Drugs targeting genes that harbor natural variations associated with the disease the drug is indicated for have increased odds to be approved. Various approaches have been proposed to identify likely causal genes for complex diseases, including gene-based genome-wide association studies (GWAS), rare variant burden tests in whole exome sequencing studies (Exome) or integration of GWAS with expression/protein quantitative trait loci (eQTL-GWAS/pQTL-GWAS). Here, we compare gene-prioritization approaches on 30 common clinical traits and benchmarked their ability to recover drug target genes defined using a combination of five drug databases. Across all traits, the top prioritized genes were enriched for drug targets with odds ratios (ORs) of 2.17, 2.04, 1.81 and 1.31 for the GWAS, eQTL-GWAS, Exome and pQTL-GWAS methods, respectively. We quantified the performance of these methods using the area under the receiver operating characteristic curve as metric, and adjusted for differences in testable genes and data origins. GWAS performed significantly better (54.3%) than eQTL (52.8%) and pQTL-GWAS (51.3%), but not significantly so against the Exome approach (51.7% vs 52.8% for GWAS restricted to UK Biobank data). Furthermore, our analysis showed increased performance when diffusing gene scores on gene networks. However, substantial improvements in the protein-protein interaction network may be due to circularity in the data generation process, leading to the node (gene) degree being the best predictor for drug target genes (OR = 8.7, 95% CI = 7.3-10.4) and warranting caution when applying this strategy. In conclusion, we systematically assessed strategies to prioritize drug target genes highlighting promises and potential pitfalls of current approaches.