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JNUG vs. GDX
Performance
Return for Risk
Dividends
Drawdowns
Volatility

JNUG vs. GDX

Last updated Apr 2, 2026

Compare and contrast key facts about Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG) and VanEck Gold Miners ETF (GDX).

JNUG and GDX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. JNUG is a passively managed fund by Direxion that tracks the performance of the MVIS Global Junior Gold Miners Index (300%). It was launched on Apr 1, 2020. GDX is a passively managed fund by VanEck that tracks the performance of the NYSE MarketVector Global Gold Miners Index. It was launched on May 16, 2006. Both JNUG and GDX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

JNUG vs. GDX - 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 VanEck Gold Miners ETF (GDX). The values are adjusted to include any dividend payments, if applicable.

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JNUG vs. GDX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
JNUG
Direxion Daily Junior Gold Miners Index Bull 2x Shares		5.31%478.59%9.96%-4.79%-43.60%-46.61%-85.51%82.43%-48.11%-20.18%
GDX
VanEck Gold Miners ETF		11.94%154.77%10.63%9.98%-9.01%-9.52%23.66%39.84%-8.77%11.99%

Returns By Period

In the year-to-date period, JNUG achieves a 5.31% return, which is significantly lower than GDX's 11.94% return. Over the past 10 years, JNUG has underperformed GDX with an annualized return of -17.11%, while GDX has yielded a comparatively higher 18.07% annualized return.

JNUG

1D
8.45%
1M
-38.19%
YTD
5.31%
6M
31.78%
1Y
260.81%
3Y*
75.93%
5Y*
22.35%
10Y*
-17.11%

GDX

1D
4.62%
1M
-16.76%
YTD
11.94%
6M
25.38%
1Y
111.15%
3Y*
45.40%
5Y*
25.09%
10Y*
18.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

VanEck Gold Miners ETF

Often compared with JNUG:
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Often compared with GDX:
GDX vs. GLDGDX vs. GDXJGDX vs. GOLDGDX vs. IAUGDX vs. GDXUGDX vs. RINGGDX vs. SLV

JNUG vs. GDX - Expense Ratio Comparison

JNUG has a 1.17% expense ratio, which is higher than GDX's 0.51% expense ratio.

JNUG
Direxion Daily Junior Gold Miners Index Bull 2x Shares
GDX
VanEck Gold Miners ETF

Return for Risk

JNUG vs. GDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JNUG
JNUG Risk / Return Rank: 9292
Overall Rank
JNUG Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
JNUG Sortino Ratio Rank: 8989
Sortino Ratio Rank
JNUG Omega Ratio Rank: 8787
Omega Ratio Rank
JNUG Calmar Ratio Rank: 9696
Calmar Ratio Rank
JNUG Martin Ratio Rank: 9393
Martin Ratio Rank
GDX
GDX Risk / Return Rank: 9292
Overall Rank
GDX Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
GDX Sortino Ratio Rank: 9090
Sortino Ratio Rank
GDX Omega Ratio Rank: 8989
Omega Ratio Rank
GDX Calmar Ratio Rank: 9393
Calmar Ratio Rank
GDX Martin Ratio Rank: 9191
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. GDX - 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 VanEck Gold Miners ETF (GDX). 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.

JNUGGDXDifference

Sharpe ratio

Return per unit of total volatility

2.59

2.42

+0.17

Sortino ratio

Return per unit of downside risk

2.54

2.60

-0.06

Omega ratio

Gain probability vs. loss probability

1.36

1.38

-0.02

Calmar ratio

Return relative to maximum drawdown

4.56

3.58

+0.98

Martin ratio

Return relative to average drawdown

13.98

12.86

+1.13

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. GDX - Sharpe Ratio Comparison

The current JNUG Sharpe Ratio is 2.59, which is comparable to the GDX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of JNUG and GDX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

JNUGGDXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.59

2.42

+0.17

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.28

0.71

-0.42

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.16

0.48

-0.64

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.28

0.14

-0.43

Correlation

The correlation between JNUG and GDX is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

JNUG vs. GDX - Dividend Comparison

JNUG's dividend yield for the trailing twelve months is around 1.17%, more than GDX's 0.66% yield.

TTM20252024202320222021202020192018201720162015
JNUG
Direxion Daily Junior Gold Miners Index Bull 2x Shares		1.17%1.04%2.01%1.62%0.00%0.52%0.10%0.46%0.06%0.51%0.00%0.00%
GDX
VanEck Gold Miners ETF		0.66%0.74%1.19%1.61%1.66%1.67%0.53%0.67%0.50%0.76%0.26%0.85%

Drawdowns

JNUG vs. GDX - Drawdown Comparison

The maximum JNUG drawdown since its inception was -99.95%, which is greater than GDX's maximum drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for JNUG and GDX.

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Drawdown Indicators

JNUGGDXDifference

Max Drawdown

Largest peak-to-trough decline

-99.95%

-80.34%

-19.61%

Max Drawdown (1Y)

Largest decline over 1 year

-56.39%

-30.84%

-25.55%

Max Drawdown (5Y)

Largest decline over 5 years

-81.66%

-46.51%

-35.15%

Max Drawdown (10Y)

Largest decline over 10 years

-99.66%

-49.79%

-49.87%

Current Drawdown

Current decline from peak

-99.42%

-17.12%

-82.30%

Average Drawdown

Average peak-to-trough decline

-93.81%

-40.60%

-53.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

18.39%

8.58%

+9.81%

Volatility

JNUG vs. GDX - Volatility Comparison

Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG) has a higher volatility of 39.41% compared to VanEck Gold Miners ETF (GDX) at 17.26%. This indicates that JNUG's price experiences larger fluctuations and is considered to be riskier than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

JNUGGDXDifference

Volatility (1M)

Calculated over the trailing 1-month period

39.41%

17.26%

+22.15%

Volatility (6M)

Calculated over the trailing 6-month period

86.72%

38.43%

+48.29%

Volatility (1Y)

Calculated over the trailing 1-year period

101.25%

46.20%

+55.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

79.31%

35.76%

+43.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

108.99%

37.46%

+71.53%