SPYM vs. NUGT

Last updated Jun 13, 2026

SPYM (State Street SPDR Portfolio S&P 500 ETF) and NUGT (Direxion Daily Gold Miners Bull 2X Shares) are both exchange-traded funds - SPYM is a S&P 500 fund tracking the S&P 500 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, SPYM returned 15.52%/yr vs -9.77%/yr for NUGT. At a 0.16 correlation, their price movements are largely independent. SPYM charges 0.02%/yr vs 1.23%/yr for NUGT.

Performance

SPYM vs. NUGT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 ETF (SPYM) 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, SPYM achieves a 9.10% return, which is significantly higher than NUGT's -27.03% return. Over the past 10 years, SPYM has outperformed NUGT with an annualized return of 15.52%, while NUGT has yielded a comparatively lower -9.77% annualized return.

SPYM

• 1D: 0.53%
• 1M: -0.85%
• YTD: 9.10%
• 6M: 9.42%
• 1Y: 25.76%
• 3Y*: 20.95%
• 5Y*: 13.43%
• 10Y*: 15.52%

NUGT

• 1D: 5.72%
• 1M: -30.06%
• YTD: -27.03%
• 6M: -26.67%
• 1Y: 63.65%
• 3Y*: 55.24%
• 5Y*: 13.62%
• 10Y*: -9.77%

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

SPYM vs. NUGT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYM State Street SPDR Portfolio S&P 500 ETF	9.10%	17.79%	25.00%	26.24%	-18.09%	28.78%	18.49%	31.99%	-4.78%	21.30%
NUGT Direxion Daily Gold Miners Bull 2X Shares	-27.03%	425.05%	2.89%	2.60%	-32.10%	-26.31%	-60.16%	100.73%	-44.52%	3.73%

Correlation

The correlation between SPYM and NUGT is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.29
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	0.16

Over the past year, SPYM and NUGT have become more correlated (0.39) than their long-term average of 0.16, meaning their price movements have been converging.

SPYM vs. NUGT - Sectors Allocation Comparison

Sectors	SPYM	NUGT
Technology	38.5%	-
Financial Services	11.1%	-
Communication Services	10.6%	-
Consumer Cyclical	9.9%	-
Healthcare	8.4%	-
Industrials	7.6%	-
Consumer Defensive	4.6%	-
Energy	3.2%	-
Utilities	2.5%	-
Real Estate	1.8%	-
Basic Materials	1.7%	100.0%

Return for Risk

SPYM vs. NUGT — Risk / Return Rank

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

SPYM

SPYM Risk / Return Rank: 70
SPYM Sharpe Ratio Rank: 72
SPYM Sortino Ratio Rank: 69
SPYM Omega Ratio Rank: 72
SPYM Calmar Ratio Rank: 63
SPYM Martin Ratio Rank: 76

NUGT

NUGT Risk / Return Rank: 27
NUGT Sharpe Ratio Rank: 24
NUGT Sortino Ratio Rank: 29
NUGT Omega Ratio Rank: 33
NUGT Calmar Ratio Rank: 26
NUGT Martin Ratio Rank: 24

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.

SPYM vs. NUGT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 ETF (SPYM) 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.

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.

	SPYM	NUGT	Difference
Sharpe ratio: Return per unit of total volatility	2.00	0.75	+1.24
Sortino ratio: Return per unit of downside risk	2.70	1.42	+1.28
Omega ratio: Gain probability vs. loss probability	1.36	1.20	+0.17
Calmar ratio: Return relative to maximum drawdown	2.75	1.10	+1.65
Martin ratio: Return relative to average drawdown	12.42	2.75	+9.67

SPYM vs. NUGT - Sharpe Ratio Comparison

The current SPYM Sharpe Ratio is 2.00, which is higher than the NUGT Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of SPYM 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.

Drawdowns

SPYM vs. NUGT - Drawdown Comparison

The maximum SPYM drawdown since its inception was -54.46%, smaller than the maximum NUGT drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for SPYM and NUGT.

Drawdown Indicators

	SPYM	NUGT	Difference
Max Drawdown Largest peak-to-trough decline	-54.46%	-99.97%	+45.51%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-63.43%	+54.53%
Max Drawdown (3Y) Largest decline over 3 years	-18.72%	-63.43%	+44.71%
Max Drawdown (5Y) Largest decline over 5 years	-24.48%	-73.72%	+49.24%
Max Drawdown (10Y) Largest decline over 10 years	-33.87%	-96.91%	+63.04%
Current Drawdown Current decline from peak	-2.35%	-99.83%	+97.48%
Average Drawdown Average peak-to-trough decline	-7.15%	-91.52%	+84.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	25.30%	-23.33%

Volatility

SPYM vs. NUGT - Volatility Comparison

The current volatility for State Street SPDR Portfolio S&P 500 ETF (SPYM) is 4.33%, while Direxion Daily Gold Miners Bull 2X Shares (NUGT) has a volatility of 34.50%. This indicates that SPYM 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

	SPYM	NUGT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	34.50%	-30.17%
Volatility (6M) Calculated over the trailing 6-month period	9.58%	78.60%	-69.02%
Volatility (1Y) Calculated over the trailing 1-year period	12.26%	92.79%	-80.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.87%	72.64%	-55.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	88.12%	-70.09%

SPYM vs. NUGT - Expense Ratio Comparison

SPYM has a 0.02% expense ratio, which is lower than NUGT's 1.23% expense ratio.

Dividends

SPYM vs. NUGT - Dividend Comparison

SPYM's dividend yield for the trailing twelve months is around 1.29%, more than NUGT's 0.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NUGT Direxion Daily Gold Miners Bull 2X Shares	0.41%	0.22%	1.79%	1.67%	0.70%	0.00%	0.00%	0.63%	0.57%	0.00%	0.00%	0.00%
SPYM State Street SPDR Portfolio S&P 500 ETF	1.29%	1.13%	1.28%	1.44%	1.69%	1.25%	1.54%	1.79%	2.23%	1.75%	1.97%	1.98%

Frequently Asked Questions

Can I hold both SPYM and NUGT in my portfolio?

SPYM and NUGT have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYM or NUGT?

NUGT has higher volatility (34.50%) compared to SPYM (4.33%). In terms of maximum drawdown, SPYM dropped -54.46% vs NUGT's -99.97%.

Which ETF is better, SPYM or NUGT?

On 10-year performance, SPYM leads with 15.52% vs -9.77% for NUGT. On fees, SPYM is cheaper at 0.02% per year. On volatility, SPYM has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYM or NUGT?

Over the 10-year period, SPYM has performed better with a 15.52% return vs -9.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYM or NUGT?

SPYM is cheaper with a 0.02% expense ratio, compared with 1.23% for NUGT.

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

SPYM has the higher dividend yield at 1.29%, compared with 0.41% for NUGT.

What is the main difference between SPYM and NUGT?

SPYM is categorized as S&P 500, while NUGT is Leveraged Equities. SPYM tracks S&P 500 Index, while NUGT tracks NYSE Arca Gold Miners Index (300%). They also come from different issuers: State Street and Direxion. Their fees differ too: 0.02% for SPYM and 1.23% for NUGT.

Which has better risk-adjusted returns?

SPYM currently has the higher Sharpe Ratio (2.00 vs 0.75), 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.