JNUG vs. TMF

Last updated Jun 3, 2026

JNUG (Direxion Daily Junior Gold Miners Index Bull 2x Shares) and TMF (Direxion Daily 20-Year Treasury Bull 3X) are both exchange-traded funds - JNUG is a Leveraged Equities fund tracking the MVIS Global Junior Gold Miners Index (300%), while TMF is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (300%). Both are passively managed. Over the past 10 years, JNUG returned -23.85%/yr vs -16.47%/yr for TMF. At a 0.18 correlation, their price movements are largely independent. JNUG charges 1.17%/yr vs 1.09%/yr for TMF.

Performance

JNUG vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG) and Direxion Daily 20-Year Treasury Bull 3X (TMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JNUG achieves a -13.94% return, which is significantly lower than TMF's -5.05% return. Over the past 10 years, JNUG has underperformed TMF with an annualized return of -23.85%, while TMF has yielded a comparatively higher -16.47% annualized return.

JNUG

• 1D: 1.51%
• 1M: -2.04%
• YTD: -13.94%
• 6M: -0.62%
• 1Y: 112.06%
• 3Y*: 71.84%
• 5Y*: 12.42%
• 10Y*: -23.85%

TMF

• 1D: 0.63%
• 1M: 0.26%
• YTD: -5.05%
• 6M: -10.01%
• 1Y: 1.66%
• 3Y*: -20.47%
• 5Y*: -29.85%
• 10Y*: -16.47%

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

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 Shares	-13.94%	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	-5.05%	-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 4, 2013	0.18

JNUG vs. TMF - Sectors Allocation Comparison

Sectors	JNUG	TMF
Basic Materials	100.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	18.7%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

JNUG vs. TMF — Risk / Return Rank

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

JNUG

JNUG Risk / Return Rank: 37
JNUG Sharpe Ratio Rank: 32
JNUG Sortino Ratio Rank: 33
JNUG Omega Ratio Rank: 37
JNUG Calmar Ratio Rank: 50
JNUG Martin Ratio Rank: 36

TMF

TMF Risk / Return Rank: 9
TMF Sharpe Ratio Rank: 9
TMF Sortino Ratio Rank: 10
TMF Omega Ratio Rank: 10
TMF Calmar Ratio Rank: 8
TMF Martin Ratio Rank: 8

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. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG) and Direxion Daily 20-Year Treasury Bull 3X (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.

	JNUG	TMF	Difference
Sharpe ratio Return per unit of total volatility	1.14	0.06	+1.08
Sortino ratio Return per unit of downside risk	1.76	0.29	+1.47
Omega ratio Gain probability vs. loss probability	1.24	1.03	+0.21
Calmar ratio Return relative to maximum drawdown	2.45	-0.04	+2.49
Martin ratio Return relative to average drawdown	5.48	-0.08	+5.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JNUG vs. TMF - Sharpe Ratio Comparison

The current JNUG Sharpe Ratio is 1.14, which is higher than the TMF Sharpe Ratio of 0.06. The chart below compares the historical Sharpe Ratios of JNUG and TMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JNUG	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	0.06	+1.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	-0.64	+0.80
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.22	-0.38	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	-0.29	-0.13	-0.15

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.

Drawdown Indicators

	JNUG	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-99.95%	-92.89%	-7.06%
Max Drawdown (1Y) Largest decline over 1 year	-56.39%	-26.51%	-29.88%
Max Drawdown (3Y) Largest decline over 3 years	-56.39%	-56.31%	-0.08%
Max Drawdown (5Y) Largest decline over 5 years	-80.95%	-88.81%	+7.86%
Max Drawdown (10Y) Largest decline over 10 years	-99.66%	-92.89%	-6.77%
Current Drawdown Current decline from peak	-99.52%	-92.14%	-7.38%
Average Drawdown Average peak-to-trough decline	-93.89%	-43.62%	-50.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.28%	11.42%	+13.86%

Volatility

JNUG vs. TMF - Volatility Comparison

Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG) has a higher volatility of 31.67% compared to Direxion Daily 20-Year Treasury Bull 3X (TMF) at 8.30%. 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.

Volatility by Period

	JNUG	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.67%	8.30%	+23.37%
Volatility (6M) Calculated over the trailing 6-month period	83.60%	19.33%	+64.27%
Volatility (1Y) Calculated over the trailing 1-year period	99.37%	28.86%	+70.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.40%	46.75%	+33.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	106.52%	43.92%	+62.60%

JNUG vs. TMF - Expense Ratio Comparison

JNUG has a 1.17% expense ratio, which is higher than TMF's 1.09% expense ratio.

Dividends

JNUG vs. TMF - Dividend Comparison

JNUG's dividend yield for the trailing twelve months is around 1.43%, less than TMF's 4.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
JNUG Direxion Daily Junior Gold Miners Index Bull 2x Shares	1.43%	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	4.11%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

Frequently Asked Questions

Can I hold both JNUG and TMF in my portfolio?

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.

Which is riskier, JNUG or TMF?

JNUG has higher volatility (31.67%) compared to TMF (8.30%). In terms of maximum drawdown, JNUG dropped -99.95% vs TMF's -92.89%.

Which ETF is better, JNUG or TMF?

On 10-year performance, TMF leads with -16.47% vs -23.85% for JNUG. On fees, TMF is cheaper at 1.09% per year. On volatility, TMF has been the lower-risk option at 8.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JNUG or TMF?

Over the 10-year period, TMF has performed better with a -16.47% return vs -23.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JNUG or TMF?

TMF is cheaper with a 1.09% expense ratio, compared with 1.17% for JNUG.

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

TMF has the higher dividend yield at 4.11%, compared with 1.43% for JNUG.

What is the main difference between JNUG and TMF?

JNUG is categorized as Leveraged Equities, while TMF is Leveraged Bonds. JNUG tracks MVIS Global Junior Gold Miners Index (300%), while TMF tracks NYSE 20 Year Plus Treasury Bond Index (300%). Their fees differ too: 1.17% for JNUG and 1.09% for TMF.

Which has better risk-adjusted returns?

JNUG currently has the higher Sharpe Ratio (1.14 vs 0.06), 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.