UYM vs. NUGT

Last updated Jun 4, 2026

UYM (ProShares Ultra Basic Materials) and NUGT (Direxion Daily Gold Miners Bull 2X Shares) are both Leveraged Equities funds - UYM tracks the Dow Jones U.S. Basic Materials Index (200%) while NUGT tracks the NYSE Arca Gold Miners Index (300%). Both are passively managed. Over the past 10 years, UYM returned 11.91%/yr vs -8.54%/yr for NUGT. At a 0.32 correlation, their price movements are largely independent. UYM charges 0.95%/yr vs 1.23%/yr for NUGT.

Performance

UYM vs. NUGT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Basic Materials (UYM) 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, UYM achieves a 25.72% return, which is significantly higher than NUGT's -16.05% return. Over the past 10 years, UYM has outperformed NUGT with an annualized return of 11.91%, while NUGT has yielded a comparatively lower -8.54% annualized return.

UYM

• 1D: 0.51%
• 1M: 3.42%
• YTD: 25.72%
• 6M: 31.43%
• 1Y: 32.36%
• 3Y*: 13.51%
• 5Y*: 3.33%
• 10Y*: 11.91%

NUGT

• 1D: -6.64%
• 1M: -4.13%
• YTD: -16.05%
• 6M: -6.29%
• 1Y: 97.46%
• 3Y*: 60.96%
• 5Y*: 16.32%
• 10Y*: -8.54%

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

UYM vs. NUGT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UYM ProShares Ultra Basic Materials	25.72%	9.46%	-8.00%	17.47%	-23.10%	54.58%	16.56%	35.09%	-35.68%	51.51%
NUGT Direxion Daily Gold Miners Bull 2X Shares	-16.05%	425.05%	2.89%	2.60%	-32.10%	-26.31%	-60.16%	100.73%	-44.52%	3.73%

Correlation

The correlation between UYM and NUGT is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Dec 9, 2010	0.32

The correlation between UYM and NUGT shifts across timeframes, from 0.29 (10 years) to 0.51 (1 year), reflecting how their relationship changes across market environments.

UYM vs. NUGT - Sectors Allocation Comparison

Sectors	UYM	NUGT
Basic Materials	87.6%	100.0%
Consumer Cyclical	12.4%	-
Industrials	1.1%	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

UYM vs. NUGT — Risk / Return Rank

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

UYM

UYM Risk / Return Rank: 27
UYM Sharpe Ratio Rank: 27
UYM Sortino Ratio Rank: 27
UYM Omega Ratio Rank: 26
UYM Calmar Ratio Rank: 28
UYM Martin Ratio Rank: 27

NUGT

NUGT Risk / Return Rank: 32
NUGT Sharpe Ratio Rank: 29
NUGT Sortino Ratio Rank: 30
NUGT Omega Ratio Rank: 34
NUGT Calmar Ratio Rank: 37
NUGT Martin Ratio Rank: 29

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.

UYM vs. NUGT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Basic Materials (UYM) 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.

	UYM	NUGT	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.09	-0.12
Sortino ratio: Return per unit of downside risk	1.49	1.67	-0.19
Omega ratio: Gain probability vs. loss probability	1.18	1.23	-0.06
Calmar ratio: Return relative to maximum drawdown	1.36	1.83	-0.47
Martin ratio: Return relative to average drawdown	3.71	4.18	-0.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UYM vs. NUGT - Sharpe Ratio Comparison

The current UYM Sharpe Ratio is 0.97, which is comparable to the NUGT Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of UYM 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.

Sharpe Ratios by Period

	UYM	NUGT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	1.09	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.23	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	-0.10	+0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	-0.33	+0.42

Drawdowns

UYM vs. NUGT - Drawdown Comparison

The maximum UYM drawdown since its inception was -92.77%, smaller than the maximum NUGT drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for UYM and NUGT.

Drawdown Indicators

	UYM	NUGT	Difference
Max Drawdown Largest peak-to-trough decline	-92.77%	-99.97%	+7.20%
Max Drawdown (1Y) Largest decline over 1 year	-23.85%	-53.58%	+29.73%
Max Drawdown (3Y) Largest decline over 3 years	-43.88%	-53.58%	+9.70%
Max Drawdown (5Y) Largest decline over 5 years	-48.25%	-73.72%	+25.47%
Max Drawdown (10Y) Largest decline over 10 years	-73.31%	-96.91%	+23.60%
Current Drawdown Current decline from peak	-8.94%	-99.80%	+90.86%
Average Drawdown Average peak-to-trough decline	-42.11%	-91.52%	+49.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.73%	23.39%	-14.66%

Volatility

UYM vs. NUGT - Volatility Comparison

The current volatility for ProShares Ultra Basic Materials (UYM) is 11.55%, while Direxion Daily Gold Miners Bull 2X Shares (NUGT) has a volatility of 30.32%. This indicates that UYM 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

	UYM	NUGT	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.55%	30.32%	-18.77%
Volatility (6M) Calculated over the trailing 6-month period	25.84%	75.18%	-49.34%
Volatility (1Y) Calculated over the trailing 1-year period	33.71%	90.01%	-56.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.26%	71.96%	-32.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.76%	87.90%	-45.14%

UYM vs. NUGT - Expense Ratio Comparison

UYM has a 0.95% expense ratio, which is lower than NUGT's 1.23% expense ratio.

Dividends

UYM vs. NUGT - Dividend Comparison

UYM's dividend yield for the trailing twelve months is around 1.21%, more than NUGT's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NUGT Direxion Daily Gold Miners Bull 2X Shares	0.36%	0.22%	1.79%	1.67%	0.70%	0.00%	0.00%	0.63%	0.57%	0.00%	0.00%	0.00%
UYM ProShares Ultra Basic Materials	1.21%	1.47%	0.98%	0.28%	0.88%	0.52%	0.56%	1.24%	0.94%	0.38%	0.55%	0.42%

Frequently Asked Questions

Can I hold both UYM and NUGT in my portfolio?

UYM and NUGT have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UYM or NUGT?

NUGT has higher volatility (30.32%) compared to UYM (11.55%). In terms of maximum drawdown, UYM dropped -92.77% vs NUGT's -99.97%.

Which ETF is better, UYM or NUGT?

On 10-year performance, UYM leads with 11.91% vs -8.54% for NUGT. On fees, UYM is cheaper at 0.95% per year. On volatility, UYM has been the lower-risk option at 11.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UYM or NUGT?

Over the 10-year period, UYM has performed better with a 11.91% return vs -8.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UYM or NUGT?

UYM is cheaper with a 0.95% expense ratio, compared with 1.23% for NUGT.

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

UYM has the higher dividend yield at 1.21%, compared with 0.36% for NUGT.

What is the main difference between UYM and NUGT?

UYM tracks Dow Jones U.S. Basic Materials Index (200%), while NUGT tracks NYSE Arca Gold Miners Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UYM and 1.23% for NUGT.

Which has better risk-adjusted returns?

NUGT currently has the higher Sharpe Ratio (1.09 vs 0.97), 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.