TMF vs. JNUG
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and JNUG (Direxion Daily Junior Gold Miners Index Bull 2X ETF) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while JNUG is a Gold fund tracking the MVIS Global Junior Gold Miners Index (200%). Both are passively managed. Over the past 10 years, TMF returned -18.08%/yr vs -30.17%/yr for JNUG. At a 0.18 correlation, their price movements are largely independent. TMF charges 1.01%/yr vs 1.03%/yr for JNUG.
Performance
TMF vs. JNUG - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a -11.93% return, which is significantly higher than JNUG's -43.35% return. Over the past 10 years, TMF has outperformed JNUG with an annualized return of -18.08%, while JNUG has yielded a comparatively lower -30.17% annualized return.
TMF
- 1D
- -1.01%
- 1M
- -10.16%
- 6M
- -9.78%
- YTD
- -11.93%
- 1Y
- -7.67%
- 3Y*
- -21.85%
- 5Y*
- -34.00%
- 10Y*
- -18.08%
- ALL TIME*
- -6.40%
JNUG
- 1D
- 11.43%
- 1M
- -20.63%
- 6M
- -59.92%
- YTD
- -43.35%
- 1Y
- 45.37%
- 3Y*
- 49.80%
- 5Y*
- 11.47%
- 10Y*
- -30.17%
- ALL TIME*
- -36.00%
TMF vs. JNUG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -11.93% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
JNUG Direxion Daily Junior Gold Miners Index Bull 2X ETF | -43.35% | 478.59% | 9.96% | -4.79% | -43.60% | -46.61% | -85.51% | 82.43% | -48.11% | -20.18% |
Correlation
The correlation between TMF and JNUG is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2013 | 0.18 |
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Return for Risk
TMF vs. JNUG — Risk / Return Rank
TMF
JNUG
TMF vs. JNUG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) and Direxion Daily Junior Gold Miners Index Bull 2X ETF (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.
| TMF | JNUG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -1.46 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.16 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 0.65 | -0.94 |
| Martin ratioReturn relative to average drawdown | -0.58 | 1.34 | -1.91 |
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Drawdowns
TMF vs. JNUG - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, smaller than the maximum JNUG drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for TMF and JNUG.
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Drawdown Indicators
| TMF | JNUG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -99.95% | +7.06% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -70.58% | +44.07% |
Max Drawdown (3Y)Largest decline over 3 years | -53.47% | -70.58% | +17.11% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -76.67% | -12.14% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -99.66% | +6.77% |
Current DrawdownCurrent decline from peak | -92.71% | -99.69% | +6.98% |
Average DrawdownAverage peak-to-trough decline | -43.98% | -93.92% | +49.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.32% | 34.03% | -20.71% |
Volatility
TMF vs. JNUG - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 7.32%, while Direxion Daily Junior Gold Miners Index Bull 2X ETF (JNUG) has a volatility of 29.35%. This indicates that TMF 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.
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Volatility by Period
| TMF | JNUG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.32% | 29.35% | -22.03% |
Volatility (6M)Calculated over the trailing 6-month period | 19.81% | 91.33% | -71.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.58% | 106.74% | -79.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.37% | 82.18% | -35.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.72% | 106.01% | -62.29% |
TMF vs. JNUG - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is lower than JNUG's 1.03% expense ratio.
Dividends
TMF vs. JNUG - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.48%, more than JNUG's 2.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
JNUG Direxion Daily Junior Gold Miners Index Bull 2X ETF | 2.52% | 1.04% | 2.01% | 1.62% | 0.00% | 0.52% | 0.10% | 0.46% | 0.06% | 0.51% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.48% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
TMF and JNUG have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JNUG has higher volatility (29.35%) compared to TMF (7.32%). In terms of maximum drawdown, TMF dropped -92.89% vs JNUG's -99.95%.
On 10-year performance, TMF leads with -18.08% vs -30.17% for JNUG. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TMF has performed better with a -18.08% return vs -30.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.03% for JNUG.
TMF has the higher dividend yield at 4.48%, compared with 2.52% for JNUG.
TMF is categorized as Leveraged Bonds, while JNUG is Gold. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while JNUG tracks MVIS Global Junior Gold Miners Index (200%). Their fees differ too: 1.01% for TMF and 1.03% for JNUG.
JNUG currently has the higher Sharpe Ratio (0.43 vs -0.28), 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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