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 -11.63%/yr vs -24.75%/yr for KOLD. At a -0.00 correlation, their price movements are largely independent. 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 -32.09% return, which is significantly higher than KOLD's -34.28% return. Over the past 10 years, NUGT has outperformed KOLD with an annualized return of -11.63%, while KOLD has yielded a comparatively lower -24.75% 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%
KOLD
- 1D
- 4.60%
- 1M
- -10.33%
- YTD
- -34.28%
- 6M
- -29.48%
- 1Y
- 4.46%
- 3Y*
- -5.14%
- 5Y*
- -37.54%
- 10Y*
- -24.75%
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 | -32.09% | 425.05% | 2.89% | 2.60% | -32.10% | -26.31% | -60.16% | 100.73% | -44.52% | 3.73% |
KOLD ProShares UltraShort Bloomberg Natural Gas | -34.28% | -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 0.08, 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 | 0.08 |
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 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 | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.12 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.96 | 0.06 | +0.90 |
| Martin ratioReturn relative to average drawdown | 2.30 | 0.12 | +2.19 |
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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 | -63.43% | -72.50% | +9.07% |
Max Drawdown (3Y)Largest decline over 3 years | -63.43% | -84.34% | +20.91% |
Max Drawdown (5Y)Largest decline over 5 years | -73.72% | -97.96% | +24.24% |
Max Drawdown (10Y)Largest decline over 10 years | -96.91% | -99.45% | +2.54% |
Current DrawdownCurrent decline from peak | -99.84% | -97.31% | -2.53% |
Average DrawdownAverage peak-to-trough decline | -91.53% | -69.57% | -21.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.52% | 37.96% | -11.44% |
Volatility
NUGT vs. KOLD - Volatility Comparison
Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) has a higher volatility of 35.11% compared to ProShares UltraShort Bloomberg Natural Gas (KOLD) at 24.20%. 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 | 35.11% | 24.20% | +10.91% |
Volatility (6M)Calculated over the trailing 6-month period | 80.35% | 96.27% | -15.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 94.31% | 113.34% | -19.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.94% | 118.84% | -45.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.97% | 101.82% | -13.85% |
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 0.44%, 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 | 0.44% | 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 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NUGT has higher volatility (35.11%) compared to KOLD (24.20%). In terms of maximum drawdown, NUGT dropped -99.97% vs KOLD's -99.45%.
On 10-year performance, NUGT leads with -11.63% vs -24.75% for KOLD. On fees, KOLD is cheaper at 0.95% per year. On volatility, KOLD has been the lower-risk option at 24.20%. 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 -11.63% return vs -24.75%. 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 0.44%, 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 (0.65 vs 0.04), 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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