GDXU vs. JNUG

Last updated Jun 5, 2026

GDXU (MicroSectors Gold Miners 3X Leveraged ETN) and JNUG (Direxion Daily Junior Gold Miners Index Bull 2x Shares) are both Leveraged Equities funds - GDXU tracks the S-Network MicroSectors Gold Miners Index while JNUG tracks the MVIS Global Junior Gold Miners Index (300%). Both are passively managed. Over the past 5 years, GDXU returned -10.23%/yr vs 10.08%/yr for JNUG. With a 0.98 correlation, they move nearly in lockstep. GDXU charges 0.95%/yr vs 1.17%/yr for JNUG.

Performance

GDXU vs. JNUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold Miners 3X Leveraged ETN (GDXU) 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, GDXU achieves a -41.62% return, which is significantly lower than JNUG's -20.02% return.

GDXU

• 1D: 3.90%
• 1M: -8.04%
• YTD: -41.62%
• 6M: -31.92%
• 1Y: 76.85%
• 3Y*: 47.72%
• 5Y*: -10.23%
• 10Y*: —

JNUG

• 1D: 1.88%
• 1M: -5.41%
• YTD: -20.02%
• 6M: -6.83%
• 1Y: 97.64%
• 3Y*: 67.07%
• 5Y*: 10.08%
• 10Y*: -24.78%

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

GDXU vs. JNUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GDXU MicroSectors Gold Miners 3X Leveraged ETN	-41.62%	796.47%	-18.60%	-21.36%	-62.82%	-54.93%	4.66%
JNUG Direxion Daily Junior Gold Miners Index Bull 2x Shares	-20.02%	478.59%	9.96%	-4.79%	-43.60%	-46.61%	9.72%

Correlation

The correlation between GDXU and JNUG is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020	0.98

The correlation between GDXU and JNUG has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

GDXU vs. JNUG - Sectors Allocation Comparison

Sectors	GDXU	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

GDXU vs. JNUG — Risk / Return Rank

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

GDXU

GDXU Risk / Return Rank: 25
GDXU Sharpe Ratio Rank: 19
GDXU Sortino Ratio Rank: 30
GDXU Omega Ratio Rank: 33
GDXU Calmar Ratio Rank: 23
GDXU Martin Ratio Rank: 19

JNUG

JNUG Risk / Return Rank: 32
JNUG Sharpe Ratio Rank: 28
JNUG Sortino Ratio Rank: 32
JNUG Omega Ratio Rank: 35
JNUG Calmar Ratio Rank: 36
JNUG Martin Ratio Rank: 28

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.

GDXU vs. JNUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners 3X Leveraged ETN (GDXU) 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.

	GDXU	JNUG	Difference
Sharpe ratio: Return per unit of total volatility	0.56	0.99	-0.43
Sortino ratio: Return per unit of downside risk	1.56	1.66	-0.10
Omega ratio: Gain probability vs. loss probability	1.22	1.23	-0.01
Calmar ratio: Return relative to maximum drawdown	1.04	1.74	-0.70
Martin ratio: Return relative to average drawdown	2.11	3.81	-1.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDXU vs. JNUG - Sharpe Ratio Comparison

The current GDXU Sharpe Ratio is 0.56, which is lower than the JNUG Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of GDXU 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

	GDXU	JNUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	0.99	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.09	0.13	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.23	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	-0.29	+0.21

Drawdowns

GDXU vs. JNUG - Drawdown Comparison

The maximum GDXU drawdown since its inception was -94.39%, smaller than the maximum JNUG drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for GDXU and JNUG.

Drawdown Indicators

	GDXU	JNUG	Difference
Max Drawdown Largest peak-to-trough decline	-94.39%	-99.95%	+5.56%
Max Drawdown (1Y) Largest decline over 1 year	-73.99%	-56.39%	-17.60%
Max Drawdown (3Y) Largest decline over 3 years	-73.99%	-56.39%	-17.60%
Max Drawdown (5Y) Largest decline over 5 years	-92.93%	-80.95%	-11.98%
Max Drawdown (10Y) Largest decline over 10 years	—	-99.66%	—
Current Drawdown Current decline from peak	-72.90%	-99.56%	+26.66%
Average Drawdown Average peak-to-trough decline	-69.77%	-93.89%	+24.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.52%	25.74%	+10.78%

Volatility

GDXU vs. JNUG - Volatility Comparison

MicroSectors Gold Miners 3X Leveraged ETN (GDXU) has a higher volatility of 46.65% compared to Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG) at 32.81%. This indicates that GDXU's price experiences larger fluctuations and is considered to be riskier than JNUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXU	JNUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	46.65%	32.81%	+13.84%
Volatility (6M) Calculated over the trailing 6-month period	118.08%	84.09%	+33.99%
Volatility (1Y) Calculated over the trailing 1-year period	137.54%	99.06%	+38.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	110.85%	80.40%	+30.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.00%	106.52%	+3.48%

GDXU vs. JNUG - Expense Ratio Comparison

GDXU has a 0.95% expense ratio, which is lower than JNUG's 1.17% expense ratio.

Dividends

GDXU vs. JNUG - Dividend Comparison

GDXU has not paid dividends to shareholders, while JNUG's dividend yield for the trailing twelve months is around 1.54%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GDXU MicroSectors Gold Miners 3X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
JNUG Direxion Daily Junior Gold Miners Index Bull 2x Shares	1.54%	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 GDXU and JNUG in my portfolio?

With a correlation of 0.99, GDXU 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, GDXU or JNUG?

GDXU has higher volatility (46.65%) compared to JNUG (32.81%). In terms of maximum drawdown, GDXU dropped -94.39% vs JNUG's -99.95%.

Which ETF is better, GDXU or JNUG?

On 5-year performance, JNUG leads with 10.08% vs -10.23% for GDXU. On fees, GDXU is cheaper at 0.95% per year. On volatility, JNUG has been the lower-risk option at 32.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDXU or JNUG?

Over the 5-year period, JNUG has performed better with a 10.08% return vs -10.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDXU or JNUG?

GDXU is cheaper with a 0.95% expense ratio, compared with 1.17% for JNUG.

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

JNUG has the higher dividend yield at 1.54%, compared with 0.00% for GDXU.

What is the main difference between GDXU and JNUG?

GDXU tracks S-Network MicroSectors Gold Miners Index, while JNUG tracks MVIS Global Junior Gold Miners Index (300%). They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for GDXU and 1.17% for JNUG.

Which has better risk-adjusted returns?

JNUG currently has the higher Sharpe Ratio (0.99 vs 0.56), 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.