NUGT vs. RING

Last updated Jun 24, 2026

NUGT (Direxion Daily Gold Miners Index Bull 2X ETF) and RING (iShares MSCI Global Gold Miners ETF) are both Gold funds - NUGT tracks the MarketVector Global Gold Miners Index (200%) while RING tracks the MSCI ACWI Select Gold Miners Investable Market Index. Both are passively managed. Over the past 10 years, NUGT returned -11.63%/yr vs 12.92%/yr for RING. With a 0.97 correlation, they move nearly in lockstep. NUGT charges 1.13%/yr vs 0.39%/yr for RING.

Performance

NUGT vs. RING - 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 iShares MSCI Global Gold Miners ETF (RING). 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 RING's -8.53% return. Over the past 10 years, NUGT has underperformed RING with an annualized return of -11.63%, while RING has yielded a comparatively higher 12.92% 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%

RING

• 1D: -4.54%
• 1M: -9.24%
• YTD: -8.53%
• 6M: -13.08%
• 1Y: 52.30%
• 3Y*: 44.79%
• 5Y*: 20.81%
• 10Y*: 12.92%

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

NUGT vs. RING - 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%
RING iShares MSCI Global Gold Miners ETF	-8.53%	164.72%	15.98%	12.29%	-15.40%	-7.46%	24.98%	49.92%	-13.14%	10.24%

Correlation

The correlation between NUGT and RING is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012	0.97

The correlation between NUGT and RING has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

NUGT vs. RING - Sectors Allocation Comparison

Sectors	NUGT	RING
Basic Materials	100.0%	99.7%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	0.1%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

NUGT vs. RING — 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

RING

RING Risk / Return Rank: 30
RING Sharpe Ratio Rank: 32
RING Sortino Ratio Rank: 29
RING Omega Ratio Rank: 32
RING Calmar Ratio Rank: 30
RING Martin Ratio Rank: 29

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. RING - 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 iShares MSCI Global Gold Miners ETF (RING). 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	RING	Difference
Sharpe ratio: Return per unit of total volatility	0.65	1.09	-0.45
Sortino ratio: Return per unit of downside risk	1.35	1.53	-0.18
Omega ratio: Gain probability vs. loss probability	1.18	1.21	-0.02
Calmar ratio: Return relative to maximum drawdown	0.96	1.47	-0.51
Martin ratio: Return relative to average drawdown	2.30	3.91	-1.61

NUGT vs. RING - Sharpe Ratio Comparison

The current NUGT Sharpe Ratio is 0.65, which is lower than the RING Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of NUGT and RING, 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. RING - Drawdown Comparison

The maximum NUGT drawdown since its inception was -99.97%, which is greater than RING's maximum drawdown of -79.47%. Use the drawdown chart below to compare losses from any high point for NUGT and RING.

Drawdown Indicators

	NUGT	RING	Difference
Max Drawdown Largest peak-to-trough decline	-99.97%	-79.47%	-20.50%
Max Drawdown (1Y) Largest decline over 1 year	-63.43%	-35.72%	-27.71%
Max Drawdown (3Y) Largest decline over 3 years	-63.43%	-35.72%	-27.71%
Max Drawdown (5Y) Largest decline over 5 years	-73.72%	-47.94%	-25.78%
Max Drawdown (10Y) Largest decline over 10 years	-96.91%	-52.04%	-44.87%
Current Drawdown Current decline from peak	-99.84%	-32.25%	-67.59%
Average Drawdown Average peak-to-trough decline	-91.53%	-47.33%	-44.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.52%	13.40%	+13.12%

Volatility

NUGT vs. RING - Volatility Comparison

Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) has a higher volatility of 35.11% compared to iShares MSCI Global Gold Miners ETF (RING) at 17.22%. This indicates that NUGT's price experiences larger fluctuations and is considered to be riskier than RING based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUGT	RING	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.11%	17.22%	+17.89%
Volatility (6M) Calculated over the trailing 6-month period	80.35%	39.95%	+40.40%
Volatility (1Y) Calculated over the trailing 1-year period	94.31%	48.04%	+46.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.94%	36.94%	+36.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	87.97%	36.73%	+51.24%

NUGT vs. RING - Expense Ratio Comparison

NUGT has a 1.13% expense ratio, which is higher than RING's 0.39% expense ratio.

Dividends

NUGT vs. RING - Dividend Comparison

NUGT's dividend yield for the trailing twelve months is around 0.44%, less than RING's 1.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
RING iShares MSCI Global Gold Miners ETF	1.35%	0.84%	1.43%	2.01%	2.29%	2.38%	0.83%	0.83%	0.70%	0.42%	1.41%	0.96%

Frequently Asked Questions

Can I hold both NUGT and RING in my portfolio?

With a correlation of 0.99, NUGT and RING move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NUGT or RING?

NUGT has higher volatility (35.11%) compared to RING (17.22%). In terms of maximum drawdown, NUGT dropped -99.97% vs RING's -79.47%.

Which ETF is better, NUGT or RING?

On 10-year performance, RING leads with 12.92% vs -11.63% for NUGT. On fees, RING is cheaper at 0.39% per year. On volatility, RING has been the lower-risk option at 17.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUGT or RING?

Over the 10-year period, RING has performed better with a 12.92% return vs -11.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUGT or RING?

RING is cheaper with a 0.39% expense ratio, compared with 1.13% for NUGT.

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

RING has the higher dividend yield at 1.35%, compared with 0.44% for NUGT.

What is the main difference between NUGT and RING?

NUGT tracks MarketVector Global Gold Miners Index (200%), while RING tracks MSCI ACWI Select Gold Miners Investable Market Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.13% for NUGT and 0.39% for RING.

Which has better risk-adjusted returns?

RING currently has the higher Sharpe Ratio (1.09 vs 0.65), 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.