NUGT vs. BOIL

Last updated Jun 4, 2026

NUGT (Direxion Daily Gold Miners Bull 2X Shares) and BOIL (ProShares Ultra Bloomberg Natural Gas) are both exchange-traded funds - NUGT is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (300%), while BOIL is a Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex. Both are passively managed. Over the past 10 years, NUGT returned -8.54%/yr vs -56.95%/yr for BOIL. At a 0.00 correlation, their price movements are largely independent. NUGT charges 1.23%/yr vs 1.31%/yr for BOIL.

Performance

NUGT vs. BOIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Gold Miners Bull 2X Shares (NUGT) and ProShares Ultra Bloomberg Natural Gas (BOIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NUGT achieves a -16.05% return, which is significantly higher than BOIL's -36.77% return. Over the past 10 years, NUGT has outperformed BOIL with an annualized return of -8.54%, while BOIL has yielded a comparatively lower -56.95% annualized return.

NUGT

• 1D: -6.64%
• 1M: -4.13%
• YTD: -16.05%
• 6M: -6.29%
• 1Y: 97.46%
• 3Y*: 60.96%
• 5Y*: 16.32%
• 10Y*: -8.54%

BOIL

• 1D: 4.32%
• 1M: 4.62%
• YTD: -36.77%
• 6M: -62.98%
• 1Y: -74.31%
• 3Y*: -60.61%
• 5Y*: -64.63%
• 10Y*: -56.95%

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

NUGT vs. BOIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NUGT Direxion Daily Gold Miners Bull 2X Shares	-16.05%	425.05%	2.89%	2.60%	-32.10%	-26.31%	-60.16%	100.73%	-44.52%	3.73%
BOIL ProShares Ultra Bloomberg Natural Gas	-36.77%	-58.98%	-60.75%	-92.00%	-31.85%	23.84%	-74.74%	-67.70%	-20.55%	-65.72%

Correlation

The correlation between NUGT and BOIL is -0.11, 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	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (5Y) Calculated over the trailing 5-year period	-0.00
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Oct 7, 2011	0.00

The correlation between NUGT and BOIL shifts across timeframes, from -0.11 (1 year) to 0.00 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NUGT vs. BOIL — Risk / Return Rank

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

NUGT

NUGT Risk / Return Rank: 32
NUGT Sharpe Ratio Rank: 29
NUGT Sortino Ratio Rank: 30
NUGT Omega Ratio Rank: 34
NUGT Calmar Ratio Rank: 37
NUGT Martin Ratio Rank: 29

BOIL

BOIL Risk / Return Rank: 3
BOIL Sharpe Ratio Rank: 3
BOIL Sortino Ratio Rank: 4
BOIL Omega Ratio Rank: 3
BOIL Calmar Ratio Rank: 1
BOIL Martin Ratio Rank: 3

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.

NUGT vs. BOIL - 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 Bloomberg Natural Gas (BOIL). 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.

	NUGT	BOIL	Difference
Sharpe ratio: Return per unit of total volatility	1.09	-0.66	+1.74
Sortino ratio: Return per unit of downside risk	1.67	-0.78	+2.45
Omega ratio: Gain probability vs. loss probability	1.23	0.90	+0.33
Calmar ratio: Return relative to maximum drawdown	1.83	-0.92	+2.75
Martin ratio: Return relative to average drawdown	4.18	-1.26	+5.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NUGT vs. BOIL - Sharpe Ratio Comparison

The current NUGT Sharpe Ratio is 1.09, which is higher than the BOIL Sharpe Ratio of -0.66. The chart below compares the historical Sharpe Ratios of NUGT and BOIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NUGT	BOIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.09	-0.66	+1.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	-0.55	+0.77
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.10	-0.56	+0.46
Sharpe Ratio (All Time) Calculated using the full available price history	-0.33	-0.61	+0.28

Drawdowns

NUGT vs. BOIL - Drawdown Comparison

The maximum NUGT drawdown since its inception was -99.97%, roughly equal to the maximum BOIL drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for NUGT and BOIL.

Drawdown Indicators

	NUGT	BOIL	Difference
Max Drawdown Largest peak-to-trough decline	-99.97%	-100.00%	+0.03%
Max Drawdown (1Y) Largest decline over 1 year	-53.58%	-80.85%	+27.27%
Max Drawdown (3Y) Largest decline over 3 years	-53.58%	-96.86%	+43.28%
Max Drawdown (5Y) Largest decline over 5 years	-73.72%	-99.91%	+26.19%
Max Drawdown (10Y) Largest decline over 10 years	-96.91%	-99.99%	+3.08%
Current Drawdown Current decline from peak	-99.80%	-100.00%	+0.20%
Average Drawdown Average peak-to-trough decline	-91.52%	-93.59%	+2.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.39%	59.20%	-35.81%

Volatility

NUGT vs. BOIL - Volatility Comparison

Direxion Daily Gold Miners Bull 2X Shares (NUGT) has a higher volatility of 30.32% compared to ProShares Ultra Bloomberg Natural Gas (BOIL) at 23.95%. This indicates that NUGT's price experiences larger fluctuations and is considered to be riskier than BOIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUGT	BOIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.32%	23.95%	+6.37%
Volatility (6M) Calculated over the trailing 6-month period	75.18%	107.61%	-32.43%
Volatility (1Y) Calculated over the trailing 1-year period	90.01%	113.64%	-23.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.96%	118.89%	-46.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	87.90%	101.81%	-13.91%

NUGT vs. BOIL - Expense Ratio Comparison

NUGT has a 1.23% expense ratio, which is lower than BOIL's 1.31% expense ratio.

Dividends

NUGT vs. BOIL - Dividend Comparison

NUGT's dividend yield for the trailing twelve months is around 0.36%, while BOIL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BOIL ProShares Ultra Bloomberg Natural Gas	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	0.36%	0.22%	1.79%	1.67%	0.70%	0.00%	0.00%	0.63%	0.57%

Frequently Asked Questions

Can I hold both NUGT and BOIL in my portfolio?

NUGT and BOIL have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NUGT or BOIL?

NUGT has higher volatility (30.32%) compared to BOIL (23.95%). In terms of maximum drawdown, NUGT dropped -99.97% vs BOIL's -100.00%.

Which ETF is better, NUGT or BOIL?

On 10-year performance, NUGT leads with -8.54% vs -56.95% for BOIL. On fees, NUGT is cheaper at 1.23% per year. On volatility, BOIL has been the lower-risk option at 23.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUGT or BOIL?

Over the 10-year period, NUGT has performed better with a -8.54% return vs -56.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUGT or BOIL?

NUGT is cheaper with a 1.23% expense ratio, compared with 1.31% for BOIL.

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

NUGT has the higher dividend yield at 0.36%, compared with 0.00% for BOIL.

What is the main difference between NUGT and BOIL?

NUGT is categorized as Leveraged Equities, while BOIL is Leveraged Commodities. NUGT tracks NYSE Arca Gold Miners Index (300%), while BOIL tracks Bloomberg Natural Gas Subindex. They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.23% for NUGT and 1.31% for BOIL.

Which has better risk-adjusted returns?

NUGT currently has the higher Sharpe Ratio (1.09 vs -0.66), 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.