vs. NUGT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040	-54.87%	796.47%	-18.60%	-21.36%	-62.82%	-54.93%	4.32%
NUGT Direxion Daily Gold Miners Index Bull 2X ETF	-24.93%	425.05%	2.89%	2.60%	-32.10%	-26.31%	0.14%

Correlation

The correlation between GDXU and NUGT is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	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 GDXU and NUGT has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

GDXU vs. NUGT - Sectors Allocation Comparison

Sectors	GDXU	NUGT
Basic Materials	100.0%	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

GDXU vs. NUGT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GDXU

GDXU Risk / Return Rank: 19
GDXU Sharpe Ratio Rank: 13
GDXU Sortino Ratio Rank: 26
GDXU Omega Ratio Rank: 29
GDXU Calmar Ratio Rank: 15
GDXU Martin Ratio Rank: 14

NUGT

NUGT Risk / Return Rank: 28
NUGT Sharpe Ratio Rank: 26
NUGT Sortino Ratio Rank: 29
NUGT Omega Ratio Rank: 32
NUGT Calmar Ratio Rank: 27
NUGT Martin Ratio Rank: 25

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.

GDXU vs. NUGT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) 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.

	GDXU	NUGT	Difference
Sharpe ratio: Return per unit of total volatility	0.33	0.89	-0.55
Sortino ratio: Return per unit of downside risk	1.41	1.54	-0.13
Omega ratio: Gain probability vs. loss probability	1.19	1.21	-0.02
Calmar ratio: Return relative to maximum drawdown	0.57	1.31	-0.74
Martin ratio: Return relative to average drawdown	1.20	3.16	-1.96

GDXU vs. NUGT - Sharpe Ratio Comparison

The current GDXU Sharpe Ratio is 0.33, which is lower than the NUGT Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of GDXU 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.

Drawdowns

GDXU vs. NUGT - Drawdown Comparison

The maximum GDXU drawdown since its inception was -94.39%, smaller than the maximum NUGT drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for GDXU and NUGT.

Drawdown Indicators

	GDXU	NUGT	Difference
Max Drawdown Largest peak-to-trough decline	-94.39%	-99.97%	+5.58%
Max Drawdown (1Y) Largest decline over 1 year	-83.97%	-63.43%	-20.54%
Max Drawdown (3Y) Largest decline over 3 years	-83.97%	-63.43%	-20.54%
Max Drawdown (5Y) Largest decline over 5 years	-91.30%	-73.72%	-17.58%
Max Drawdown (10Y) Largest decline over 10 years	—	-96.91%	—
Current Drawdown Current decline from peak	-79.05%	-99.82%	+20.77%
Average Drawdown Average peak-to-trough decline	-69.79%	-91.53%	+21.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.79%	26.25%	+13.54%

Volatility

GDXU vs. NUGT - Volatility Comparison

MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a higher volatility of 53.36% compared to Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) at 33.85%. This indicates that GDXU'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.

Volatility by Period

	GDXU	NUGT	Difference
Volatility (1M) Calculated over the trailing 1-month period	53.36%	33.85%	+19.51%
Volatility (6M) Calculated over the trailing 6-month period	125.48%	79.75%	+45.73%
Volatility (1Y) Calculated over the trailing 1-year period	143.87%	93.97%	+49.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	112.23%	72.81%	+39.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	111.12%	88.09%	+23.03%

GDXU vs. NUGT - Expense Ratio Comparison

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

Dividends

GDXU vs. NUGT - Dividend Comparison

GDXU has not paid dividends to shareholders, while NUGT's dividend yield for the trailing twelve months is around 0.40%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040	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	0.40%	0.22%	1.79%	1.67%	0.70%	0.00%	0.00%	0.63%	0.57%

Frequently Asked Questions

Can I hold both GDXU and NUGT in my portfolio?

With a correlation of 1.00, GDXU and NUGT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GDXU or NUGT?

GDXU has higher volatility (53.36%) compared to NUGT (33.85%). In terms of maximum drawdown, GDXU dropped -94.39% vs NUGT's -99.97%.

Which ETF is better, GDXU or NUGT?

On 5-year performance, NUGT leads with 19.48% vs -8.03% for GDXU. On fees, GDXU is cheaper at 0.95% per year. On volatility, NUGT has been the lower-risk option at 33.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDXU or NUGT?

Over the 5-year period, NUGT has performed better with a 19.48% return vs -8.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDXU or NUGT?

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

Which ETF pays a higher dividend yield, GDXU or NUGT?

NUGT has the higher dividend yield at 0.40%, compared with 0.00% for GDXU.

What is the main difference between GDXU and NUGT?

GDXU is categorized as Leveraged Equities, while NUGT is Gold. GDXU tracks S-Network MicroSectors Gold Miners Index, 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 GDXU and 1.13% for NUGT.

Which has better risk-adjusted returns?

NUGT currently has the higher Sharpe Ratio (0.89 vs 0.33), 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.