JNUG vs. DUST
JNUG (Direxion Daily Junior Gold Miners Index Bull 2X ETF) and DUST (Direxion Daily Gold Miners Bear 2X Shares) are both exchange-traded funds - JNUG is a Gold fund tracking the MVIS Global Junior Gold Miners Index (200%), while DUST is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (-300%). Both are passively managed. Over the past 10 years, JNUG returned -29.08%/yr vs -50.83%/yr for DUST. At a correlation of -0.96, they often move in opposite directions. JNUG charges 1.03%/yr vs 1.07%/yr for DUST.
Performance
JNUG vs. DUST - Performance Comparison
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Returns By Period
In the year-to-date period, JNUG achieves a -42.88% return, which is significantly lower than DUST's -14.36% return. Over the past 10 years, JNUG has outperformed DUST with an annualized return of -29.08%, while DUST has yielded a comparatively lower -50.83% annualized return.
JNUG
- 1D
- -6.07%
- 1M
- -8.44%
- 6M
- -62.96%
- YTD
- -42.88%
- 1Y
- 44.52%
- 3Y*
- 51.04%
- 5Y*
- 12.14%
- 10Y*
- -29.08%
- ALL TIME*
- -35.94%
DUST
- 1D
- 4.54%
- 1M
- 3.81%
- 6M
- 31.11%
- YTD
- -14.36%
- 1Y
- -71.61%
- 3Y*
- -60.05%
- 5Y*
- -48.51%
- 10Y*
- -50.83%
- ALL TIME*
- -48.58%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $39.99M | $42.64M | $44.96M | |
| $33.85M | $40.36M | $44.89M |
JNUG vs. DUST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JNUG Direxion Daily Junior Gold Miners Index Bull 2X ETF | -42.88% | 478.59% | 9.96% | -4.79% | -43.60% | -46.61% | -85.51% | 82.43% | -48.11% | -20.18% |
DUST Direxion Daily Gold Miners Bear 2X Shares | -14.36% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -85.75% | -75.11% | -3.27% | -51.00% |
Correlation
The correlation between JNUG and DUST is -0.98, 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 | -0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.96 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2013 | -0.96 |
The correlation between JNUG and DUST has been stable across timeframes, ranging from -0.98 to -0.96 - a consistent structural relationship.
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Return for Risk
JNUG vs. DUST — Risk / Return Rank
JNUG
DUST
JNUG vs. DUST - 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 Direxion Daily Gold Miners Bear 2X Shares (DUST). 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 | DUST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.17 | ||
| Sortino ratioReturn per unit of downside risk | +2.47 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.87 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.63 | -0.84 | +1.47 |
| Martin ratioReturn relative to average drawdown | 1.29 | -1.06 | +2.36 |
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Drawdowns
JNUG vs. DUST - Drawdown Comparison
The maximum JNUG drawdown since its inception was -99.95%, roughly equal to the maximum DUST drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for JNUG and DUST.
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Drawdown Indicators
| JNUG | DUST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -100.00% | +0.05% |
Max Drawdown (1Y)Largest decline over 1 year | -70.58% | -85.44% | +14.86% |
Max Drawdown (3Y)Largest decline over 3 years | -70.58% | -97.55% | +26.97% |
Max Drawdown (5Y)Largest decline over 5 years | -76.67% | -98.68% | +22.01% |
Max Drawdown (10Y)Largest decline over 10 years | -99.66% | -99.98% | +0.32% |
Current DrawdownCurrent decline from peak | -99.68% | -100.00% | +0.32% |
Average DrawdownAverage peak-to-trough decline | -93.92% | -83.47% | -10.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.50% | 67.28% | -32.78% |
Volatility
JNUG vs. DUST - Volatility Comparison
Direxion Daily Junior Gold Miners Index Bull 2X ETF (JNUG) has a higher volatility of 29.08% compared to Direxion Daily Gold Miners Bear 2X Shares (DUST) at 24.76%. This indicates that JNUG's price experiences larger fluctuations and is considered to be riskier than DUST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JNUG | DUST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.08% | 24.76% | +4.32% |
Volatility (6M)Calculated over the trailing 6-month period | 90.93% | 77.37% | +13.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 106.86% | 96.07% | +10.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.28% | 73.70% | +8.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 106.01% | 86.83% | +19.18% |
JNUG vs. DUST - Expense Ratio Comparison
JNUG has a 1.03% expense ratio, which is lower than DUST's 1.07% expense ratio.
Dividends
JNUG vs. DUST - Dividend Comparison
JNUG's dividend yield for the trailing twelve months is around 2.50%, less than DUST's 4.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | 4.43% | 12.51% | 4.99% | 4.47% | 0.00% | 0.00% | 3.60% | 2.50% | 0.37% | 0.00% |
JNUG Direxion Daily Junior Gold Miners Index Bull 2X ETF | 2.50% | 1.04% | 2.01% | 1.62% | 0.00% | 0.52% | 0.10% | 0.46% | 0.06% | 0.51% |
Frequently Asked Questions
JNUG and DUST have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JNUG has higher volatility (29.08%) compared to DUST (24.76%). In terms of maximum drawdown, JNUG dropped -99.95% vs DUST's -100.00%.
On 10-year performance, JNUG leads with -29.08% vs -50.83% for DUST. On fees, JNUG is cheaper at 1.03% per year. On volatility, DUST has been the lower-risk option at 24.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, JNUG has performed better with a -29.08% return vs -50.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JNUG is cheaper with a 1.03% expense ratio, compared with 1.07% for DUST.
DUST has the higher dividend yield at 4.43%, compared with 2.50% for JNUG.
JNUG is categorized as Gold, while DUST is Leveraged Equities. JNUG tracks MVIS Global Junior Gold Miners Index (200%), while DUST tracks NYSE Arca Gold Miners Index (-300%). Their fees differ too: 1.03% for JNUG and 1.07% for DUST.
JNUG currently has the higher Sharpe Ratio (0.42 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.
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