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 -11.63%/yr vs -7.12%/yr for DGZ. At a correlation of -0.63, 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 -32.09% return, which is significantly lower than DGZ's 13.79% return. Over the past 10 years, NUGT has underperformed DGZ with an annualized return of -11.63%, while DGZ has yielded a comparatively higher -7.12% annualized return.
NUGT
- 1D
- -9.53%
- 1M
- -19.60%
- YTD
- -32.09%
- 6M
- -39.03%
- 1Y
- 60.88%
- 3Y*
- 55.65%
- 5Y*
- 17.04%
- 10Y*
- -11.63%
DGZ
- 1D
- 4.60%
- 1M
- 27.91%
- YTD
- 13.79%
- 6M
- 21.33%
- 1Y
- -7.69%
- 3Y*
- -14.24%
- 5Y*
- -9.28%
- 10Y*
- -7.12%
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 | -32.09% | 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 | 13.79% | -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 -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.48 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.57 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010 | -0.63 |
Over the past year, the inverse relationship between NUGT and DGZ has weakened: their correlation has moved from -0.63 to -0.30, 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 | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.05 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.96 | -0.20 | +1.17 |
| Martin ratioReturn relative to average drawdown | 2.30 | -0.35 | +2.65 |
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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 | -63.43% | -38.32% | -25.11% |
Max Drawdown (3Y)Largest decline over 3 years | -63.43% | -59.54% | -3.89% |
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 | -99.84% | -80.51% | -19.33% |
Average DrawdownAverage peak-to-trough decline | -91.53% | -57.80% | -33.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.52% | 22.24% | +4.28% |
Volatility
NUGT vs. DGZ - Volatility Comparison
The current volatility for Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) is 35.11%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 45.91%. This indicates that NUGT experiences smaller price fluctuations and is considered to be less risky 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 | 35.11% | 45.91% | -10.80% |
Volatility (6M)Calculated over the trailing 6-month period | 80.35% | 58.66% | +21.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 94.31% | 69.62% | +24.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.94% | 36.50% | +36.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.97% | 28.17% | +59.80% |
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 0.44%, 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 | 0.44% | 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 -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (45.91%) compared to NUGT (35.11%). In terms of maximum drawdown, NUGT dropped -99.97% vs DGZ's -86.32%.
On 10-year performance, DGZ leads with -7.12% vs -11.63% for NUGT. On fees, DGZ is cheaper at 0.75% per year. On volatility, NUGT has been the lower-risk option at 35.11%. 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 -7.12% return vs -11.63%. 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 0.44%, 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 (0.65 vs -0.11), 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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