JNUG vs. TSMG

Last updated Jun 3, 2026

JNUG (Direxion Daily Junior Gold Miners Index Bull 2x Shares) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. JNUG is passively managed, while TSMG is actively managed. Over the past year, JNUG returned 112.06% vs 327.45% for TSMG. At a 0.19 correlation, their price movements are largely independent. JNUG charges 1.17%/yr vs 0.75%/yr for TSMG.

Performance

JNUG vs. TSMG - 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 Leverage Shares 2X Long TSM Daily ETF (TSMG). 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 TSMG's 94.33% 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%

TSMG

• 1D: 4.98%
• 1M: 23.80%
• YTD: 94.33%
• 6M: 108.01%
• 1Y: 327.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JNUG vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
JNUG Direxion Daily Junior Gold Miners Index Bull 2x Shares	-13.94%	408.86%
TSMG Leverage Shares 2X Long TSM Daily ETF	94.33%	76.34%

Correlation

The correlation between JNUG and TSMG is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.19

Return for Risk

JNUG vs. TSMG — 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

TSMG

TSMG Risk / Return Rank: 91
TSMG Sharpe Ratio Rank: 97
TSMG Sortino Ratio Rank: 87
TSMG Omega Ratio Rank: 79
TSMG Calmar Ratio Rank: 96
TSMG Martin Ratio Rank: 95

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. TSMG - 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 Leverage Shares 2X Long TSM Daily ETF (TSMG). 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	TSMG	Difference
Sharpe ratio Return per unit of total volatility	1.14	4.61	-3.47
Sortino ratio Return per unit of downside risk	1.76	3.97	-2.20
Omega ratio Gain probability vs. loss probability	1.24	1.48	-0.24
Calmar ratio Return relative to maximum drawdown	2.45	9.46	-7.01
Martin ratio Return relative to average drawdown	5.48	30.96	-25.48
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. TSMG - Sharpe Ratio Comparison

The current JNUG Sharpe Ratio is 1.14, which is lower than the TSMG Sharpe Ratio of 4.61. The chart below compares the historical Sharpe Ratios of JNUG and TSMG, 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	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	4.61	-3.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.22	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.29	1.79	-2.08

Drawdowns

JNUG vs. TSMG - Drawdown Comparison

The maximum JNUG drawdown since its inception was -99.95%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for JNUG and TSMG.

Drawdown Indicators

	JNUG	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-99.95%	-63.67%	-36.28%
Max Drawdown (1Y) Largest decline over 1 year	-56.39%	-35.29%	-21.10%
Max Drawdown (3Y) Largest decline over 3 years	-56.39%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-80.95%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.66%	—	—
Current Drawdown Current decline from peak	-99.52%	0.00%	-99.52%
Average Drawdown Average peak-to-trough decline	-93.89%	-17.02%	-76.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.28%	10.79%	+14.49%

Volatility

JNUG vs. TSMG - Volatility Comparison

Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG) has a higher volatility of 31.67% compared to Leverage Shares 2X Long TSM Daily ETF (TSMG) at 22.57%. This indicates that JNUG's price experiences larger fluctuations and is considered to be riskier than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JNUG	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.67%	22.57%	+9.10%
Volatility (6M) Calculated over the trailing 6-month period	83.60%	54.92%	+28.68%
Volatility (1Y) Calculated over the trailing 1-year period	99.37%	71.57%	+27.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.40%	81.08%	-0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	106.52%	81.08%	+25.44%

JNUG vs. TSMG - Expense Ratio Comparison

JNUG has a 1.17% expense ratio, which is higher than TSMG's 0.75% expense ratio.

Dividends

JNUG vs. TSMG - Dividend Comparison

JNUG's dividend yield for the trailing twelve months is around 1.43%, less than TSMG's 5.91% 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%
TSMG Leverage Shares 2X Long TSM Daily ETF	5.91%	11.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JNUG and TSMG in my portfolio?

JNUG and TSMG have a correlation of 0.25, 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 TSMG?

JNUG has higher volatility (31.67%) compared to TSMG (22.57%). In terms of maximum drawdown, JNUG dropped -99.95% vs TSMG's -63.67%.

Which ETF is better, JNUG or TSMG?

On 1-year performance, TSMG leads with 327.45% vs 112.06% for JNUG. On fees, TSMG is cheaper at 0.75% per year. On volatility, TSMG has been the lower-risk option at 22.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JNUG or TSMG?

Over the 1-year period, TSMG has performed better with a 327.45% return vs 112.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JNUG or TSMG?

TSMG is cheaper with a 0.75% expense ratio, compared with 1.17% for JNUG.

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

TSMG has the higher dividend yield at 5.91%, compared with 1.43% for JNUG.

What is the main difference between JNUG and TSMG?

They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 1.17% for JNUG and 0.75% for TSMG.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (4.61 vs 1.14), 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.