JNUG vs. SHNY

Last updated Jun 23, 2026

JNUG (Direxion Daily Junior Gold Miners Index Bull 2X ETF) and SHNY (MicroSectors Gold 3X Leveraged ETN) are both exchange-traded funds - JNUG is a Gold fund tracking the MVIS Global Junior Gold Miners Index (200%), while SHNY is a Leveraged Commodities fund managed by BMO. Over the past 3 years, JNUG returned 67.79%/yr vs 52.28%/yr for SHNY. A 0.79 correlation means they provide meaningful diversification when combined. JNUG charges 1.03%/yr vs 0.95%/yr for SHNY.

Performance

JNUG vs. SHNY - 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 MicroSectors Gold 3X Leveraged ETN (SHNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with JNUG having a -30.38% return and SHNY slightly higher at -30.22%.

JNUG

• 1D: -2.47%
• 1M: -13.57%
• YTD: -30.38%
• 6M: -37.63%
• 1Y: 83.68%
• 3Y*: 67.79%
• 5Y*: 12.52%
• 10Y*: -27.28%

SHNY

• 1D: -1.94%
• 1M: -22.65%
• YTD: -30.22%
• 6M: -36.97%
• 1Y: 22.25%
• 3Y*: 52.28%
• 5Y*: —
• 10Y*: —

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

JNUG vs. SHNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JNUG Direxion Daily Junior Gold Miners Index Bull 2X ETF	-30.38%	478.59%	9.96%	7.55%
SHNY MicroSectors Gold 3X Leveraged ETN	-30.22%	214.54%	50.30%	10.98%

Correlation

The correlation between JNUG and SHNY is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023	0.79

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

Return for Risk

JNUG vs. SHNY — Risk / Return Rank

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

JNUG

JNUG Risk / Return Rank: 27
JNUG Sharpe Ratio Rank: 24
JNUG Sortino Ratio Rank: 29
JNUG Omega Ratio Rank: 32
JNUG Calmar Ratio Rank: 26
JNUG Martin Ratio Rank: 23

SHNY

SHNY Risk / Return Rank: 14
SHNY Sharpe Ratio Rank: 12
SHNY Sortino Ratio Rank: 16
SHNY Omega Ratio Rank: 19
SHNY Calmar Ratio Rank: 12
SHNY Martin Ratio Rank: 12

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. SHNY - 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 MicroSectors Gold 3X Leveraged ETN (SHNY). 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	SHNY	Difference
Sharpe ratio: Return per unit of total volatility	0.81	0.27	+0.54
Sortino ratio: Return per unit of downside risk	1.55	0.89	+0.65
Omega ratio: Gain probability vs. loss probability	1.21	1.13	+0.08
Calmar ratio: Return relative to maximum drawdown	1.25	0.34	+0.90
Martin ratio: Return relative to average drawdown	2.95	0.78	+2.17

JNUG vs. SHNY - Sharpe Ratio Comparison

The current JNUG Sharpe Ratio is 0.81, which is higher than the SHNY Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of JNUG and SHNY, 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. SHNY - Drawdown Comparison

The maximum JNUG drawdown since its inception was -99.95%, which is greater than SHNY's maximum drawdown of -65.54%. Use the drawdown chart below to compare losses from any high point for JNUG and SHNY.

Drawdown Indicators

	JNUG	SHNY	Difference
Max Drawdown Largest peak-to-trough decline	-99.95%	-65.54%	-34.41%
Max Drawdown (1Y) Largest decline over 1 year	-67.53%	-65.54%	-1.99%
Max Drawdown (3Y) Largest decline over 3 years	-67.53%	-65.54%	-1.99%
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	-99.61%	-63.29%	-36.32%
Average Drawdown Average peak-to-trough decline	-93.88%	-15.59%	-78.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.45%	28.69%	-0.24%

Volatility

JNUG vs. SHNY - Volatility Comparison

Direxion Daily Junior Gold Miners Index Bull 2X ETF (JNUG) has a higher volatility of 39.15% compared to MicroSectors Gold 3X Leveraged ETN (SHNY) at 24.11%. This indicates that JNUG's price experiences larger fluctuations and is considered to be riskier than SHNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JNUG	SHNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	39.15%	24.11%	+15.04%
Volatility (6M) Calculated over the trailing 6-month period	89.62%	74.24%	+15.38%
Volatility (1Y) Calculated over the trailing 1-year period	103.94%	81.57%	+22.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.49%	59.20%	+22.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	106.75%	59.20%	+47.55%

JNUG vs. SHNY - Expense Ratio Comparison

JNUG has a 1.03% expense ratio, which is higher than SHNY's 0.95% expense ratio.

Dividends

JNUG vs. SHNY - Dividend Comparison

JNUG's dividend yield for the trailing twelve months is around 1.76%, while SHNY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
JNUG Direxion Daily Junior Gold Miners Index Bull 2X ETF	1.76%	1.04%	2.01%	1.62%	0.00%	0.52%	0.10%	0.46%	0.06%	0.51%
SHNY MicroSectors Gold 3X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JNUG and SHNY in my portfolio?

JNUG and SHNY 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 SHNY?

JNUG has higher volatility (39.15%) compared to SHNY (24.11%). In terms of maximum drawdown, JNUG dropped -99.95% vs SHNY's -65.54%.

Which ETF is better, JNUG or SHNY?

On 3-year performance, JNUG leads with 67.79% vs 52.28% for SHNY. On fees, SHNY is cheaper at 0.95% per year. On volatility, SHNY has been the lower-risk option at 24.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JNUG or SHNY?

Over the 3-year period, JNUG has performed better with a 67.79% return vs 52.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JNUG or SHNY?

SHNY is cheaper with a 0.95% expense ratio, compared with 1.03% for JNUG.

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

JNUG has the higher dividend yield at 1.76%, compared with 0.00% for SHNY.

What is the main difference between JNUG and SHNY?

JNUG is categorized as Gold, while SHNY is Leveraged Commodities. They also come from different issuers: Direxion and BMO. Their fees differ too: 1.03% for JNUG and 0.95% for SHNY.

Which has better risk-adjusted returns?

JNUG currently has the higher Sharpe Ratio (0.81 vs 0.27), 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.