SIL vs. NUGT

Last updated Jun 4, 2026

SIL (Global X Silver Miners ETF) and NUGT (Direxion Daily Gold Miners Bull 2X Shares) are both exchange-traded funds - SIL is a Silver fund tracking the Solactive Global Silver Miners Total Return Index, while NUGT is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (300%). Both are passively managed. Over the past 10 years, SIL returned 10.69%/yr vs -8.54%/yr for NUGT. Their correlation of 0.91 suggests significant overlap in exposure. SIL charges 0.65%/yr vs 1.23%/yr for NUGT.

Performance

SIL vs. NUGT - Performance Comparison

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

Returns By Period

In the year-to-date period, SIL achieves a 4.75% return, which is significantly higher than NUGT's -16.05% return. Over the past 10 years, SIL has outperformed NUGT with an annualized return of 10.69%, while NUGT has yielded a comparatively lower -8.54% annualized return.

SIL

• 1D: -4.96%
• 1M: 0.68%
• YTD: 4.75%
• 6M: 15.66%
• 1Y: 91.23%
• 3Y*: 49.15%
• 5Y*: 13.96%
• 10Y*: 10.69%

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%

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

SIL vs. NUGT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SIL Global X Silver Miners ETF	4.75%	166.16%	14.62%	1.31%	-22.83%	-18.35%	40.30%	34.78%	-22.42%	1.67%
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%

Correlation

The correlation between SIL and NUGT is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Dec 9, 2010	0.91

The correlation between SIL and NUGT has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

SIL vs. NUGT - Sectors Allocation Comparison

Sectors	SIL	NUGT
Basic Materials	99.8%	100.0%
Consumer Defensive	0.2%	-
Communication Services	-	-
Consumer Cyclical	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SIL vs. NUGT — Risk / Return Rank

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

SIL

SIL Risk / Return Rank: 48
SIL Sharpe Ratio Rank: 52
SIL Sortino Ratio Rank: 43
SIL Omega Ratio Rank: 46
SIL Calmar Ratio Rank: 55
SIL Martin Ratio Rank: 43

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

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.

SIL vs. NUGT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Silver Miners ETF (SIL) 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.

	SIL	NUGT	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.09	+0.74
Sortino ratio: Return per unit of downside risk	2.17	1.67	+0.50
Omega ratio: Gain probability vs. loss probability	1.30	1.23	+0.07
Calmar ratio: Return relative to maximum drawdown	2.79	1.83	+0.96
Martin ratio: Return relative to average drawdown	7.14	4.18	+2.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SIL vs. NUGT - Sharpe Ratio Comparison

The current SIL Sharpe Ratio is 1.83, which is higher than the NUGT Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of SIL and NUGT, 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

	SIL	NUGT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	1.09	+0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.23	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	-0.10	+0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	-0.33	+0.47

Drawdowns

SIL vs. NUGT - Drawdown Comparison

The maximum SIL drawdown since its inception was -82.99%, smaller than the maximum NUGT drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for SIL and NUGT.

Drawdown Indicators

	SIL	NUGT	Difference
Max Drawdown Largest peak-to-trough decline	-82.99%	-99.97%	+16.98%
Max Drawdown (1Y) Largest decline over 1 year	-32.91%	-53.58%	+20.67%
Max Drawdown (3Y) Largest decline over 3 years	-32.91%	-53.58%	+20.67%
Max Drawdown (5Y) Largest decline over 5 years	-55.08%	-73.72%	+18.64%
Max Drawdown (10Y) Largest decline over 10 years	-63.04%	-96.91%	+33.87%
Current Drawdown Current decline from peak	-25.87%	-99.80%	+73.93%
Average Drawdown Average peak-to-trough decline	-51.45%	-91.52%	+40.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.82%	23.39%	-10.57%

Volatility

SIL vs. NUGT - Volatility Comparison

The current volatility for Global X Silver Miners ETF (SIL) is 17.66%, while Direxion Daily Gold Miners Bull 2X Shares (NUGT) has a volatility of 30.32%. This indicates that SIL 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

	SIL	NUGT	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.66%	30.32%	-12.66%
Volatility (6M) Calculated over the trailing 6-month period	41.57%	75.18%	-33.61%
Volatility (1Y) Calculated over the trailing 1-year period	50.01%	90.01%	-40.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.21%	71.96%	-32.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.60%	87.90%	-48.30%

SIL vs. NUGT - Expense Ratio Comparison

SIL has a 0.65% expense ratio, which is lower than NUGT's 1.23% expense ratio.

Dividends

SIL vs. NUGT - Dividend Comparison

SIL's dividend yield for the trailing twelve months is around 1.13%, more than NUGT's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%	0.00%
SIL Global X Silver Miners ETF	1.13%	1.18%	2.40%	0.59%	0.48%	1.59%	1.92%	1.53%	1.21%	0.02%	3.34%	0.38%

Frequently Asked Questions

Can I hold both SIL and NUGT in my portfolio?

With a correlation of 0.93, SIL and NUGT 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 is riskier, SIL or NUGT?

NUGT has higher volatility (30.32%) compared to SIL (17.66%). In terms of maximum drawdown, SIL dropped -82.99% vs NUGT's -99.97%.

Which ETF is better, SIL or NUGT?

On 10-year performance, SIL leads with 10.69% vs -8.54% for NUGT. On fees, SIL is cheaper at 0.65% per year. On volatility, SIL has been the lower-risk option at 17.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIL or NUGT?

Over the 10-year period, SIL has performed better with a 10.69% return vs -8.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIL or NUGT?

SIL is cheaper with a 0.65% expense ratio, compared with 1.23% for NUGT.

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

SIL has the higher dividend yield at 1.13%, compared with 0.36% for NUGT.

What is the main difference between SIL and NUGT?

SIL is categorized as Silver, while NUGT is Leveraged Equities. SIL tracks Solactive Global Silver Miners Total Return Index, while NUGT tracks NYSE Arca Gold Miners Index (300%). They also come from different issuers: Global X and Direxion. Their fees differ too: 0.65% for SIL and 1.23% for NUGT.

Which has better risk-adjusted returns?

SIL currently has the higher Sharpe Ratio (1.83 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.