JNUG vs. SPXS
JNUG (Direxion Daily Junior Gold Miners Index Bull 2X ETF) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - JNUG is a Gold fund tracking the MVIS Global Junior Gold Miners Index (200%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, JNUG returned -31.88%/yr vs -41.27%/yr for SPXS. At a correlation of -0.17, they often move in opposite directions. JNUG charges 1.03%/yr vs 1.08%/yr for SPXS.
Performance
JNUG vs. SPXS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, JNUG achieves a -44.91% return, which is significantly lower than SPXS's -24.50% return. Over the past 10 years, JNUG has outperformed SPXS with an annualized return of -31.88%, while SPXS has yielded a comparatively lower -41.27% annualized return.
JNUG
- 1D
- -7.28%
- 1M
- -18.71%
- 6M
- -55.03%
- YTD
- -44.91%
- 1Y
- 40.04%
- 3Y*
- 47.01%
- 5Y*
- 8.26%
- 10Y*
- -31.88%
SPXS
- 1D
- 2.30%
- 1M
- -3.30%
- 6M
- -20.30%
- YTD
- -24.50%
- 1Y
- -40.89%
- 3Y*
- -39.60%
- 5Y*
- -33.12%
- 10Y*
- -41.27%
JNUG vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JNUG Direxion Daily Junior Gold Miners Index Bull 2X ETF | -44.91% | 478.59% | 9.96% | -4.79% | -43.60% | -46.61% | -85.51% | 82.43% | -48.11% | -20.18% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -24.50% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between JNUG and SPXS is -0.42, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.21 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2013 | -0.17 |
Over the past year, the inverse relationship between JNUG and SPXS has strengthened: their correlation has moved from -0.17 to -0.42, meaning they now move in opposite directions more often than their long-term average.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
JNUG vs. SPXS — Risk / Return Rank
JNUG
SPXS
JNUG vs. SPXS - 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 S&P 500 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.47 | ||
| Sortino ratioReturn per unit of downside risk | +2.86 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.82 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 0.59 | -0.94 | +1.53 |
| Martin ratioReturn relative to average drawdown | 1.24 | -1.64 | +2.88 |
Loading charts...
Drawdowns
JNUG vs. SPXS - Drawdown Comparison
The maximum JNUG drawdown since its inception was -99.95%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for JNUG and SPXS.
Loading charts...
Drawdown Indicators
| JNUG | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -100.00% | +0.05% |
Max Drawdown (1Y)Largest decline over 1 year | -68.12% | -43.64% | -24.48% |
Max Drawdown (3Y)Largest decline over 3 years | -68.12% | -84.13% | +16.01% |
Max Drawdown (5Y)Largest decline over 5 years | -76.67% | -90.11% | +13.44% |
Max Drawdown (10Y)Largest decline over 10 years | -99.66% | -99.56% | -0.10% |
Current DrawdownCurrent decline from peak | -99.69% | -100.00% | +0.31% |
Average DrawdownAverage peak-to-trough decline | -93.91% | -96.30% | +2.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.35% | 24.98% | +7.37% |
Volatility
JNUG vs. SPXS - Volatility Comparison
Direxion Daily Junior Gold Miners Index Bull 2X ETF (JNUG) has a higher volatility of 33.96% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 12.80%. This indicates that JNUG's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| JNUG | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 33.96% | 12.80% | +21.16% |
Volatility (6M)Calculated over the trailing 6-month period | 90.37% | 30.04% | +60.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 105.88% | 37.71% | +68.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.05% | 50.75% | +31.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 106.27% | 53.52% | +52.75% |
JNUG vs. SPXS - Expense Ratio Comparison
JNUG has a 1.03% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
JNUG vs. SPXS - Dividend Comparison
JNUG's dividend yield for the trailing twelve months is around 2.59%, less than SPXS's 4.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
JNUG Direxion Daily Junior Gold Miners Index Bull 2X ETF | 2.59% | 1.04% | 2.01% | 1.62% | 0.00% | 0.52% | 0.10% | 0.46% | 0.06% | 0.51% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.50% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
Frequently Asked Questions
JNUG and SPXS have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JNUG has higher volatility (33.96%) compared to SPXS (12.80%). In terms of maximum drawdown, JNUG dropped -99.95% vs SPXS's -100.00%.
On 10-year performance, JNUG leads with -31.88% vs -41.27% for SPXS. On fees, JNUG is cheaper at 1.03% per year. On volatility, SPXS has been the lower-risk option at 12.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, JNUG has performed better with a -31.88% return vs -41.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JNUG is cheaper with a 1.03% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.50%, compared with 2.59% for JNUG.
JNUG is categorized as Gold, while SPXS is Inverse Equities. JNUG tracks MVIS Global Junior Gold Miners Index (200%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.03% for JNUG and 1.08% for SPXS.
JNUG currently has the higher Sharpe Ratio (0.38 vs -1.09), 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.
Find the right allocation for JNUG and SPXS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer