JDST vs. UGL
JDST (Direxion Daily Junior Gold Miners Index Bear 2X Shares) and UGL (ProShares Ultra Gold) are both exchange-traded funds - JDST is a Leveraged Equities fund tracking the MVIS Global Junior Gold Miners Index (-300%), while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, JDST returned -62.85%/yr vs 15.23%/yr for UGL. At a correlation of -0.75, they often move in opposite directions. JDST charges 1.10%/yr vs 0.95%/yr for UGL.
Performance
JDST vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, JDST achieves a -22.39% return, which is significantly lower than UGL's -16.89% return. Over the past 10 years, JDST has underperformed UGL with an annualized return of -62.85%, while UGL has yielded a comparatively higher 15.23% annualized return.
JDST
- 1D
- 10.10%
- 1M
- 10.16%
- YTD
- -22.39%
- 6M
- -14.59%
- 1Y
- -78.52%
- 3Y*
- -68.43%
- 5Y*
- -52.81%
- 10Y*
- -62.85%
UGL
- 1D
- -3.69%
- 1M
- -17.68%
- YTD
- -16.89%
- 6M
- -24.16%
- 1Y
- 27.53%
- 3Y*
- 46.82%
- 5Y*
- 26.27%
- 10Y*
- 15.23%
JDST vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JDST Direxion Daily Junior Gold Miners Index Bear 2X Shares | -22.39% | -91.10% | -40.98% | -28.29% | -26.25% | 10.97% | -95.97% | -80.30% | -1.60% | -63.44% |
UGL ProShares Ultra Gold | -16.89% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between JDST and UGL is -0.80, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.76 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2013 | -0.75 |
The correlation between JDST and UGL has been stable across timeframes, ranging from -0.80 to -0.75 - a consistent structural relationship.
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Return for Risk
JDST vs. UGL — Risk / Return Rank
JDST
UGL
JDST vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST) and ProShares Ultra Gold (UGL). 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.
| JDST | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.26 | ||
| Sortino ratioReturn per unit of downside risk | -2.39 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.14 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | 0.59 | -1.48 |
| Martin ratioReturn relative to average drawdown | -1.16 | 1.46 | -2.62 |
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Drawdowns
JDST vs. UGL - Drawdown Comparison
The maximum JDST drawdown since its inception was -100.00%, which is greater than UGL's maximum drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for JDST and UGL.
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Drawdown Indicators
| JDST | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -75.93% | -24.07% |
Max Drawdown (1Y)Largest decline over 1 year | -88.98% | -46.64% | -42.34% |
Max Drawdown (3Y)Largest decline over 3 years | -98.58% | -46.64% | -51.94% |
Max Drawdown (5Y)Largest decline over 5 years | -99.28% | -46.64% | -52.64% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -46.64% | -53.36% |
Current DrawdownCurrent decline from peak | -100.00% | -46.11% | -53.89% |
Average DrawdownAverage peak-to-trough decline | -95.31% | -43.62% | -51.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 67.97% | 18.88% | +49.09% |
Volatility
JDST vs. UGL - Volatility Comparison
Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST) has a higher volatility of 39.08% compared to ProShares Ultra Gold (UGL) at 16.29%. This indicates that JDST's price experiences larger fluctuations and is considered to be riskier than UGL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JDST | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 39.08% | 16.29% | +22.79% |
Volatility (6M)Calculated over the trailing 6-month period | 85.69% | 49.19% | +36.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 103.81% | 54.81% | +49.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.06% | 36.65% | +45.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 104.94% | 32.51% | +72.43% |
JDST vs. UGL - Expense Ratio Comparison
JDST has a 1.10% expense ratio, which is higher than UGL's 0.95% expense ratio.
Dividends
JDST vs. UGL - Dividend Comparison
JDST's dividend yield for the trailing twelve months is around 10.36%, while UGL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
JDST Direxion Daily Junior Gold Miners Index Bear 2X Shares | 10.36% | 15.08% | 6.50% | 4.81% | 0.00% | 0.00% | 11.75% | 3.16% | 0.57% |
UGL ProShares Ultra Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JDST and UGL have a correlation of -0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JDST has higher volatility (39.08%) compared to UGL (16.29%). In terms of maximum drawdown, JDST dropped -100.00% vs UGL's -75.93%.
On 10-year performance, UGL leads with 15.23% vs -62.85% for JDST. On fees, UGL is cheaper at 0.95% per year. On volatility, UGL has been the lower-risk option at 16.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGL has performed better with a 15.23% return vs -62.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGL is cheaper with a 0.95% expense ratio, compared with 1.10% for JDST.
JDST has the higher dividend yield at 10.36%, compared with 0.00% for UGL.
JDST is categorized as Leveraged Equities, while UGL is Leveraged Commodities. JDST tracks MVIS Global Junior Gold Miners Index (-300%), while UGL tracks Bloomberg Gold Subindex (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.10% for JDST and 0.95% for UGL.
UGL currently has the higher Sharpe Ratio (0.50 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.
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