SHNY vs. NUGT
SHNY (MicroSectors Gold 3X Leveraged ETN) and NUGT (Direxion Daily Gold Miners Index Bull 2X ETF) are both exchange-traded funds - SHNY is a Leveraged Commodities fund managed by BMO, while NUGT is a Gold fund tracking the MarketVector Global Gold Miners Index (200%). Over the past 3 years, SHNY returned 49.33%/yr vs 55.65%/yr for NUGT. A 0.80 correlation means they provide meaningful diversification when combined. SHNY charges 0.95%/yr vs 1.13%/yr for NUGT.
Performance
SHNY vs. NUGT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SHNY achieves a -34.20% return, which is significantly lower than NUGT's -32.09% return.
SHNY
- 1D
- -5.70%
- 1M
- -27.06%
- YTD
- -34.20%
- 6M
- -42.91%
- 1Y
- 14.03%
- 3Y*
- 49.33%
- 5Y*
- —
- 10Y*
- —
NUGT
- 1D
- -9.53%
- 1M
- -19.60%
- YTD
- -32.09%
- 6M
- -39.03%
- 1Y
- 60.88%
- 3Y*
- 55.65%
- 5Y*
- 17.04%
- 10Y*
- -11.63%
SHNY vs. NUGT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SHNY MicroSectors Gold 3X Leveraged ETN | -34.20% | 214.54% | 50.30% | 10.98% |
NUGT Direxion Daily Gold Miners Index Bull 2X ETF | -32.09% | 425.05% | 2.89% | 9.22% |
Correlation
The correlation between SHNY and NUGT is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023 | 0.80 |
The correlation between SHNY and NUGT has been stable across timeframes, ranging from 0.80 to 0.80 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 Index Bull 2X ETF (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.
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.
| SHNY | NUGT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.18 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.22 | 0.96 | -0.75 |
| Martin ratioReturn relative to average drawdown | 0.49 | 2.30 | -1.82 |
Loading charts...
Drawdowns
SHNY vs. NUGT - Drawdown Comparison
The maximum SHNY drawdown since its inception was -65.54%, 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.
Loading charts...
Drawdown Indicators
| SHNY | NUGT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.54% | -99.97% | +34.43% |
Max Drawdown (1Y)Largest decline over 1 year | -65.54% | -63.43% | -2.11% |
Max Drawdown (3Y)Largest decline over 3 years | -65.54% | -63.43% | -2.11% |
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 | -65.38% | -99.84% | +34.46% |
Average DrawdownAverage peak-to-trough decline | -15.65% | -91.53% | +75.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.98% | 26.52% | +2.46% |
Volatility
SHNY vs. NUGT - Volatility Comparison
The current volatility for MicroSectors Gold 3X Leveraged ETN (SHNY) is 24.50%, while Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) has a volatility of 35.11%. 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.
Loading charts...
Volatility by Period
| SHNY | NUGT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.50% | 35.11% | -10.61% |
Volatility (6M)Calculated over the trailing 6-month period | 74.44% | 80.35% | -5.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 81.62% | 94.31% | -12.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.25% | 72.94% | -13.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.25% | 87.97% | -28.72% |
SHNY vs. NUGT - Expense Ratio Comparison
SHNY has a 0.95% expense ratio, which is lower than NUGT's 1.13% 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 0.44%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
NUGT Direxion Daily Gold Miners Index Bull 2X ETF | 0.44% | 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 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NUGT has higher volatility (35.11%) compared to SHNY (24.50%). In terms of maximum drawdown, SHNY dropped -65.54% vs NUGT's -99.97%.
On 3-year performance, NUGT leads with 55.65% vs 49.33% for SHNY. On fees, SHNY is cheaper at 0.95% per year. On volatility, SHNY has been the lower-risk option at 24.50%. 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 55.65% return vs 49.33%. 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 1.13% for NUGT.
NUGT has the higher dividend yield at 0.44%, compared with 0.00% for SHNY.
SHNY is categorized as Leveraged Commodities, while NUGT is Gold. They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for SHNY and 1.13% for NUGT.
NUGT currently has the higher Sharpe Ratio (0.65 vs 0.17), 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.
Find the right allocation for SHNY and NUGT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer