NUGT vs. TMF
NUGT (Direxion Daily Gold Miners Index Bull 2X ETF) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - NUGT is a Gold fund tracking the MarketVector Global Gold Miners Index (200%), while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 10 years, NUGT returned -14.42%/yr vs -18.16%/yr for TMF. Their 0.15 correlation means their historical movements had little consistent relationship. NUGT charges 1.13%/yr vs 1.01%/yr for TMF.
Performance
NUGT vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, NUGT achieves a -33.26% return, which is significantly lower than TMF's -14.03% return. Over the past 10 years, NUGT has outperformed TMF with an annualized return of -14.42%, while TMF has yielded a comparatively lower -18.16% annualized return.
NUGT
- 1D
- 4.91%
- 1M
- -2.95%
- 6M
- -47.01%
- YTD
- -33.26%
- 1Y
- 50.44%
- 3Y*
- 56.79%
- 5Y*
- 17.00%
- 10Y*
- -14.42%
- ALL TIME*
- -33.40%
TMF
- 1D
- 2.20%
- 1M
- -9.26%
- 6M
- -12.77%
- YTD
- -14.03%
- 1Y
- -16.31%
- 3Y*
- -18.25%
- 5Y*
- -34.57%
- 10Y*
- -18.16%
- ALL TIME*
- -6.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $68.86M | $69.27M | $87.33M | |
| $176.74M | $135.76M | $128.72M |
NUGT vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NUGT Direxion Daily Gold Miners Index Bull 2X ETF | -33.26% | 425.05% | 2.89% | 2.60% | -32.10% | -26.31% | -60.16% | 100.73% | -44.52% | 3.73% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -14.03% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between NUGT and TMF is 0.15, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.15 |
Correlation (3Y) Balances recent behavior with more history. | 0.18 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.20 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.23 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010 | 0.15 |
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Return for Risk
NUGT vs. TMF — Risk / Return Rank
NUGT
TMF
NUGT vs. TMF - 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 20+ Year Treasury Bull 3X ETF (TMF). 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 | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.13 | ||
| Sortino ratioReturn per unit of downside risk | +1.97 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.92 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 0.75 | -0.57 | +1.32 |
| Martin ratioReturn relative to average drawdown | 1.49 | -1.14 | +2.63 |
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Drawdowns
NUGT vs. TMF - Drawdown Comparison
The maximum NUGT drawdown since its inception was -99.97%, which is greater than TMF's maximum drawdown of -93.10%. Use the drawdown chart below to compare losses from any high point for NUGT and TMF.
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Drawdown Indicators
| NUGT | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.97% | -93.10% | -6.87% |
Max Drawdown (1Y)Largest decline over 1 year | -67.40% | -28.69% | -38.71% |
Max Drawdown (3Y)Largest decline over 3 years | -67.40% | -50.64% | -16.76% |
Max Drawdown (5Y)Largest decline over 5 years | -73.72% | -89.14% | +15.42% |
Max Drawdown (10Y)Largest decline over 10 years | -96.89% | -93.10% | -3.79% |
Current DrawdownCurrent decline from peak | -99.84% | -92.88% | -6.96% |
Average DrawdownAverage peak-to-trough decline | -91.59% | -44.09% | -47.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.06% | 14.30% | +19.76% |
Volatility
NUGT vs. TMF - Volatility Comparison
Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) has a higher volatility of 24.55% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.86%. This indicates that NUGT's price experiences larger fluctuations and is considered to be riskier than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NUGT | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.55% | 7.86% | +16.69% |
Volatility (6M)Calculated over the trailing 6-month period | 75.17% | 20.07% | +55.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 96.19% | 27.12% | +69.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.70% | 46.38% | +27.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.37% | 43.70% | +43.67% |
NUGT vs. TMF - Expense Ratio Comparison
NUGT has a 1.13% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
NUGT vs. TMF - Dividend Comparison
NUGT's dividend yield for the trailing twelve months is around 0.59%, less than TMF's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
NUGT Direxion Daily Gold Miners Index Bull 2X ETF | 0.59% | 0.22% | 1.79% | 1.67% | 0.70% | 0.00% | 0.00% | 0.63% | 0.57% | 0.00% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.59% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
NUGT and TMF have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NUGT has higher volatility (24.55%) compared to TMF (7.86%). In terms of maximum drawdown, NUGT dropped -99.97% vs TMF's -93.10%.
On 10-year performance, NUGT leads with -14.42% vs -18.16% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.86%. 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 -14.42% return vs -18.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.13% for NUGT.
TMF has the higher dividend yield at 4.59%, compared with 0.59% for NUGT.
NUGT is categorized as Gold, while TMF is Leveraged Bonds. NUGT tracks MarketVector Global Gold Miners Index (200%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.13% for NUGT and 1.01% for TMF.
NUGT currently has the higher Sharpe Ratio (0.53 vs -0.60), 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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