NUGT vs. GBUG

Last updated Jun 24, 2026

NUGT (Direxion Daily Gold Miners Index Bull 2X ETF) and GBUG (Sprott Active Gold & Silver Miners ETF) are both Gold funds. NUGT is passively managed, while GBUG is actively managed. Over the past year, NUGT returned 60.88% vs 54.84% for GBUG. With a 0.96 correlation, they move nearly in lockstep. NUGT charges 1.13%/yr vs 0.89%/yr for GBUG.

Performance

NUGT vs. GBUG - 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 Sprott Active Gold & Silver Miners ETF (GBUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NUGT achieves a -32.09% return, which is significantly lower than GBUG's -9.70% 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%

GBUG

• 1D: -4.85%
• 1M: -7.18%
• YTD: -9.70%
• 6M: -13.65%
• 1Y: 54.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NUGT vs. GBUG - Yearly Performance Comparison

	2026 (YTD)	2025
NUGT Direxion Daily Gold Miners Index Bull 2X ETF	-32.09%	256.73%
GBUG Sprott Active Gold & Silver Miners ETF	-9.70%	122.37%

Correlation

The correlation between NUGT and GBUG is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.96

The correlation between NUGT and GBUG has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

NUGT vs. GBUG — Risk / Return Rank

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

NUGT

NUGT Risk / Return Rank: 23
NUGT Sharpe Ratio Rank: 20
NUGT Sortino Ratio Rank: 25
NUGT Omega Ratio Rank: 27
NUGT Calmar Ratio Rank: 22
NUGT Martin Ratio Rank: 20

GBUG

GBUG Risk / Return Rank: 31
GBUG Sharpe Ratio Rank: 32
GBUG Sortino Ratio Rank: 30
GBUG Omega Ratio Rank: 33
GBUG Calmar Ratio Rank: 31
GBUG Martin Ratio Rank: 29

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. GBUG - 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 Sprott Active Gold & Silver Miners ETF (GBUG). 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	GBUG	Difference
Sharpe ratio: Return per unit of total volatility	0.65	1.10	-0.45
Sortino ratio: Return per unit of downside risk	1.35	1.54	-0.19
Omega ratio: Gain probability vs. loss probability	1.18	1.21	-0.03
Calmar ratio: Return relative to maximum drawdown	0.96	1.49	-0.53
Martin ratio: Return relative to average drawdown	2.30	3.92	-1.61

NUGT vs. GBUG - Sharpe Ratio Comparison

The current NUGT Sharpe Ratio is 0.65, which is lower than the GBUG Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of NUGT and GBUG, 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. GBUG - Drawdown Comparison

The maximum NUGT drawdown since its inception was -99.97%, which is greater than GBUG's maximum drawdown of -36.90%. Use the drawdown chart below to compare losses from any high point for NUGT and GBUG.

Drawdown Indicators

	NUGT	GBUG	Difference
Max Drawdown Largest peak-to-trough decline	-99.97%	-36.90%	-63.07%
Max Drawdown (1Y) Largest decline over 1 year	-63.43%	-36.90%	-26.53%
Max Drawdown (3Y) Largest decline over 3 years	-63.43%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-73.72%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-96.91%	—	—
Current Drawdown Current decline from peak	-99.84%	-32.19%	-67.65%
Average Drawdown Average peak-to-trough decline	-91.53%	-8.47%	-83.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.52%	14.05%	+12.47%

Volatility

NUGT vs. GBUG - Volatility Comparison

Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) has a higher volatility of 35.11% compared to Sprott Active Gold & Silver Miners ETF (GBUG) at 19.27%. This indicates that NUGT's price experiences larger fluctuations and is considered to be riskier than GBUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUGT	GBUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.11%	19.27%	+15.84%
Volatility (6M) Calculated over the trailing 6-month period	80.35%	42.41%	+37.94%
Volatility (1Y) Calculated over the trailing 1-year period	94.31%	50.26%	+44.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.94%	48.59%	+24.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	87.97%	48.59%	+39.38%

NUGT vs. GBUG - Expense Ratio Comparison

NUGT has a 1.13% expense ratio, which is higher than GBUG's 0.89% expense ratio.

Dividends

NUGT vs. GBUG - Dividend Comparison

NUGT's dividend yield for the trailing twelve months is around 0.44%, less than GBUG's 1.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
GBUG Sprott Active Gold & Silver Miners ETF	1.72%	1.56%	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

Can I hold both NUGT and GBUG in my portfolio?

With a correlation of 0.97, NUGT and GBUG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NUGT or GBUG?

NUGT has higher volatility (35.11%) compared to GBUG (19.27%). In terms of maximum drawdown, NUGT dropped -99.97% vs GBUG's -36.90%.

Which ETF is better, NUGT or GBUG?

On 1-year performance, NUGT leads with 60.88% vs 54.84% for GBUG. On fees, GBUG is cheaper at 0.89% per year. On volatility, GBUG has been the lower-risk option at 19.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUGT or GBUG?

Over the 1-year period, NUGT has performed better with a 60.88% return vs 54.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUGT or GBUG?

GBUG is cheaper with a 0.89% expense ratio, compared with 1.13% for NUGT.

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

GBUG has the higher dividend yield at 1.72%, compared with 0.44% for NUGT.

What is the main difference between NUGT and GBUG?

They also come from different issuers: Direxion and Sprott. Their fees differ too: 1.13% for NUGT and 0.89% for GBUG.

Which has better risk-adjusted returns?

GBUG currently has the higher Sharpe Ratio (1.10 vs 0.65), 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.