JNUG vs. USO
JNUG (Direxion Daily Junior Gold Miners Index Bull 2x Shares) and USO (United States Oil Fund LP) are both exchange-traded funds - JNUG is a Leveraged Equities fund tracking the MVIS Global Junior Gold Miners Index (300%), while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, JNUG returned -24.78%/yr vs 3.57%/yr for USO. At a 0.13 correlation, their price movements are largely independent. JNUG charges 1.17%/yr vs 0.86%/yr for USO.
Performance
JNUG vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, JNUG achieves a -20.02% return, which is significantly lower than USO's 97.72% return. Over the past 10 years, JNUG has underperformed USO with an annualized return of -24.78%, while USO has yielded a comparatively higher 3.57% annualized return.
JNUG
- 1D
- 1.88%
- 1M
- -5.41%
- YTD
- -20.02%
- 6M
- -6.83%
- 1Y
- 97.64%
- 3Y*
- 67.07%
- 5Y*
- 10.08%
- 10Y*
- -24.78%
USO
- 1D
- -2.92%
- 1M
- -5.15%
- YTD
- 97.72%
- 6M
- 91.54%
- 1Y
- 97.20%
- 3Y*
- 28.78%
- 5Y*
- 23.67%
- 10Y*
- 3.57%
JNUG vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JNUG Direxion Daily Junior Gold Miners Index Bull 2x Shares | -20.02% | 478.59% | 9.96% | -4.79% | -43.60% | -46.61% | -85.51% | 82.43% | -48.11% | -20.18% |
USO United States Oil Fund LP | 97.72% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between JNUG and USO is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2013 | 0.13 |
The correlation between JNUG and USO shifts across timeframes, from -0.18 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
JNUG vs. USO — Risk / Return Rank
JNUG
USO
JNUG vs. USO - 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 United States Oil Fund LP (USO). 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 | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.21 | ||
| Sortino ratioReturn per unit of downside risk | -1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.37 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 4.79 | -3.05 |
| Martin ratioReturn relative to average drawdown | 3.81 | 9.00 | -5.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| JNUG | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.99 | 2.21 | -1.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.13 | 0.66 | -0.53 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.23 | 0.09 | -0.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.29 | -0.18 | -0.11 |
Drawdowns
JNUG vs. USO - Drawdown Comparison
The maximum JNUG drawdown since its inception was -99.95%, roughly equal to the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for JNUG and USO.
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Drawdown Indicators
| JNUG | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -98.19% | -1.76% |
Max Drawdown (1Y)Largest decline over 1 year | -56.39% | -20.39% | -36.00% |
Max Drawdown (3Y)Largest decline over 3 years | -56.39% | -26.05% | -30.34% |
Max Drawdown (5Y)Largest decline over 5 years | -80.95% | -36.23% | -44.72% |
Max Drawdown (10Y)Largest decline over 10 years | -99.66% | -86.75% | -12.91% |
Current DrawdownCurrent decline from peak | -99.56% | -85.45% | -14.11% |
Average DrawdownAverage peak-to-trough decline | -93.89% | -75.30% | -18.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.74% | 10.84% | +14.90% |
Volatility
JNUG vs. USO - Volatility Comparison
Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG) has a higher volatility of 32.81% compared to United States Oil Fund LP (USO) at 14.97%. This indicates that JNUG's price experiences larger fluctuations and is considered to be riskier than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JNUG | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 32.81% | 14.97% | +17.84% |
Volatility (6M)Calculated over the trailing 6-month period | 84.09% | 38.35% | +45.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 99.06% | 44.32% | +54.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.40% | 36.09% | +44.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 106.52% | 39.00% | +67.52% |
JNUG vs. USO - Expense Ratio Comparison
JNUG has a 1.17% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
JNUG vs. USO - Dividend Comparison
JNUG's dividend yield for the trailing twelve months is around 1.54%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
JNUG Direxion Daily Junior Gold Miners Index Bull 2x Shares | 1.54% | 1.04% | 2.01% | 1.62% | 0.00% | 0.52% | 0.10% | 0.46% | 0.06% | 0.51% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JNUG and USO have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JNUG has higher volatility (32.81%) compared to USO (14.97%). In terms of maximum drawdown, JNUG dropped -99.95% vs USO's -98.19%.
On 10-year performance, USO leads with 3.57% vs -24.78% for JNUG. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 14.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USO has performed better with a 3.57% return vs -24.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 1.17% for JNUG.
JNUG has the higher dividend yield at 1.54%, compared with 0.00% for USO.
JNUG is categorized as Leveraged Equities, while USO is Oil & Gas. JNUG tracks MVIS Global Junior Gold Miners Index (300%), while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Direxion and USCF. Their fees differ too: 1.17% for JNUG and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.21 vs 0.99), 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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