NUGT vs. UMDD

Last updated Jun 9, 2026

NUGT (Direxion Daily Gold Miners Bull 2X Shares) and UMDD (ProShares UltraPro MidCap400) are both Leveraged Equities funds - NUGT tracks the NYSE Arca Gold Miners Index (300%) while UMDD tracks the S&P MidCap 400 Index (300%). Both are passively managed. Over the past 10 years, NUGT returned -10.65%/yr vs 11.46%/yr for UMDD. At a 0.18 correlation, their price movements are largely independent. NUGT charges 1.23%/yr vs 0.95%/yr for UMDD.

Performance

NUGT vs. UMDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Gold Miners Bull 2X Shares (NUGT) and ProShares UltraPro MidCap400 (UMDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NUGT achieves a -28.93% return, which is significantly lower than UMDD's 31.54% return. Over the past 10 years, NUGT has underperformed UMDD with an annualized return of -10.65%, while UMDD has yielded a comparatively higher 11.46% annualized return.

NUGT

• 1D: -0.75%
• 1M: -32.74%
• YTD: -28.93%
• 6M: -16.68%
• 1Y: 76.94%
• 3Y*: 53.31%
• 5Y*: 13.32%
• 10Y*: -10.65%

UMDD

• 1D: 0.43%
• 1M: -0.66%
• YTD: 31.54%
• 6M: 30.82%
• 1Y: 55.88%
• 3Y*: 22.44%
• 5Y*: 1.30%
• 10Y*: 11.46%

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

NUGT vs. UMDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NUGT Direxion Daily Gold Miners Bull 2X Shares	-28.93%	425.05%	2.89%	2.60%	-32.10%	-26.31%	-60.16%	100.73%	-44.52%	3.73%
UMDD ProShares UltraPro MidCap400	31.54%	-2.57%	19.68%	27.21%	-49.60%	72.27%	-17.30%	78.90%	-40.29%	49.17%

Correlation

The correlation between NUGT and UMDD is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Dec 9, 2010	0.18

The correlation between NUGT and UMDD shifts across timeframes, from 0.17 (10 years) to 0.35 (1 year), reflecting how their relationship changes across market environments.

NUGT vs. UMDD - Sectors Allocation Comparison

Sectors	NUGT	UMDD
Basic Materials	100.0%	2.6%
Communication Services	-	0.5%
Consumer Cyclical	-	5.1%
Consumer Defensive	-	2.2%
Energy	-	2.7%
Financial Services	-	7.1%
Healthcare	-	4.8%
Industrials	-	13.4%
Real Estate	-	3.9%
Technology	-	9.0%
Utilities	-	1.6%

Return for Risk

NUGT vs. UMDD — Risk / Return Rank

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

NUGT

NUGT Risk / Return Rank: 29
NUGT Sharpe Ratio Rank: 26
NUGT Sortino Ratio Rank: 30
NUGT Omega Ratio Rank: 34
NUGT Calmar Ratio Rank: 30
NUGT Martin Ratio Rank: 26

UMDD

UMDD Risk / Return Rank: 42
UMDD Sharpe Ratio Rank: 37
UMDD Sortino Ratio Rank: 39
UMDD Omega Ratio Rank: 37
UMDD Calmar Ratio Rank: 48
UMDD Martin Ratio Rank: 48

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. UMDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Bull 2X Shares (NUGT) and ProShares UltraPro MidCap400 (UMDD). 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	UMDD	Difference
Sharpe ratio: Return per unit of total volatility	0.85	1.20	-0.35
Sortino ratio: Return per unit of downside risk	1.48	1.80	-0.32
Omega ratio: Gain probability vs. loss probability	1.21	1.22	-0.01
Calmar ratio: Return relative to maximum drawdown	1.33	2.16	-0.83
Martin ratio: Return relative to average drawdown	3.20	7.21	-4.01
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. UMDD - Sharpe Ratio Comparison

The current NUGT Sharpe Ratio is 0.85, which is comparable to the UMDD Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of NUGT and UMDD, 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	UMDD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	1.20	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.02	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.12	0.18	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	-0.34	0.32	-0.66

Drawdowns

NUGT vs. UMDD - Drawdown Comparison

The maximum NUGT drawdown since its inception was -99.97%, which is greater than UMDD's maximum drawdown of -86.24%. Use the drawdown chart below to compare losses from any high point for NUGT and UMDD.

Drawdown Indicators

	NUGT	UMDD	Difference
Max Drawdown Largest peak-to-trough decline	-99.97%	-86.24%	-13.73%
Max Drawdown (1Y) Largest decline over 1 year	-58.33%	-26.04%	-32.29%
Max Drawdown (3Y) Largest decline over 3 years	-58.33%	-60.33%	+2.00%
Max Drawdown (5Y) Largest decline over 5 years	-73.72%	-64.61%	-9.11%
Max Drawdown (10Y) Largest decline over 10 years	-96.91%	-86.24%	-10.67%
Current Drawdown Current decline from peak	-99.83%	-9.91%	-89.92%
Average Drawdown Average peak-to-trough decline	-91.53%	-23.60%	-67.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.14%	7.78%	+16.36%

Volatility

NUGT vs. UMDD - Volatility Comparison

Direxion Daily Gold Miners Bull 2X Shares (NUGT) has a higher volatility of 32.20% compared to ProShares UltraPro MidCap400 (UMDD) at 12.43%. This indicates that NUGT's price experiences larger fluctuations and is considered to be riskier than UMDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUGT	UMDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.20%	12.43%	+19.77%
Volatility (6M) Calculated over the trailing 6-month period	77.52%	34.70%	+42.82%
Volatility (1Y) Calculated over the trailing 1-year period	91.71%	47.01%	+44.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.37%	58.96%	+13.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	88.03%	62.31%	+25.72%

NUGT vs. UMDD - Expense Ratio Comparison

NUGT has a 1.23% expense ratio, which is higher than UMDD's 0.95% expense ratio.

Dividends

NUGT vs. UMDD - Dividend Comparison

NUGT's dividend yield for the trailing twelve months is around 0.43%, less than UMDD's 0.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NUGT Direxion Daily Gold Miners Bull 2X Shares	0.43%	0.22%	1.79%	1.67%	0.70%	0.00%	0.00%	0.63%	0.57%	0.00%	0.00%	0.00%
UMDD ProShares UltraPro MidCap400	0.80%	1.00%	0.76%	0.19%	0.49%	0.06%	0.08%	0.64%	0.32%	0.00%	0.03%	0.06%

Frequently Asked Questions

Can I hold both NUGT and UMDD in my portfolio?

NUGT and UMDD have a correlation of 0.35, 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 UMDD?

NUGT has higher volatility (32.20%) compared to UMDD (12.43%). In terms of maximum drawdown, NUGT dropped -99.97% vs UMDD's -86.24%.

Which ETF is better, NUGT or UMDD?

On 10-year performance, UMDD leads with 11.46% vs -10.65% for NUGT. On fees, UMDD is cheaper at 0.95% per year. On volatility, UMDD has been the lower-risk option at 12.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUGT or UMDD?

Over the 10-year period, UMDD has performed better with a 11.46% return vs -10.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUGT or UMDD?

UMDD is cheaper with a 0.95% expense ratio, compared with 1.23% for NUGT.

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

UMDD has the higher dividend yield at 0.80%, compared with 0.43% for NUGT.

What is the main difference between NUGT and UMDD?

NUGT tracks NYSE Arca Gold Miners Index (300%), while UMDD tracks S&P MidCap 400 Index (300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.23% for NUGT and 0.95% for UMDD.

Which has better risk-adjusted returns?

UMDD currently has the higher Sharpe Ratio (1.20 vs 0.84), 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.