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 -59.50%/yr vs 14.00%/yr for UGL. Their -0.75 correlation means they have often moved in opposite directions in the past. JDST charges 1.10%/yr vs 0.95%/yr for UGL.
Performance
JDST vs. UGL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, JDST achieves a -18.61% return, which is significantly higher than UGL's -20.41% return. Over the past 10 years, JDST has underperformed UGL with an annualized return of -59.50%, while UGL has yielded a comparatively higher 14.00% annualized return.
JDST
- 1D
- 7.27%
- 1M
- 10.46%
- 6M
- 5.97%
- YTD
- -18.61%
- 1Y
- -79.18%
- 3Y*
- -66.93%
- 5Y*
- -52.90%
- 10Y*
- -59.50%
- ALL TIME*
- -68.78%
UGL
- 1D
- -2.99%
- 1M
- -4.25%
- 6M
- -34.89%
- YTD
- -20.41%
- 1Y
- 24.87%
- 3Y*
- 43.93%
- 5Y*
- 24.15%
- 10Y*
- 14.00%
- ALL TIME*
- 11.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.95M | $13.83M | $18.78M | |
| $72.32M | $67.11M | $108.24M |
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 | -18.61% | -91.10% | -40.98% | -28.29% | -26.25% | 10.97% | -95.97% | -80.30% | -1.60% | -63.44% |
UGL ProShares Ultra Gold | -20.41% | 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 -0.81, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.81 |
Correlation (3Y) Balances recent behavior with more history. | -0.80 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.79 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 -0.81 to -0.75 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -1.28 | ||
| Sortino ratioReturn per unit of downside risk | -2.41 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.14 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | 0.60 | -1.50 |
| Martin ratioReturn relative to average drawdown | -1.10 | 1.22 | -2.32 |
Loading charts...
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.
Loading charts...
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 | -88.72% | -50.02% | -38.70% |
Max Drawdown (3Y)Largest decline over 3 years | -98.58% | -50.02% | -48.56% |
Max Drawdown (5Y)Largest decline over 5 years | -99.28% | -50.02% | -49.26% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -50.02% | -49.98% |
Current DrawdownCurrent decline from peak | -100.00% | -48.39% | -51.61% |
Average DrawdownAverage peak-to-trough decline | -95.35% | -43.64% | -51.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 72.79% | 24.47% | +48.32% |
Volatility
JDST vs. UGL - Volatility Comparison
Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST) has a higher volatility of 30.04% compared to ProShares Ultra Gold (UGL) at 12.79%. 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.
Loading charts...
Volatility by Period
| JDST | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.04% | 12.79% | +17.25% |
Volatility (6M)Calculated over the trailing 6-month period | 86.12% | 47.42% | +38.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 106.73% | 55.84% | +50.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.80% | 37.12% | +45.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 103.95% | 32.70% | +71.25% |
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 5.96%, 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 | 5.96% | 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 -0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JDST has higher volatility (30.04%) compared to UGL (12.79%). In terms of maximum drawdown, JDST dropped -100.00% vs UGL's -75.93%.
On 10-year performance, UGL leads with 14.00% vs -59.50% for JDST. On fees, UGL is cheaper at 0.95% per year. On volatility, UGL has been the lower-risk option at 12.79%. 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 14.00% return vs -59.50%. 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 5.96%, 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 (0.54 vs -0.75), 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.
Find the right allocation for JDST and UGL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer