UGL vs. JDST

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Ultra Gold (UGL) and Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST).

UGL and JDST are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UGL is a passively managed fund by ProShares that tracks the performance of the Bloomberg Gold Subindex (200%). It was launched on Dec 1, 2008. JDST is a passively managed fund by Direxion that tracks the performance of the MVIS Global Junior Gold Miners Index (-300%). It was launched on Apr 1, 2020. Both UGL and JDST are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

UGL vs. JDST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Gold (UGL) and Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST). The values are adjusted to include any dividend payments, if applicable.

UGL vs. JDST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UGL ProShares Ultra Gold	10.70%	137.57%	46.36%	15.56%	-7.59%	-12.30%	39.04%	31.11%	-8.02%	22.50%
JDST Direxion Daily Junior Gold Miners Index Bear 2X Shares	-33.05%	-91.10%	-40.98%	-28.29%	-26.25%	10.97%	-95.97%	-80.30%	-1.60%	-63.44%

Returns By Period

In the year-to-date period, UGL achieves a 10.70% return, which is significantly higher than JDST's -33.05% return. Over the past 10 years, UGL has outperformed JDST with an annualized return of 20.22%, while JDST has yielded a comparatively lower -69.24% annualized return.

UGL

• 1D: 7.52%
• 1M: -22.46%
• YTD: 10.70%
• 6M: 33.43%
• 1Y: 90.99%
• 3Y*: 57.42%
• 5Y*: 34.79%
• 10Y*: 20.22%

JDST

• 1D: -16.82%
• 1M: 51.78%
• YTD: -33.05%
• 6M: -58.67%
• 1Y: -88.72%
• 3Y*: -67.81%
• 5Y*: -55.35%
• 10Y*: -69.24%

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

UGL vs. JDST - Expense Ratio Comparison

UGL has a 0.95% expense ratio, which is lower than JDST's 1.10% expense ratio.

JDST

Direxion Daily Junior Gold Miners Index Bear 2X Shares

UGL

ProShares Ultra Gold

Return for Risk

UGL vs. JDST — Risk / Return Rank

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

UGL

UGL Risk / Return Rank: 83
UGL Sharpe Ratio Rank: 85
UGL Sortino Ratio Rank: 81
UGL Omega Ratio Rank: 81
UGL Calmar Ratio Rank: 87
UGL Martin Ratio Rank: 83

JDST

JDST Risk / Return Rank: 1
JDST Sharpe Ratio Rank: 1
JDST Sortino Ratio Rank: 0
JDST Omega Ratio Rank: 0
JDST Calmar Ratio Rank: 0
JDST Martin Ratio Rank: 3

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.

UGL vs. JDST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST). 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.

	UGL	JDST	Difference
Sharpe ratio Return per unit of total volatility	1.65	-0.88	+2.53
Sortino ratio Return per unit of downside risk	2.02	-2.35	+4.37
Omega ratio Gain probability vs. loss probability	1.30	0.75	+0.55
Calmar ratio Return relative to maximum drawdown	2.56	-0.94	+3.51
Martin ratio Return relative to average drawdown	8.76	-1.25	+10.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UGL vs. JDST - Sharpe Ratio Comparison

The current UGL Sharpe Ratio is 1.65, which is higher than the JDST Sharpe Ratio of -0.88. The chart below compares the historical Sharpe Ratios of UGL and JDST, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	UGL	JDST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	-0.88	+2.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	-0.70	+1.68
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	-0.65	+1.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	-0.60	+1.02

Correlation

The correlation between UGL and JDST is -0.75. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

UGL vs. JDST - Dividend Comparison

UGL has not paid dividends to shareholders, while JDST's dividend yield for the trailing twelve months is around 12.01%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
UGL ProShares Ultra Gold	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
JDST Direxion Daily Junior Gold Miners Index Bear 2X Shares	12.01%	15.08%	6.50%	4.81%	0.00%	0.00%	11.75%	3.16%	0.57%

Drawdowns

UGL vs. JDST - Drawdown Comparison

The maximum UGL drawdown since its inception was -75.93%, smaller than the maximum JDST drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UGL and JDST.

Drawdown Indicators

	UGL	JDST	Difference
Max Drawdown Largest peak-to-trough decline	-75.93%	-100.00%	+24.07%
Max Drawdown (1Y) Largest decline over 1 year	-37.56%	-94.07%	+56.51%
Max Drawdown (5Y) Largest decline over 5 years	-40.23%	-99.28%	+59.05%
Max Drawdown (10Y) Largest decline over 10 years	-46.23%	-100.00%	+53.77%
Current Drawdown Current decline from peak	-28.22%	-100.00%	+71.78%
Average Drawdown Average peak-to-trough decline	-43.77%	-95.26%	+51.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.99%	71.20%	-60.21%

Volatility

UGL vs. JDST - Volatility Comparison

The current volatility for ProShares Ultra Gold (UGL) is 22.02%, while Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST) has a volatility of 40.16%. This indicates that UGL experiences smaller price fluctuations and is considered to be less risky than JDST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGL	JDST	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.02%	40.16%	-18.14%
Volatility (6M) Calculated over the trailing 6-month period	49.01%	81.41%	-32.40%
Volatility (1Y) Calculated over the trailing 1-year period	55.43%	100.63%	-45.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.69%	79.81%	-44.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.19%	107.19%	-75.00%