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JNUG vs. AGQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

JNUG vs. AGQ

Last updated Jun 3, 2026

JNUG (Direxion Daily Junior Gold Miners Index Bull 2x Shares) and AGQ (ProShares Ultra Silver) are both exchange-traded funds - JNUG is a Leveraged Equities fund tracking the MVIS Global Junior Gold Miners Index (300%), while AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%). Both are passively managed. Over the past 10 years, JNUG returned -23.85%/yr vs 11.95%/yr for AGQ. A 0.72 correlation means they provide meaningful diversification when combined. JNUG charges 1.17%/yr vs 0.93%/yr for AGQ.

Performance

JNUG vs. AGQ - Performance Comparison

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

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Returns By Period

In the year-to-date period, JNUG achieves a -13.94% return, which is significantly higher than AGQ's -27.00% return. Over the past 10 years, JNUG has underperformed AGQ with an annualized return of -23.85%, while AGQ has yielded a comparatively higher 11.95% annualized return.

JNUG

1D
1.51%
1M
-2.04%
YTD
-13.94%
6M
-0.62%
1Y
112.06%
3Y*
71.84%
5Y*
12.42%
10Y*
-23.85%

AGQ

1D
0.91%
1M
-3.63%
YTD
-27.00%
6M
-1.58%
1Y
153.50%
3Y*
56.97%
5Y*
17.15%
10Y*
11.95%
*Multi-year figures are annualized to reflect compound growth (CAGR)

JNUG vs. AGQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
JNUG
Direxion Daily Junior Gold Miners Index Bull 2x Shares		-13.94%478.59%9.96%-4.79%-43.60%-46.61%-85.51%82.43%-48.11%-20.18%
AGQ
ProShares Ultra Silver		-27.00%360.71%23.92%-15.09%-7.89%-32.25%62.02%20.02%-22.10%5.49%

Correlation

The correlation between JNUG and AGQ is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.77

Correlation (3Y)
Calculated over the trailing 3-year period

0.77

Correlation (5Y)
Calculated over the trailing 5-year period

0.78

Correlation (10Y)
Calculated over the trailing 10-year period

0.75

Correlation (All Time)
Calculated using the full available price history since Oct 4, 2013

0.72

The correlation between JNUG and AGQ has been stable across timeframes, ranging from 0.72 to 0.78 - 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.

Direxion Daily Junior Gold Miners Index Bull 2x Shares

ProShares Ultra Silver

Often compared with JNUG:
JNUG vs. NUGTJNUG vs. JDSTJNUG vs. GDXJNUG vs. NRGUJNUG vs. UGLJNUG vs. GC=FJNUG vs. DUST
Often compared with AGQ:
AGQ vs. SLVAGQ vs. SILJAGQ vs. SIVRAGQ vs. SPYAGQ vs. GLLAGQ vs. HYMCAGQ vs. 3SLV.DE

Return for Risk

JNUG vs. AGQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JNUG
JNUG Risk / Return Rank: 3737
Overall Rank
JNUG Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
JNUG Sortino Ratio Rank: 3333
Sortino Ratio Rank
JNUG Omega Ratio Rank: 3737
Omega Ratio Rank
JNUG Calmar Ratio Rank: 5050
Calmar Ratio Rank
JNUG Martin Ratio Rank: 3636
Martin Ratio Rank
AGQ
AGQ Risk / Return Rank: 4141
Overall Rank
AGQ Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
AGQ Sortino Ratio Rank: 3838
Sortino Ratio Rank
AGQ Omega Ratio Rank: 5353
Omega Ratio Rank
AGQ Calmar Ratio Rank: 4747
Calmar Ratio Rank
AGQ Martin Ratio Rank: 3131
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.

JNUG vs. AGQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG) and ProShares Ultra Silver (AGQ). 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.

JNUGAGQDifference

Sharpe ratio

Return per unit of total volatility

1.14

1.28

-0.14

Sortino ratio

Return per unit of downside risk

1.76

1.96

-0.20

Omega ratio

Gain probability vs. loss probability

1.24

1.33

-0.09

Calmar ratio

Return relative to maximum drawdown

2.45

2.38

+0.07

Martin ratio

Return relative to average drawdown

5.48

4.58

+0.90

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

JNUG vs. AGQ - Sharpe Ratio Comparison

The current JNUG Sharpe Ratio is 1.14, which is comparable to the AGQ Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of JNUG and AGQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

JNUGAGQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.14

1.28

-0.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.16

0.23

-0.08

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.22

0.18

-0.41

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.29

0.08

-0.37

Drawdowns

JNUG vs. AGQ - Drawdown Comparison

The maximum JNUG drawdown since its inception was -99.95%, roughly equal to the maximum AGQ drawdown of -98.16%. Use the drawdown chart below to compare losses from any high point for JNUG and AGQ.

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Drawdown Indicators

JNUGAGQDifference

Max Drawdown

Largest peak-to-trough decline

-99.95%

-98.16%

-1.79%

Max Drawdown (1Y)

Largest decline over 1 year

-56.39%

-76.21%

+19.82%

Max Drawdown (3Y)

Largest decline over 3 years

-56.39%

-76.21%

+19.82%

Max Drawdown (5Y)

Largest decline over 5 years

-80.95%

-76.21%

-4.74%

Max Drawdown (10Y)

Largest decline over 10 years

-99.66%

-76.25%

-23.41%

Current Drawdown

Current decline from peak

-99.52%

-84.50%

-15.02%

Average Drawdown

Average peak-to-trough decline

-93.89%

-79.86%

-14.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

25.28%

39.66%

-14.38%

Volatility

JNUG vs. AGQ - Volatility Comparison

The current volatility for Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG) is 31.67%, while ProShares Ultra Silver (AGQ) has a volatility of 33.88%. This indicates that JNUG experiences smaller price fluctuations and is considered to be less risky than AGQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

JNUGAGQDifference

Volatility (1M)

Calculated over the trailing 1-month period

31.67%

33.88%

-2.21%

Volatility (6M)

Calculated over the trailing 6-month period

83.60%

133.66%

-50.06%

Volatility (1Y)

Calculated over the trailing 1-year period

99.37%

121.08%

-21.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

80.40%

74.68%

+5.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

106.52%

65.65%

+40.87%

JNUG vs. AGQ - Expense Ratio Comparison

JNUG has a 1.17% expense ratio, which is higher than AGQ's 0.93% expense ratio.

Dividends

JNUG vs. AGQ - Dividend Comparison

JNUG's dividend yield for the trailing twelve months is around 1.43%, while AGQ has not paid dividends to shareholders.

PositionTTM202520242023202220212020201920182017
AGQ
ProShares Ultra Silver		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		1.43%1.04%2.01%1.62%0.00%0.52%0.10%0.46%0.06%0.51%

Frequently Asked Questions

JNUG and AGQ have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AGQ has higher volatility (33.88%) compared to JNUG (31.67%). In terms of maximum drawdown, JNUG dropped -99.95% vs AGQ's -98.16%.

On 10-year performance, AGQ leads with 11.95% vs -23.85% for JNUG. On fees, AGQ is cheaper at 0.93% per year. On volatility, JNUG has been the lower-risk option at 31.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, AGQ has performed better with a 11.95% return vs -23.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

AGQ is cheaper with a 0.93% expense ratio, compared with 1.17% for JNUG.

JNUG has the higher dividend yield at 1.43%, compared with 0.00% for AGQ.

JNUG is categorized as Leveraged Equities, while AGQ is Silver. JNUG tracks MVIS Global Junior Gold Miners Index (300%), while AGQ tracks Bloomberg Silver Subindex (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.17% for JNUG and 0.93% for AGQ.

AGQ currently has the higher Sharpe Ratio (1.28 vs 1.14), 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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