NUGT vs. SPXS
NUGT (Direxion Daily Gold Miners Index Bull 2X ETF) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - NUGT is a Gold fund tracking the MarketVector Global Gold Miners Index (200%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, NUGT returned -11.63%/yr vs -42.08%/yr for SPXS. At a correlation of -0.19, they often move in opposite directions. NUGT charges 1.13%/yr vs 1.08%/yr for SPXS.
Performance
NUGT vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, NUGT achieves a -32.09% return, which is significantly lower than SPXS's -20.76% return. Over the past 10 years, NUGT has outperformed SPXS with an annualized return of -11.63%, while SPXS has yielded a comparatively lower -42.08% 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%
SPXS
- 1D
- 3.42%
- 1M
- 3.11%
- YTD
- -20.76%
- 6M
- -18.37%
- 1Y
- -44.21%
- 3Y*
- -40.67%
- 5Y*
- -33.53%
- 10Y*
- -42.08%
NUGT vs. SPXS - 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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -20.76% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between NUGT and SPXS is -0.40, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010 | -0.19 |
Over the past year, the inverse relationship between NUGT and SPXS has strengthened: their correlation has moved from -0.19 to -0.40, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
NUGT vs. SPXS — Risk / Return Rank
NUGT
SPXS
NUGT vs. SPXS - 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 Direxion Daily S&P 500 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.84 | ||
| Sortino ratioReturn per unit of downside risk | +3.26 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.79 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 0.96 | -0.94 | +1.91 |
| Martin ratioReturn relative to average drawdown | 2.30 | -1.63 | +3.93 |
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Drawdowns
NUGT vs. SPXS - Drawdown Comparison
The maximum NUGT drawdown since its inception was -99.97%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for NUGT and SPXS.
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Drawdown Indicators
| NUGT | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.97% | -100.00% | +0.03% |
Max Drawdown (1Y)Largest decline over 1 year | -63.43% | -46.94% | -16.49% |
Max Drawdown (3Y)Largest decline over 3 years | -63.43% | -84.13% | +20.70% |
Max Drawdown (5Y)Largest decline over 5 years | -73.72% | -90.11% | +16.39% |
Max Drawdown (10Y)Largest decline over 10 years | -96.91% | -99.63% | +2.72% |
Current DrawdownCurrent decline from peak | -99.84% | -100.00% | +0.16% |
Average DrawdownAverage peak-to-trough decline | -91.53% | -96.29% | +4.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.52% | 29.25% | -2.73% |
Volatility
NUGT vs. SPXS - Volatility Comparison
Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) has a higher volatility of 35.11% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 14.08%. This indicates that NUGT's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NUGT | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 35.11% | 14.08% | +21.03% |
Volatility (6M)Calculated over the trailing 6-month period | 80.35% | 29.38% | +50.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 94.31% | 37.37% | +56.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.94% | 50.68% | +22.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.97% | 53.59% | +34.38% |
NUGT vs. SPXS - Expense Ratio Comparison
NUGT has a 1.13% expense ratio, which is higher than SPXS's 1.08% expense ratio.
Dividends
NUGT vs. SPXS - Dividend Comparison
NUGT's dividend yield for the trailing twelve months is around 0.44%, less than SPXS's 4.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.62% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
NUGT and SPXS have a correlation of -0.40, 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 SPXS (14.08%). In terms of maximum drawdown, NUGT dropped -99.97% vs SPXS's -100.00%.
On 10-year performance, NUGT leads with -11.63% vs -42.08% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, SPXS has been the lower-risk option at 14.08%. 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 -42.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXS is cheaper with a 1.08% expense ratio, compared with 1.13% for NUGT.
SPXS has the higher dividend yield at 4.62%, compared with 0.44% for NUGT.
NUGT is categorized as Gold, while SPXS is Inverse Equities. NUGT tracks MarketVector Global Gold Miners Index (200%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.13% for NUGT and 1.08% for SPXS.
NUGT currently has the higher Sharpe Ratio (0.65 vs -1.19), 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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