JNUG vs. UGL

Last updated Apr 2, 2026

Compare and contrast key facts about Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG) and ProShares Ultra Gold (UGL).

JNUG and UGL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. JNUG is a passively managed fund by Direxion that tracks the performance of the MVIS Global Junior Gold Miners Index (300%). It was launched on Apr 1, 2020. UGL is a passively managed fund by ProShares that tracks the performance of the Bloomberg Gold Subindex (200%). It was launched on Dec 1, 2008. Both JNUG and UGL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

JNUG vs. UGL - 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 ProShares Ultra Gold (UGL). The values are adjusted to include any dividend payments, if applicable.

JNUG vs. UGL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JNUG Direxion Daily Junior Gold Miners Index Bull 2x Shares	5.31%	478.59%	9.96%	-4.79%	-43.60%	-46.61%	-85.51%	82.43%	-48.11%	-20.18%
UGL ProShares Ultra Gold	14.36%	137.57%	46.36%	15.56%	-7.59%	-12.30%	39.04%	31.11%	-8.02%	22.50%

Returns By Period

In the year-to-date period, JNUG achieves a 5.31% return, which is significantly lower than UGL's 14.36% return. Over the past 10 years, JNUG has underperformed UGL with an annualized return of -17.11%, while UGL has yielded a comparatively higher 20.61% annualized return.

JNUG

• 1D: 8.45%
• 1M: -38.19%
• YTD: 5.31%
• 6M: 31.78%
• 1Y: 260.81%
• 3Y*: 75.93%
• 5Y*: 22.35%
• 10Y*: -17.11%

UGL

• 1D: 3.30%
• 1M: -21.80%
• YTD: 14.36%
• 6M: 37.39%
• 1Y: 98.00%
• 3Y*: 59.13%
• 5Y*: 35.67%
• 10Y*: 20.61%

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

JNUG vs. UGL - Expense Ratio Comparison

JNUG has a 1.17% expense ratio, which is higher than UGL's 0.95% expense ratio.

JNUG

Direxion Daily Junior Gold Miners Index Bull 2x Shares

UGL

ProShares Ultra Gold

Return for Risk

JNUG vs. UGL — Risk / Return Rank

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

JNUG

JNUG Risk / Return Rank: 92
JNUG Sharpe Ratio Rank: 96
JNUG Sortino Ratio Rank: 89
JNUG Omega Ratio Rank: 87
JNUG Calmar Ratio Rank: 96
JNUG Martin Ratio Rank: 93

UGL

UGL Risk / Return Rank: 81
UGL Sharpe Ratio Rank: 85
UGL Sortino Ratio Rank: 79
UGL Omega Ratio Rank: 79
UGL Calmar Ratio Rank: 84
UGL Martin Ratio Rank: 78

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. UGL - 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 ProShares Ultra Gold (UGL). 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	UGL	Difference
Sharpe ratio Return per unit of total volatility	2.59	1.78	+0.82
Sortino ratio Return per unit of downside risk	2.54	2.11	+0.43
Omega ratio Gain probability vs. loss probability	1.36	1.31	+0.05
Calmar ratio Return relative to maximum drawdown	4.56	2.59	+1.97
Martin ratio Return relative to average drawdown	13.98	8.76	+5.23
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. UGL - Sharpe Ratio Comparison

The current JNUG Sharpe Ratio is 2.59, which is higher than the UGL Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of JNUG and UGL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	JNUG	UGL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	1.78	+0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	1.00	-0.72
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.16	0.64	-0.80
Sharpe Ratio (All Time) Calculated using the full available price history	-0.28	0.42	-0.71

Correlation

The correlation between JNUG and UGL is 0.75, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

JNUG vs. UGL - Dividend Comparison

JNUG's dividend yield for the trailing twelve months is around 1.17%, while UGL has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
JNUG Direxion Daily Junior Gold Miners Index Bull 2x Shares	1.17%	1.04%	2.01%	1.62%	0.00%	0.52%	0.10%	0.46%	0.06%	0.51%
UGL ProShares Ultra Gold	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

JNUG vs. UGL - Drawdown Comparison

The maximum JNUG drawdown since its inception was -99.95%, which is greater than UGL's maximum drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for JNUG and UGL.

Drawdown Indicators

	JNUG	UGL	Difference
Max Drawdown Largest peak-to-trough decline	-99.95%	-75.93%	-24.02%
Max Drawdown (1Y) Largest decline over 1 year	-56.39%	-37.56%	-18.83%
Max Drawdown (5Y) Largest decline over 5 years	-81.66%	-40.23%	-41.43%
Max Drawdown (10Y) Largest decline over 10 years	-99.66%	-46.23%	-53.43%
Current Drawdown Current decline from peak	-99.42%	-25.85%	-73.57%
Average Drawdown Average peak-to-trough decline	-93.81%	-43.76%	-50.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.39%	11.11%	+7.28%

Volatility

JNUG vs. UGL - Volatility Comparison

Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG) has a higher volatility of 39.41% compared to ProShares Ultra Gold (UGL) at 20.81%. This indicates that JNUG's price experiences larger fluctuations and is considered to be riskier than UGL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JNUG	UGL	Difference
Volatility (1M) Calculated over the trailing 1-month period	39.41%	20.81%	+18.60%
Volatility (6M) Calculated over the trailing 6-month period	86.72%	49.09%	+37.63%
Volatility (1Y) Calculated over the trailing 1-year period	101.25%	55.46%	+45.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	79.31%	35.70%	+43.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	108.99%	32.19%	+76.80%