JNUG vs. DGZ
JNUG (Direxion Daily Junior Gold Miners Index Bull 2X ETF) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - JNUG is a Gold fund tracking the MVIS Global Junior Gold Miners Index (200%), while DGZ is a Inverse Commodities fund tracking the Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). Both are passively managed. Over the past 10 years, JNUG returned -31.88%/yr vs -7.63%/yr for DGZ. At a correlation of -0.59, they often move in opposite directions. JNUG charges 1.03%/yr vs 0.75%/yr for DGZ.
Performance
JNUG vs. DGZ - Performance Comparison
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Returns By Period
In the year-to-date period, JNUG achieves a -44.91% return, which is significantly lower than DGZ's 7.37% return. Over the past 10 years, JNUG has underperformed DGZ with an annualized return of -31.88%, while DGZ has yielded a comparatively higher -7.63% annualized return.
JNUG
- 1D
- -7.28%
- 1M
- -18.71%
- 6M
- -55.03%
- YTD
- -44.91%
- 1Y
- 40.04%
- 3Y*
- 47.01%
- 5Y*
- 8.26%
- 10Y*
- -31.88%
DGZ
- 1D
- 1.32%
- 1M
- 6.28%
- 6M
- 12.88%
- YTD
- 7.37%
- 1Y
- -11.14%
- 3Y*
- -15.55%
- 5Y*
- -9.77%
- 10Y*
- -7.63%
JNUG vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JNUG Direxion Daily Junior Gold Miners Index Bull 2X ETF | -44.91% | 478.59% | 9.96% | -4.79% | -43.60% | -46.61% | -85.51% | 82.43% | -48.11% | -20.18% |
DGZ DB Gold Short Exchange Traded Notes | 7.37% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | -11.36% |
Correlation
The correlation between JNUG and DGZ is -0.29, 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 | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.54 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2013 | -0.59 |
Over the past year, the inverse relationship between JNUG and DGZ has weakened: their correlation has moved from -0.59 to -0.29, meaning they move in opposite directions less often than they have historically.
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Return for Risk
JNUG vs. DGZ — Risk / Return Rank
JNUG
DGZ
JNUG vs. DGZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Junior Gold Miners Index Bull 2X ETF (JNUG) and DB Gold Short Exchange Traded Notes (DGZ). 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.
| JNUG | DGZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.04 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.59 | -0.31 | +0.90 |
| Martin ratioReturn relative to average drawdown | 1.24 | -0.55 | +1.80 |
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Drawdowns
JNUG vs. DGZ - Drawdown Comparison
The maximum JNUG drawdown since its inception was -99.95%, which is greater than DGZ's maximum drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for JNUG and DGZ.
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Drawdown Indicators
| JNUG | DGZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -86.32% | -13.63% |
Max Drawdown (1Y)Largest decline over 1 year | -68.12% | -36.14% | -31.98% |
Max Drawdown (3Y)Largest decline over 3 years | -68.12% | -59.54% | -8.58% |
Max Drawdown (5Y)Largest decline over 5 years | -76.67% | -61.54% | -15.13% |
Max Drawdown (10Y)Largest decline over 10 years | -99.66% | -71.49% | -28.17% |
Current DrawdownCurrent decline from peak | -99.69% | -81.61% | -18.08% |
Average DrawdownAverage peak-to-trough decline | -93.91% | -57.86% | -36.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.35% | 20.16% | +12.19% |
Volatility
JNUG vs. DGZ - Volatility Comparison
Direxion Daily Junior Gold Miners Index Bull 2X ETF (JNUG) has a higher volatility of 33.96% compared to DB Gold Short Exchange Traded Notes (DGZ) at 24.11%. This indicates that JNUG's price experiences larger fluctuations and is considered to be riskier than DGZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JNUG | DGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 33.96% | 24.11% | +9.85% |
Volatility (6M)Calculated over the trailing 6-month period | 90.37% | 58.97% | +31.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 105.88% | 70.25% | +35.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.05% | 36.88% | +45.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 106.27% | 28.40% | +77.87% |
JNUG vs. DGZ - Expense Ratio Comparison
JNUG has a 1.03% expense ratio, which is higher than DGZ's 0.75% expense ratio.
Dividends
JNUG vs. DGZ - Dividend Comparison
JNUG's dividend yield for the trailing twelve months is around 2.59%, while DGZ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 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 ETF | 2.59% | 1.04% | 2.01% | 1.62% | 0.00% | 0.52% | 0.10% | 0.46% | 0.06% | 0.51% |
Frequently Asked Questions
JNUG and DGZ have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JNUG has higher volatility (33.96%) compared to DGZ (24.11%). In terms of maximum drawdown, JNUG dropped -99.95% vs DGZ's -86.32%.
On 10-year performance, DGZ leads with -7.63% vs -31.88% for JNUG. On fees, DGZ is cheaper at 0.75% per year. On volatility, DGZ has been the lower-risk option at 24.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DGZ has performed better with a -7.63% return vs -31.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DGZ is cheaper with a 0.75% expense ratio, compared with 1.03% for JNUG.
JNUG has the higher dividend yield at 2.59%, compared with 0.00% for DGZ.
JNUG is categorized as Gold, while DGZ is Inverse Commodities. JNUG tracks MVIS Global Junior Gold Miners Index (200%), while DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). They also come from different issuers: Direxion and Deutsche Bank. Their fees differ too: 1.03% for JNUG and 0.75% for DGZ.
JNUG currently has the higher Sharpe Ratio (0.38 vs -0.16), 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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