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NUGT vs. EURL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NUGT vs. EURL

Last updated Jun 14, 2026

NUGT (Direxion Daily Gold Miners Bull 2X Shares) and EURL (Direxion Daily FTSE Europe Bull 3x Shares) are both Leveraged Equities funds from Direxion - NUGT tracks the NYSE Arca Gold Miners Index (300%) while EURL tracks the FTSE Developed Europe Index (300%). Both are passively managed. Over the past 10 years, NUGT returned -9.77%/yr vs 11.27%/yr for EURL. At a 0.26 correlation, their price movements are largely independent. NUGT charges 1.23%/yr vs 1.07%/yr for EURL.

Performance

NUGT vs. EURL - 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 FTSE Europe Bull 3x Shares (EURL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, NUGT achieves a -27.03% return, which is significantly lower than EURL's 13.73% return. Over the past 10 years, NUGT has underperformed EURL with an annualized return of -9.77%, while EURL has yielded a comparatively higher 11.27% annualized return.

NUGT

1D
5.72%
1M
-18.48%
YTD
-27.03%
6M
-26.67%
1Y
63.65%
3Y*
55.24%
5Y*
13.62%
10Y*
-9.77%

EURL

1D
-0.06%
1M
12.42%
YTD
13.73%
6M
19.84%
1Y
43.44%
3Y*
31.61%
5Y*
5.43%
10Y*
11.27%
*Multi-year figures are annualized to reflect compound growth (CAGR)

NUGT vs. EURL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
NUGT
Direxion Daily Gold Miners Bull 2X Shares		-27.03%425.05%2.89%2.60%-32.10%-26.31%-60.16%100.73%-44.52%3.73%
EURL
Direxion Daily FTSE Europe Bull 3x Shares		13.73%105.85%-11.42%44.19%-54.41%46.59%-23.19%72.61%-46.39%91.32%

Correlation

The correlation between NUGT and EURL is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.44

Correlation (3Y)
Calculated over the trailing 3-year period

0.44

Correlation (5Y)
Calculated over the trailing 5-year period

0.43

Correlation (10Y)
Calculated over the trailing 10-year period

0.30

Correlation (All Time)
Calculated using the full available price history since Jan 22, 2014

0.26

The correlation between NUGT and EURL shifts across timeframes, from 0.26 (all time) to 0.44 (3 years), reflecting how their relationship changes across market environments.

NUGT vs. EURL - Sectors Allocation Comparison

Sectors
NUGT
EURL

Basic Materials

100.0%
5.5%

Communication Services

-

3.1%

Consumer Cyclical

-

7.0%

Consumer Defensive

-

7.9%

Energy

-

5.4%

Financial Services

-

23.5%

Healthcare

-

12.5%

Industrials

-

20.4%

Real Estate

-

1.6%

Technology

-

8.5%

Utilities

-

4.7%

Basic Materials

NUGT
100.0%
EURL
5.5%

Communication Services

NUGT

-

EURL
3.1%

Consumer Cyclical

NUGT

-

EURL
7.0%

Consumer Defensive

NUGT

-

EURL
7.9%

Energy

NUGT

-

EURL
5.4%

Financial Services

NUGT

-

EURL
23.5%

Healthcare

NUGT

-

EURL
12.5%

Industrials

NUGT

-

EURL
20.4%

Real Estate

NUGT

-

EURL
1.6%

Technology

NUGT

-

EURL
8.5%

Utilities

NUGT

-

EURL
4.7%

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Direxion Daily Gold Miners Bull 2X Shares

Direxion Daily FTSE Europe Bull 3x Shares

Often compared with NUGT:
NUGT vs. GDXUNUGT vs. UGLNUGT vs. JNUGNUGT vs. GLDNUGT vs. DUSTNUGT vs. SILNUGT vs. JDST
Often compared with EURL:
EURL vs. EUFNEURL vs. UPVEURL vs. QQQEURL vs. SOXLEURL vs. VGKEURL vs. TQQQEURL vs. SPY

Return for Risk

NUGT vs. EURL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NUGT
NUGT Risk / Return Rank: 2727
Overall Rank
NUGT Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
NUGT Sortino Ratio Rank: 2929
Sortino Ratio Rank
NUGT Omega Ratio Rank: 3333
Omega Ratio Rank
NUGT Calmar Ratio Rank: 2626
Calmar Ratio Rank
NUGT Martin Ratio Rank: 2424
Martin Ratio Rank
EURL
EURL Risk / Return Rank: 2626
Overall Rank
EURL Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
EURL Sortino Ratio Rank: 2727
Sortino Ratio Rank
EURL Omega Ratio Rank: 2626
Omega Ratio Rank
EURL Calmar Ratio Rank: 2626
Calmar Ratio Rank
EURL Martin Ratio Rank: 2828
Martin Ratio Rank
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. EURL - 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 FTSE Europe Bull 3x Shares (EURL). 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.

NUGTEURLDifference
Sharpe ratioReturn per unit of total volatility
0.75
0.77

-0.01

Sortino ratioReturn per unit of downside risk
1.42
1.33

+0.09

Omega ratioGain probability vs. loss probability

1.20

1.16

+0.04

Calmar ratioReturn relative to maximum drawdown

1.10

1.11

-0.01

Martin ratioReturn relative to average drawdown

2.75

3.50

-0.75

NUGT vs. EURL - Sharpe Ratio Comparison

The current NUGT Sharpe Ratio is 0.75, which is comparable to the EURL Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of NUGT and EURL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

NUGT vs. EURL - Drawdown Comparison

The maximum NUGT drawdown since its inception was -99.97%, which is greater than EURL's maximum drawdown of -84.65%. Use the drawdown chart below to compare losses from any high point for NUGT and EURL.

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Drawdown Indicators

NUGTEURLDifference

Max Drawdown

Largest peak-to-trough decline

-99.97%

-84.65%

-15.32%

Max Drawdown (1Y)

Largest decline over 1 year

-63.43%

-33.05%

-30.38%

Max Drawdown (3Y)

Largest decline over 3 years

-63.43%

-38.81%

-24.62%

Max Drawdown (5Y)

Largest decline over 5 years

-73.72%

-75.24%

+1.52%

Max Drawdown (10Y)

Largest decline over 10 years

-96.91%

-84.65%

-12.26%

Current Drawdown

Current decline from peak

-99.83%

-8.76%

-91.07%

Average Drawdown

Average peak-to-trough decline

-91.52%

-36.91%

-54.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

25.30%

10.56%

+14.74%

Volatility

NUGT vs. EURL - Volatility Comparison

Direxion Daily Gold Miners Bull 2X Shares (NUGT) has a higher volatility of 34.50% compared to Direxion Daily FTSE Europe Bull 3x Shares (EURL) at 17.98%. This indicates that NUGT's price experiences larger fluctuations and is considered to be riskier than EURL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

NUGTEURLDifference

Volatility (1M)

Calculated over the trailing 1-month period

34.50%

17.98%

+16.52%

Volatility (6M)

Calculated over the trailing 6-month period

78.60%

40.51%

+38.09%

Volatility (1Y)

Calculated over the trailing 1-year period

92.79%

48.09%

+44.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

72.64%

53.55%

+19.09%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

88.12%

55.82%

+32.30%

NUGT vs. EURL - Expense Ratio Comparison

NUGT has a 1.23% expense ratio, which is higher than EURL's 1.07% expense ratio.

Dividends

NUGT vs. EURL - Dividend Comparison

NUGT's dividend yield for the trailing twelve months is around 0.41%, less than EURL's 1.37% yield.

PositionTTM202520242023202220212020201920182017
EURL
Direxion Daily FTSE Europe Bull 3x Shares		1.37%1.50%3.51%2.50%1.80%0.33%0.41%1.17%3.07%0.38%
NUGT
Direxion Daily Gold Miners Bull 2X Shares		0.41%0.22%1.79%1.67%0.70%0.00%0.00%0.63%0.57%0.00%

Frequently Asked Questions

NUGT and EURL have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

NUGT has higher volatility (34.50%) compared to EURL (17.98%). In terms of maximum drawdown, NUGT dropped -99.97% vs EURL's -84.65%.

On 10-year performance, EURL leads with 11.27% vs -9.77% for NUGT. On fees, EURL is cheaper at 1.07% per year. On volatility, EURL has been the lower-risk option at 17.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EURL has performed better with a 11.27% return vs -9.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EURL is cheaper with a 1.07% expense ratio, compared with 1.23% for NUGT.

EURL has the higher dividend yield at 1.37%, compared with 0.41% for NUGT.

NUGT tracks NYSE Arca Gold Miners Index (300%), while EURL tracks FTSE Developed Europe Index (300%). Their fees differ too: 1.23% for NUGT and 1.07% for EURL.

EURL currently has the higher Sharpe Ratio (0.77 vs 0.75), 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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