NUGT vs. DGZ
NUGT (Direxion Daily Gold Miners Index Bull 2X ETF) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - NUGT is a Gold fund tracking the MarketVector Global Gold Miners Index (200%), while DGZ is a Inverse Commodities fund tracking the Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). Both are passively managed. Over the past 10 years, NUGT returned -15.01%/yr vs -7.44%/yr for DGZ. At a correlation of -0.62, they often move in opposite directions. NUGT charges 1.13%/yr vs 0.75%/yr for DGZ.
Performance
NUGT vs. DGZ - Performance Comparison
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Returns By Period
In the year-to-date period, NUGT achieves a -37.58% return, which is significantly lower than DGZ's 9.68% return. Over the past 10 years, NUGT has underperformed DGZ with an annualized return of -15.01%, while DGZ has yielded a comparatively higher -7.44% annualized return.
NUGT
- 1D
- 4.04%
- 1M
- -14.45%
- 6M
- -50.47%
- YTD
- -37.58%
- 1Y
- 52.80%
- 3Y*
- 44.99%
- 5Y*
- 14.43%
- 10Y*
- -15.01%
DGZ
- 1D
- 2.15%
- 1M
- 8.56%
- 6M
- 15.31%
- YTD
- 9.68%
- 1Y
- -9.24%
- 3Y*
- -14.95%
- 5Y*
- -9.37%
- 10Y*
- -7.44%
NUGT vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NUGT Direxion Daily Gold Miners Index Bull 2X ETF | -37.58% | 425.05% | 2.89% | 2.60% | -32.10% | -26.31% | -60.16% | 100.73% | -44.52% | 3.73% |
DGZ DB Gold Short Exchange Traded Notes | 9.68% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | -11.36% |
Correlation
The correlation between NUGT and DGZ is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.56 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010 | -0.62 |
Over the past year, the inverse relationship between NUGT and DGZ has weakened: their correlation has moved from -0.62 to -0.27, meaning they move in opposite directions less often than they have historically.
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Return for Risk
NUGT vs. DGZ — Risk / Return Rank
NUGT
DGZ
NUGT vs. DGZ - 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 DB Gold Short Exchange Traded Notes (DGZ). 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 | DGZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.69 | ||
| Sortino ratioReturn per unit of downside risk | +0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.04 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.82 | -0.26 | +1.08 |
| Martin ratioReturn relative to average drawdown | 1.75 | -0.46 | +2.21 |
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Drawdowns
NUGT vs. DGZ - Drawdown Comparison
The maximum NUGT drawdown since its inception was -99.97%, which is greater than DGZ's maximum drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for NUGT and DGZ.
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Drawdown Indicators
| NUGT | DGZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.97% | -86.32% | -13.65% |
Max Drawdown (1Y)Largest decline over 1 year | -64.82% | -36.14% | -28.68% |
Max Drawdown (3Y)Largest decline over 3 years | -64.82% | -59.54% | -5.28% |
Max Drawdown (5Y)Largest decline over 5 years | -73.72% | -61.54% | -12.18% |
Max Drawdown (10Y)Largest decline over 10 years | -96.91% | -71.49% | -25.42% |
Current DrawdownCurrent decline from peak | -99.85% | -81.21% | -18.64% |
Average DrawdownAverage peak-to-trough decline | -91.56% | -57.87% | -33.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.29% | 20.18% | +10.11% |
Volatility
NUGT vs. DGZ - Volatility Comparison
Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) has a higher volatility of 27.51% compared to DB Gold Short Exchange Traded Notes (DGZ) at 24.05%. This indicates that NUGT's price experiences larger fluctuations and is considered to be riskier than DGZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NUGT | DGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 27.51% | 24.05% | +3.46% |
Volatility (6M)Calculated over the trailing 6-month period | 80.24% | 58.99% | +21.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 95.08% | 70.14% | +24.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.31% | 36.89% | +36.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.69% | 28.41% | +59.28% |
NUGT vs. DGZ - Expense Ratio Comparison
NUGT has a 1.13% expense ratio, which is higher than DGZ's 0.75% expense ratio.
Dividends
NUGT vs. DGZ - Dividend Comparison
NUGT's dividend yield for the trailing twelve months is around 0.63%, while DGZ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
NUGT Direxion Daily Gold Miners Index Bull 2X ETF | 0.63% | 0.22% | 1.79% | 1.67% | 0.70% | 0.00% | 0.00% | 0.63% | 0.57% |
Frequently Asked Questions
NUGT and DGZ have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NUGT has higher volatility (27.51%) compared to DGZ (24.05%). In terms of maximum drawdown, NUGT dropped -99.97% vs DGZ's -86.32%.
On 10-year performance, DGZ leads with -7.44% vs -15.01% for NUGT. On fees, DGZ is cheaper at 0.75% per year. On volatility, DGZ has been the lower-risk option at 24.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DGZ has performed better with a -7.44% return vs -15.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DGZ is cheaper with a 0.75% expense ratio, compared with 1.13% for NUGT.
NUGT has the higher dividend yield at 0.63%, compared with 0.00% for DGZ.
NUGT is categorized as Gold, while DGZ is Inverse Commodities. NUGT tracks MarketVector Global Gold Miners Index (200%), while DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). They also come from different issuers: Direxion and Deutsche Bank. Their fees differ too: 1.13% for NUGT and 0.75% for DGZ.
NUGT currently has the higher Sharpe Ratio (0.56 vs -0.13), 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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