SPXS vs. NUGT
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and NUGT (Direxion Daily Gold Miners Index Bull 2X ETF) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while NUGT is a Gold fund tracking the MarketVector Global Gold Miners Index (200%). Both are passively managed. Over the past 10 years, SPXS returned -41.24%/yr vs -15.94%/yr for NUGT. At a correlation of -0.19, they often move in opposite directions. SPXS charges 1.08%/yr vs 1.13%/yr for NUGT.
Performance
SPXS vs. NUGT - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -24.88% return, which is significantly higher than NUGT's -43.28% return. Over the past 10 years, SPXS has underperformed NUGT with an annualized return of -41.24%, while NUGT has yielded a comparatively higher -15.94% annualized return.
SPXS
- 1D
- 1.67%
- 1M
- -0.21%
- 6M
- -21.79%
- YTD
- -24.88%
- 1Y
- -41.05%
- 3Y*
- -39.52%
- 5Y*
- -33.62%
- 10Y*
- -41.24%
NUGT
- 1D
- -7.01%
- 1M
- -34.26%
- 6M
- -55.58%
- YTD
- -43.28%
- 1Y
- 42.42%
- 3Y*
- 40.37%
- 5Y*
- 13.60%
- 10Y*
- -15.94%
SPXS vs. NUGT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -24.88% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
NUGT Direxion Daily Gold Miners Index Bull 2X ETF | -43.28% | 425.05% | 2.89% | 2.60% | -32.10% | -26.31% | -60.16% | 100.73% | -44.52% | 3.73% |
Correlation
The correlation between SPXS and NUGT is -0.41, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010 | -0.19 |
Over the past year, the inverse relationship between SPXS and NUGT has strengthened: their correlation has moved from -0.19 to -0.41, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
SPXS vs. NUGT — Risk / Return Rank
SPXS
NUGT
SPXS vs. NUGT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 3X Shares (SPXS) 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.
| SPXS | NUGT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.54 | ||
| Sortino ratioReturn per unit of downside risk | -2.86 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.16 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 0.64 | -1.58 |
| Martin ratioReturn relative to average drawdown | -1.62 | 1.38 | -3.00 |
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Drawdowns
SPXS vs. NUGT - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, roughly equal to the maximum NUGT drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for SPXS and NUGT.
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Drawdown Indicators
| SPXS | NUGT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.97% | -0.03% |
Max Drawdown (1Y)Largest decline over 1 year | -43.64% | -66.74% | +23.10% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -66.74% | -17.39% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -73.72% | -16.39% |
Max Drawdown (10Y)Largest decline over 10 years | -99.56% | -96.91% | -2.65% |
Current DrawdownCurrent decline from peak | -100.00% | -99.87% | -0.13% |
Average DrawdownAverage peak-to-trough decline | -96.31% | -91.56% | -4.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.40% | 30.85% | -5.45% |
Volatility
SPXS vs. NUGT - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 10.70%, while Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) has a volatility of 23.78%. This indicates that SPXS 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
| SPXS | NUGT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.70% | 23.78% | -13.08% |
Volatility (6M)Calculated over the trailing 6-month period | 30.07% | 80.17% | -50.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.65% | 95.33% | -57.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.74% | 73.34% | -22.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.50% | 87.69% | -34.19% |
SPXS vs. NUGT - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is lower than NUGT's 1.13% expense ratio.
Dividends
SPXS vs. NUGT - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.52%, more than NUGT's 0.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
NUGT Direxion Daily Gold Miners Index Bull 2X ETF | 0.69% | 0.22% | 1.79% | 1.67% | 0.70% | 0.00% | 0.00% | 0.63% | 0.57% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.52% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
SPXS and NUGT have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NUGT has higher volatility (23.78%) compared to SPXS (10.70%). In terms of maximum drawdown, SPXS dropped -100.00% vs NUGT's -99.97%.
On 10-year performance, NUGT leads with -15.94% vs -41.24% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, SPXS has been the lower-risk option at 10.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, NUGT has performed better with a -15.94% return vs -41.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXS is cheaper with a 1.08% expense ratio, compared with 1.13% for NUGT.
SPXS has the higher dividend yield at 4.52%, compared with 0.69% for NUGT.
SPXS is categorized as Inverse Equities, while NUGT is Gold. SPXS tracks S&P 500 Index (-300%), while NUGT tracks MarketVector Global Gold Miners Index (200%). Their fees differ too: 1.08% for SPXS and 1.13% for NUGT.
NUGT currently has the higher Sharpe Ratio (0.45 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.
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