JNUG vs. GLL
JNUG (Direxion Daily Junior Gold Miners Index Bull 2X ETF) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - JNUG is a Gold fund tracking the MVIS Global Junior Gold Miners Index (200%), while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, JNUG returned -32.42%/yr vs -20.49%/yr for GLL. Their -0.75 correlation means they have often moved in opposite directions in the past. JNUG charges 1.03%/yr vs 0.95%/yr for GLL.
Performance
JNUG vs. GLL - 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 GLL's 1.34% return. Over the past 10 years, JNUG has underperformed GLL with an annualized return of -32.42%, while GLL has yielded a comparatively higher -20.49% 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%
GLL
- 1D
- 3.15%
- 1M
- 3.39%
- 6M
- 33.97%
- YTD
- 1.34%
- 1Y
- -39.14%
- 3Y*
- -38.51%
- 5Y*
- -27.47%
- 10Y*
- -20.49%
- ALL TIME*
- -21.77%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $38.26M | $37.47M | $59.93M | |
| $33.40M | $38.00M | $44.93M |
JNUG vs. GLL - 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% |
GLL ProShares UltraShort Gold | 1.34% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
Correlation
The correlation between JNUG and GLL is -0.82, 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. | -0.82 |
Correlation (3Y) Balances recent behavior with more history. | -0.80 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.79 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.77 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2013 | -0.75 |
The correlation between JNUG and GLL has been stable across timeframes, ranging from -0.82 to -0.75 - a consistent structural relationship.
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Return for Risk
JNUG vs. GLL — Risk / Return Rank
JNUG
GLL
JNUG vs. GLL - 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 ProShares UltraShort Gold (GLL). 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 | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.31 | ||
| Sortino ratioReturn per unit of downside risk | +2.43 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.88 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.85 | -0.65 | +1.50 |
| Martin ratioReturn relative to average drawdown | 1.67 | -0.94 | +2.61 |
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Drawdowns
JNUG vs. GLL - Drawdown Comparison
The maximum JNUG drawdown since its inception was -99.95%, roughly equal to the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for JNUG and GLL.
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Drawdown Indicators
| JNUG | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -99.24% | -0.71% |
Max Drawdown (1Y)Largest decline over 1 year | -70.58% | -64.23% | -6.35% |
Max Drawdown (3Y)Largest decline over 3 years | -70.58% | -87.95% | +17.37% |
Max Drawdown (5Y)Largest decline over 5 years | -76.67% | -89.76% | +13.09% |
Max Drawdown (10Y)Largest decline over 10 years | -99.66% | -95.76% | -3.90% |
Current DrawdownCurrent decline from peak | -99.70% | -98.74% | -0.96% |
Average DrawdownAverage peak-to-trough decline | -93.93% | -85.23% | -8.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.99% | 44.60% | -8.61% |
Volatility
JNUG vs. GLL - Volatility Comparison
Direxion Daily Junior Gold Miners Index Bull 2X ETF (JNUG) has a higher volatility of 29.49% compared to ProShares UltraShort Gold (GLL) at 12.63%. This indicates that JNUG's price experiences larger fluctuations and is considered to be riskier than GLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JNUG | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.49% | 12.63% | +16.86% |
Volatility (6M)Calculated over the trailing 6-month period | 90.25% | 45.01% | +45.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 107.20% | 55.39% | +51.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.38% | 36.88% | +45.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 105.73% | 32.48% | +73.25% |
JNUG vs. GLL - Expense Ratio Comparison
JNUG has a 1.03% expense ratio, which is higher than GLL's 0.95% expense ratio.
Dividends
JNUG vs. GLL - Dividend Comparison
JNUG's dividend yield for the trailing twelve months is around 2.62%, while GLL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | 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 GLL 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 GLL (12.63%). In terms of maximum drawdown, JNUG dropped -99.95% vs GLL's -99.24%.
On 10-year performance, GLL leads with -20.49% vs -32.42% for JNUG. On fees, GLL is cheaper at 0.95% per year. On volatility, GLL has been the lower-risk option at 12.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLL has performed better with a -20.49% return vs -32.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLL is cheaper with a 0.95% expense ratio, compared with 1.03% for JNUG.
JNUG has the higher dividend yield at 2.62%, compared with 0.00% for GLL.
JNUG is categorized as Gold, while GLL is Leveraged Commodities. JNUG tracks MVIS Global Junior Gold Miners Index (200%), while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.03% for JNUG and 0.95% for GLL.
JNUG currently has the higher Sharpe Ratio (0.56 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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