GLD vs. NUGT
GLD (SPDR Gold Shares) and NUGT (Direxion Daily Gold Miners Bull 2X Shares) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while NUGT is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (300%). Both are passively managed. Over the past 10 years, GLD returned 12.15%/yr vs -9.77%/yr for NUGT. A 0.76 correlation means they provide meaningful diversification when combined. GLD charges 0.40%/yr vs 1.23%/yr for NUGT.
Performance
GLD vs. NUGT - Performance Comparison
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Returns By Period
In the year-to-date period, GLD achieves a -2.47% return, which is significantly higher than NUGT's -27.03% return. Over the past 10 years, GLD has outperformed NUGT with an annualized return of 12.15%, while NUGT has yielded a comparatively lower -9.77% annualized return.
GLD
- 1D
- 0.06%
- 1M
- -9.52%
- YTD
- -2.47%
- 6M
- -2.25%
- 1Y
- 22.21%
- 3Y*
- 28.89%
- 5Y*
- 17.08%
- 10Y*
- 12.15%
NUGT
- 1D
- 5.72%
- 1M
- -30.06%
- YTD
- -27.03%
- 6M
- -26.67%
- 1Y
- 63.65%
- 3Y*
- 55.24%
- 5Y*
- 13.62%
- 10Y*
- -9.77%
GLD vs. NUGT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | -2.47% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
NUGT Direxion Daily Gold Miners Bull 2X Shares | -27.03% | 425.05% | 2.89% | 2.60% | -32.10% | -26.31% | -60.16% | 100.73% | -44.52% | 3.73% |
Correlation
The correlation between GLD and NUGT is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010 | 0.76 |
The correlation between GLD and NUGT has been stable across timeframes, ranging from 0.76 to 0.80 - a consistent structural relationship.
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Return for Risk
GLD vs. NUGT — Risk / Return Rank
GLD
NUGT
GLD vs. NUGT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and Direxion Daily Gold Miners Bull 2X Shares (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.
| GLD | NUGT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.20 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 1.10 | -0.12 |
| Martin ratioReturn relative to average drawdown | 2.81 | 2.75 | +0.06 |
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Drawdowns
GLD vs. NUGT - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum NUGT drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for GLD and NUGT.
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Drawdown Indicators
| GLD | NUGT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -99.97% | +54.41% |
Max Drawdown (1Y)Largest decline over 1 year | -24.46% | -63.43% | +38.97% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -63.43% | +38.97% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -73.72% | +49.26% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -96.91% | +72.45% |
Current DrawdownCurrent decline from peak | -22.05% | -99.83% | +77.78% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -91.52% | +75.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.49% | 25.30% | -16.81% |
Volatility
GLD vs. NUGT - Volatility Comparison
The current volatility for SPDR Gold Shares (GLD) is 7.79%, while Direxion Daily Gold Miners Bull 2X Shares (NUGT) has a volatility of 34.50%. This indicates that GLD 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
| GLD | NUGT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.79% | 34.50% | -26.71% |
Volatility (6M)Calculated over the trailing 6-month period | 24.10% | 78.60% | -54.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.37% | 92.79% | -65.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.22% | 72.64% | -54.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 88.12% | -72.04% |
GLD vs. NUGT - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is lower than NUGT's 1.23% expense ratio.
Dividends
GLD vs. NUGT - Dividend Comparison
GLD has not paid dividends to shareholders, while NUGT's dividend yield for the trailing twelve months is around 0.41%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
NUGT Direxion Daily Gold Miners Bull 2X Shares | 0.41% | 0.22% | 1.79% | 1.67% | 0.70% | 0.00% | 0.00% | 0.63% | 0.57% |
Frequently Asked Questions
GLD and NUGT have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NUGT has higher volatility (34.50%) compared to GLD (7.79%). In terms of maximum drawdown, GLD dropped -45.56% vs NUGT's -99.97%.
On 10-year performance, GLD leads with 12.15% vs -9.77% for NUGT. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 7.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 12.15% return vs -9.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 1.23% for NUGT.
NUGT has the higher dividend yield at 0.41%, compared with 0.00% for GLD.
GLD is categorized as Gold, while NUGT is Leveraged Equities. GLD tracks LBMA Gold Price PM, while NUGT tracks NYSE Arca Gold Miners Index (300%). They also come from different issuers: State Street and Direxion. Their fees differ too: 0.40% for GLD and 1.23% for NUGT.
GLD currently has the higher Sharpe Ratio (0.87 vs 0.75), 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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