SHNY vs. NUGT
SHNY (MicroSectors Gold 3X Leveraged ETN) and NUGT (Direxion Daily Gold Miners Bull 2X Shares) are both exchange-traded funds - SHNY is a Leveraged Commodities fund managed by BMO, while NUGT is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (300%). Over the past 3 years, SHNY returned 59.66%/yr vs 60.96%/yr for NUGT. A 0.79 correlation means they provide meaningful diversification when combined. SHNY charges 0.95%/yr vs 1.23%/yr for NUGT.
Performance
SHNY vs. NUGT - Performance Comparison
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Returns By Period
In the year-to-date period, SHNY achieves a -14.45% return, which is significantly higher than NUGT's -16.05% return.
SHNY
- 1D
- -3.20%
- 1M
- -7.37%
- YTD
- -14.45%
- 6M
- -10.44%
- 1Y
- 49.39%
- 3Y*
- 59.66%
- 5Y*
- —
- 10Y*
- —
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%
SHNY vs. NUGT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SHNY MicroSectors Gold 3X Leveraged ETN | -14.45% | 214.54% | 50.30% | 12.52% |
NUGT Direxion Daily Gold Miners Bull 2X Shares | -16.05% | 425.05% | 2.89% | 14.64% |
Correlation
The correlation between SHNY and NUGT is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2023 | 0.79 |
The correlation between SHNY and NUGT has been stable across timeframes, ranging from 0.79 to 0.79 - a consistent structural relationship.
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Return for Risk
SHNY vs. NUGT — Risk / Return Rank
SHNY
NUGT
SHNY vs. NUGT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold 3X Leveraged ETN (SHNY) and Direxion Daily Gold Miners Bull 2X Shares (NUGT). 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.
| SHNY | NUGT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.23 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.90 | 1.83 | -0.93 |
| Martin ratioReturn relative to average drawdown | 1.93 | 4.18 | -2.25 |
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
| SHNY | NUGT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.63 | 1.09 | -0.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.23 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.10 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.01 | -0.33 | +1.35 |
Drawdowns
SHNY vs. NUGT - Drawdown Comparison
The maximum SHNY drawdown since its inception was -54.99%, smaller than the maximum NUGT drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for SHNY and NUGT.
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Drawdown Indicators
| SHNY | NUGT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.99% | -99.97% | +44.98% |
Max Drawdown (1Y)Largest decline over 1 year | -54.99% | -53.58% | -1.41% |
Max Drawdown (3Y)Largest decline over 3 years | -54.99% | -53.58% | -1.41% |
Max Drawdown (5Y)Largest decline over 5 years | — | -73.72% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -96.91% | — |
Current DrawdownCurrent decline from peak | -54.99% | -99.80% | +44.81% |
Average DrawdownAverage peak-to-trough decline | -14.94% | -91.52% | +76.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.66% | 23.39% | +2.27% |
Volatility
SHNY vs. NUGT - Volatility Comparison
The current volatility for MicroSectors Gold 3X Leveraged ETN (SHNY) is 16.40%, while Direxion Daily Gold Miners Bull 2X Shares (NUGT) has a volatility of 30.32%. This indicates that SHNY experiences smaller price fluctuations and is considered to be less risky than NUGT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHNY | NUGT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.40% | 30.32% | -13.92% |
Volatility (6M)Calculated over the trailing 6-month period | 70.87% | 75.18% | -4.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 78.80% | 90.01% | -11.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.36% | 71.96% | -13.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.36% | 87.90% | -29.54% |
SHNY vs. NUGT - Expense Ratio Comparison
SHNY has a 0.95% expense ratio, which is lower than NUGT's 1.23% expense ratio.
Dividends
SHNY vs. NUGT - Dividend Comparison
SHNY has not paid dividends to shareholders, while NUGT's dividend yield for the trailing twelve months is around 0.36%.
| 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% |
SHNY MicroSectors Gold 3X Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SHNY and NUGT have a correlation of 0.79, 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 SHNY (16.40%). In terms of maximum drawdown, SHNY dropped -54.99% vs NUGT's -99.97%.
On 3-year performance, NUGT leads with 60.96% vs 59.66% for SHNY. On fees, SHNY is cheaper at 0.95% per year. On volatility, SHNY has been the lower-risk option at 16.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, NUGT has performed better with a 60.96% return vs 59.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHNY is cheaper with a 0.95% expense ratio, compared with 1.23% for NUGT.
NUGT has the higher dividend yield at 0.36%, compared with 0.00% for SHNY.
SHNY is categorized as Leveraged Commodities, while NUGT is Leveraged Equities. They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for SHNY and 1.23% for NUGT.
NUGT currently has the higher Sharpe Ratio (1.09 vs 0.63), 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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