SHNY vs. JNUG

Last updated Jun 3, 2026

SHNY (MicroSectors Gold 3X Leveraged ETN) and JNUG (Direxion Daily Junior Gold Miners Index Bull 2x Shares) are both exchange-traded funds - SHNY is a Leveraged Commodities fund managed by BMO, while JNUG is a Leveraged Equities fund tracking the MVIS Global Junior Gold Miners Index (300%). Over the past 3 years, SHNY returned 61.40%/yr vs 71.84%/yr for JNUG. A 0.78 correlation means they provide meaningful diversification when combined. SHNY charges 0.95%/yr vs 1.17%/yr for JNUG.

Performance

SHNY vs. JNUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold 3X Leveraged ETN (SHNY) and Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHNY achieves a -11.62% return, which is significantly higher than JNUG's -13.94% return.

SHNY

• 1D: 0.52%
• 1M: -10.12%
• YTD: -11.62%
• 6M: -7.80%
• 1Y: 50.27%
• 3Y*: 61.40%
• 5Y*: —
• 10Y*: —

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%

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

SHNY vs. JNUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHNY MicroSectors Gold 3X Leveraged ETN	-11.62%	214.54%	50.30%	12.52%
JNUG Direxion Daily Junior Gold Miners Index Bull 2x Shares	-13.94%	478.59%	9.96%	11.16%

Correlation

The correlation between SHNY and JNUG is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (All Time) Calculated using the full available price history since Feb 23, 2023	0.78

The correlation between SHNY and JNUG has been stable across timeframes, ranging from 0.78 to 0.79 - a consistent structural relationship.

Return for Risk

SHNY vs. JNUG — Risk / Return Rank

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

SHNY

SHNY Risk / Return Rank: 23
SHNY Sharpe Ratio Rank: 19
SHNY Sortino Ratio Rank: 23
SHNY Omega Ratio Rank: 27
SHNY Calmar Ratio Rank: 24
SHNY Martin Ratio Rank: 20

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

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.

SHNY vs. JNUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold 3X Leveraged ETN (SHNY) and Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG). 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.

	SHNY	JNUG	Difference
Sharpe ratio Return per unit of total volatility	0.64	1.14	-0.50
Sortino ratio Return per unit of downside risk	1.25	1.76	-0.52
Omega ratio Gain probability vs. loss probability	1.19	1.24	-0.06
Calmar ratio Return relative to maximum drawdown	1.14	2.45	-1.32
Martin ratio Return relative to average drawdown	2.44	5.48	-3.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHNY vs. JNUG - Sharpe Ratio Comparison

The current SHNY Sharpe Ratio is 0.64, which is lower than the JNUG Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of SHNY and JNUG, 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

	SHNY	JNUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.64	1.14	-0.50
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	1.04	-0.29	+1.33

Drawdowns

SHNY vs. JNUG - Drawdown Comparison

The maximum SHNY drawdown since its inception was -54.55%, smaller than the maximum JNUG drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for SHNY and JNUG.

Drawdown Indicators

	SHNY	JNUG	Difference
Max Drawdown Largest peak-to-trough decline	-54.55%	-99.95%	+45.40%
Max Drawdown (1Y) Largest decline over 1 year	-54.55%	-56.39%	+1.84%
Max Drawdown (3Y) Largest decline over 3 years	-54.55%	-56.39%	+1.84%
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	-53.50%	-99.52%	+46.02%
Average Drawdown Average peak-to-trough decline	-14.89%	-93.89%	+79.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.43%	25.28%	+0.15%

Volatility

SHNY vs. JNUG - Volatility Comparison

The current volatility for MicroSectors Gold 3X Leveraged ETN (SHNY) is 17.21%, while Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG) has a volatility of 31.67%. This indicates that SHNY experiences smaller price fluctuations and is considered to be less risky than JNUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHNY	JNUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.21%	31.67%	-14.46%
Volatility (6M) Calculated over the trailing 6-month period	70.82%	83.60%	-12.78%
Volatility (1Y) Calculated over the trailing 1-year period	79.07%	99.37%	-20.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.36%	80.40%	-22.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.36%	106.52%	-48.16%

SHNY vs. JNUG - Expense Ratio Comparison

SHNY has a 0.95% expense ratio, which is lower than JNUG's 1.17% expense ratio.

Dividends

SHNY vs. JNUG - Dividend Comparison

SHNY has not paid dividends to shareholders, while JNUG's dividend yield for the trailing twelve months is around 1.43%.

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%
SHNY MicroSectors Gold 3X Leveraged ETN	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 SHNY and JNUG in my portfolio?

SHNY and JNUG have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHNY or JNUG?

JNUG has higher volatility (31.67%) compared to SHNY (17.21%). In terms of maximum drawdown, SHNY dropped -54.55% vs JNUG's -99.95%.

Which ETF is better, SHNY or JNUG?

On 3-year performance, JNUG leads with 71.84% vs 61.40% for SHNY. On fees, SHNY is cheaper at 0.95% per year. On volatility, SHNY has been the lower-risk option at 17.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHNY or JNUG?

Over the 3-year period, JNUG has performed better with a 71.84% return vs 61.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHNY or JNUG?

SHNY is cheaper with a 0.95% expense ratio, compared with 1.17% for JNUG.

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

JNUG has the higher dividend yield at 1.43%, compared with 0.00% for SHNY.

What is the main difference between SHNY and JNUG?

SHNY is categorized as Leveraged Commodities, while JNUG is Leveraged Equities. They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for SHNY and 1.17% for JNUG.

Which has better risk-adjusted returns?

JNUG currently has the higher Sharpe Ratio (1.14 vs 0.64), 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.