SHNY vs. NUGT

Last updated Apr 2, 2026

Compare and contrast key facts about MicroSectors Gold 3X Leveraged ETN (SHNY) and Direxion Daily Gold Miners Bull 2X Shares (NUGT).

SHNY and NUGT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SHNY is managed by BMO. It was launched on Feb 24, 2023. NUGT is a passively managed fund by Direxion that tracks the performance of the NYSE Arca Gold Miners Index (300%). It was launched on Apr 1, 2020.

Performance

SHNY vs. NUGT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold 3X Leveraged ETN (SHNY) and Direxion Daily Gold Miners Bull 2X Shares (NUGT). The values are adjusted to include any dividend payments, if applicable.

SHNY vs. NUGT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHNY MicroSectors Gold 3X Leveraged ETN	11.56%	214.54%	50.30%	12.52%
NUGT Direxion Daily Gold Miners Bull 2X Shares	11.72%	425.05%	2.89%	14.64%

Returns By Period

The year-to-date returns for both investments are quite close, with SHNY having a 11.56% return and NUGT slightly higher at 11.72%.

SHNY

• 1D: 5.04%
• 1M: -32.72%
• YTD: 11.56%
• 6M: 39.19%
• 1Y: 123.55%
• 3Y*: 69.59%
• 5Y*: —
• 10Y*: —

NUGT

• 1D: 8.90%
• 1M: -33.79%
• YTD: 11.72%
• 6M: 30.46%
• 1Y: 233.84%
• 3Y*: 71.95%
• 5Y*: 29.87%
• 10Y*: -0.92%

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

SHNY vs. NUGT - Expense Ratio Comparison

SHNY has a 0.95% expense ratio, which is lower than NUGT's 1.23% expense ratio.

NUGT

Direxion Daily Gold Miners Bull 2X Shares

SHNY

MicroSectors Gold 3X Leveraged ETN

Return for Risk

SHNY vs. NUGT — Risk / Return Rank

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

SHNY

SHNY Risk / Return Rank: 74
SHNY Sharpe Ratio Rank: 78
SHNY Sortino Ratio Rank: 75
SHNY Omega Ratio Rank: 74
SHNY Calmar Ratio Rank: 79
SHNY Martin Ratio Rank: 64

NUGT

NUGT Risk / Return Rank: 92
NUGT Sharpe Ratio Rank: 96
NUGT Sortino Ratio Rank: 88
NUGT Omega Ratio Rank: 88
NUGT Calmar Ratio Rank: 95
NUGT Martin Ratio Rank: 93

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.

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 ratio Return per unit of total volatility	1.51	2.57	-1.07
Sortino ratio Return per unit of downside risk	1.94	2.51	-0.56
Omega ratio Gain probability vs. loss probability	1.29	1.37	-0.08
Calmar ratio Return relative to maximum drawdown	2.24	4.31	-2.07
Martin ratio Return relative to average drawdown	6.74	13.80	-7.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHNY vs. NUGT - Sharpe Ratio Comparison

The current SHNY Sharpe Ratio is 1.51, which is lower than the NUGT Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of SHNY and NUGT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SHNY	NUGT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	2.57	-1.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.42	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.01	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.34	-0.32	+1.66

Correlation

The correlation between SHNY and NUGT is 0.79, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

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 0.27%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SHNY MicroSectors Gold 3X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NUGT Direxion Daily Gold Miners Bull 2X Shares	0.27%	0.22%	1.79%	1.67%	0.70%	0.00%	0.00%	0.63%	0.57%

Drawdowns

SHNY vs. NUGT - Drawdown Comparison

The maximum SHNY drawdown since its inception was -54.35%, 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.

Drawdown Indicators

	SHNY	NUGT	Difference
Max Drawdown Largest peak-to-trough decline	-54.35%	-99.97%	+45.62%
Max Drawdown (1Y) Largest decline over 1 year	-54.35%	-53.58%	-0.77%
Max Drawdown (5Y) Largest decline over 5 years	—	-73.79%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-96.91%	—
Current Drawdown Current decline from peak	-41.30%	-99.74%	+58.44%
Average Drawdown Average peak-to-trough decline	-13.16%	-91.43%	+78.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.10%	16.75%	+1.35%

Volatility

SHNY vs. NUGT - Volatility Comparison

The current volatility for MicroSectors Gold 3X Leveraged ETN (SHNY) is 31.37%, while Direxion Daily Gold Miners Bull 2X Shares (NUGT) has a volatility of 33.96%. 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.

Volatility by Period

	SHNY	NUGT	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.37%	33.96%	-2.59%
Volatility (6M) Calculated over the trailing 6-month period	74.62%	77.66%	-3.04%
Volatility (1Y) Calculated over the trailing 1-year period	82.54%	91.60%	-9.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.30%	70.75%	-12.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.30%	89.98%	-31.68%