JNUG vs. GLDM
JNUG (Direxion Daily Junior Gold Miners Index Bull 2X ETF) and GLDM (SPDR Gold MiniShares Trust) are both Gold funds - JNUG tracks the MVIS Global Junior Gold Miners Index (200%) while GLDM tracks the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, JNUG returned 8.91%/yr vs 17.31%/yr for GLDM. Their 0.77 correlation means they have sometimes moved together and sometimes differently. JNUG charges 1.03%/yr vs 0.10%/yr for GLDM.
Performance
JNUG vs. GLDM - 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 GLDM's -6.13% 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%
GLDM
- 1D
- -1.46%
- 1M
- -1.72%
- 6M
- -16.53%
- YTD
- -6.13%
- 1Y
- 20.58%
- 3Y*
- 27.59%
- 5Y*
- 17.31%
- 10Y*
- —
- ALL TIME*
- 15.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $263.44M | $251.25M | $317.77M | |
| $33.40M | $38.00M | $44.93M |
JNUG vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% | -31.79% |
GLDM SPDR Gold MiniShares Trust | -6.13% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.75% |
Correlation
The correlation between JNUG and GLDM is 0.82, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.82 |
Correlation (3Y) Balances recent behavior with more history. | 0.80 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.79 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.77 |
The correlation between JNUG and GLDM has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.
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Return for Risk
JNUG vs. GLDM — Risk / Return Rank
JNUG
GLDM
JNUG vs. GLDM - 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 SPDR Gold MiniShares Trust (GLDM). 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 | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.17 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.85 | 0.88 | -0.03 |
| Martin ratioReturn relative to average drawdown | 1.67 | 1.90 | -0.23 |
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Drawdowns
JNUG vs. GLDM - Drawdown Comparison
The maximum JNUG drawdown since its inception was -99.95%, which is greater than GLDM's maximum drawdown of -26.27%. Use the drawdown chart below to compare losses from any high point for JNUG and GLDM.
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Drawdown Indicators
| JNUG | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -26.27% | -73.68% |
Max Drawdown (1Y)Largest decline over 1 year | -70.58% | -26.27% | -44.31% |
Max Drawdown (3Y)Largest decline over 3 years | -70.58% | -26.27% | -44.31% |
Max Drawdown (5Y)Largest decline over 5 years | -76.67% | -26.27% | -50.40% |
Max Drawdown (10Y)Largest decline over 10 years | -99.66% | — | — |
Current DrawdownCurrent decline from peak | -99.70% | -24.94% | -74.76% |
Average DrawdownAverage peak-to-trough decline | -93.93% | -6.56% | -87.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.99% | 12.12% | +23.87% |
Volatility
JNUG vs. GLDM - Volatility Comparison
Direxion Daily Junior Gold Miners Index Bull 2X ETF (JNUG) has a higher volatility of 29.49% compared to SPDR Gold MiniShares Trust (GLDM) at 6.35%. This indicates that JNUG's price experiences larger fluctuations and is considered to be riskier than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JNUG | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.49% | 6.35% | +23.14% |
Volatility (6M)Calculated over the trailing 6-month period | 90.25% | 23.37% | +66.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 107.20% | 27.92% | +79.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.38% | 18.39% | +63.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 105.73% | 17.10% | +88.63% |
JNUG vs. GLDM - Expense Ratio Comparison
JNUG has a 1.03% expense ratio, which is higher than GLDM's 0.10% expense ratio.
Dividends
JNUG vs. GLDM - Dividend Comparison
JNUG's dividend yield for the trailing twelve months is around 2.62%, while GLDM has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GLDM SPDR Gold MiniShares Trust | 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 GLDM have a correlation of 0.82, 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 GLDM (6.35%). In terms of maximum drawdown, JNUG dropped -99.95% vs GLDM's -26.27%.
On 5-year performance, GLDM leads with 17.31% vs 8.91% for JNUG. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 6.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GLDM has performed better with a 17.31% return vs 8.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDM is cheaper with a 0.10% expense ratio, compared with 1.03% for JNUG.
JNUG has the higher dividend yield at 2.62%, compared with 0.00% for GLDM.
JNUG tracks MVIS Global Junior Gold Miners Index (200%), while GLDM tracks LBMA Gold Price PM. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.03% for JNUG and 0.10% for GLDM.
GLDM currently has the higher Sharpe Ratio (0.83 vs 0.56), 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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