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NUGT vs. KOLD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NUGT vs. KOLD

Last updated Jun 4, 2026

NUGT (Direxion Daily Gold Miners Bull 2X Shares) and KOLD (ProShares UltraShort Bloomberg Natural Gas) are both exchange-traded funds - NUGT is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (300%), while KOLD is a Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex (TR) (200%). Both are passively managed. Over the past 10 years, NUGT returned -8.54%/yr vs -26.46%/yr for KOLD. At a 0.00 correlation, their price movements are largely independent. NUGT charges 1.23%/yr vs 0.95%/yr for KOLD.

Performance

NUGT vs. KOLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Gold Miners Bull 2X Shares (NUGT) and ProShares UltraShort Bloomberg Natural Gas (KOLD). 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 -16.05% return, which is significantly higher than KOLD's -37.03% return. Over the past 10 years, NUGT has outperformed KOLD with an annualized return of -8.54%, while KOLD has yielded a comparatively lower -26.46% annualized return.

NUGT

1D
-6.64%
1M
-4.13%
YTD
-16.05%
6M
-6.29%
1Y
97.46%
3Y*
60.96%
5Y*
16.32%
10Y*
-8.54%

KOLD

1D
-4.10%
1M
-9.53%
YTD
-37.03%
6M
-5.09%
1Y
-1.55%
3Y*
-20.65%
5Y*
-40.59%
10Y*
-26.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

NUGT vs. KOLD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
NUGT
Direxion Daily Gold Miners Bull 2X Shares		-16.05%425.05%2.89%2.60%-32.10%-26.31%-60.16%100.73%-44.52%3.73%
KOLD
ProShares UltraShort Bloomberg Natural Gas		-37.03%-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 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.11

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

0.02

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

0.00

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

0.01

Correlation (All Time)
Calculated using the full available price history since Oct 7, 2011

0.00

The correlation between NUGT and KOLD shifts across timeframes, from 0.00 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Direxion Daily Gold Miners Bull 2X Shares

ProShares UltraShort Bloomberg Natural Gas

Often compared with NUGT:
NUGT vs. GDXUNUGT vs. UGLNUGT vs. JNUGNUGT vs. GLDNUGT vs. DUSTNUGT vs. SILNUGT vs. JDST
Often compared with KOLD:
KOLD vs. BOILKOLD vs. ^GSPCKOLD vs. NGKOLD vs. DRIPKOLD vs. SCOKOLD vs. UNLKOLD vs. NGS

Return for Risk

NUGT vs. KOLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NUGT
NUGT Risk / Return Rank: 3232
Overall Rank
NUGT Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
NUGT Sortino Ratio Rank: 3030
Sortino Ratio Rank
NUGT Omega Ratio Rank: 3434
Omega Ratio Rank
NUGT Calmar Ratio Rank: 3737
Calmar Ratio Rank
NUGT Martin Ratio Rank: 2929
Martin Ratio Rank
KOLD
KOLD Risk / Return Rank: 1111
Overall Rank
KOLD Sharpe Ratio Rank: 88
Sharpe Ratio Rank
KOLD Sortino Ratio Rank: 1616
Sortino Ratio Rank
KOLD Omega Ratio Rank: 1717
Omega Ratio Rank
KOLD Calmar Ratio Rank: 88
Calmar Ratio Rank
KOLD Martin Ratio Rank: 88
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. KOLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Bull 2X Shares (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.

NUGTKOLDDifference
Sharpe ratioReturn per unit of total volatility
1.09
-0.01

+1.10

Sortino ratioReturn per unit of downside risk
1.67
0.82

+0.85

Omega ratioGain probability vs. loss probability

1.23

1.11

+0.13

Calmar ratioReturn relative to maximum drawdown

1.83

-0.02

+1.85

Martin ratioReturn relative to average drawdown

4.18

-0.04

+4.23

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NUGT vs. KOLD - Sharpe Ratio Comparison

The current NUGT Sharpe Ratio is 1.09, which is higher than the KOLD Sharpe Ratio of -0.01. The chart below compares the historical Sharpe Ratios of NUGT and KOLD, 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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Sharpe Ratios by Period

NUGTKOLDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.09

-0.01

+1.10

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.23

-0.34

+0.57

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.10

-0.26

+0.16

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.33

-0.14

-0.19

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

NUGTKOLDDifference

Max Drawdown

Largest peak-to-trough decline

-99.97%

-99.45%

-0.52%

Max Drawdown (1Y)

Largest decline over 1 year

-53.58%

-72.50%

+18.92%

Max Drawdown (3Y)

Largest decline over 3 years

-53.58%

-84.34%

+30.76%

Max Drawdown (5Y)

Largest decline over 5 years

-73.72%

-98.45%

+24.73%

Max Drawdown (10Y)

Largest decline over 10 years

-96.91%

-99.45%

+2.54%

Current Drawdown

Current decline from peak

-99.80%

-97.43%

-2.37%

Average Drawdown

Average peak-to-trough decline

-91.52%

-69.49%

-22.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

23.39%

36.01%

-12.62%

Volatility

NUGT vs. KOLD - Volatility Comparison

Direxion Daily Gold Miners Bull 2X Shares (NUGT) has a higher volatility of 30.32% compared to ProShares UltraShort Bloomberg Natural Gas (KOLD) at 24.65%. 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

NUGTKOLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

30.32%

24.65%

+5.67%

Volatility (6M)

Calculated over the trailing 6-month period

75.18%

99.37%

-24.19%

Volatility (1Y)

Calculated over the trailing 1-year period

90.01%

113.51%

-23.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

71.96%

118.76%

-46.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

87.90%

101.76%

-13.86%

NUGT vs. KOLD - Expense Ratio Comparison

NUGT has a 1.23% 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 0.36%, while KOLD has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018
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 Bull 2X Shares		0.36%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 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

NUGT has higher volatility (30.32%) compared to KOLD (24.65%). In terms of maximum drawdown, NUGT dropped -99.97% vs KOLD's -99.45%.

On 10-year performance, NUGT leads with -8.54% vs -26.46% for KOLD. On fees, KOLD is cheaper at 0.95% per year. On volatility, KOLD has been the lower-risk option at 24.65%. 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 -8.54% return vs -26.46%. 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 1.23% for NUGT.

NUGT has the higher dividend yield at 0.36%, compared with 0.00% for KOLD.

NUGT is categorized as Leveraged Equities, while KOLD is Leveraged Commodities. NUGT tracks NYSE Arca Gold Miners Index (300%), while KOLD tracks Bloomberg Natural Gas Subindex (TR) (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.23% for NUGT and 0.95% for KOLD.

NUGT currently has the higher Sharpe Ratio (1.09 vs -0.01), 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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