NUGT vs. SPXS
NUGT (Direxion Daily Gold Miners Bull 2X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - NUGT is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (300%), 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 -8.54%/yr vs -42.01%/yr for SPXS. At a correlation of -0.18, they often move in opposite directions. NUGT charges 1.23%/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 -16.05% return, which is significantly higher than SPXS's -25.49% return. Over the past 10 years, NUGT has outperformed SPXS with an annualized return of -8.54%, while SPXS has yielded a comparatively lower -42.01% 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%
SPXS
- 1D
- 2.19%
- 1M
- -13.11%
- YTD
- -25.49%
- 6M
- -24.86%
- 1Y
- -48.73%
- 3Y*
- -42.68%
- 5Y*
- -34.76%
- 10Y*
- -42.01%
NUGT vs. SPXS - 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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.49% | -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 -0.34, 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 | -0.34 |
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 Dec 9, 2010 | -0.18 |
The correlation between NUGT and SPXS shifts across timeframes, from -0.34 (1 year) to -0.18 (all time), reflecting how their relationship changes across market environments.
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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 Bull 2X Shares (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.
| NUGT | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.47 | ||
| Sortino ratioReturn per unit of downside risk | +3.98 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.75 | +0.48 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | -0.96 | +2.79 |
| Martin ratioReturn relative to average drawdown | 4.18 | -1.62 | +5.81 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NUGT | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.09 | -1.38 | +2.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | -0.69 | +0.92 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.10 | -0.79 | +0.69 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.33 | -0.83 | +0.50 |
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 | -53.58% | -50.77% | -2.81% |
Max Drawdown (3Y)Largest decline over 3 years | -53.58% | -84.13% | +30.55% |
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 | -99.80% | -100.00% | +0.20% |
Average DrawdownAverage peak-to-trough decline | -91.52% | -96.30% | +4.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.39% | 30.04% | -6.65% |
Volatility
NUGT vs. SPXS - Volatility Comparison
Direxion Daily Gold Miners Bull 2X Shares (NUGT) has a higher volatility of 30.32% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.51%. 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 | 30.32% | 8.51% | +21.81% |
Volatility (6M)Calculated over the trailing 6-month period | 75.18% | 26.82% | +48.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 90.01% | 35.54% | +54.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 71.96% | 50.39% | +21.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.90% | 53.54% | +34.36% |
NUGT vs. SPXS - Expense Ratio Comparison
NUGT has a 1.23% 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 0.36%, less than SPXS's 4.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.91% | 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 -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NUGT has higher volatility (30.32%) compared to SPXS (8.51%). In terms of maximum drawdown, NUGT dropped -99.97% vs SPXS's -100.00%.
On 10-year performance, NUGT leads with -8.54% vs -42.01% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, SPXS has been the lower-risk option at 8.51%. 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 -8.54% return vs -42.01%. 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 1.23% for NUGT.
SPXS has the higher dividend yield at 4.91%, compared with 0.36% for NUGT.
NUGT is categorized as Leveraged Equities, while SPXS is Inverse Equities. NUGT tracks NYSE Arca Gold Miners Index (300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.23% for NUGT and 1.08% for SPXS.
NUGT currently has the higher Sharpe Ratio (1.09 vs -1.38), 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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