UGLD vs. SHNY

Last updated Jul 17, 2026

UGLD (Direxion Daily Gold Bull 2X ETF) and SHNY (MicroSectors Gold 3X Leveraged ETN) are both Leveraged Commodities funds. With a 1.00 correlation, they move nearly in lockstep. UGLD charges 1.07%/yr vs 0.95%/yr for SHNY.

Performance

UGLD vs. SHNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Gold Bull 2X ETF (UGLD) and MicroSectors Gold 3X Leveraged ETN (SHNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

UGLD

• 1D: -3.49%
• 1M: -16.56%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SHNY

• 1D: -6.17%
• 1M: -24.80%
• 6M: -51.80%
• YTD: -41.77%
• 1Y: 5.67%
• 3Y*: 41.47%
• 5Y*: —
• 10Y*: —

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

UGLD vs. SHNY - Yearly Performance Comparison

	2026 (YTD)
UGLD Direxion Daily Gold Bull 2X ETF	-21.26%
SHNY MicroSectors Gold 3X Leveraged ETN	-32.60%

Correlation

The correlation between UGLD and SHNY is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	1.00

Return for Risk

UGLD vs. SHNY — Risk / Return Rank

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

UGLD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SHNY

SHNY Risk / Return Rank: 13
SHNY Sharpe Ratio Rank: 11
SHNY Sortino Ratio Rank: 15
SHNY Omega Ratio Rank: 17
SHNY Calmar Ratio Rank: 10
SHNY Martin Ratio Rank: 10

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.

UGLD vs. SHNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Bull 2X ETF (UGLD) and MicroSectors Gold 3X Leveraged ETN (SHNY). 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.

	UGLD	SHNY	Difference
Sharpe ratio: Return per unit of total volatility	—	0.07	—
Sortino ratio: Return per unit of downside risk	—	0.66	—
Omega ratio: Gain probability vs. loss probability	—	1.09	—
Calmar ratio: Return relative to maximum drawdown	—	0.08	—
Martin ratio: Return relative to average drawdown	—	0.17	—

Drawdowns

UGLD vs. SHNY - Drawdown Comparison

The maximum UGLD drawdown since its inception was -24.99%, smaller than the maximum SHNY drawdown of -69.36%. Use the drawdown chart below to compare losses from any high point for UGLD and SHNY.

Drawdown Indicators

	UGLD	SHNY	Difference
Max Drawdown Largest peak-to-trough decline	-24.99%	-69.36%	+44.37%
Max Drawdown (1Y) Largest decline over 1 year	—	-69.36%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-69.36%	—
Current Drawdown Current decline from peak	-24.99%	-69.36%	+44.37%
Average Drawdown Average peak-to-trough decline	-15.55%	-16.61%	+1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	33.52%	—

Volatility

Volatility by Period

	UGLD	SHNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	19.70%	—
Volatility (6M) Calculated over the trailing 6-month period	—	73.85%	—
Volatility (1Y) Calculated over the trailing 1-year period	53.50%	82.87%	-29.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.50%	59.46%	-5.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.50%	59.46%	-5.96%

UGLD vs. SHNY - Expense Ratio Comparison

UGLD has a 1.07% expense ratio, which is higher than SHNY's 0.95% expense ratio.

Dividends

UGLD vs. SHNY - Dividend Comparison

UGLD's dividend yield for the trailing twelve months is around 0.24%, while SHNY has not paid dividends to shareholders.

Position	TTM
SHNY MicroSectors Gold 3X Leveraged ETN	0.00%
UGLD Direxion Daily Gold Bull 2X ETF	0.24%

Frequently Asked Questions

Can I hold both UGLD and SHNY in my portfolio?

With a correlation of 1.00, UGLD and SHNY 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 ETF is better, UGLD or SHNY?

On fees, SHNY is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UGLD or SHNY?

SHNY is cheaper with a 0.95% expense ratio, compared with 1.07% for UGLD.

Which ETF pays a higher dividend yield, UGLD or SHNY?

UGLD has the higher dividend yield at 0.24%, compared with 0.00% for SHNY.

What is the main difference between UGLD and SHNY?

They also come from different issuers: Direxion and BMO. Their fees differ too: 1.07% for UGLD and 0.95% for SHNY.