JNUG vs. IAUI

Last updated Jun 24, 2026

JNUG (Direxion Daily Junior Gold Miners Index Bull 2X ETF) and IAUI (NEOS Gold High Income ETF) are both exchange-traded funds - JNUG is a Gold fund tracking the MVIS Global Junior Gold Miners Index (200%), while IAUI is a Derivative Income fund actively managed by Neos. JNUG is passively managed, while IAUI is actively managed. Over the past year, JNUG returned 60.12% vs 12.83% for IAUI. A 0.79 correlation means they provide meaningful diversification when combined. JNUG charges 1.03%/yr vs 0.78%/yr for IAUI.

Performance

JNUG vs. IAUI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Junior Gold Miners Index Bull 2X ETF (JNUG) and NEOS Gold High Income ETF (IAUI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JNUG achieves a -37.86% return, which is significantly lower than IAUI's -5.63% return.

JNUG

• 1D: -10.74%
• 1M: -22.85%
• YTD: -37.86%
• 6M: -44.47%
• 1Y: 60.12%
• 3Y*: 61.56%
• 5Y*: 9.70%
• 10Y*: -28.10%

IAUI

• 1D: -2.15%
• 1M: -8.06%
• YTD: -5.63%
• 6M: -8.22%
• 1Y: 12.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JNUG vs. IAUI - Yearly Performance Comparison

	2026 (YTD)	2025
JNUG Direxion Daily Junior Gold Miners Index Bull 2X ETF	-37.86%	147.12%
IAUI NEOS Gold High Income ETF	-5.63%	20.00%

Correlation

The correlation between JNUG and IAUI is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	0.79

The correlation between JNUG and IAUI has been stable across timeframes, ranging from 0.79 to 0.80 - a consistent structural relationship.

Return for Risk

JNUG vs. IAUI — Risk / Return Rank

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

JNUG

JNUG Risk / Return Rank: 22
JNUG Sharpe Ratio Rank: 18
JNUG Sortino Ratio Rank: 26
JNUG Omega Ratio Rank: 28
JNUG Calmar Ratio Rank: 21
JNUG Martin Ratio Rank: 19

IAUI

IAUI Risk / Return Rank: 18
IAUI Sharpe Ratio Rank: 19
IAUI Sortino Ratio Rank: 17
IAUI Omega Ratio Rank: 20
IAUI Calmar Ratio Rank: 16
IAUI Martin Ratio Rank: 18

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. IAUI - 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 NEOS Gold High Income ETF (IAUI). 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	IAUI	Difference
Sharpe ratio: Return per unit of total volatility	0.58	0.60	-0.02
Sortino ratio: Return per unit of downside risk	1.36	0.91	+0.45
Omega ratio: Gain probability vs. loss probability	1.18	1.13	+0.05
Calmar ratio: Return relative to maximum drawdown	0.89	0.63	+0.26
Martin ratio: Return relative to average drawdown	2.10	1.87	+0.22

JNUG vs. IAUI - Sharpe Ratio Comparison

The current JNUG Sharpe Ratio is 0.58, which is comparable to the IAUI Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of JNUG and IAUI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

JNUG vs. IAUI - Drawdown Comparison

The maximum JNUG drawdown since its inception was -99.95%, which is greater than IAUI's maximum drawdown of -20.43%. Use the drawdown chart below to compare losses from any high point for JNUG and IAUI.

Drawdown Indicators

	JNUG	IAUI	Difference
Max Drawdown Largest peak-to-trough decline	-99.95%	-20.43%	-79.52%
Max Drawdown (1Y) Largest decline over 1 year	-67.53%	-20.43%	-47.10%
Max Drawdown (3Y) Largest decline over 3 years	-67.53%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-76.67%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.66%	—	—
Current Drawdown Current decline from peak	-99.66%	-19.97%	-79.69%
Average Drawdown Average peak-to-trough decline	-93.88%	-4.13%	-89.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.74%	6.86%	+21.88%

Volatility

JNUG vs. IAUI - Volatility Comparison

Direxion Daily Junior Gold Miners Index Bull 2X ETF (JNUG) has a higher volatility of 40.54% compared to NEOS Gold High Income ETF (IAUI) at 7.78%. This indicates that JNUG's price experiences larger fluctuations and is considered to be riskier than IAUI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JNUG	IAUI	Difference
Volatility (1M) Calculated over the trailing 1-month period	40.54%	7.78%	+32.76%
Volatility (6M) Calculated over the trailing 6-month period	90.30%	19.82%	+70.48%
Volatility (1Y) Calculated over the trailing 1-year period	104.33%	21.42%	+82.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.63%	21.06%	+60.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	106.71%	21.06%	+85.65%

JNUG vs. IAUI - Expense Ratio Comparison

JNUG has a 1.03% expense ratio, which is higher than IAUI's 0.78% expense ratio.

Dividends

JNUG vs. IAUI - Dividend Comparison

JNUG's dividend yield for the trailing twelve months is around 1.98%, less than IAUI's 14.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
IAUI NEOS Gold High Income ETF	14.80%	6.88%	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	1.98%	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 IAUI in my portfolio?

JNUG and IAUI have a correlation of 0.80, 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 IAUI?

JNUG has higher volatility (40.54%) compared to IAUI (7.78%). In terms of maximum drawdown, JNUG dropped -99.95% vs IAUI's -20.43%.

Which ETF is better, JNUG or IAUI?

On 1-year performance, JNUG leads with 60.12% vs 12.83% for IAUI. On fees, IAUI is cheaper at 0.78% per year. On volatility, IAUI has been the lower-risk option at 7.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JNUG or IAUI?

Over the 1-year period, JNUG has performed better with a 60.12% return vs 12.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JNUG or IAUI?

IAUI is cheaper with a 0.78% expense ratio, compared with 1.03% for JNUG.

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

IAUI has the higher dividend yield at 14.80%, compared with 1.98% for JNUG.

What is the main difference between JNUG and IAUI?

JNUG is categorized as Gold, while IAUI is Derivative Income. They also come from different issuers: Direxion and Neos. Their fees differ too: 1.03% for JNUG and 0.78% for IAUI.

Which has better risk-adjusted returns?

IAUI currently has the higher Sharpe Ratio (0.60 vs 0.58), 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.