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 -28.10%/yr vs -42.08%/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
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Returns By Period
In the year-to-date period, JNUG achieves a -37.86% return, which is significantly lower than SPXS's -20.76% return. Over the past 10 years, JNUG has outperformed SPXS with an annualized return of -28.10%, while SPXS has yielded a comparatively lower -42.08% annualized 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%
SPXS
- 1D
- 3.42%
- 1M
- 3.11%
- YTD
- -20.76%
- 6M
- -18.37%
- 1Y
- -44.21%
- 3Y*
- -40.67%
- 5Y*
- -33.53%
- 10Y*
- -42.08%
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 | -37.86% | 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 | -20.76% | -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 -0.40, 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 | -0.40 |
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 -0.40, meaning they now move in opposite directions more often than their long-term average.
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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 | +1.77 | ||
| Sortino ratioReturn per unit of downside risk | +3.28 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.79 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 0.89 | -0.94 | +1.84 |
| Martin ratioReturn relative to average drawdown | 2.10 | -1.63 | +3.73 |
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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.
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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 | -67.53% | -46.94% | -20.59% |
Max Drawdown (3Y)Largest decline over 3 years | -67.53% | -84.13% | +16.60% |
Max Drawdown (5Y)Largest decline over 5 years | -76.67% | -90.11% | +13.44% |
Max Drawdown (10Y)Largest decline over 10 years | -99.66% | -99.63% | -0.03% |
Current DrawdownCurrent decline from peak | -99.66% | -100.00% | +0.34% |
Average DrawdownAverage peak-to-trough decline | -93.88% | -96.29% | +2.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.74% | 29.25% | -0.51% |
Volatility
JNUG vs. SPXS - Volatility Comparison
Direxion Daily Junior Gold Miners Index Bull 2X ETF (JNUG) has a higher volatility of 40.54% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 14.08%. 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.
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Volatility by Period
| JNUG | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 40.54% | 14.08% | +26.46% |
Volatility (6M)Calculated over the trailing 6-month period | 90.30% | 29.38% | +60.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 104.33% | 37.37% | +66.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 81.63% | 50.68% | +30.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 106.71% | 53.59% | +53.12% |
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 1.98%, less than SPXS's 4.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.62% | 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 -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JNUG has higher volatility (40.54%) compared to SPXS (14.08%). In terms of maximum drawdown, JNUG dropped -99.95% vs SPXS's -100.00%.
On 10-year performance, JNUG leads with -28.10% vs -42.08% for SPXS. On fees, JNUG is cheaper at 1.03% per year. On volatility, SPXS has been the lower-risk option at 14.08%. 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 -28.10% return vs -42.08%. 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 4.62%, compared with 1.98% 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 (0.58 vs -1.19), 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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