NUGT vs. SIL

Last updated Jun 23, 2026

NUGT (Direxion Daily Gold Miners Index Bull 2X ETF) and SIL (Global X Silver Miners ETF) are both exchange-traded funds - NUGT is a Gold fund tracking the MarketVector Global Gold Miners Index (200%), while SIL is a Silver fund tracking the Solactive Global Silver Miners Total Return Index. Both are passively managed. Over the past 10 years, NUGT returned -10.74%/yr vs 9.25%/yr for SIL. Their correlation of 0.91 suggests significant overlap in exposure. NUGT charges 1.13%/yr vs 0.65%/yr for SIL.

Performance

NUGT vs. SIL - 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 Global X Silver Miners ETF (SIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NUGT achieves a -24.93% return, which is significantly lower than SIL's -0.54% return. Over the past 10 years, NUGT has underperformed SIL with an annualized return of -10.74%, while SIL has yielded a comparatively higher 9.25% annualized return.

NUGT

• 1D: -2.62%
• 1M: -11.13%
• YTD: -24.93%
• 6M: -32.67%
• 1Y: 82.75%
• 3Y*: 60.93%
• 5Y*: 19.48%
• 10Y*: -10.74%

SIL

• 1D: -0.79%
• 1M: -5.72%
• YTD: -0.54%
• 6M: -4.65%
• 1Y: 76.80%
• 3Y*: 50.15%
• 5Y*: 15.21%
• 10Y*: 9.25%

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

NUGT vs. SIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NUGT Direxion Daily Gold Miners Index Bull 2X ETF	-24.93%	425.05%	2.89%	2.60%	-32.10%	-26.31%	-60.16%	100.73%	-44.52%	3.73%
SIL Global X Silver Miners ETF	-0.54%	166.16%	14.62%	1.31%	-22.83%	-18.35%	40.30%	34.78%	-22.42%	1.67%

Correlation

The correlation between NUGT and SIL is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010	0.91

The correlation between NUGT and SIL has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

NUGT vs. SIL - Sectors Allocation Comparison

Sectors	NUGT	SIL
Basic Materials	100.0%	99.8%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	0.2%
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

NUGT vs. SIL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NUGT

NUGT Risk / Return Rank: 28
NUGT Sharpe Ratio Rank: 26
NUGT Sortino Ratio Rank: 29
NUGT Omega Ratio Rank: 32
NUGT Calmar Ratio Rank: 27
NUGT Martin Ratio Rank: 25

SIL

SIL Risk / Return Rank: 40
SIL Sharpe Ratio Rank: 43
SIL Sortino Ratio Rank: 37
SIL Omega Ratio Rank: 40
SIL Calmar Ratio Rank: 43
SIL Martin Ratio Rank: 36

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. SIL - 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 Global X Silver Miners ETF (SIL). 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	SIL	Difference
Sharpe ratio: Return per unit of total volatility	0.89	1.48	-0.59
Sortino ratio: Return per unit of downside risk	1.54	1.88	-0.34
Omega ratio: Gain probability vs. loss probability	1.21	1.26	-0.04
Calmar ratio: Return relative to maximum drawdown	1.31	2.08	-0.77
Martin ratio: Return relative to average drawdown	3.16	5.34	-2.18

NUGT vs. SIL - Sharpe Ratio Comparison

The current NUGT Sharpe Ratio is 0.89, which is lower than the SIL Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of NUGT and SIL, 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. SIL - Drawdown Comparison

The maximum NUGT drawdown since its inception was -99.97%, which is greater than SIL's maximum drawdown of -82.99%. Use the drawdown chart below to compare losses from any high point for NUGT and SIL.

Drawdown Indicators

	NUGT	SIL	Difference
Max Drawdown Largest peak-to-trough decline	-99.97%	-82.99%	-16.98%
Max Drawdown (1Y) Largest decline over 1 year	-63.43%	-37.08%	-26.35%
Max Drawdown (3Y) Largest decline over 3 years	-63.43%	-37.08%	-26.35%
Max Drawdown (5Y) Largest decline over 5 years	-73.72%	-49.83%	-23.89%
Max Drawdown (10Y) Largest decline over 10 years	-96.91%	-63.04%	-33.87%
Current Drawdown Current decline from peak	-99.82%	-29.62%	-70.20%
Average Drawdown Average peak-to-trough decline	-91.53%	-51.38%	-40.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.25%	14.42%	+11.83%

Volatility

NUGT vs. SIL - Volatility Comparison

Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) has a higher volatility of 33.85% compared to Global X Silver Miners ETF (SIL) at 18.75%. This indicates that NUGT's price experiences larger fluctuations and is considered to be riskier than SIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUGT	SIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.85%	18.75%	+15.10%
Volatility (6M) Calculated over the trailing 6-month period	79.75%	44.09%	+35.66%
Volatility (1Y) Calculated over the trailing 1-year period	93.97%	52.38%	+41.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.81%	39.76%	+33.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	88.09%	39.87%	+48.22%

NUGT vs. SIL - Expense Ratio Comparison

NUGT has a 1.13% expense ratio, which is higher than SIL's 0.65% expense ratio.

Dividends

NUGT vs. SIL - Dividend Comparison

NUGT's dividend yield for the trailing twelve months is around 0.40%, less than SIL's 1.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NUGT Direxion Daily Gold Miners Index Bull 2X ETF	0.40%	0.22%	1.79%	1.67%	0.70%	0.00%	0.00%	0.63%	0.57%	0.00%	0.00%	0.00%
SIL Global X Silver Miners ETF	1.19%	1.18%	2.40%	0.59%	0.48%	1.59%	1.92%	1.53%	1.21%	0.02%	3.34%	0.38%

Frequently Asked Questions

Can I hold both NUGT and SIL in my portfolio?

With a correlation of 0.95, NUGT and SIL 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 SIL?

NUGT has higher volatility (33.85%) compared to SIL (18.75%). In terms of maximum drawdown, NUGT dropped -99.97% vs SIL's -82.99%.

Which ETF is better, NUGT or SIL?

On 10-year performance, SIL leads with 9.25% vs -10.74% for NUGT. On fees, SIL is cheaper at 0.65% per year. On volatility, SIL has been the lower-risk option at 18.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUGT or SIL?

Over the 10-year period, SIL has performed better with a 9.25% return vs -10.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUGT or SIL?

SIL is cheaper with a 0.65% expense ratio, compared with 1.13% for NUGT.

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

SIL has the higher dividend yield at 1.19%, compared with 0.40% for NUGT.

What is the main difference between NUGT and SIL?

NUGT is categorized as Gold, while SIL is Silver. NUGT tracks MarketVector Global Gold Miners Index (200%), while SIL tracks Solactive Global Silver Miners Total Return Index. They also come from different issuers: Direxion and Global X. Their fees differ too: 1.13% for NUGT and 0.65% for SIL.

Which has better risk-adjusted returns?

SIL currently has the higher Sharpe Ratio (1.48 vs 0.89), 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.