GDX vs. JNUG

Last updated Jun 4, 2026

GDX (VanEck Gold Miners ETF) and JNUG (Direxion Daily Junior Gold Miners Index Bull 2x Shares) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while JNUG is a Leveraged Equities fund tracking the MVIS Global Junior Gold Miners Index (300%). Both are passively managed. Over the past 10 years, GDX returned 13.98%/yr vs -24.54%/yr for JNUG. With a 0.95 correlation, they move nearly in lockstep. GDX charges 0.51%/yr vs 1.17%/yr for JNUG.

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.

Returns By Period

In the year-to-date period, GDX achieves a -0.90% return, which is significantly higher than JNUG's -21.49% return. Over the past 10 years, GDX has outperformed JNUG with an annualized return of 13.98%, while JNUG has yielded a comparatively lower -24.54% annualized return.

GDX

• 1D: -3.46%
• 1M: -0.76%
• YTD: -0.90%
• 6M: 5.62%
• 1Y: 61.27%
• 3Y*: 41.00%
• 5Y*: 18.69%
• 10Y*: 13.98%

JNUG

• 1D: -8.78%
• 1M: -6.90%
• YTD: -21.49%
• 6M: -8.47%
• 1Y: 97.16%
• 3Y*: 66.66%
• 5Y*: 9.67%
• 10Y*: -24.54%

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

GDX vs. JNUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GDX VanEck Gold Miners ETF	-0.90%	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	-21.49%	478.59%	9.96%	-4.79%	-43.60%	-46.61%	-85.51%	82.43%	-48.11%	-20.18%

Correlation

The correlation between GDX and JNUG is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Oct 4, 2013	0.95

The correlation between GDX and JNUG has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

GDX vs. JNUG - Sectors Allocation Comparison

Sectors	GDX	JNUG
Basic Materials	100.0%	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

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: 35
GDX Sharpe Ratio Rank: 37
GDX Sortino Ratio Rank: 32
GDX Omega Ratio Rank: 36
GDX Calmar Ratio Rank: 39
GDX Martin Ratio Rank: 33

JNUG

JNUG Risk / Return Rank: 30
JNUG Sharpe Ratio Rank: 27
JNUG Sortino Ratio Rank: 30
JNUG Omega Ratio Rank: 33
JNUG Calmar Ratio Rank: 34
JNUG Martin Ratio Rank: 27

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.

	GDX	JNUG	Difference
Sharpe ratio: Return per unit of total volatility	1.35	0.99	+0.37
Sortino ratio: Return per unit of downside risk	1.76	1.65	+0.11
Omega ratio: Gain probability vs. loss probability	1.25	1.23	+0.02
Calmar ratio: Return relative to maximum drawdown	2.00	1.73	+0.26
Martin ratio: Return relative to average drawdown	5.13	3.82	+1.31
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 1.35, which is higher than the JNUG Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of GDX 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

	GDX	JNUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	0.99	+0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.12	+0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	-0.23	+0.61
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	-0.29	+0.42

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.

Drawdown Indicators

	GDX	JNUG	Difference
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 (3Y) Largest decline over 3 years	-30.84%	-56.39%	+25.55%
Max Drawdown (5Y) Largest decline over 5 years	-46.51%	-80.95%	+34.44%
Max Drawdown (10Y) Largest decline over 10 years	-49.79%	-99.66%	+49.87%
Current Drawdown Current decline from peak	-26.62%	-99.57%	+72.95%
Average Drawdown Average peak-to-trough decline	-40.43%	-93.89%	+53.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.99%	25.51%	-13.52%

Volatility

GDX vs. JNUG - Volatility Comparison

The current volatility for VanEck Gold Miners ETF (GDX) is 15.40%, while Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG) has a volatility of 32.74%. 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.

Volatility by Period

	GDX	JNUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.40%	32.74%	-17.34%
Volatility (6M) Calculated over the trailing 6-month period	37.50%	84.08%	-46.58%
Volatility (1Y) Calculated over the trailing 1-year period	45.49%	99.08%	-53.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.39%	80.41%	-44.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.18%	106.54%	-69.36%

GDX vs. JNUG - Expense Ratio Comparison

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

Dividends

GDX vs. JNUG - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.74%, less than JNUG's 1.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDX VanEck Gold Miners ETF	0.74%	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	1.56%	1.04%	2.01%	1.62%	0.00%	0.52%	0.10%	0.46%	0.06%	0.51%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDX and JNUG in my portfolio?

With a correlation of 0.97, GDX and JNUG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GDX or JNUG?

JNUG has higher volatility (32.74%) compared to GDX (15.40%). In terms of maximum drawdown, GDX dropped -80.34% vs JNUG's -99.95%.

Which ETF is better, GDX or JNUG?

On 10-year performance, GDX leads with 13.98% vs -24.54% for JNUG. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 15.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDX or JNUG?

Over the 10-year period, GDX has performed better with a 13.98% return vs -24.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDX or JNUG?

GDX is cheaper with a 0.51% expense ratio, compared with 1.17% for JNUG.

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

JNUG has the higher dividend yield at 1.56%, compared with 0.74% for GDX.

What is the main difference between GDX and JNUG?

GDX is categorized as Gold, while JNUG is Leveraged Equities. GDX tracks NYSE MarketVector Global Gold Miners Index, while JNUG tracks MVIS Global Junior Gold Miners Index (300%). They also come from different issuers: VanEck and Direxion. Their fees differ too: 0.51% for GDX and 1.17% for JNUG.

Which has better risk-adjusted returns?

GDX currently has the higher Sharpe Ratio (1.35 vs 0.99), 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.