GC=F vs. JNUG

Last updated Jun 3, 2026

GC=F (Gold) is an asset, while JNUG (Direxion Daily Junior Gold Miners Index Bull 2x Shares) is Leveraged Equities fund tracking the MVIS Global Junior Gold Miners Index (300%). Over the past 10 years, GC=F returned 13.80%/yr vs -23.85%/yr for JNUG. A 0.63 correlation means they provide meaningful diversification when combined.

Performance

GC=F vs. JNUG - Performance Comparison

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

Returns By Period

In the year-to-date period, GC=F achieves a 4.48% return, which is significantly higher than JNUG's -13.94% return. Over the past 10 years, GC=F has outperformed JNUG with an annualized return of 13.80%, while JNUG has yielded a comparatively lower -23.85% annualized return.

GC=F

• 1D: 0.98%
• 1M: -2.39%
• YTD: 4.48%
• 6M: 7.94%
• 1Y: 34.08%
• 3Y*: 32.28%
• 5Y*: 19.29%
• 10Y*: 13.80%

JNUG

• 1D: 1.51%
• 1M: -2.04%
• YTD: -13.94%
• 6M: -0.62%
• 1Y: 112.06%
• 3Y*: 71.84%
• 5Y*: 12.42%
• 10Y*: -23.85%

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

GC=F vs. JNUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GC=F Gold	4.48%	64.52%	27.48%	13.34%	-0.43%	-3.47%	24.59%	18.87%	-2.14%	13.59%
JNUG Direxion Daily Junior Gold Miners Index Bull 2x Shares	-13.94%	478.59%	9.96%	-4.79%	-43.60%	-46.61%	-85.51%	82.43%	-48.11%	-20.18%

Correlation

The correlation between GC=F and JNUG is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Oct 4, 2013	0.63

The correlation between GC=F and JNUG has been stable across timeframes, ranging from 0.63 to 0.70 - a consistent structural relationship.

Return for Risk

GC=F vs. JNUG — Risk / Return Rank

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

GC=F

GC=F Risk / Return Rank: 54
GC=F Sharpe Ratio Rank: 48
GC=F Sortino Ratio Rank: 48
GC=F Omega Ratio Rank: 45
GC=F Calmar Ratio Rank: 61
GC=F Martin Ratio Rank: 67

JNUG

JNUG Risk / Return Rank: 37
JNUG Sharpe Ratio Rank: 32
JNUG Sortino Ratio Rank: 33
JNUG Omega Ratio Rank: 37
JNUG Calmar Ratio Rank: 50
JNUG Martin Ratio Rank: 36

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.

GC=F vs. JNUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gold (GC=F) and Direxion Daily Junior Gold Miners Index Bull 2x Shares (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.

	GC=F	JNUG	Difference
Sharpe ratio Return per unit of total volatility	1.25	1.14	+0.11
Sortino ratio Return per unit of downside risk	1.63	1.76	-0.13
Omega ratio Gain probability vs. loss probability	1.25	1.24	+0.01
Calmar ratio Return relative to maximum drawdown	2.03	2.45	-0.42
Martin ratio Return relative to average drawdown	5.15	5.48	-0.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GC=F vs. JNUG - Sharpe Ratio Comparison

The current GC=F Sharpe Ratio is 1.25, which is comparable to the JNUG Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of GC=F 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.

Sharpe Ratios by Period

	GC=F	JNUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	1.14	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	0.16	+0.90
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	-0.22	+1.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	-0.29	+0.91

Drawdowns

GC=F vs. JNUG - Drawdown Comparison

The maximum GC=F drawdown since its inception was -44.36%, smaller than the maximum JNUG drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for GC=F and JNUG.

Drawdown Indicators

	GC=F	JNUG	Difference
Max Drawdown Largest peak-to-trough decline	-44.36%	-99.95%	+55.59%
Max Drawdown (1Y) Largest decline over 1 year	-17.73%	-56.39%	+38.66%
Max Drawdown (3Y) Largest decline over 3 years	-17.73%	-56.39%	+38.66%
Max Drawdown (5Y) Largest decline over 5 years	-20.43%	-80.95%	+60.52%
Max Drawdown (10Y) Largest decline over 10 years	-20.87%	-99.66%	+78.79%
Current Drawdown Current decline from peak	-15.03%	-99.52%	+84.49%
Average Drawdown Average peak-to-trough decline	-13.03%	-93.89%	+80.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.01%	25.28%	-18.27%

Volatility

GC=F vs. JNUG - Volatility Comparison

The current volatility for Gold (GC=F) is 5.37%, while Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG) has a volatility of 31.67%. This indicates that GC=F 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

	GC=F	JNUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.37%	31.67%	-26.30%
Volatility (6M) Calculated over the trailing 6-month period	23.05%	83.60%	-60.55%
Volatility (1Y) Calculated over the trailing 1-year period	26.56%	99.37%	-72.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.21%	80.40%	-62.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.44%	106.52%	-90.08%

Frequently Asked Questions

Can I hold both GC=F and JNUG in my portfolio?

GC=F and JNUG have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GC=F or JNUG?

JNUG has higher volatility (31.67%) compared to GC=F (5.37%). In terms of maximum drawdown, GC=F dropped -44.36% vs JNUG's -99.95%.

Which has better risk-adjusted returns?

GC=F currently has the higher Sharpe Ratio (1.25 vs 1.14), 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.