JNUG vs. FAS

Last updated Jun 10, 2026

JNUG (Direxion Daily Junior Gold Miners Index Bull 2x Shares) and FAS (Direxion Daily Financial Bull 3X Shares) are both Leveraged Equities funds from Direxion - JNUG tracks the MVIS Global Junior Gold Miners Index (300%) while FAS tracks the Russell 1000 Financial Services Index (300%). Both are passively managed. Over the past 10 years, JNUG returned -27.28%/yr vs 19.91%/yr for FAS. At a 0.07 correlation, their price movements are largely independent. JNUG charges 1.17%/yr vs 1.00%/yr for FAS.

Performance

JNUG vs. FAS - 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 Direxion Daily Financial Bull 3X Shares (FAS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JNUG achieves a -37.67% return, which is significantly lower than FAS's -17.44% return. Over the past 10 years, JNUG has underperformed FAS with an annualized return of -27.28%, while FAS has yielded a comparatively higher 19.91% annualized return.

JNUG

• 1D: -4.18%
• 1M: -39.97%
• YTD: -37.67%
• 6M: -29.74%
• 1Y: 52.73%
• 3Y*: 54.90%
• 5Y*: 4.30%
• 10Y*: -27.28%

FAS

• 1D: 2.86%
• 1M: 6.03%
• YTD: -17.44%
• 6M: -9.85%
• 1Y: -3.37%
• 3Y*: 36.76%
• 5Y*: 6.62%
• 10Y*: 19.91%

*Multi-year figures are annualized to reflect compound growth (CAGR)

JNUG vs. FAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JNUG Direxion Daily Junior Gold Miners Index Bull 2x Shares	-37.67%	478.59%	9.96%	-4.79%	-43.60%	-46.61%	-85.51%	82.43%	-48.11%	-20.18%
FAS Direxion Daily Financial Bull 3X Shares	-17.44%	21.48%	84.47%	14.92%	-43.19%	116.59%	-34.97%	113.04%	-33.84%	67.37%

Correlation

The correlation between JNUG and FAS is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.10
Correlation (All Time) Calculated using the full available price history since Oct 3, 2013	0.07

The correlation between JNUG and FAS shifts across timeframes, from 0.07 (all time) to 0.23 (5 years), reflecting how their relationship changes across market environments.

JNUG vs. FAS - Sectors Allocation Comparison

Sectors	JNUG	FAS
Basic Materials	100.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	98.0%
Healthcare	-	-
Industrials	-	0.2%
Real Estate	-	-
Technology	-	1.7%
Utilities	-	-

Return for Risk

JNUG vs. FAS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

JNUG

JNUG Risk / Return Rank: 23
JNUG Sharpe Ratio Rank: 19
JNUG Sortino Ratio Rank: 26
JNUG Omega Ratio Rank: 29
JNUG Calmar Ratio Rank: 21
JNUG Martin Ratio Rank: 19

FAS

FAS Risk / Return Rank: 9
FAS Sharpe Ratio Rank: 9
FAS Sortino Ratio Rank: 10
FAS Omega Ratio Rank: 10
FAS Calmar Ratio Rank: 9
FAS Martin Ratio Rank: 8

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. FAS - 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 Direxion Daily Financial Bull 3X Shares (FAS). 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.

	JNUG	FAS	Difference
Sharpe ratio: Return per unit of total volatility	0.52	-0.08	+0.60
Sortino ratio: Return per unit of downside risk	1.28	0.19	+1.09
Omega ratio: Gain probability vs. loss probability	1.18	1.02	+0.15
Calmar ratio: Return relative to maximum drawdown	0.83	-0.08	+0.91
Martin ratio: Return relative to average drawdown	1.99	-0.19	+2.17
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. FAS - Sharpe Ratio Comparison

The current JNUG Sharpe Ratio is 0.52, which is higher than the FAS Sharpe Ratio of -0.08. The chart below compares the historical Sharpe Ratios of JNUG and FAS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JNUG	FAS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.52	-0.08	+0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	0.12	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.26	0.33	-0.58
Sharpe Ratio (All Time) Calculated using the full available price history	-0.30	0.17	-0.47

Drawdowns

JNUG vs. FAS - Drawdown Comparison

The maximum JNUG drawdown since its inception was -99.95%, which is greater than FAS's maximum drawdown of -91.61%. Use the drawdown chart below to compare losses from any high point for JNUG and FAS.

Drawdown Indicators

	JNUG	FAS	Difference
Max Drawdown Largest peak-to-trough decline	-99.95%	-91.61%	-8.34%
Max Drawdown (1Y) Largest decline over 1 year	-63.94%	-40.88%	-23.06%
Max Drawdown (3Y) Largest decline over 3 years	-63.94%	-43.10%	-20.84%
Max Drawdown (5Y) Largest decline over 5 years	-80.22%	-66.88%	-13.34%
Max Drawdown (10Y) Largest decline over 10 years	-99.66%	-85.99%	-13.67%
Current Drawdown Current decline from peak	-99.65%	-24.24%	-75.41%
Average Drawdown Average peak-to-trough decline	-93.87%	-31.12%	-62.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.64%	17.79%	+8.85%

Volatility

JNUG vs. FAS - Volatility Comparison

Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG) has a higher volatility of 34.94% compared to Direxion Daily Financial Bull 3X Shares (FAS) at 12.33%. This indicates that JNUG's price experiences larger fluctuations and is considered to be riskier than FAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JNUG	FAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.94%	12.33%	+22.61%
Volatility (6M) Calculated over the trailing 6-month period	87.09%	33.34%	+53.75%
Volatility (1Y) Calculated over the trailing 1-year period	101.07%	43.37%	+57.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.92%	55.59%	+25.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	106.62%	61.35%	+45.27%

JNUG vs. FAS - Expense Ratio Comparison

JNUG has a 1.17% expense ratio, which is higher than FAS's 1.00% expense ratio.

Dividends

JNUG vs. FAS - Dividend Comparison

JNUG's dividend yield for the trailing twelve months is around 1.97%, less than FAS's 10.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAS Direxion Daily Financial Bull 3X Shares	10.10%	8.21%	0.76%	1.77%	0.91%	0.60%	0.47%	0.62%	1.43%	0.11%
JNUG Direxion Daily Junior Gold Miners Index Bull 2x Shares	1.97%	1.04%	2.01%	1.62%	0.00%	0.52%	0.10%	0.46%	0.06%	0.51%

Frequently Asked Questions

Can I hold both JNUG and FAS in my portfolio?

JNUG and FAS have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JNUG or FAS?

JNUG has higher volatility (34.94%) compared to FAS (12.33%). In terms of maximum drawdown, JNUG dropped -99.95% vs FAS's -91.61%.

Which ETF is better, JNUG or FAS?

On 10-year performance, FAS leads with 19.91% vs -27.28% for JNUG. On fees, FAS is cheaper at 1.00% per year. On volatility, FAS has been the lower-risk option at 12.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JNUG or FAS?

Over the 10-year period, FAS has performed better with a 19.91% return vs -27.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JNUG or FAS?

FAS is cheaper with a 1.00% expense ratio, compared with 1.17% for JNUG.

Which ETF pays a higher dividend yield, JNUG or FAS?

FAS has the higher dividend yield at 10.10%, compared with 1.97% for JNUG.

What is the main difference between JNUG and FAS?

JNUG tracks MVIS Global Junior Gold Miners Index (300%), while FAS tracks Russell 1000 Financial Services Index (300%). Their fees differ too: 1.17% for JNUG and 1.00% for FAS.

Which has better risk-adjusted returns?

JNUG currently has the higher Sharpe Ratio (0.52 vs -0.08), 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.