SHNY vs. UGLD

Last updated Jul 16, 2026

SHNY (MicroSectors Gold 3X Leveraged ETN) and UGLD (Direxion Daily Gold Bull 2X ETF) are both Leveraged Commodities funds. With a 1.00 correlation, they move nearly in lockstep. SHNY charges 0.95%/yr vs 1.07%/yr for UGLD.

Performance

SHNY vs. UGLD - 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 Bull 2X ETF (UGLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SHNY

• 1D: 0.50%
• 1M: -19.38%
• 6M: -49.50%
• YTD: -37.94%
• 1Y: 14.19%
• 3Y*: 44.50%
• 5Y*: —
• 10Y*: —

UGLD

• 1D: -0.04%
• 1M: -13.06%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SHNY vs. UGLD - Yearly Performance Comparison

	2026 (YTD)
SHNY MicroSectors Gold 3X Leveraged ETN	-28.17%
UGLD Direxion Daily Gold Bull 2X ETF	-18.41%

Correlation

The correlation between SHNY and UGLD is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	1.00

Return for Risk

SHNY vs. UGLD — Risk / Return Rank

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

SHNY

SHNY Risk / Return Rank: 15
SHNY Sharpe Ratio Rank: 12
SHNY Sortino Ratio Rank: 17
SHNY Omega Ratio Rank: 20
SHNY Calmar Ratio Rank: 12
SHNY Martin Ratio Rank: 12

UGLD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. UGLD - 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 Bull 2X ETF (UGLD). 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	UGLD	Difference
Sharpe ratio: Return per unit of total volatility	0.17	—	—
Sortino ratio: Return per unit of downside risk	0.78	—	—
Omega ratio: Gain probability vs. loss probability	1.11	—	—
Calmar ratio: Return relative to maximum drawdown	0.21	—	—
Martin ratio: Return relative to average drawdown	0.43	—	—

Drawdowns

SHNY vs. UGLD - Drawdown Comparison

The maximum SHNY drawdown since its inception was -68.68%, which is greater than UGLD's maximum drawdown of -24.38%. Use the drawdown chart below to compare losses from any high point for SHNY and UGLD.

Drawdown Indicators

	SHNY	UGLD	Difference
Max Drawdown Largest peak-to-trough decline	-68.68%	-24.38%	-44.30%
Max Drawdown (1Y) Largest decline over 1 year	-68.68%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-68.68%	—	—
Current Drawdown Current decline from peak	-67.35%	-22.27%	-45.08%
Average Drawdown Average peak-to-trough decline	-16.55%	-15.26%	-1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.23%	—	—

Volatility

Volatility by Period

	SHNY	UGLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.71%	—	—
Volatility (6M) Calculated over the trailing 6-month period	73.62%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	82.63%	53.72%	+28.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.40%	53.72%	+5.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.40%	53.72%	+5.68%

SHNY vs. UGLD - Expense Ratio Comparison

SHNY has a 0.95% expense ratio, which is lower than UGLD's 1.07% expense ratio.

Dividends

SHNY vs. UGLD - Dividend Comparison

SHNY has not paid dividends to shareholders, while UGLD's dividend yield for the trailing twelve months is around 0.23%.

Position	TTM
SHNY MicroSectors Gold 3X Leveraged ETN	0.00%
UGLD Direxion Daily Gold Bull 2X ETF	0.23%

Frequently Asked Questions

Can I hold both SHNY and UGLD in my portfolio?

With a correlation of 1.00, SHNY and UGLD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, SHNY or UGLD?

On fees, SHNY is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SHNY or UGLD?

SHNY is cheaper with a 0.95% expense ratio, compared with 1.07% for UGLD.

Which ETF pays a higher dividend yield, SHNY or UGLD?

UGLD has the higher dividend yield at 0.23%, compared with 0.00% for SHNY.

What is the main difference between SHNY and UGLD?

They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for SHNY and 1.07% for UGLD.