JNUG vs. TMF
JNUG (Direxion Daily Junior Gold Miners Index Bull 2X ETF) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - JNUG is a Gold fund tracking the MVIS Global Junior Gold Miners Index (200%), while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 10 years, JNUG returned -28.10%/yr vs -16.87%/yr for TMF. At a 0.18 correlation, their price movements are largely independent. JNUG charges 1.03%/yr vs 1.01%/yr for TMF.
Performance
JNUG vs. TMF - 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 TMF's -4.67% return. Over the past 10 years, JNUG has underperformed TMF with an annualized return of -28.10%, while TMF has yielded a comparatively higher -16.87% 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%
TMF
- 1D
- -0.62%
- 1M
- 4.96%
- YTD
- -4.67%
- 6M
- -5.95%
- 1Y
- -2.80%
- 3Y*
- -21.07%
- 5Y*
- -31.33%
- 10Y*
- -16.87%
JNUG vs. TMF - 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% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -4.67% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between JNUG and TMF is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
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 | 0.18 |
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Return for Risk
JNUG vs. TMF — Risk / Return Rank
JNUG
TMF
JNUG vs. TMF - 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 20+ Year Treasury Bull 3X ETF (TMF). 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 | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.68 | ||
| Sortino ratioReturn per unit of downside risk | +1.31 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.01 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.89 | -0.11 | +1.00 |
| Martin ratioReturn relative to average drawdown | 2.10 | -0.23 | +2.33 |
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Drawdowns
JNUG vs. TMF - Drawdown Comparison
The maximum JNUG drawdown since its inception was -99.95%, which is greater than TMF's maximum drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for JNUG and TMF.
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Drawdown Indicators
| JNUG | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -92.89% | -7.06% |
Max Drawdown (1Y)Largest decline over 1 year | -67.53% | -26.51% | -41.02% |
Max Drawdown (3Y)Largest decline over 3 years | -67.53% | -56.09% | -11.44% |
Max Drawdown (5Y)Largest decline over 5 years | -76.67% | -88.81% | +12.14% |
Max Drawdown (10Y)Largest decline over 10 years | -99.66% | -92.89% | -6.77% |
Current DrawdownCurrent decline from peak | -99.66% | -92.11% | -7.55% |
Average DrawdownAverage peak-to-trough decline | -93.88% | -43.76% | -50.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.74% | 12.26% | +16.48% |
Volatility
JNUG vs. TMF - Volatility Comparison
Direxion Daily Junior Gold Miners Index Bull 2X ETF (JNUG) has a higher volatility of 40.54% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 6.50%. This indicates that JNUG's price experiences larger fluctuations and is considered to be riskier than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JNUG | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 40.54% | 6.50% | +34.04% |
Volatility (6M)Calculated over the trailing 6-month period | 90.30% | 19.35% | +70.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 104.33% | 27.91% | +76.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 81.63% | 46.59% | +35.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 106.71% | 43.86% | +62.85% |
JNUG vs. TMF - Expense Ratio Comparison
JNUG has a 1.03% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
JNUG vs. TMF - Dividend Comparison
JNUG's dividend yield for the trailing twelve months is around 1.98%, less than TMF's 4.09% 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% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.09% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
JNUG and TMF have a correlation of 0.15, 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 TMF (6.50%). In terms of maximum drawdown, JNUG dropped -99.95% vs TMF's -92.89%.
On 10-year performance, TMF leads with -16.87% vs -28.10% for JNUG. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 6.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TMF has performed better with a -16.87% return vs -28.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.03% for JNUG.
TMF has the higher dividend yield at 4.09%, compared with 1.98% for JNUG.
JNUG is categorized as Gold, while TMF is Leveraged Bonds. JNUG tracks MVIS Global Junior Gold Miners Index (200%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.03% for JNUG and 1.01% for TMF.
JNUG currently has the higher Sharpe Ratio (0.58 vs -0.10), 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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