NUGT vs. SHNY
NUGT (Direxion Daily Gold Miners Index Bull 2X ETF) and SHNY (MicroSectors Gold 3X Leveraged ETN) are both exchange-traded funds - NUGT is a Gold fund tracking the MarketVector Global Gold Miners Index (200%), while SHNY is a Leveraged Commodities fund managed by BMO. Over the past 3 years, NUGT returned 44.99%/yr vs 44.27%/yr for SHNY. Their correlation of 0.80 suggests significant overlap in exposure. NUGT charges 1.13%/yr vs 0.95%/yr for SHNY.
Performance
NUGT vs. SHNY - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with NUGT having a -37.58% return and SHNY slightly lower at -38.25%.
NUGT
- 1D
- 4.04%
- 1M
- -14.45%
- 6M
- -50.47%
- YTD
- -37.58%
- 1Y
- 52.80%
- 3Y*
- 44.99%
- 5Y*
- 14.43%
- 10Y*
- -15.01%
SHNY
- 1D
- 3.73%
- 1M
- -13.78%
- 6M
- -48.20%
- YTD
- -38.25%
- 1Y
- 12.16%
- 3Y*
- 44.27%
- 5Y*
- —
- 10Y*
- —
NUGT vs. SHNY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NUGT Direxion Daily Gold Miners Index Bull 2X ETF | -37.58% | 425.05% | 2.89% | 9.22% |
SHNY MicroSectors Gold 3X Leveraged ETN | -38.25% | 214.54% | 50.30% | 10.98% |
Correlation
The correlation between NUGT and SHNY is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023 | 0.80 |
The correlation between NUGT and SHNY has been stable across timeframes, ranging from 0.80 to 0.81 - a consistent structural relationship.
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Return for Risk
NUGT vs. SHNY — Risk / Return Rank
NUGT
SHNY
NUGT vs. SHNY - 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 MicroSectors Gold 3X Leveraged ETN (SHNY). 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 | SHNY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.11 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.82 | 0.18 | +0.64 |
| Martin ratioReturn relative to average drawdown | 1.75 | 0.37 | +1.38 |
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Drawdowns
NUGT vs. SHNY - Drawdown Comparison
The maximum NUGT drawdown since its inception was -99.97%, which is greater than SHNY's maximum drawdown of -68.68%. Use the drawdown chart below to compare losses from any high point for NUGT and SHNY.
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Drawdown Indicators
| NUGT | SHNY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.97% | -68.68% | -31.29% |
Max Drawdown (1Y)Largest decline over 1 year | -64.82% | -68.68% | +3.86% |
Max Drawdown (3Y)Largest decline over 3 years | -64.82% | -68.68% | +3.86% |
Max Drawdown (5Y)Largest decline over 5 years | -73.72% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -96.91% | — | — |
Current DrawdownCurrent decline from peak | -99.85% | -67.51% | -32.34% |
Average DrawdownAverage peak-to-trough decline | -91.56% | -16.49% | -75.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.29% | 32.96% | -2.67% |
Volatility
NUGT vs. SHNY - Volatility Comparison
Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) has a higher volatility of 27.51% compared to MicroSectors Gold 3X Leveraged ETN (SHNY) at 20.70%. This indicates that NUGT's price experiences larger fluctuations and is considered to be riskier than SHNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NUGT | SHNY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 27.51% | 20.70% | +6.81% |
Volatility (6M)Calculated over the trailing 6-month period | 80.24% | 73.85% | +6.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 95.08% | 82.64% | +12.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.31% | 59.43% | +13.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.69% | 59.43% | +28.26% |
NUGT vs. SHNY - Expense Ratio Comparison
NUGT has a 1.13% expense ratio, which is higher than SHNY's 0.95% expense ratio.
Dividends
NUGT vs. SHNY - Dividend Comparison
NUGT's dividend yield for the trailing twelve months is around 0.63%, while SHNY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
NUGT Direxion Daily Gold Miners Index Bull 2X ETF | 0.63% | 0.22% | 1.79% | 1.67% | 0.70% | 0.00% | 0.00% | 0.63% | 0.57% |
SHNY MicroSectors Gold 3X Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NUGT and SHNY have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NUGT has higher volatility (27.51%) compared to SHNY (20.70%). In terms of maximum drawdown, NUGT dropped -99.97% vs SHNY's -68.68%.
On 3-year performance, NUGT leads with 44.99% vs 44.27% for SHNY. On fees, SHNY is cheaper at 0.95% per year. On volatility, SHNY has been the lower-risk option at 20.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, NUGT has performed better with a 44.99% return vs 44.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHNY is cheaper with a 0.95% expense ratio, compared with 1.13% for NUGT.
NUGT has the higher dividend yield at 0.63%, compared with 0.00% for SHNY.
NUGT is categorized as Gold, while SHNY is Leveraged Commodities. They also come from different issuers: Direxion and BMO. Their fees differ too: 1.13% for NUGT and 0.95% for SHNY.
NUGT currently has the higher Sharpe Ratio (0.56 vs 0.15), 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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