NUGT vs. AGQ
NUGT (Direxion Daily Gold Miners Bull 2X Shares) and AGQ (ProShares Ultra Silver) are both exchange-traded funds - NUGT is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (300%), while AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%). Both are passively managed. Over the past 10 years, NUGT returned -9.77%/yr vs 8.24%/yr for AGQ. A 0.71 correlation means they provide meaningful diversification when combined. NUGT charges 1.23%/yr vs 0.93%/yr for AGQ.
Performance
NUGT vs. AGQ - Performance Comparison
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Returns By Period
In the year-to-date period, NUGT achieves a -27.03% return, which is significantly higher than AGQ's -41.54% return. Over the past 10 years, NUGT has underperformed AGQ with an annualized return of -9.77%, while AGQ has yielded a comparatively higher 8.24% annualized return.
NUGT
- 1D
- 5.72%
- 1M
- -33.37%
- YTD
- -27.03%
- 6M
- -26.67%
- 1Y
- 69.38%
- 3Y*
- 55.24%
- 5Y*
- 13.62%
- 10Y*
- -9.77%
AGQ
- 1D
- 1.44%
- 1M
- -42.34%
- YTD
- -41.54%
- 6M
- -27.69%
- 1Y
- 86.62%
- 3Y*
- 45.61%
- 5Y*
- 11.26%
- 10Y*
- 8.24%
NUGT vs. AGQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
AGQ ProShares Ultra Silver | -41.54% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 62.02% | 20.02% | -22.10% | 5.49% |
Correlation
The correlation between NUGT and AGQ is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010 | 0.71 |
The correlation between NUGT and AGQ has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.
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Return for Risk
NUGT vs. AGQ — Risk / Return Rank
NUGT
AGQ
NUGT vs. AGQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Bull 2X Shares (NUGT) and ProShares Ultra Silver (AGQ). 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.
| NUGT | AGQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.27 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.10 | 1.09 | +0.01 |
| Martin ratioReturn relative to average drawdown | 2.75 | 2.07 | +0.68 |
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Drawdowns
NUGT vs. AGQ - Drawdown Comparison
The maximum NUGT drawdown since its inception was -99.97%, roughly equal to the maximum AGQ drawdown of -98.16%. Use the drawdown chart below to compare losses from any high point for NUGT and AGQ.
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Drawdown Indicators
| NUGT | AGQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.97% | -98.16% | -1.81% |
Max Drawdown (1Y)Largest decline over 1 year | -63.43% | -79.89% | +16.46% |
Max Drawdown (3Y)Largest decline over 3 years | -63.43% | -79.89% | +16.46% |
Max Drawdown (5Y)Largest decline over 5 years | -73.72% | -79.89% | +6.17% |
Max Drawdown (10Y)Largest decline over 10 years | -96.91% | -79.89% | -17.02% |
Current DrawdownCurrent decline from peak | -99.83% | -87.59% | -12.24% |
Average DrawdownAverage peak-to-trough decline | -91.52% | -79.85% | -11.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.30% | 41.95% | -16.65% |
Volatility
NUGT vs. AGQ - Volatility Comparison
Direxion Daily Gold Miners Bull 2X Shares (NUGT) and ProShares Ultra Silver (AGQ) have volatilities of 34.50% and 33.96%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NUGT | AGQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.50% | 33.96% | +0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 78.60% | 135.10% | -56.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 92.79% | 122.60% | -29.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.64% | 75.28% | -2.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 88.12% | 65.96% | +22.16% |
NUGT vs. AGQ - Expense Ratio Comparison
NUGT has a 1.23% expense ratio, which is higher than AGQ's 0.93% expense ratio.
Dividends
NUGT vs. AGQ - Dividend Comparison
NUGT's dividend yield for the trailing twelve months is around 0.41%, while AGQ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AGQ ProShares Ultra Silver | 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
NUGT and AGQ have a correlation of 0.78, 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 AGQ (33.96%). In terms of maximum drawdown, NUGT dropped -99.97% vs AGQ's -98.16%.
On 10-year performance, AGQ leads with 8.24% vs -9.77% for NUGT. On fees, AGQ is cheaper at 0.93% per year. On volatility, AGQ has been the lower-risk option at 33.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, AGQ has performed better with a 8.24% return vs -9.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGQ is cheaper with a 0.93% expense ratio, compared with 1.23% for NUGT.
NUGT has the higher dividend yield at 0.41%, compared with 0.00% for AGQ.
NUGT is categorized as Leveraged Equities, while AGQ is Silver. NUGT tracks NYSE Arca Gold Miners Index (300%), while AGQ tracks Bloomberg Silver Subindex (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.23% for NUGT and 0.93% for AGQ.
NUGT currently has the higher Sharpe Ratio (0.75 vs 0.71), 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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