NUGT vs. BRZU

Last updated Jul 22, 2026

NUGT (Direxion Daily Gold Miners Index Bull 2X ETF) and BRZU (Direxion Daily Brazil Bull 2X Shares) are both exchange-traded funds - NUGT is a Gold fund tracking the MarketVector Global Gold Miners Index (200%), while BRZU is a Leveraged Equities fund tracking the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 10 years, NUGT returned -14.12%/yr vs -19.99%/yr for BRZU. At a 0.24 correlation, their price movements are largely independent. NUGT charges 1.13%/yr vs 1.29%/yr for BRZU.

Performance

NUGT vs. BRZU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) and Direxion Daily Brazil Bull 2X Shares (BRZU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NUGT achieves a -39.10% return, which is significantly lower than BRZU's 19.49% return. Over the past 10 years, NUGT has outperformed BRZU with an annualized return of -14.12%, while BRZU has yielded a comparatively lower -19.99% annualized return.

NUGT

• 1D: 9.53%
• 1M: -21.00%
• 6M: -57.23%
• YTD: -39.10%
• 1Y: 46.53%
• 3Y*: 45.28%
• 5Y*: 15.97%
• 10Y*: -14.12%
• ALL TIME*: -33.85%

BRZU

• 1D: 0.96%
• 1M: 10.98%
• 6M: 7.54%
• YTD: 19.49%
• 1Y: 68.34%
• 3Y*: 4.99%
• 5Y*: -0.23%
• 10Y*: -19.99%
• ALL TIME*: -30.13%

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

NUGT vs. BRZU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NUGT Direxion Daily Gold Miners Index Bull 2X ETF	-39.10%	425.05%	2.89%	2.60%	-32.10%	-26.31%	-60.16%	100.73%	-44.52%	3.73%
BRZU Direxion Daily Brazil Bull 2X Shares	19.49%	97.99%	-57.07%	55.48%	8.30%	-39.23%	-91.34%	57.02%	-37.21%	30.80%

Correlation

The correlation between NUGT and BRZU is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Apr 10, 2013	0.24

Over the past year, NUGT and BRZU have become more correlated (0.45) than their long-term average of 0.24, meaning their price movements have been converging.

NUGT vs. BRZU - Sectors Allocation Comparison

Sectors	NUGT	BRZU
Basic Materials	100.0%	14.5%
Communication Services	-	2.1%
Consumer Cyclical	-	1.4%
Consumer Defensive	-	4.7%
Energy	-	15.1%
Financial Services	-	34.5%
Healthcare	-	2.2%
Industrials	-	11.6%
Real Estate	-	-
Technology	-	0.4%
Utilities	-	13.5%

Return for Risk

NUGT vs. BRZU — Risk / Return Rank

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

NUGT

NUGT Risk / Return Rank: 24
NUGT Sharpe Ratio Rank: 20
NUGT Sortino Ratio Rank: 29
NUGT Omega Ratio Rank: 31
NUGT Calmar Ratio Rank: 22
NUGT Martin Ratio Rank: 20

BRZU

BRZU Risk / Return Rank: 49
BRZU Sharpe Ratio Rank: 53
BRZU Sortino Ratio Rank: 50
BRZU Omega Ratio Rank: 50
BRZU Calmar Ratio Rank: 50
BRZU Martin Ratio Rank: 40

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. BRZU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) and Direxion Daily Brazil Bull 2X Shares (BRZU). 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	BRZU	Difference
Sharpe ratio: Return per unit of total volatility	0.49	1.39	-0.90
Sortino ratio: Return per unit of downside risk	1.22	1.91	-0.69
Omega ratio: Gain probability vs. loss probability	1.16	1.24	-0.08
Calmar ratio: Return relative to maximum drawdown	0.69	1.91	-1.22
Martin ratio: Return relative to average drawdown	1.47	4.63	-3.16

NUGT vs. BRZU - Sharpe Ratio Comparison

The current NUGT Sharpe Ratio is 0.49, which is lower than the BRZU Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of NUGT and BRZU, 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

NUGT vs. BRZU - Drawdown Comparison

The maximum NUGT drawdown since its inception was -99.97%, roughly equal to the maximum BRZU drawdown of -99.71%. Use the drawdown chart below to compare losses from any high point for NUGT and BRZU.

Drawdown Indicators

	NUGT	BRZU	Difference
Max Drawdown Largest peak-to-trough decline	-99.97%	-99.71%	-0.26%
Max Drawdown (1Y) Largest decline over 1 year	-67.40%	-35.97%	-31.43%
Max Drawdown (3Y) Largest decline over 3 years	-67.40%	-58.25%	-9.15%
Max Drawdown (5Y) Largest decline over 5 years	-73.72%	-62.89%	-10.83%
Max Drawdown (10Y) Largest decline over 10 years	-96.91%	-98.11%	+1.20%
Current Drawdown Current decline from peak	-99.86%	-99.14%	-0.72%
Average Drawdown Average peak-to-trough decline	-91.57%	-89.62%	-1.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.68%	14.80%	+16.88%

Volatility

NUGT vs. BRZU - Volatility Comparison

Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) has a higher volatility of 24.61% compared to Direxion Daily Brazil Bull 2X Shares (BRZU) at 11.19%. This indicates that NUGT's price experiences larger fluctuations and is considered to be riskier than BRZU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUGT	BRZU	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.61%	11.19%	+13.42%
Volatility (6M) Calculated over the trailing 6-month period	80.75%	39.80%	+40.95%
Volatility (1Y) Calculated over the trailing 1-year period	95.76%	49.55%	+46.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.43%	55.16%	+18.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	87.54%	82.28%	+5.26%

NUGT vs. BRZU - Expense Ratio Comparison

NUGT has a 1.13% expense ratio, which is lower than BRZU's 1.29% expense ratio.

Dividends

NUGT vs. BRZU - Dividend Comparison

NUGT's dividend yield for the trailing twelve months is around 0.64%, less than BRZU's 1.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRZU Direxion Daily Brazil Bull 2X Shares	1.89%	2.39%	8.73%	3.24%	4.70%	6.29%	0.78%	0.95%	1.04%	0.74%
NUGT Direxion Daily Gold Miners Index Bull 2X ETF	0.64%	0.22%	1.79%	1.67%	0.70%	0.00%	0.00%	0.63%	0.57%	0.00%

Frequently Asked Questions

Can I hold both NUGT and BRZU in my portfolio?

NUGT and BRZU have a correlation of 0.45, 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 BRZU?

NUGT has higher volatility (24.61%) compared to BRZU (11.19%). In terms of maximum drawdown, NUGT dropped -99.97% vs BRZU's -99.71%.

Which ETF is better, NUGT or BRZU?

On 10-year performance, NUGT leads with -14.12% vs -19.99% for BRZU. On fees, NUGT is cheaper at 1.13% per year. On volatility, BRZU has been the lower-risk option at 11.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUGT or BRZU?

Over the 10-year period, NUGT has performed better with a -14.12% return vs -19.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUGT or BRZU?

NUGT is cheaper with a 1.13% expense ratio, compared with 1.29% for BRZU.

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

BRZU has the higher dividend yield at 1.89%, compared with 0.64% for NUGT.

What is the main difference between NUGT and BRZU?

NUGT is categorized as Gold, while BRZU is Leveraged Equities. NUGT tracks MarketVector Global Gold Miners Index (200%), while BRZU tracks MSCI Brazil 25/50 Index. Their fees differ too: 1.13% for NUGT and 1.29% for BRZU.

Which has better risk-adjusted returns?

BRZU currently has the higher Sharpe Ratio (1.39 vs 0.49), 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.