JNUG vs. MEXX

Last updated Jul 22, 2026

JNUG (Direxion Daily Junior Gold Miners Index Bull 2X ETF) and MEXX (Direxion Daily MSCI Mexico Bull 3X Shares) are both exchange-traded funds - JNUG is a Gold fund tracking the MVIS Global Junior Gold Miners Index (200%), while MEXX is a Leveraged Equities fund tracking the MSCI Mexico IMI 25-50 Net Total Return USD Index (300%). Both are passively managed. Over the past 5 years, JNUG returned 11.47%/yr vs 14.21%/yr for MEXX. At a 0.31 correlation, their price movements are largely independent. JNUG charges 1.03%/yr vs 1.21%/yr for MEXX.

Performance

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

Returns By Period

In the year-to-date period, JNUG achieves a -43.35% return, which is significantly lower than MEXX's 16.20% return.

JNUG

• 1D: 11.43%
• 1M: -20.63%
• 6M: -59.92%
• YTD: -43.35%
• 1Y: 45.37%
• 3Y*: 49.80%
• 5Y*: 11.47%
• 10Y*: -30.17%
• ALL TIME*: -36.00%

MEXX

• 1D: 2.93%
• 1M: -7.13%
• 6M: -5.96%
• YTD: 16.20%
• 1Y: 81.68%
• 3Y*: 0.62%
• 5Y*: 14.21%
• 10Y*: —
• ALL TIME*: -5.78%

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

JNUG vs. MEXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JNUG Direxion Daily Junior Gold Miners Index Bull 2X ETF	-43.35%	478.59%	9.96%	-4.79%	-43.60%	-46.61%	-85.51%	82.43%	-48.11%	8.09%
MEXX Direxion Daily MSCI Mexico Bull 3X Shares	16.20%	181.49%	-73.13%	115.60%	-12.96%	52.75%	-53.63%	21.41%	-51.95%	-15.26%

Correlation

The correlation between JNUG and MEXX is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since May 3, 2017	0.31

Over the past year, JNUG and MEXX have become more correlated (0.54) than their long-term average of 0.31, meaning their price movements have been converging.

JNUG vs. MEXX - Sectors Allocation Comparison

Sectors	JNUG	MEXX
Basic Materials	100.0%	24.1%
Communication Services	-	10.4%
Consumer Cyclical	-	1.3%
Consumer Defensive	-	24.6%
Energy	-	-
Financial Services	-	19.1%
Healthcare	-	0.5%
Industrials	-	13.6%
Real Estate	-	6.5%
Technology	-	-
Utilities	-	-

Return for Risk

JNUG vs. MEXX — Risk / Return Rank

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

JNUG

JNUG Risk / Return Rank: 24
JNUG Sharpe Ratio Rank: 19
JNUG Sortino Ratio Rank: 30
JNUG Omega Ratio Rank: 31
JNUG Calmar Ratio Rank: 20
JNUG Martin Ratio Rank: 19

MEXX

MEXX Risk / Return Rank: 49
MEXX Sharpe Ratio Rank: 48
MEXX Sortino Ratio Rank: 49
MEXX Omega Ratio Rank: 48
MEXX Calmar Ratio Rank: 56
MEXX Martin Ratio Rank: 44

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. MEXX - 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 Direxion Daily MSCI Mexico Bull 3X Shares (MEXX). 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	MEXX	Difference
Sharpe ratio: Return per unit of total volatility	0.43	1.26	-0.84
Sortino ratio: Return per unit of downside risk	1.24	1.86	-0.63
Omega ratio: Gain probability vs. loss probability	1.16	1.23	-0.07
Calmar ratio: Return relative to maximum drawdown	0.65	2.12	-1.47
Martin ratio: Return relative to average drawdown	1.34	5.39	-4.06

JNUG vs. MEXX - Sharpe Ratio Comparison

The current JNUG Sharpe Ratio is 0.43, which is lower than the MEXX Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of JNUG and MEXX, 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. MEXX - Drawdown Comparison

The maximum JNUG drawdown since its inception was -99.95%, roughly equal to the maximum MEXX drawdown of -95.58%. Use the drawdown chart below to compare losses from any high point for JNUG and MEXX.

Drawdown Indicators

	JNUG	MEXX	Difference
Max Drawdown Largest peak-to-trough decline	-99.95%	-95.58%	-4.37%
Max Drawdown (1Y) Largest decline over 1 year	-70.58%	-38.77%	-31.81%
Max Drawdown (3Y) Largest decline over 3 years	-70.58%	-74.92%	+4.34%
Max Drawdown (5Y) Largest decline over 5 years	-76.67%	-74.92%	-1.75%
Max Drawdown (10Y) Largest decline over 10 years	-99.66%	—	—
Current Drawdown Current decline from peak	-99.69%	-57.73%	-41.96%
Average Drawdown Average peak-to-trough decline	-93.92%	-65.40%	-28.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.03%	15.20%	+18.83%

Volatility

JNUG vs. MEXX - Volatility Comparison

Direxion Daily Junior Gold Miners Index Bull 2X ETF (JNUG) has a higher volatility of 29.35% compared to Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) at 14.98%. This indicates that JNUG's price experiences larger fluctuations and is considered to be riskier than MEXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JNUG	MEXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.35%	14.98%	+14.37%
Volatility (6M) Calculated over the trailing 6-month period	91.33%	54.20%	+37.13%
Volatility (1Y) Calculated over the trailing 1-year period	106.74%	65.00%	+41.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.18%	66.97%	+15.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	106.01%	74.24%	+31.77%

JNUG vs. MEXX - Expense Ratio Comparison

JNUG has a 1.03% expense ratio, which is lower than MEXX's 1.21% expense ratio.

Dividends

JNUG vs. MEXX - Dividend Comparison

JNUG's dividend yield for the trailing twelve months is around 2.52%, more than MEXX's 1.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
JNUG Direxion Daily Junior Gold Miners Index Bull 2X ETF	2.52%	1.04%	2.01%	1.62%	0.00%	0.52%	0.10%	0.46%	0.06%	0.51%
MEXX Direxion Daily MSCI Mexico Bull 3X Shares	1.45%	1.60%	5.81%	1.66%	1.33%	0.63%	0.12%	1.60%	5.61%	0.27%

Frequently Asked Questions

Can I hold both JNUG and MEXX in my portfolio?

JNUG and MEXX have a correlation of 0.54, 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 MEXX?

JNUG has higher volatility (29.35%) compared to MEXX (14.98%). In terms of maximum drawdown, JNUG dropped -99.95% vs MEXX's -95.58%.

Which ETF is better, JNUG or MEXX?

On 5-year performance, MEXX leads with 14.21% vs 11.47% for JNUG. On fees, JNUG is cheaper at 1.03% per year. On volatility, MEXX has been the lower-risk option at 14.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JNUG or MEXX?

Over the 5-year period, MEXX has performed better with a 14.21% return vs 11.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JNUG or MEXX?

JNUG is cheaper with a 1.03% expense ratio, compared with 1.21% for MEXX.

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

JNUG has the higher dividend yield at 2.52%, compared with 1.45% for MEXX.

What is the main difference between JNUG and MEXX?

JNUG is categorized as Gold, while MEXX is Leveraged Equities. JNUG tracks MVIS Global Junior Gold Miners Index (200%), while MEXX tracks MSCI Mexico IMI 25-50 Net Total Return USD Index (300%). Their fees differ too: 1.03% for JNUG and 1.21% for MEXX.

Which has better risk-adjusted returns?

MEXX currently has the higher Sharpe Ratio (1.26 vs 0.43), 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.