NUGT vs. USO

Last updated Jun 4, 2026

NUGT (Direxion Daily Gold Miners Bull 2X Shares) and USO (United States Oil Fund LP) are both exchange-traded funds - NUGT is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (300%), while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, NUGT returned -8.54%/yr vs 4.07%/yr for USO. At a 0.15 correlation, their price movements are largely independent. NUGT charges 1.23%/yr vs 0.86%/yr for USO.

Performance

NUGT vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Gold Miners Bull 2X Shares (NUGT) and United States Oil Fund LP (USO). 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 USO's 103.67% return. Over the past 10 years, NUGT has underperformed USO with an annualized return of -8.54%, while USO has yielded a comparatively higher 4.07% 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%

USO

• 1D: 2.62%
• 1M: -4.57%
• YTD: 103.67%
• 6M: 99.35%
• 1Y: 101.55%
• 3Y*: 29.98%
• 5Y*: 24.41%
• 10Y*: 4.07%

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

NUGT vs. USO - 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%
USO United States Oil Fund LP	103.67%	-8.46%	13.35%	-4.94%	28.97%	64.68%	-67.79%	32.61%	-19.57%	2.47%

Correlation

The correlation between NUGT and USO is -0.20, 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	-0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.10
Correlation (All Time) Calculated using the full available price history since Dec 9, 2010	0.15

The correlation between NUGT and USO shifts across timeframes, from -0.20 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NUGT vs. USO — 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

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 69
USO Sortino Ratio Rank: 60
USO Omega Ratio Rank: 61
USO Calmar Ratio Rank: 87
USO Martin Ratio Rank: 54

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. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Bull 2X Shares (NUGT) and United States Oil Fund LP (USO). 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	USO	Difference
Sharpe ratio: Return per unit of total volatility	1.09	2.31	-1.22
Sortino ratio: Return per unit of downside risk	1.67	2.89	-1.22
Omega ratio: Gain probability vs. loss probability	1.23	1.38	-0.15
Calmar ratio: Return relative to maximum drawdown	1.83	5.01	-3.18
Martin ratio: Return relative to average drawdown	4.18	9.42	-5.24
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. USO - Sharpe Ratio Comparison

The current NUGT Sharpe Ratio is 1.09, which is lower than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of NUGT and USO, 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	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.09	2.31	-1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.68	-0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.10	0.10	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	-0.33	-0.18	-0.16

Drawdowns

NUGT vs. USO - Drawdown Comparison

The maximum NUGT drawdown since its inception was -99.97%, roughly equal to the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for NUGT and USO.

Drawdown Indicators

	NUGT	USO	Difference
Max Drawdown Largest peak-to-trough decline	-99.97%	-98.19%	-1.78%
Max Drawdown (1Y) Largest decline over 1 year	-53.58%	-20.39%	-33.19%
Max Drawdown (3Y) Largest decline over 3 years	-53.58%	-26.05%	-27.53%
Max Drawdown (5Y) Largest decline over 5 years	-73.72%	-36.23%	-37.49%
Max Drawdown (10Y) Largest decline over 10 years	-96.91%	-86.75%	-10.16%
Current Drawdown Current decline from peak	-99.80%	-85.01%	-14.79%
Average Drawdown Average peak-to-trough decline	-91.52%	-75.30%	-16.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.39%	10.82%	+12.57%

Volatility

NUGT vs. USO - Volatility Comparison

Direxion Daily Gold Miners Bull 2X Shares (NUGT) has a higher volatility of 30.32% compared to United States Oil Fund LP (USO) at 14.87%. This indicates that NUGT's price experiences larger fluctuations and is considered to be riskier than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUGT	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.32%	14.87%	+15.45%
Volatility (6M) Calculated over the trailing 6-month period	75.18%	38.23%	+36.95%
Volatility (1Y) Calculated over the trailing 1-year period	90.01%	44.20%	+45.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.96%	36.06%	+35.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	87.90%	39.00%	+48.90%

NUGT vs. USO - Expense Ratio Comparison

NUGT has a 1.23% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

NUGT vs. USO - Dividend Comparison

NUGT's dividend yield for the trailing twelve months is around 0.36%, while USO has not paid dividends to shareholders.

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%
USO United States Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NUGT and USO in my portfolio?

NUGT and USO have a correlation of -0.20, 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 USO?

NUGT has higher volatility (30.32%) compared to USO (14.87%). In terms of maximum drawdown, NUGT dropped -99.97% vs USO's -98.19%.

Which ETF is better, NUGT or USO?

On 10-year performance, USO leads with 4.07% vs -8.54% for NUGT. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 14.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUGT or USO?

Over the 10-year period, USO has performed better with a 4.07% 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 USO?

USO is cheaper with a 0.86% expense ratio, compared with 1.23% for NUGT.

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

NUGT has the higher dividend yield at 0.36%, compared with 0.00% for USO.

What is the main difference between NUGT and USO?

NUGT is categorized as Leveraged Equities, while USO is Oil & Gas. NUGT tracks NYSE Arca Gold Miners Index (300%), while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Direxion and USCF. Their fees differ too: 1.23% for NUGT and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.31 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.