SPXL vs. JNUG

Last updated Jun 13, 2026

SPXL (Direxion Daily S&P 500 Bull 3X ETF) and JNUG (Direxion Daily Junior Gold Miners Index Bull 2x Shares) are both Leveraged Equities funds from Direxion - SPXL tracks the S&P 500 while JNUG tracks the MVIS Global Junior Gold Miners Index (300%). Both are passively managed. Over the past 10 years, SPXL returned 29.90%/yr vs -26.31%/yr for JNUG. At a 0.17 correlation, their price movements are largely independent. SPXL charges 0.84%/yr vs 1.17%/yr for JNUG.

Performance

SPXL vs. JNUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bull 3X ETF (SPXL) 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, SPXL achieves a 20.98% return, which is significantly higher than JNUG's -32.23% return. Over the past 10 years, SPXL has outperformed JNUG with an annualized return of 29.90%, while JNUG has yielded a comparatively lower -26.31% annualized return.

SPXL

• 1D: 1.54%
• 1M: -1.59%
• YTD: 20.98%
• 6M: 21.36%
• 1Y: 65.66%
• 3Y*: 47.11%
• 5Y*: 21.80%
• 10Y*: 29.90%

JNUG

• 1D: 6.13%
• 1M: -37.63%
• YTD: -32.23%
• 6M: -30.59%
• 1Y: 61.91%
• 3Y*: 61.16%
• 5Y*: 6.86%
• 10Y*: -26.31%

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

SPXL vs. JNUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXL Direxion Daily S&P 500 Bull 3X ETF	20.98%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%
JNUG Direxion Daily Junior Gold Miners Index Bull 2x Shares	-32.23%	478.59%	9.96%	-4.79%	-43.60%	-46.61%	-85.51%	82.43%	-48.11%	-20.18%

Correlation

The correlation between SPXL and JNUG 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	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Oct 3, 2013	0.17

Over the past year, SPXL and JNUG have become more correlated (0.39) than their long-term average of 0.17, meaning their price movements have been converging.

SPXL vs. JNUG - Sectors Allocation Comparison

Sectors	SPXL	JNUG
Technology	8.4%	-
Financial Services	2.4%	-
Communication Services	2.3%	-
Consumer Cyclical	2.2%	-
Healthcare	1.8%	-
Industrials	1.7%	-
Consumer Defensive	1.0%	-
Energy	0.7%	-
Utilities	0.6%	-
Real Estate	0.4%	-
Basic Materials	0.4%	100.0%

Return for Risk

SPXL vs. JNUG — Risk / Return Rank

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

SPXL

SPXL Risk / Return Rank: 58
SPXL Sharpe Ratio Rank: 62
SPXL Sortino Ratio Rank: 53
SPXL Omega Ratio Rank: 55
SPXL Calmar Ratio Rank: 57
SPXL Martin Ratio Rank: 64

JNUG

JNUG Risk / Return Rank: 25
JNUG Sharpe Ratio Rank: 20
JNUG Sortino Ratio Rank: 28
JNUG Omega Ratio Rank: 31
JNUG Calmar Ratio Rank: 23
JNUG Martin Ratio Rank: 21

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.

SPXL vs. JNUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bull 3X ETF (SPXL) 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.

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.

	SPXL	JNUG	Difference
Sharpe ratio: Return per unit of total volatility	1.79	0.61	+1.19
Sortino ratio: Return per unit of downside risk	2.25	1.37	+0.89
Omega ratio: Gain probability vs. loss probability	1.30	1.19	+0.11
Calmar ratio: Return relative to maximum drawdown	2.47	0.92	+1.54
Martin ratio: Return relative to average drawdown	10.16	2.26	+7.90

SPXL vs. JNUG - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 1.79, which is higher than the JNUG Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of SPXL 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.

Drawdowns

SPXL vs. JNUG - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, smaller than the maximum JNUG drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for SPXL and JNUG.

Drawdown Indicators

	SPXL	JNUG	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-99.95%	+23.09%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-67.53%	+40.76%
Max Drawdown (3Y) Largest decline over 3 years	-48.95%	-67.53%	+18.58%
Max Drawdown (5Y) Largest decline over 5 years	-63.80%	-80.07%	+16.27%
Max Drawdown (10Y) Largest decline over 10 years	-76.86%	-99.66%	+22.80%
Current Drawdown Current decline from peak	-7.55%	-99.62%	+92.07%
Average Drawdown Average peak-to-trough decline	-16.11%	-93.87%	+77.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.49%	27.53%	-21.04%

Volatility

SPXL vs. JNUG - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bull 3X ETF (SPXL) is 13.20%, while Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG) has a volatility of 39.22%. This indicates that SPXL 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

	SPXL	JNUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.20%	39.22%	-26.02%
Volatility (6M) Calculated over the trailing 6-month period	28.79%	88.34%	-59.55%
Volatility (1Y) Calculated over the trailing 1-year period	36.81%	102.58%	-65.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.44%	81.23%	-30.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.50%	106.73%	-53.23%

SPXL vs. JNUG - Expense Ratio Comparison

SPXL has a 0.84% expense ratio, which is lower than JNUG's 1.17% expense ratio.

Dividends

SPXL vs. JNUG - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.56%, less than JNUG's 1.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
JNUG Direxion Daily Junior Gold Miners Index Bull 2x Shares	1.81%	1.04%	2.01%	1.62%	0.00%	0.52%	0.10%	0.46%	0.06%	0.51%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.56%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%

Frequently Asked Questions

Can I hold both SPXL and JNUG in my portfolio?

SPXL and JNUG 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, SPXL or JNUG?

JNUG has higher volatility (39.22%) compared to SPXL (13.20%). In terms of maximum drawdown, SPXL dropped -76.86% vs JNUG's -99.95%.

Which ETF is better, SPXL or JNUG?

On 10-year performance, SPXL leads with 29.90% vs -26.31% for JNUG. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 13.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXL or JNUG?

Over the 10-year period, SPXL has performed better with a 29.90% return vs -26.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXL or JNUG?

SPXL is cheaper with a 0.84% expense ratio, compared with 1.17% for JNUG.

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

JNUG has the higher dividend yield at 1.81%, compared with 0.56% for SPXL.

What is the main difference between SPXL and JNUG?

SPXL tracks S&P 500, while JNUG tracks MVIS Global Junior Gold Miners Index (300%). Their fees differ too: 0.84% for SPXL and 1.17% for JNUG.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (1.79 vs 0.61), 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.