NUGT vs. GUSH

Last updated Jun 24, 2026

NUGT (Direxion Daily Gold Miners Index Bull 2X ETF) and GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) are both exchange-traded funds - NUGT is a Gold fund tracking the MarketVector Global Gold Miners Index (200%), while GUSH is a Leveraged Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry Index (300%). Both are passively managed. Over the past 10 years, NUGT returned -11.63%/yr vs -37.01%/yr for GUSH. At a 0.14 correlation, their price movements are largely independent. NUGT charges 1.13%/yr vs 1.17%/yr for GUSH.

Performance

NUGT vs. GUSH - 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 Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH). 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 GUSH's 42.54% return. Over the past 10 years, NUGT has outperformed GUSH with an annualized return of -11.63%, while GUSH has yielded a comparatively lower -37.01% 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%

GUSH

• 1D: -0.22%
• 1M: -19.15%
• YTD: 42.54%
• 6M: 41.51%
• 1Y: 31.85%
• 3Y*: 6.88%
• 5Y*: 6.25%
• 10Y*: -37.01%

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

NUGT vs. GUSH - 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%
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares	42.54%	-19.39%	-12.73%	-7.23%	66.47%	129.94%	-97.38%	-52.68%	-74.28%	-40.21%

Correlation

The correlation between NUGT and GUSH is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since May 29, 2015	0.14

The correlation between NUGT and GUSH shifts across timeframes, from -0.09 (1 year) to 0.20 (5 years), reflecting how their relationship changes across market environments.

NUGT vs. GUSH - Sectors Allocation Comparison

Sectors	NUGT	GUSH
Basic Materials	100.0%	3.2%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	96.8%
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

NUGT vs. GUSH — 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

GUSH

GUSH Risk / Return Rank: 20
GUSH Sharpe Ratio Rank: 18
GUSH Sortino Ratio Rank: 20
GUSH Omega Ratio Rank: 20
GUSH Calmar Ratio Rank: 21
GUSH Martin Ratio Rank: 20

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. GUSH - 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 Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH). 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	GUSH	Difference
Sharpe ratio: Return per unit of total volatility	0.65	0.57	+0.08
Sortino ratio: Return per unit of downside risk	1.35	1.08	+0.27
Omega ratio: Gain probability vs. loss probability	1.18	1.13	+0.05
Calmar ratio: Return relative to maximum drawdown	0.96	0.88	+0.08
Martin ratio: Return relative to average drawdown	2.30	2.32	-0.02

NUGT vs. GUSH - Sharpe Ratio Comparison

The current NUGT Sharpe Ratio is 0.65, which is comparable to the GUSH Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of NUGT and GUSH, 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. GUSH - Drawdown Comparison

The maximum NUGT drawdown since its inception was -99.97%, roughly equal to the maximum GUSH drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for NUGT and GUSH.

Drawdown Indicators

	NUGT	GUSH	Difference
Max Drawdown Largest peak-to-trough decline	-99.97%	-99.98%	+0.01%
Max Drawdown (1Y) Largest decline over 1 year	-63.43%	-36.18%	-27.25%
Max Drawdown (3Y) Largest decline over 3 years	-63.43%	-63.59%	+0.16%
Max Drawdown (5Y) Largest decline over 5 years	-73.72%	-73.64%	-0.08%
Max Drawdown (10Y) Largest decline over 10 years	-96.91%	-99.94%	+3.03%
Current Drawdown Current decline from peak	-99.84%	-99.83%	-0.01%
Average Drawdown Average peak-to-trough decline	-91.53%	-92.92%	+1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.52%	13.77%	+12.75%

Volatility

NUGT vs. GUSH - Volatility Comparison

Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) has a higher volatility of 35.11% compared to Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) at 18.01%. This indicates that NUGT's price experiences larger fluctuations and is considered to be riskier than GUSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUGT	GUSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.11%	18.01%	+17.10%
Volatility (6M) Calculated over the trailing 6-month period	80.35%	44.07%	+36.28%
Volatility (1Y) Calculated over the trailing 1-year period	94.31%	56.58%	+37.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.94%	68.20%	+4.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	87.97%	93.43%	-5.46%

NUGT vs. GUSH - Expense Ratio Comparison

NUGT has a 1.13% expense ratio, which is lower than GUSH's 1.17% expense ratio.

Dividends

NUGT vs. GUSH - Dividend Comparison

NUGT's dividend yield for the trailing twelve months is around 0.44%, less than GUSH's 1.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares	1.75%	2.60%	2.96%	3.00%	0.47%	0.00%	0.20%	1.68%	0.17%	0.00%	3.26%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NUGT and GUSH in my portfolio?

NUGT and GUSH have a correlation of -0.09, 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 GUSH?

NUGT has higher volatility (35.11%) compared to GUSH (18.01%). In terms of maximum drawdown, NUGT dropped -99.97% vs GUSH's -99.98%.

Which ETF is better, NUGT or GUSH?

On 10-year performance, NUGT leads with -11.63% vs -37.01% for GUSH. On fees, NUGT is cheaper at 1.13% per year. On volatility, GUSH has been the lower-risk option at 18.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUGT or GUSH?

Over the 10-year period, NUGT has performed better with a -11.63% return vs -37.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUGT or GUSH?

NUGT is cheaper with a 1.13% expense ratio, compared with 1.17% for GUSH.

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

GUSH has the higher dividend yield at 1.75%, compared with 0.44% for NUGT.

What is the main difference between NUGT and GUSH?

NUGT is categorized as Gold, while GUSH is Leveraged Equities. NUGT tracks MarketVector Global Gold Miners Index (200%), while GUSH tracks S&P Oil & Gas Exploration & Production Select Industry Index (300%). Their fees differ too: 1.13% for NUGT and 1.17% for GUSH.

Which has better risk-adjusted returns?

NUGT currently has the higher Sharpe Ratio (0.65 vs 0.57), 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.