TNA vs. NUGT

Last updated Jun 26, 2026

TNA (Direxion Daily Small Cap Bull 3X Shares) and NUGT (Direxion Daily Gold Miners Index Bull 2X ETF) are both exchange-traded funds - TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily), while NUGT is a Gold fund tracking the MarketVector Global Gold Miners Index (200%). Both are passively managed. Over the past 10 years, TNA returned 11.26%/yr vs -12.40%/yr for NUGT. At a 0.18 correlation, their price movements are largely independent. TNA charges 1.05%/yr vs 1.13%/yr for NUGT.

Performance

TNA vs. NUGT - Performance Comparison

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

Returns By Period

In the year-to-date period, TNA achieves a 62.61% return, which is significantly higher than NUGT's -35.52% return. Over the past 10 years, TNA has outperformed NUGT with an annualized return of 11.26%, while NUGT has yielded a comparatively lower -12.40% annualized return.

TNA

• 1D: 2.01%
• 1M: 7.44%
• YTD: 62.61%
• 6M: 50.12%
• 1Y: 132.71%
• 3Y*: 33.59%
• 5Y*: -5.29%
• 10Y*: 11.26%

NUGT

• 1D: 3.02%
• 1M: -29.37%
• YTD: -35.52%
• 6M: -41.56%
• 1Y: 59.76%
• 3Y*: 52.08%
• 5Y*: 15.88%
• 10Y*: -12.40%

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

TNA vs. NUGT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TNA Direxion Daily Small Cap Bull 3X Shares	62.61%	9.82%	7.21%	26.24%	-62.48%	27.88%	-7.82%	71.88%	-39.89%	39.15%
NUGT Direxion Daily Gold Miners Index Bull 2X ETF	-35.52%	425.05%	2.89%	2.60%	-32.10%	-26.31%	-60.16%	100.73%	-44.52%	3.73%

Correlation

The correlation between TNA and NUGT is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010	0.18

Over the past year, TNA and NUGT have become more correlated (0.41) than their long-term average of 0.18, meaning their price movements have been converging.

TNA vs. NUGT - Sectors Allocation Comparison

Sectors	TNA	NUGT
Technology	19.1%	-
Industrials	18.0%	-
Healthcare	16.3%	-
Financial Services	15.3%	-
Consumer Cyclical	8.0%	-
Real Estate	5.9%	-
Energy	5.4%	-
Basic Materials	4.7%	100.0%
Utilities	2.7%	-
Communication Services	2.4%	-
Consumer Defensive	2.3%	-

Return for Risk

TNA vs. NUGT — Risk / Return Rank

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

TNA

TNA Risk / Return Rank: 75
TNA Sharpe Ratio Rank: 82
TNA Sortino Ratio Rank: 68
TNA Omega Ratio Rank: 60
TNA Calmar Ratio Rank: 85
TNA Martin Ratio Rank: 80

NUGT

NUGT Risk / Return Rank: 24
NUGT Sharpe Ratio Rank: 20
NUGT Sortino Ratio Rank: 26
NUGT Omega Ratio Rank: 29
NUGT Calmar Ratio Rank: 22
NUGT Martin Ratio Rank: 21

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.

TNA vs. NUGT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bull 3X Shares (TNA) 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.

	TNA	NUGT	Difference
Sharpe ratio: Return per unit of total volatility	2.28	0.64	+1.65
Sortino ratio: Return per unit of downside risk	2.68	1.34	+1.35
Omega ratio: Gain probability vs. loss probability	1.32	1.18	+0.14
Calmar ratio: Return relative to maximum drawdown	4.10	0.95	+3.16
Martin ratio: Return relative to average drawdown	13.47	2.21	+11.25

TNA vs. NUGT - Sharpe Ratio Comparison

The current TNA Sharpe Ratio is 2.28, which is higher than the NUGT Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of TNA 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

TNA vs. NUGT - Drawdown Comparison

The maximum TNA drawdown since its inception was -88.09%, smaller than the maximum NUGT drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for TNA and NUGT.

Drawdown Indicators

	TNA	NUGT	Difference
Max Drawdown Largest peak-to-trough decline	-88.09%	-99.97%	+11.88%
Max Drawdown (1Y) Largest decline over 1 year	-32.53%	-63.43%	+30.90%
Max Drawdown (3Y) Largest decline over 3 years	-65.78%	-63.43%	-2.35%
Max Drawdown (5Y) Largest decline over 5 years	-82.36%	-73.72%	-8.64%
Max Drawdown (10Y) Largest decline over 10 years	-88.09%	-96.91%	+8.82%
Current Drawdown Current decline from peak	-31.23%	-99.85%	+68.62%
Average Drawdown Average peak-to-trough decline	-33.92%	-91.53%	+57.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.89%	27.10%	-17.21%

Volatility

TNA vs. NUGT - Volatility Comparison

The current volatility for Direxion Daily Small Cap Bull 3X Shares (TNA) is 19.06%, while Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) has a volatility of 34.79%. This indicates that TNA 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

	TNA	NUGT	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.06%	34.79%	-15.73%
Volatility (6M) Calculated over the trailing 6-month period	42.58%	80.31%	-37.73%
Volatility (1Y) Calculated over the trailing 1-year period	58.61%	94.54%	-35.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.55%	73.03%	-5.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.48%	87.98%	-19.50%

TNA vs. NUGT - Expense Ratio Comparison

TNA has a 1.05% expense ratio, which is lower than NUGT's 1.13% expense ratio.

Dividends

TNA vs. NUGT - Dividend Comparison

TNA's dividend yield for the trailing twelve months is around 0.28%, less than NUGT's 0.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
NUGT Direxion Daily Gold Miners Index Bull 2X ETF	0.61%	0.22%	1.79%	1.67%	0.70%	0.00%	0.00%	0.63%	0.57%	0.00%
TNA Direxion Daily Small Cap Bull 3X Shares	0.28%	0.78%	0.93%	1.27%	0.31%	0.06%	0.03%	0.44%	0.36%	0.15%

Frequently Asked Questions

Can I hold both TNA and NUGT in my portfolio?

TNA 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.

Which is riskier, TNA or NUGT?

NUGT has higher volatility (34.79%) compared to TNA (19.06%). In terms of maximum drawdown, TNA dropped -88.09% vs NUGT's -99.97%.

Which ETF is better, TNA or NUGT?

On 10-year performance, TNA leads with 11.26% vs -12.40% for NUGT. On fees, TNA is cheaper at 1.05% per year. On volatility, TNA has been the lower-risk option at 19.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TNA or NUGT?

Over the 10-year period, TNA has performed better with a 11.26% return vs -12.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TNA or NUGT?

TNA is cheaper with a 1.05% expense ratio, compared with 1.13% for NUGT.

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

NUGT has the higher dividend yield at 0.61%, compared with 0.28% for TNA.

What is the main difference between TNA and NUGT?

TNA is categorized as Leveraged Equities, while NUGT is Gold. TNA tracks Russell 2000 Index (300% Daily), while NUGT tracks MarketVector Global Gold Miners Index (200%). Their fees differ too: 1.05% for TNA and 1.13% for NUGT.

Which has better risk-adjusted returns?

TNA currently has the higher Sharpe Ratio (2.28 vs 0.64), 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.