NUGT vs. SPUU

Last updated Jun 4, 2026

NUGT (Direxion Daily Gold Miners Bull 2X Shares) and SPUU (Direxion Daily S&P 500 Bull 2x Shares) are both Leveraged Equities funds from Direxion - NUGT tracks the NYSE Arca Gold Miners Index (300%) while SPUU tracks the S&P 500 Index (200%). Both are passively managed. Over the past 10 years, NUGT returned -8.54%/yr vs 24.77%/yr for SPUU. At a 0.15 correlation, their price movements are largely independent. NUGT charges 1.23%/yr vs 0.64%/yr for SPUU.

Performance

NUGT vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Gold Miners Bull 2X Shares (NUGT) and Direxion Daily S&P 500 Bull 2x Shares (SPUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NUGT achieves a -16.05% return, which is significantly lower than SPUU's 19.82% return. Over the past 10 years, NUGT has underperformed SPUU with an annualized return of -8.54%, while SPUU has yielded a comparatively higher 24.77% 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%

SPUU

• 1D: -1.27%
• 1M: 10.01%
• YTD: 19.82%
• 6M: 19.11%
• 1Y: 53.61%
• 3Y*: 38.21%
• 5Y*: 20.19%
• 10Y*: 24.77%

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

NUGT vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SPUU Direxion Daily S&P 500 Bull 2x Shares	19.82%	26.55%	44.25%	47.28%	-38.72%	61.27%	21.85%	66.84%	-14.59%	44.33%

Correlation

The correlation between NUGT and SPUU is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jun 9, 2014	0.15

The correlation between NUGT and SPUU shifts across timeframes, from 0.15 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.

NUGT vs. SPUU - Sectors Allocation Comparison

Sectors	NUGT	SPUU
Basic Materials	100.0%	0.7%
Communication Services	-	4.6%
Consumer Cyclical	-	4.2%
Consumer Defensive	-	2.0%
Energy	-	1.4%
Financial Services	-	4.8%
Healthcare	-	3.6%
Industrials	-	3.3%
Real Estate	-	0.8%
Technology	-	16.5%
Utilities	-	1.1%

Return for Risk

NUGT vs. SPUU — Risk / Return Rank

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

NUGT

NUGT Risk / Return Rank: 32
NUGT Sharpe Ratio Rank: 29
NUGT Sortino Ratio Rank: 30
NUGT Omega Ratio Rank: 34
NUGT Calmar Ratio Rank: 37
NUGT Martin Ratio Rank: 29

SPUU

SPUU Risk / Return Rank: 63
SPUU Sharpe Ratio Rank: 67
SPUU Sortino Ratio Rank: 60
SPUU Omega Ratio Rank: 60
SPUU Calmar Ratio Rank: 59
SPUU Martin Ratio Rank: 69

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. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Bull 2X Shares (NUGT) and Direxion Daily S&P 500 Bull 2x Shares (SPUU). 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.

	NUGT	SPUU	Difference
Sharpe ratio: Return per unit of total volatility	1.09	2.26	-1.17
Sortino ratio: Return per unit of downside risk	1.67	2.87	-1.20
Omega ratio: Gain probability vs. loss probability	1.23	1.38	-0.14
Calmar ratio: Return relative to maximum drawdown	1.83	2.96	-1.13
Martin ratio: Return relative to average drawdown	4.18	13.06	-8.88
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. SPUU - Sharpe Ratio Comparison

The current NUGT Sharpe Ratio is 1.09, which is lower than the SPUU Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of NUGT and SPUU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NUGT	SPUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.09	2.26	-1.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.61	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.10	0.69	-0.79
Sharpe Ratio (All Time) Calculated using the full available price history	-0.33	0.63	-0.97

Drawdowns

NUGT vs. SPUU - Drawdown Comparison

The maximum NUGT drawdown since its inception was -99.97%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for NUGT and SPUU.

Drawdown Indicators

	NUGT	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-99.97%	-59.35%	-40.62%
Max Drawdown (1Y) Largest decline over 1 year	-53.58%	-18.19%	-35.39%
Max Drawdown (3Y) Largest decline over 3 years	-53.58%	-35.18%	-18.40%
Max Drawdown (5Y) Largest decline over 5 years	-73.72%	-46.59%	-27.13%
Max Drawdown (10Y) Largest decline over 10 years	-96.91%	-59.35%	-37.56%
Current Drawdown Current decline from peak	-99.80%	-1.27%	-98.53%
Average Drawdown Average peak-to-trough decline	-91.52%	-9.51%	-82.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.39%	4.12%	+19.27%

Volatility

NUGT vs. SPUU - Volatility Comparison

Direxion Daily Gold Miners Bull 2X Shares (NUGT) has a higher volatility of 30.32% compared to Direxion Daily S&P 500 Bull 2x Shares (SPUU) at 5.71%. This indicates that NUGT's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUGT	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.32%	5.71%	+24.61%
Volatility (6M) Calculated over the trailing 6-month period	75.18%	18.09%	+57.09%
Volatility (1Y) Calculated over the trailing 1-year period	90.01%	23.90%	+66.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.96%	33.46%	+38.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	87.90%	35.77%	+52.13%

NUGT vs. SPUU - Expense Ratio Comparison

NUGT has a 1.23% expense ratio, which is higher than SPUU's 0.64% expense ratio.

Dividends

NUGT vs. SPUU - Dividend Comparison

NUGT's dividend yield for the trailing twelve months is around 0.36%, less than SPUU's 1.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%	0.00%
SPUU Direxion Daily S&P 500 Bull 2x Shares	1.34%	1.63%	0.55%	0.83%	0.88%	3.04%	8.03%	1.80%	5.50%	6.96%	8.08%	4.42%

Frequently Asked Questions

Can I hold both NUGT and SPUU in my portfolio?

NUGT and SPUU have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NUGT or SPUU?

NUGT has higher volatility (30.32%) compared to SPUU (5.71%). In terms of maximum drawdown, NUGT dropped -99.97% vs SPUU's -59.35%.

Which ETF is better, NUGT or SPUU?

On 10-year performance, SPUU leads with 24.77% vs -8.54% for NUGT. On fees, SPUU is cheaper at 0.64% per year. On volatility, SPUU has been the lower-risk option at 5.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUGT or SPUU?

Over the 10-year period, SPUU has performed better with a 24.77% return vs -8.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUGT or SPUU?

SPUU is cheaper with a 0.64% expense ratio, compared with 1.23% for NUGT.

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

SPUU has the higher dividend yield at 1.34%, compared with 0.36% for NUGT.

What is the main difference between NUGT and SPUU?

NUGT tracks NYSE Arca Gold Miners Index (300%), while SPUU tracks S&P 500 Index (200%). Their fees differ too: 1.23% for NUGT and 0.64% for SPUU.

Which has better risk-adjusted returns?

SPUU currently has the higher Sharpe Ratio (2.26 vs 1.09), 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.