NUGT vs. DFEN

Last updated Jun 9, 2026

NUGT (Direxion Daily Gold Miners Bull 2X Shares) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both Leveraged Equities funds from Direxion - NUGT tracks the NYSE Arca Gold Miners Index (300%) while DFEN tracks the Dow Jones U.S. Select Aerospace & Defense Index (300%). Both are passively managed. Over the past 5 years, NUGT returned 13.32%/yr vs 27.43%/yr for DFEN. At a 0.17 correlation, their price movements are largely independent. NUGT charges 1.23%/yr vs 0.99%/yr for DFEN.

Performance

NUGT vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Gold Miners Bull 2X Shares (NUGT) and Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NUGT achieves a -28.93% return, which is significantly lower than DFEN's 4.76% return.

NUGT

• 1D: -0.75%
• 1M: -32.74%
• YTD: -28.93%
• 6M: -16.68%
• 1Y: 76.94%
• 3Y*: 53.31%
• 5Y*: 13.32%
• 10Y*: -10.65%

DFEN

• 1D: -2.96%
• 1M: 2.78%
• YTD: 4.76%
• 6M: 19.83%
• 1Y: 57.44%
• 3Y*: 61.07%
• 5Y*: 27.43%
• 10Y*: —

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

NUGT vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NUGT Direxion Daily Gold Miners Bull 2X Shares	-28.93%	425.05%	2.89%	2.60%	-32.10%	-26.31%	-60.16%	100.73%	-44.52%	6.59%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	4.76%	156.62%	27.07%	24.70%	6.99%	12.72%	-70.23%	95.09%	-32.86%	83.64%

Correlation

The correlation between NUGT and DFEN is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (All Time) Calculated using the full available price history since May 4, 2017	0.17

The correlation between NUGT and DFEN shifts across timeframes, from 0.17 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.

NUGT vs. DFEN - Sectors Allocation Comparison

Sectors	NUGT	DFEN
Basic Materials	100.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	19.7%
Real Estate	-	-
Technology	-	0.0%
Utilities	-	-

Return for Risk

NUGT vs. DFEN — Risk / Return Rank

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

NUGT

NUGT Risk / Return Rank: 29
NUGT Sharpe Ratio Rank: 26
NUGT Sortino Ratio Rank: 30
NUGT Omega Ratio Rank: 34
NUGT Calmar Ratio Rank: 30
NUGT Martin Ratio Rank: 26

DFEN

DFEN Risk / Return Rank: 29
DFEN Sharpe Ratio Rank: 27
DFEN Sortino Ratio Rank: 32
DFEN Omega Ratio Rank: 29
DFEN Calmar Ratio Rank: 31
DFEN Martin Ratio Rank: 26

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. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Bull 2X Shares (NUGT) and Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN). 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	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	0.85	0.90	-0.06
Sortino ratio: Return per unit of downside risk	1.48	1.56	-0.07
Omega ratio: Gain probability vs. loss probability	1.21	1.18	+0.03
Calmar ratio: Return relative to maximum drawdown	1.33	1.38	-0.06
Martin ratio: Return relative to average drawdown	3.20	3.26	-0.07
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. DFEN - Sharpe Ratio Comparison

The current NUGT Sharpe Ratio is 0.85, which is comparable to the DFEN Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of NUGT and DFEN, 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	DFEN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	0.90	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.46	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.12	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.34	0.22	-0.55

Drawdowns

NUGT vs. DFEN - Drawdown Comparison

The maximum NUGT drawdown since its inception was -99.97%, which is greater than DFEN's maximum drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for NUGT and DFEN.

Drawdown Indicators

	NUGT	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-99.97%	-91.36%	-8.61%
Max Drawdown (1Y) Largest decline over 1 year	-58.33%	-41.75%	-16.58%
Max Drawdown (3Y) Largest decline over 3 years	-58.33%	-43.13%	-15.20%
Max Drawdown (5Y) Largest decline over 5 years	-73.72%	-55.30%	-18.42%
Max Drawdown (10Y) Largest decline over 10 years	-96.91%	—	—
Current Drawdown Current decline from peak	-99.83%	-31.35%	-68.48%
Average Drawdown Average peak-to-trough decline	-91.53%	-45.25%	-46.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.14%	17.66%	+6.48%

Volatility

NUGT vs. DFEN - Volatility Comparison

Direxion Daily Gold Miners Bull 2X Shares (NUGT) has a higher volatility of 32.20% compared to Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) at 21.71%. This indicates that NUGT's price experiences larger fluctuations and is considered to be riskier than DFEN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUGT	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.20%	21.71%	+10.49%
Volatility (6M) Calculated over the trailing 6-month period	77.52%	53.65%	+23.87%
Volatility (1Y) Calculated over the trailing 1-year period	91.71%	64.00%	+27.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.37%	60.30%	+12.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	88.03%	71.51%	+16.52%

NUGT vs. DFEN - Expense Ratio Comparison

NUGT has a 1.23% expense ratio, which is higher than DFEN's 0.99% expense ratio.

Dividends

NUGT vs. DFEN - Dividend Comparison

NUGT's dividend yield for the trailing twelve months is around 0.43%, less than DFEN's 8.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	8.52%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%
NUGT Direxion Daily Gold Miners Bull 2X Shares	0.43%	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 DFEN in my portfolio?

NUGT and DFEN have a correlation of 0.33, 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 DFEN?

NUGT has higher volatility (32.20%) compared to DFEN (21.71%). In terms of maximum drawdown, NUGT dropped -99.97% vs DFEN's -91.36%.

Which ETF is better, NUGT or DFEN?

On 5-year performance, DFEN leads with 27.43% vs 13.32% for NUGT. On fees, DFEN is cheaper at 0.99% per year. On volatility, DFEN has been the lower-risk option at 21.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUGT or DFEN?

Over the 5-year period, DFEN has performed better with a 27.43% return vs 13.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUGT or DFEN?

DFEN is cheaper with a 0.99% expense ratio, compared with 1.23% for NUGT.

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

DFEN has the higher dividend yield at 8.52%, compared with 0.43% for NUGT.

What is the main difference between NUGT and DFEN?

NUGT tracks NYSE Arca Gold Miners Index (300%), while DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300%). Their fees differ too: 1.23% for NUGT and 0.99% for DFEN.

Which has better risk-adjusted returns?

DFEN currently has the higher Sharpe Ratio (0.90 vs 0.84), 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.