JNUG vs. XPL

Last updated Jun 24, 2026

JNUG (Direxion Daily Junior Gold Miners Index Bull 2X ETF) is Gold fund tracking the MVIS Global Junior Gold Miners Index (200%), while XPL (Solitario Zinc Corp.) is a stock. Over the past 10 years, JNUG returned -28.10%/yr vs 3.26%/yr for XPL. At a 0.21 correlation, their price movements are largely independent.

Performance

JNUG vs. XPL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Junior Gold Miners Index Bull 2X ETF (JNUG) and Solitario Zinc Corp. (XPL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JNUG achieves a -37.86% return, which is significantly lower than XPL's 10.81% return. Over the past 10 years, JNUG has underperformed XPL with an annualized return of -28.10%, while XPL has yielded a comparatively higher 3.26% annualized return.

JNUG

• 1D: -10.74%
• 1M: -22.85%
• YTD: -37.86%
• 6M: -44.47%
• 1Y: 60.12%
• 3Y*: 61.56%
• 5Y*: 9.70%
• 10Y*: -28.10%

XPL

• 1D: -4.78%
• 1M: -6.53%
• YTD: 10.81%
• 6M: 20.64%
• 1Y: 22.56%
• 3Y*: 13.35%
• 5Y*: 2.40%
• 10Y*: 3.26%

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

JNUG vs. XPL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JNUG Direxion Daily Junior Gold Miners Index Bull 2X ETF	-37.86%	478.59%	9.96%	-4.79%	-43.60%	-46.61%	-85.51%	82.43%	-48.11%	-20.18%
XPL Solitario Zinc Corp.	10.81%	17.21%	6.14%	-9.68%	24.04%	-11.10%	87.37%	29.19%	-61.45%	-2.81%

Correlation

The correlation between JNUG and XPL is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since Oct 3, 2013	0.21

The correlation between JNUG and XPL shifts across timeframes, from 0.21 (all time) to 0.39 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

JNUG vs. XPL — Risk / Return Rank

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

JNUG

JNUG Risk / Return Rank: 22
JNUG Sharpe Ratio Rank: 18
JNUG Sortino Ratio Rank: 26
JNUG Omega Ratio Rank: 28
JNUG Calmar Ratio Rank: 21
JNUG Martin Ratio Rank: 19

XPL

XPL Risk / Return Rank: 56
XPL Sharpe Ratio Rank: 57
XPL Sortino Ratio Rank: 56
XPL Omega Ratio Rank: 53
XPL Calmar Ratio Rank: 58
XPL Martin Ratio Rank: 59

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. XPL - 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 Solitario Zinc Corp. (XPL). 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	XPL	Difference
Sharpe ratio: Return per unit of total volatility	0.58	0.40	+0.18
Sortino ratio: Return per unit of downside risk	1.36	0.98	+0.38
Omega ratio: Gain probability vs. loss probability	1.18	1.12	+0.07
Calmar ratio: Return relative to maximum drawdown	0.89	0.66	+0.24
Martin ratio: Return relative to average drawdown	2.10	1.57	+0.53

JNUG vs. XPL - Sharpe Ratio Comparison

The current JNUG Sharpe Ratio is 0.58, which is higher than the XPL Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of JNUG and XPL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

JNUG vs. XPL - Drawdown Comparison

The maximum JNUG drawdown since its inception was -99.95%, roughly equal to the maximum XPL drawdown of -97.46%. Use the drawdown chart below to compare losses from any high point for JNUG and XPL.

Drawdown Indicators

	JNUG	XPL	Difference
Max Drawdown Largest peak-to-trough decline	-99.95%	-97.46%	-2.49%
Max Drawdown (1Y) Largest decline over 1 year	-67.53%	-34.41%	-33.12%
Max Drawdown (3Y) Largest decline over 3 years	-67.53%	-42.29%	-25.24%
Max Drawdown (5Y) Largest decline over 5 years	-76.67%	-51.13%	-25.54%
Max Drawdown (10Y) Largest decline over 10 years	-99.66%	-83.21%	-16.45%
Current Drawdown Current decline from peak	-99.66%	-87.15%	-12.51%
Average Drawdown Average peak-to-trough decline	-93.88%	-75.93%	-17.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.74%	14.42%	+14.32%

Volatility

JNUG vs. XPL - Volatility Comparison

Direxion Daily Junior Gold Miners Index Bull 2X ETF (JNUG) has a higher volatility of 40.54% compared to Solitario Zinc Corp. (XPL) at 11.69%. This indicates that JNUG's price experiences larger fluctuations and is considered to be riskier than XPL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JNUG	XPL	Difference
Volatility (1M) Calculated over the trailing 1-month period	40.54%	11.69%	+28.85%
Volatility (6M) Calculated over the trailing 6-month period	90.30%	35.34%	+54.96%
Volatility (1Y) Calculated over the trailing 1-year period	104.33%	57.41%	+46.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.63%	54.82%	+26.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	106.71%	65.86%	+40.85%

Dividends

JNUG vs. XPL - Dividend Comparison

JNUG's dividend yield for the trailing twelve months is around 1.98%, while XPL 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 ETF	1.98%	1.04%	2.01%	1.62%	0.00%	0.52%	0.10%	0.46%	0.06%	0.51%
XPL Solitario Zinc Corp.	0.00%	0.00%	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 XPL in my portfolio?

JNUG and XPL have a correlation of 0.39, 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 XPL?

JNUG has higher volatility (40.54%) compared to XPL (11.69%). In terms of maximum drawdown, JNUG dropped -99.95% vs XPL's -97.46%.

Which has better risk-adjusted returns?

JNUG currently has the higher Sharpe Ratio (0.58 vs 0.40), 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.