NUGT vs. GLDY

Last updated Jun 24, 2026

NUGT (Direxion Daily Gold Miners Index Bull 2X ETF) and GLDY (Defiance Gold Enhanced Options Income ETF) are both exchange-traded funds - NUGT is a Gold fund tracking the MarketVector Global Gold Miners Index (200%), while GLDY is a Derivative Income fund actively managed by Defiance. NUGT is passively managed, while GLDY is actively managed. Over the past year, NUGT returned 60.88% vs 3.71% for GLDY. A 0.72 correlation means they provide meaningful diversification when combined. NUGT charges 1.13%/yr vs 0.99%/yr for GLDY.

Performance

NUGT vs. GLDY - 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 Defiance Gold Enhanced Options Income ETF (GLDY). 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 GLDY's -8.97% 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%

GLDY

• 1D: -1.42%
• 1M: -7.47%
• YTD: -8.97%
• 6M: -11.98%
• 1Y: 3.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NUGT vs. GLDY - Yearly Performance Comparison

	2026 (YTD)	2025
NUGT Direxion Daily Gold Miners Index Bull 2X ETF	-32.09%	198.82%
GLDY Defiance Gold Enhanced Options Income ETF	-8.97%	15.15%

Correlation

The correlation between NUGT and GLDY is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.72

The correlation between NUGT and GLDY has been stable across timeframes, ranging from 0.70 to 0.72 - a consistent structural relationship.

Return for Risk

NUGT vs. GLDY — 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

GLDY

GLDY Risk / Return Rank: 11
GLDY Sharpe Ratio Rank: 10
GLDY Sortino Ratio Rank: 10
GLDY Omega Ratio Rank: 11
GLDY Calmar Ratio Rank: 10
GLDY Martin Ratio Rank: 11

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. GLDY - 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 Defiance Gold Enhanced Options Income ETF (GLDY). 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	GLDY	Difference
Sharpe ratio: Return per unit of total volatility	0.65	0.15	+0.50
Sortino ratio: Return per unit of downside risk	1.35	0.36	+0.99
Omega ratio: Gain probability vs. loss probability	1.18	1.06	+0.13
Calmar ratio: Return relative to maximum drawdown	0.96	0.14	+0.82
Martin ratio: Return relative to average drawdown	2.30	0.54	+1.76

NUGT vs. GLDY - Sharpe Ratio Comparison

The current NUGT Sharpe Ratio is 0.65, which is higher than the GLDY Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of NUGT and GLDY, 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. GLDY - Drawdown Comparison

The maximum NUGT drawdown since its inception was -99.97%, which is greater than GLDY's maximum drawdown of -25.90%. Use the drawdown chart below to compare losses from any high point for NUGT and GLDY.

Drawdown Indicators

	NUGT	GLDY	Difference
Max Drawdown Largest peak-to-trough decline	-99.97%	-25.90%	-74.07%
Max Drawdown (1Y) Largest decline over 1 year	-63.43%	-25.90%	-37.53%
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%	-19.05%	-80.79%
Average Drawdown Average peak-to-trough decline	-91.53%	-4.47%	-87.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.52%	6.91%	+19.61%

Volatility

NUGT vs. GLDY - Volatility Comparison

Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) has a higher volatility of 35.11% compared to Defiance Gold Enhanced Options Income ETF (GLDY) at 14.83%. This indicates that NUGT's price experiences larger fluctuations and is considered to be riskier than GLDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUGT	GLDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.11%	14.83%	+20.28%
Volatility (6M) Calculated over the trailing 6-month period	80.35%	23.20%	+57.15%
Volatility (1Y) Calculated over the trailing 1-year period	94.31%	24.59%	+69.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.94%	23.27%	+49.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	87.97%	23.27%	+64.70%

NUGT vs. GLDY - Expense Ratio Comparison

NUGT has a 1.13% expense ratio, which is higher than GLDY's 0.99% expense ratio.

Dividends

NUGT vs. GLDY - Dividend Comparison

NUGT's dividend yield for the trailing twelve months is around 0.44%, less than GLDY's 51.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
GLDY Defiance Gold Enhanced Options Income ETF	51.60%	37.38%	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 GLDY in my portfolio?

NUGT and GLDY have a correlation of 0.70, 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 GLDY?

NUGT has higher volatility (35.11%) compared to GLDY (14.83%). In terms of maximum drawdown, NUGT dropped -99.97% vs GLDY's -25.90%.

Which ETF is better, NUGT or GLDY?

On 1-year performance, NUGT leads with 60.88% vs 3.71% for GLDY. On fees, GLDY is cheaper at 0.99% per year. On volatility, GLDY has been the lower-risk option at 14.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUGT or GLDY?

Over the 1-year period, NUGT has performed better with a 60.88% return vs 3.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUGT or GLDY?

GLDY is cheaper with a 0.99% expense ratio, compared with 1.13% for NUGT.

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

GLDY has the higher dividend yield at 51.60%, compared with 0.44% for NUGT.

What is the main difference between NUGT and GLDY?

NUGT is categorized as Gold, while GLDY is Derivative Income. They also come from different issuers: Direxion and Defiance. Their fees differ too: 1.13% for NUGT and 0.99% for GLDY.

Which has better risk-adjusted returns?

NUGT currently has the higher Sharpe Ratio (0.65 vs 0.15), 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.