TZA vs. NUGT
TZA (Direxion Daily Small Cap Bear 3X Shares) and NUGT (Direxion Daily Gold Miners Index Bull 2X ETF) are both exchange-traded funds - TZA is a Leveraged Equities fund tracking the Russell 2000 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, TZA returned -42.58%/yr vs -16.18%/yr for NUGT. Their -0.19 correlation means they have often moved in opposite directions in the past. TZA charges 1.11%/yr vs 1.13%/yr for NUGT.
Performance
TZA vs. NUGT - Performance Comparison
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Returns By Period
In the year-to-date period, TZA achieves a -43.24% return, which is significantly lower than NUGT's -39.52% return. Over the past 10 years, TZA has underperformed NUGT with an annualized return of -42.58%, while NUGT has yielded a comparatively higher -16.18% annualized return.
TZA
- 1D
- 1.46%
- 1M
- 6.63%
- 6M
- -33.61%
- YTD
- -43.24%
- 1Y
- -63.97%
- 3Y*
- -40.66%
- 5Y*
- -31.37%
- 10Y*
- -42.58%
- ALL TIME*
- -49.66%
NUGT
- 1D
- -6.72%
- 1M
- -12.05%
- 6M
- -48.02%
- YTD
- -39.52%
- 1Y
- 49.33%
- 3Y*
- 49.26%
- 5Y*
- 13.78%
- 10Y*
- -16.18%
- ALL TIME*
- -33.84%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $66.79M | $70.57M | $87.96M | |
| $153.79M | $463.04M | $1.03B |
TZA vs. NUGT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -43.24% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
NUGT Direxion Daily Gold Miners Index Bull 2X ETF | -39.52% | 425.05% | 2.89% | 2.60% | -32.10% | -26.31% | -60.16% | 100.73% | -44.52% | 3.73% |
Correlation
The correlation between TZA and NUGT is -0.44, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.44 |
Correlation (3Y) Balances recent behavior with more history. | -0.33 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.31 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 TZA and NUGT has strengthened: their correlation has moved from -0.19 to -0.44, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
TZA vs. NUGT — Risk / Return Rank
TZA
NUGT
TZA vs. NUGT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bear 3X Shares (TZA) 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.
| TZA | NUGT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.64 | ||
| Sortino ratioReturn per unit of downside risk | -3.10 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.17 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 0.80 | -1.72 |
| Martin ratioReturn relative to average drawdown | -1.34 | 1.61 | -2.95 |
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Drawdowns
TZA vs. NUGT - Drawdown Comparison
The maximum TZA 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 TZA and NUGT.
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Drawdown Indicators
| TZA | NUGT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.97% | -0.03% |
Max Drawdown (1Y)Largest decline over 1 year | -67.34% | -67.40% | +0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -89.50% | -67.40% | -22.10% |
Max Drawdown (5Y)Largest decline over 5 years | -91.74% | -73.72% | -18.02% |
Max Drawdown (10Y)Largest decline over 10 years | -99.67% | -96.89% | -2.78% |
Current DrawdownCurrent decline from peak | -100.00% | -99.86% | -0.14% |
Average DrawdownAverage peak-to-trough decline | -98.00% | -91.59% | -6.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 46.18% | 33.61% | +12.57% |
Volatility
TZA vs. NUGT - Volatility Comparison
The current volatility for Direxion Daily Small Cap Bear 3X Shares (TZA) is 11.25%, while Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) has a volatility of 24.98%. This indicates that TZA 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
| TZA | NUGT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.25% | 24.98% | -13.73% |
Volatility (6M)Calculated over the trailing 6-month period | 42.35% | 80.05% | -37.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.73% | 96.01% | -38.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.27% | 73.62% | -6.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.83% | 87.38% | -18.55% |
TZA vs. NUGT - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is lower than NUGT's 1.13% expense ratio.
Dividends
TZA vs. NUGT - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 4.67%, more than NUGT's 0.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
NUGT Direxion Daily Gold Miners Index Bull 2X ETF | 0.65% | 0.22% | 1.79% | 1.67% | 0.70% | 0.00% | 0.00% | 0.63% | 0.57% |
TZA Direxion Daily Small Cap Bear 3X Shares | 4.67% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% |
Frequently Asked Questions
TZA and NUGT have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NUGT has higher volatility (24.98%) compared to TZA (11.25%). In terms of maximum drawdown, TZA dropped -100.00% vs NUGT's -99.97%.
On 10-year performance, NUGT leads with -16.18% vs -42.58% for TZA. On fees, TZA is cheaper at 1.11% per year. On volatility, TZA has been the lower-risk option at 11.25%. 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 -16.18% return vs -42.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TZA is cheaper with a 1.11% expense ratio, compared with 1.13% for NUGT.
TZA has the higher dividend yield at 4.67%, compared with 0.65% for NUGT.
TZA is categorized as Leveraged Equities, while NUGT is Gold. TZA tracks Russell 2000 Index (-300%), while NUGT tracks MarketVector Global Gold Miners Index (200%). Their fees differ too: 1.11% for TZA and 1.13% for NUGT.
NUGT currently has the higher Sharpe Ratio (0.56 vs -1.07), 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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