NUG vs. SPXL
NUG (Leverage Shares 2X Long NU Daily ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds. NUG is actively managed, while SPXL is passively managed. A 0.58 correlation means they provide meaningful diversification when combined. NUG charges 0.75%/yr vs 0.84%/yr for SPXL.
Performance
NUG vs. SPXL - Performance Comparison
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Returns By Period
In the year-to-date period, NUG achieves a -49.34% return, which is significantly lower than SPXL's 22.70% return.
NUG
- 1D
- 1.13%
- 1M
- -1.26%
- YTD
- -49.34%
- 6M
- -48.76%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPXL
- 1D
- -0.94%
- 1M
- -1.11%
- YTD
- 22.70%
- 6M
- 20.82%
- 1Y
- 75.56%
- 3Y*
- 48.64%
- 5Y*
- 22.24%
- 10Y*
- 30.87%
NUG vs. SPXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
NUG Leverage Shares 2X Long NU Daily ETF | -49.34% | 9.30% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 22.70% | 3.59% |
Correlation
The correlation between NUG and SPXL is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 17, 2025 | 0.58 |
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Return for Risk
NUG vs. SPXL — Risk / Return Rank
NUG
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPXL
NUG vs. SPXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long NU Daily ETF (NUG) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). 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.
| NUG | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.33 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.84 | — |
| Martin ratioReturn relative to average drawdown | — | 11.62 | — |
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Drawdowns
NUG vs. SPXL - Drawdown Comparison
The maximum NUG drawdown since its inception was -66.15%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for NUG and SPXL.
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Drawdown Indicators
| NUG | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.15% | -76.86% | +10.71% |
Max Drawdown (1Y)Largest decline over 1 year | — | -26.77% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -48.95% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -63.80% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.86% | — |
Current DrawdownCurrent decline from peak | -59.01% | -6.24% | -52.77% |
Average DrawdownAverage peak-to-trough decline | -31.80% | -16.10% | -15.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 6.52% | — |
Volatility
NUG vs. SPXL - Volatility Comparison
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Volatility by Period
| NUG | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 13.99% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 29.23% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 79.90% | 37.20% | +42.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 79.90% | 50.50% | +29.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 79.90% | 53.56% | +26.34% |
NUG vs. SPXL - Expense Ratio Comparison
NUG has a 0.75% expense ratio, which is lower than SPXL's 0.84% expense ratio.
Dividends
NUG vs. SPXL - Dividend Comparison
NUG has not paid dividends to shareholders, while SPXL's dividend yield for the trailing twelve months is around 0.55%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
NUG Leverage Shares 2X Long NU Daily ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.55% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
Frequently Asked Questions
NUG and SPXL have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, NUG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
NUG is cheaper with a 0.75% expense ratio, compared with 0.84% for SPXL.
SPXL has the higher dividend yield at 0.55%, compared with 0.00% for NUG.
They also come from different issuers: Leverage Shares and Direxion. Their fees differ too: 0.75% for NUG and 0.84% for SPXL.
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