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 -32.42%/yr vs -7.90%/yr for DGZ. Their -0.58 correlation means they have often moved in opposite directions in the past. 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 -45.63% return, which is significantly lower than DGZ's 1.46% return. Over the past 10 years, JNUG has underperformed DGZ with an annualized return of -32.42%, while DGZ has yielded a comparatively higher -7.90% annualized return.
JNUG
- 1D
- -7.15%
- 1M
- -15.90%
- 6M
- -52.25%
- YTD
- -45.63%
- 1Y
- 55.90%
- 3Y*
- 52.37%
- 5Y*
- 8.91%
- 10Y*
- -32.42%
- ALL TIME*
- -36.14%
DGZ
- 1D
- -2.65%
- 1M
- -11.56%
- 6M
- 3.27%
- YTD
- 1.46%
- 1Y
- -15.73%
- 3Y*
- -17.39%
- 5Y*
- -11.06%
- 10Y*
- -7.90%
- ALL TIME*
- -7.69%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $27.40K | $33.87K | $42.21K | |
| $33.40M | $38.00M | $44.93M |
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 | -45.63% | 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 | 1.46% | -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 -0.24, 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. | -0.24 |
Correlation (3Y) Balances recent behavior with more history. | -0.31 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.43 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.54 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2013 | -0.58 |
Over the past year, the inverse relationship between JNUG and DGZ has weakened: their correlation has moved from -0.58 to -0.24, 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 | +0.81 | ||
| Sortino ratioReturn per unit of downside risk | +1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.02 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.85 | -0.49 | +1.34 |
| Martin ratioReturn relative to average drawdown | 1.67 | -0.86 | +2.53 |
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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 | -70.58% | -36.14% | -34.44% |
Max Drawdown (3Y)Largest decline over 3 years | -70.58% | -59.54% | -11.04% |
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 | -99.70% | -82.62% | -17.08% |
Average DrawdownAverage peak-to-trough decline | -93.93% | -57.94% | -35.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.99% | 20.58% | +15.41% |
Volatility
JNUG vs. DGZ - Volatility Comparison
Direxion Daily Junior Gold Miners Index Bull 2X ETF (JNUG) has a higher volatility of 29.49% compared to DB Gold Short Exchange Traded Notes (DGZ) at 19.90%. 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 | 29.49% | 19.90% | +9.59% |
Volatility (6M)Calculated over the trailing 6-month period | 90.25% | 60.03% | +30.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 107.20% | 71.95% | +35.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.38% | 37.59% | +44.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 105.73% | 28.84% | +76.89% |
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 2.62%, 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 | 2.62% | 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 -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JNUG has higher volatility (29.49%) compared to DGZ (19.90%). In terms of maximum drawdown, JNUG dropped -99.95% vs DGZ's -86.32%.
On 10-year performance, DGZ leads with -7.90% vs -32.42% for JNUG. On fees, DGZ is cheaper at 0.75% per year. On volatility, DGZ has been the lower-risk option at 19.90%. 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 -7.90% return vs -32.42%. 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 2.62%, 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 (0.56 vs -0.25), 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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