NUGT vs. KOLD
NUGT (Direxion Daily Gold Miners Index Bull 2X ETF) and KOLD (ProShares UltraShort Bloomberg Natural Gas) are both exchange-traded funds - NUGT is a Gold fund tracking the MarketVector Global Gold Miners Index (200%), while KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex. Both are passively managed. Over the past 10 years, NUGT returned -14.42%/yr vs -21.72%/yr for KOLD. Their -0.00 correlation means they have often moved in opposite directions in the past. NUGT charges 1.13%/yr vs 0.95%/yr for KOLD.
Performance
NUGT vs. KOLD - Performance Comparison
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Returns By Period
In the year-to-date period, NUGT achieves a -33.26% return, which is significantly lower than KOLD's -11.82% return. Over the past 10 years, NUGT has outperformed KOLD with an annualized return of -14.42%, while KOLD has yielded a comparatively lower -21.72% annualized return.
NUGT
- 1D
- 4.91%
- 1M
- -2.95%
- 6M
- -47.01%
- YTD
- -33.26%
- 1Y
- 50.44%
- 3Y*
- 56.79%
- 5Y*
- 17.00%
- 10Y*
- -14.42%
- ALL TIME*
- -33.40%
KOLD
- 1D
- 6.87%
- 1M
- 32.68%
- 6M
- 61.47%
- YTD
- -11.82%
- 1Y
- -8.10%
- 3Y*
- 0.78%
- 5Y*
- -27.79%
- 10Y*
- -21.72%
- ALL TIME*
- -11.30%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $58.21M | $60.90M | $74.57M | |
| $68.86M | $69.27M | $87.33M |
NUGT vs. KOLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NUGT Direxion Daily Gold Miners Index Bull 2X ETF | -33.26% | 425.05% | 2.89% | 2.60% | -32.10% | -26.31% | -60.16% | 100.73% | -44.52% | 3.73% |
KOLD ProShares UltraShort Bloomberg Natural Gas | -11.82% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
Correlation
The correlation between NUGT and KOLD is 0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.06 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | -0.00 |
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Return for Risk
NUGT vs. KOLD — Risk / Return Rank
NUGT
KOLD
NUGT vs. KOLD - 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 ProShares UltraShort Bloomberg Natural Gas (KOLD). 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 | KOLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.60 | ||
| Sortino ratioReturn per unit of downside risk | +0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.09 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.75 | -0.11 | +0.86 |
| Martin ratioReturn relative to average drawdown | 1.49 | -0.20 | +1.68 |
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Drawdowns
NUGT vs. KOLD - Drawdown Comparison
The maximum NUGT drawdown since its inception was -99.97%, roughly equal to the maximum KOLD drawdown of -99.45%. Use the drawdown chart below to compare losses from any high point for NUGT and KOLD.
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Drawdown Indicators
| NUGT | KOLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.97% | -99.45% | -0.52% |
Max Drawdown (1Y)Largest decline over 1 year | -67.40% | -72.50% | +5.10% |
Max Drawdown (3Y)Largest decline over 3 years | -67.40% | -84.34% | +16.94% |
Max Drawdown (5Y)Largest decline over 5 years | -73.72% | -97.46% | +23.74% |
Max Drawdown (10Y)Largest decline over 10 years | -96.89% | -99.45% | +2.56% |
Current DrawdownCurrent decline from peak | -99.84% | -96.40% | -3.44% |
Average DrawdownAverage peak-to-trough decline | -91.59% | -69.78% | -21.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.06% | 41.07% | -7.01% |
Volatility
NUGT vs. KOLD - Volatility Comparison
Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) has a higher volatility of 24.55% compared to ProShares UltraShort Bloomberg Natural Gas (KOLD) at 18.78%. This indicates that NUGT's price experiences larger fluctuations and is considered to be riskier than KOLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NUGT | KOLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.55% | 18.78% | +5.77% |
Volatility (6M)Calculated over the trailing 6-month period | 75.17% | 53.94% | +21.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 96.19% | 110.51% | -14.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.70% | 118.84% | -45.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.37% | 101.62% | -14.25% |
NUGT vs. KOLD - Expense Ratio Comparison
NUGT has a 1.13% expense ratio, which is higher than KOLD's 0.95% expense ratio.
Dividends
NUGT vs. KOLD - Dividend Comparison
NUGT's dividend yield for the trailing twelve months is around 0.59%, while KOLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | 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 | 0.59% | 0.22% | 1.79% | 1.67% | 0.70% | 0.00% | 0.00% | 0.63% | 0.57% |
Frequently Asked Questions
NUGT and KOLD have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NUGT has higher volatility (24.55%) compared to KOLD (18.78%). In terms of maximum drawdown, NUGT dropped -99.97% vs KOLD's -99.45%.
On 10-year performance, NUGT leads with -14.42% vs -21.72% for KOLD. On fees, KOLD is cheaper at 0.95% per year. On volatility, KOLD has been the lower-risk option at 18.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, NUGT has performed better with a -14.42% return vs -21.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KOLD is cheaper with a 0.95% expense ratio, compared with 1.13% for NUGT.
NUGT has the higher dividend yield at 0.59%, compared with 0.00% for KOLD.
NUGT is categorized as Gold, while KOLD is Oil & Gas. NUGT tracks MarketVector Global Gold Miners Index (200%), while KOLD tracks Bloomberg Natural Gas Subindex. They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.13% for NUGT and 0.95% for KOLD.
NUGT currently has the higher Sharpe Ratio (0.53 vs -0.07), 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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