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GDX vs. JNUG
Performance
Return for Risk
Dividends
Drawdowns
Volatility

GDX vs. JNUG

Last updated Apr 1, 2026

Compare and contrast key facts about VanEck Gold Miners ETF (GDX) and Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG).

GDX and JNUG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GDX is a passively managed fund by VanEck that tracks the performance of the NYSE MarketVector Global Gold Miners Index. It was launched on May 16, 2006. JNUG is a passively managed fund by Direxion that tracks the performance of the MVIS Global Junior Gold Miners Index (300%). It was launched on Apr 1, 2020. Both GDX and JNUG are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

GDX vs. JNUG - Performance Comparison

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

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GDX vs. JNUG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GDX
VanEck Gold Miners ETF		7.00%154.77%10.63%9.98%-9.01%-9.52%23.66%39.84%-8.77%11.99%
JNUG
Direxion Daily Junior Gold Miners Index Bull 2x Shares		-2.90%478.59%9.96%-4.79%-43.60%-46.61%-85.51%82.43%-48.11%-20.18%

Returns By Period

In the year-to-date period, GDX achieves a 7.00% return, which is significantly higher than JNUG's -2.90% return. Over the past 10 years, GDX has outperformed JNUG with an annualized return of 17.53%, while JNUG has yielded a comparatively lower -17.78% annualized return.

GDX

1D
6.97%
1M
-20.78%
YTD
7.00%
6M
20.99%
1Y
101.08%
3Y*
43.23%
5Y*
23.96%
10Y*
17.53%

JNUG

1D
16.82%
1M
-43.82%
YTD
-2.90%
6M
23.61%
1Y
229.39%
3Y*
71.24%
5Y*
20.38%
10Y*
-17.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Gold Miners ETF

Direxion Daily Junior Gold Miners Index Bull 2x Shares

Often compared with GDX:
GDX vs. GLDGDX vs. GDXJGDX vs. GOLDGDX vs. IAUGDX vs. GDXUGDX vs. RINGGDX vs. SLV
Often compared with JNUG:
JNUG vs. NUGTJNUG vs. JDSTJNUG vs. NRGUJNUG vs. UGLJNUG vs. GC=FJNUG vs. DUSTJNUG vs. DGP

GDX vs. JNUG - Expense Ratio Comparison

GDX has a 0.51% expense ratio, which is lower than JNUG's 1.17% expense ratio.

JNUG
Direxion Daily Junior Gold Miners Index Bull 2x Shares
GDX
VanEck Gold Miners ETF

Return for Risk

GDX vs. JNUG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GDX
GDX Risk / Return Rank: 9292
Overall Rank
GDX Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
GDX Sortino Ratio Rank: 9090
Sortino Ratio Rank
GDX Omega Ratio Rank: 8989
Omega Ratio Rank
GDX Calmar Ratio Rank: 9393
Calmar Ratio Rank
GDX Martin Ratio Rank: 9292
Martin Ratio Rank
JNUG
JNUG Risk / Return Rank: 9292
Overall Rank
JNUG Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
JNUG Sortino Ratio Rank: 8989
Sortino Ratio Rank
JNUG Omega Ratio Rank: 8787
Omega Ratio Rank
JNUG Calmar Ratio Rank: 9696
Calmar Ratio Rank
JNUG Martin Ratio Rank: 9393
Martin Ratio Rank
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.

GDX vs. JNUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) 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.

GDXJNUGDifference

Sharpe ratio

Return per unit of total volatility

2.21

2.29

-0.08

Sortino ratio

Return per unit of downside risk

2.45

2.40

+0.04

Omega ratio

Gain probability vs. loss probability

1.36

1.34

+0.01

Calmar ratio

Return relative to maximum drawdown

3.34

4.14

-0.81

Martin ratio

Return relative to average drawdown

12.07

12.80

-0.73

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDX vs. JNUG - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 2.21, which is comparable to the JNUG Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of GDX and JNUG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

GDXJNUGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.21

2.29

-0.08

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.67

0.26

+0.42

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.47

-0.16

+0.63

Sharpe Ratio (All Time)

Calculated using the full available price history

0.14

-0.29

+0.42

Correlation

The correlation between GDX and JNUG is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

GDX vs. JNUG - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.69%, less than JNUG's 1.26% yield.

TTM20252024202320222021202020192018201720162015
GDX
VanEck Gold Miners ETF		0.69%0.74%1.19%1.61%1.66%1.67%0.53%0.67%0.50%0.76%0.26%0.85%
JNUG
Direxion Daily Junior Gold Miners Index Bull 2x Shares		1.26%1.04%2.01%1.62%0.00%0.52%0.10%0.46%0.06%0.51%0.00%0.00%

Drawdowns

GDX vs. JNUG - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, smaller than the maximum JNUG drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for GDX and JNUG.

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Drawdown Indicators

GDXJNUGDifference

Max Drawdown

Largest peak-to-trough decline

-80.34%

-99.95%

+19.61%

Max Drawdown (1Y)

Largest decline over 1 year

-30.84%

-56.39%

+25.55%

Max Drawdown (5Y)

Largest decline over 5 years

-46.51%

-81.66%

+35.15%

Max Drawdown (10Y)

Largest decline over 10 years

-49.79%

-99.66%

+49.87%

Current Drawdown

Current decline from peak

-20.78%

-99.46%

+78.68%

Average Drawdown

Average peak-to-trough decline

-40.61%

-93.81%

+53.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.52%

18.24%

-9.72%

Volatility

GDX vs. JNUG - Volatility Comparison

The current volatility for VanEck Gold Miners ETF (GDX) is 18.51%, while Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG) has a volatility of 42.10%. This indicates that GDX 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.

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Volatility by Period

GDXJNUGDifference

Volatility (1M)

Calculated over the trailing 1-month period

18.51%

42.10%

-23.59%

Volatility (6M)

Calculated over the trailing 6-month period

38.19%

86.37%

-48.18%

Volatility (1Y)

Calculated over the trailing 1-year period

46.00%

100.96%

-54.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

35.73%

79.29%

-43.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

37.44%

108.98%

-71.54%