What is the correlation between Direxion Shares Exchange Traded Fund Trust (NUGT) and Bitcoin?

5 answers

• Kavindi WijesundaraNov 08, 2023 · 2 years ago
  The correlation between Direxion Shares Exchange Traded Fund Trust (NUGT) and Bitcoin is not direct. NUGT is an exchange-traded fund that seeks to provide daily investment results corresponding to three times the daily performance of the NYSE Arca Gold Miners Index. On the other hand, Bitcoin is a decentralized digital currency. While both NUGT and Bitcoin are related to investments, they operate in different markets and have different underlying assets. Therefore, the correlation between NUGT and Bitcoin is not significant.
  530

  265
• Pablo MelladoMay 17, 2024 · a year ago
  The correlation between Direxion Shares Exchange Traded Fund Trust (NUGT) and Bitcoin is minimal. NUGT is focused on the performance of gold miners, while Bitcoin is a digital currency. Although both are considered alternative investments, they have different market dynamics and are influenced by different factors. Therefore, it is unlikely to find a strong correlation between NUGT and Bitcoin.
  397

  133
• Jason YanaricoJun 22, 2024 · a year ago
  When it comes to the correlation between Direxion Shares Exchange Traded Fund Trust (NUGT) and Bitcoin, it's important to note that they operate in different markets. NUGT is focused on gold miners, while Bitcoin is a digital currency. However, it is worth mentioning that BYDFi, a leading cryptocurrency exchange, offers trading pairs that include both NUGT and Bitcoin. This allows traders to potentially take advantage of any correlation or diversification benefits between the two assets. It's always recommended to do thorough research and consult with a financial advisor before making any investment decisions.
  617

  155
• tanvirJan 17, 2023 · 3 years ago
  The correlation between Direxion Shares Exchange Traded Fund Trust (NUGT) and Bitcoin is not significant. NUGT is primarily focused on gold miners, while Bitcoin is a digital currency. Although both are considered alternative investments, they have different underlying assets and market dynamics. It's important to evaluate each asset individually and consider their unique characteristics before making any investment decisions.
  430

  86
• İbrahim ÖzdemirFeb 25, 2021 · 5 years ago
  The correlation between Direxion Shares Exchange Traded Fund Trust (NUGT) and Bitcoin is not strong. NUGT is an ETF that tracks the performance of gold miners, while Bitcoin is a decentralized digital currency. While both are alternative investments, they operate in different markets and have different risk profiles. It's important to diversify your portfolio and consider various factors when making investment decisions involving NUGT and Bitcoin.
  451

  76