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 -32.42%/yr vs -18.47%/yr for TMF. Their 0.18 correlation means their historical movements had little consistent relationship. 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 -45.63% return, which is significantly lower than TMF's -16.67% return. Over the past 10 years, JNUG has underperformed TMF with an annualized return of -32.42%, while TMF has yielded a comparatively higher -18.47% annualized return.
JNUG
- 1D
- -7.15%
- 1M
- -15.90%
- 6M
- -52.25%
- YTD
- -45.63%
- 1Y
- 55.90%
- 3Y*
- 52.37%
- 5Y*
- 8.91%
- 10Y*
- -32.42%
- ALL TIME*
- -36.14%
TMF
- 1D
- -2.08%
- 1M
- -12.05%
- 6M
- -15.79%
- YTD
- -16.67%
- 1Y
- -18.44%
- 3Y*
- -20.63%
- 5Y*
- -34.74%
- 10Y*
- -18.47%
- ALL TIME*
- -6.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $33.40M | $38.00M | $44.93M | |
| $161.82M | $130.43M | $127.82M |
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 | -45.63% | 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 | -16.67% | -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 0.13, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.13 |
Correlation (3Y) Balances recent behavior with more history. | 0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.18 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 | +1.11 | ||
| Sortino ratioReturn per unit of downside risk | +2.00 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.93 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 0.85 | -0.53 | +1.38 |
| Martin ratioReturn relative to average drawdown | 1.67 | -1.07 | +2.74 |
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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 -93.10%. 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% | -93.10% | -6.85% |
Max Drawdown (1Y)Largest decline over 1 year | -70.58% | -28.69% | -41.89% |
Max Drawdown (3Y)Largest decline over 3 years | -70.58% | -50.64% | -19.94% |
Max Drawdown (5Y)Largest decline over 5 years | -76.67% | -89.14% | +12.47% |
Max Drawdown (10Y)Largest decline over 10 years | -99.66% | -93.10% | -6.56% |
Current DrawdownCurrent decline from peak | -99.70% | -93.10% | -6.60% |
Average DrawdownAverage peak-to-trough decline | -93.93% | -44.07% | -49.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.99% | 14.10% | +21.89% |
Volatility
JNUG vs. TMF - Volatility Comparison
Direxion Daily Junior Gold Miners Index Bull 2X ETF (JNUG) has a higher volatility of 29.49% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.21%. 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 | 29.49% | 7.21% | +22.28% |
Volatility (6M)Calculated over the trailing 6-month period | 90.25% | 19.98% | +70.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 107.20% | 27.35% | +79.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.38% | 46.36% | +36.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 105.73% | 43.70% | +62.03% |
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 2.62%, less than TMF's 4.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
JNUG Direxion Daily Junior Gold Miners Index Bull 2X ETF | 2.62% | 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 | 4.74% | 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 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JNUG has higher volatility (29.49%) compared to TMF (7.21%). In terms of maximum drawdown, JNUG dropped -99.95% vs TMF's -93.10%.
On 10-year performance, TMF leads with -18.47% vs -32.42% for JNUG. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.21%. 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 -18.47% return vs -32.42%. 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 4.74%, compared with 2.62% 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 (0.56 vs -0.55), 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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