DUST vs. JNUG

Last updated Aug 2, 2026

DUST (Direxion Daily Gold Miners Bear 2X Shares) and JNUG (Direxion Daily Junior Gold Miners Index Bull 2X ETF) are both exchange-traded funds - DUST is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (-300%), while JNUG is a Gold fund tracking the MVIS Global Junior Gold Miners Index (200%). Both are passively managed. Over the past 10 years, DUST returned -48.81%/yr vs -32.42%/yr for JNUG. Their -0.96 correlation means they have often moved in opposite directions in the past. DUST charges 1.07%/yr vs 1.03%/yr for JNUG.

Performance

DUST vs. JNUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Gold Miners Bear 2X Shares (DUST) and Direxion Daily Junior Gold Miners Index Bull 2X ETF (JNUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DUST achieves a -13.22% return, which is significantly higher than JNUG's -45.63% return. Over the past 10 years, DUST has underperformed JNUG with an annualized return of -48.81%, while JNUG has yielded a comparatively higher -32.42% annualized return.

DUST

• 1D: 6.62%
• 1M: 8.88%
• 6M: 12.29%
• YTD: -13.22%
• 1Y: -72.70%
• 3Y*: -60.67%
• 5Y*: -47.24%
• 10Y*: -48.81%
• ALL TIME*: -48.48%

JNUG

• 1D: -7.15%
• 1M: -15.90%
• 6M: -52.25%
• YTD: -45.63%
• 1Y: 55.90%
• 3Y*: 52.37%
• 5Y*: 8.91%
• 10Y*: -32.42%
• ALL TIME*: -36.14%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DUST Direxion Daily Gold Miners Bear 2X Shares	$30.19M	$36.63M	$44.10M
JNUG Direxion Daily Junior Gold Miners Index Bull 2X ETF	$33.40M	$38.00M	$44.93M

DUST vs. JNUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DUST Direxion Daily Gold Miners Bear 2X Shares	-13.22%	-88.72%	-29.51%	-27.63%	-22.70%	-4.82%	-85.75%	-75.11%	-3.27%	-51.00%
JNUG Direxion Daily Junior Gold Miners Index Bull 2X ETF	-45.63%	478.59%	9.96%	-4.79%	-43.60%	-46.61%	-85.51%	82.43%	-48.11%	-20.18%

Correlation

The correlation between DUST and JNUG is -0.98, 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.	-0.98
Correlation (3Y) Balances recent behavior with more history.	-0.98
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.97
Correlation (10Y) Provides a long-term view across more market conditions.	-0.96
Correlation (All Time) Calculated using the full available price history since Oct 3, 2013	-0.96

The correlation between DUST and JNUG has been stable across timeframes, ranging from -0.98 to -0.96 - a consistent structural relationship.

Return for Risk

DUST vs. JNUG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DUST

DUST Risk / Return Rank: 3
DUST Sharpe Ratio Rank: 3
DUST Sortino Ratio Rank: 2
DUST Omega Ratio Rank: 3
DUST Calmar Ratio Rank: 2
DUST Martin Ratio Rank: 4

JNUG

JNUG Risk / Return Rank: 30
JNUG Sharpe Ratio Rank: 25
JNUG Sortino Ratio Rank: 36
JNUG Omega Ratio Rank: 38
JNUG Calmar Ratio Rank: 27
JNUG Martin Ratio Rank: 23

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DUST vs. JNUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Bear 2X Shares (DUST) and Direxion Daily Junior Gold Miners Index Bull 2X ETF (JNUG). 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.

	DUST	JNUG	Difference
Sharpe ratio: Return per unit of total volatility	-0.76	0.56	-1.33
Sortino ratio: Return per unit of downside risk	-1.33	1.37	-2.69
Omega ratio: Gain probability vs. loss probability	0.86	1.18	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.87	0.85	-1.72
Martin ratio: Return relative to average drawdown	-1.09	1.67	-2.76

DUST vs. JNUG - Sharpe Ratio Comparison

The current DUST Sharpe Ratio is -0.76, which is lower than the JNUG Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of DUST and JNUG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DUST vs. JNUG - Drawdown Comparison

The maximum DUST drawdown since its inception was -100.00%, roughly equal to the maximum JNUG drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for DUST and JNUG.

Drawdown Indicators

	DUST	JNUG	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-99.95%	-0.05%
Max Drawdown (1Y) Largest decline over 1 year	-85.03%	-70.58%	-14.45%
Max Drawdown (3Y) Largest decline over 3 years	-97.55%	-70.58%	-26.97%
Max Drawdown (5Y) Largest decline over 5 years	-98.68%	-76.67%	-22.01%
Max Drawdown (10Y) Largest decline over 10 years	-99.98%	-99.66%	-0.32%
Current Drawdown Current decline from peak	-100.00%	-99.70%	-0.30%
Average Drawdown Average peak-to-trough decline	-83.50%	-93.93%	+10.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	68.24%	35.99%	+32.25%

Volatility

DUST vs. JNUG - Volatility Comparison

The current volatility for Direxion Daily Gold Miners Bear 2X Shares (DUST) is 25.85%, while Direxion Daily Junior Gold Miners Index Bull 2X ETF (JNUG) has a volatility of 29.49%. This indicates that DUST experiences smaller price fluctuations and is considered to be less risky than JNUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DUST	JNUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.85%	29.49%	-3.64%
Volatility (6M) Calculated over the trailing 6-month period	77.14%	90.25%	-13.11%
Volatility (1Y) Calculated over the trailing 1-year period	96.41%	107.20%	-10.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.80%	82.38%	-8.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	86.65%	105.73%	-19.08%

DUST vs. JNUG - Expense Ratio Comparison

DUST has a 1.07% expense ratio, which is higher than JNUG's 1.03% expense ratio.

Dividends

DUST vs. JNUG - Dividend Comparison

DUST's dividend yield for the trailing twelve months is around 4.37%, more than JNUG's 2.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DUST Direxion Daily Gold Miners Bear 2X Shares	4.37%	12.51%	4.99%	4.47%	0.00%	0.00%	3.60%	2.50%	0.37%	0.00%
JNUG Direxion Daily Junior Gold Miners Index Bull 2X ETF	2.62%	1.04%	2.01%	1.62%	0.00%	0.52%	0.10%	0.46%	0.06%	0.51%

Frequently Asked Questions

Can I hold both DUST and JNUG in my portfolio?

DUST and JNUG have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DUST or JNUG?

JNUG has higher volatility (29.49%) compared to DUST (25.85%). In terms of maximum drawdown, DUST dropped -100.00% vs JNUG's -99.95%.

Which ETF is better, DUST or JNUG?

On 10-year performance, JNUG leads with -32.42% vs -48.81% for DUST. On fees, JNUG is cheaper at 1.03% per year. On volatility, DUST has been the lower-risk option at 25.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DUST or JNUG?

Over the 10-year period, JNUG has performed better with a -32.42% return vs -48.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DUST or JNUG?

JNUG is cheaper with a 1.03% expense ratio, compared with 1.07% for DUST.

Which ETF pays a higher dividend yield, DUST or JNUG?

DUST has the higher dividend yield at 4.37%, compared with 2.62% for JNUG.

What is the main difference between DUST and JNUG?

DUST is categorized as Leveraged Equities, while JNUG is Gold. DUST tracks NYSE Arca Gold Miners Index (-300%), while JNUG tracks MVIS Global Junior Gold Miners Index (200%). Their fees differ too: 1.07% for DUST and 1.03% for JNUG.

Which has better risk-adjusted returns?

JNUG currently has the higher Sharpe Ratio (0.56 vs -0.76), 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.