UGL vs. JDST

Last updated Jun 4, 2026

UGL (ProShares Ultra Gold) and JDST (Direxion Daily Junior Gold Miners Index Bear 2X Shares) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while JDST is a Leveraged Equities fund tracking the MVIS Global Junior Gold Miners Index (-300%). Both are passively managed. Over the past 10 years, UGL returned 18.45%/yr vs -64.52%/yr for JDST. At a correlation of -0.75, they often move in opposite directions. UGL charges 0.95%/yr vs 1.10%/yr for JDST.

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.

Returns By Period

In the year-to-date period, UGL achieves a -2.16% return, which is significantly higher than JDST's -30.24% return. Over the past 10 years, UGL has outperformed JDST with an annualized return of 18.45%, while JDST has yielded a comparatively lower -64.52% annualized return.

UGL

• 1D: -2.00%
• 1M: -3.96%
• YTD: -2.16%
• 6M: 1.78%
• 1Y: 51.67%
• 3Y*: 53.18%
• 5Y*: 27.00%
• 10Y*: 18.45%

JDST

• 1D: 8.81%
• 1M: -3.29%
• YTD: -30.24%
• 6M: -43.02%
• 1Y: -80.42%
• 3Y*: -68.21%
• 5Y*: -51.81%
• 10Y*: -64.52%

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

UGL vs. JDST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UGL ProShares Ultra Gold	-2.16%	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	-30.24%	-91.10%	-40.98%	-28.29%	-26.25%	10.97%	-95.97%	-80.30%	-1.60%	-63.44%

Correlation

The correlation between UGL and JDST is -0.79, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.79
Correlation (3Y) Calculated over the trailing 3-year period	-0.79
Correlation (5Y) Calculated over the trailing 5-year period	-0.78
Correlation (10Y) Calculated over the trailing 10-year period	-0.76
Correlation (All Time) Calculated using the full available price history since Oct 4, 2013	-0.75

The correlation between UGL and JDST has been stable across timeframes, ranging from -0.79 to -0.75 - a consistent structural relationship.

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: 27
UGL Sharpe Ratio Rank: 26
UGL Sortino Ratio Rank: 26
UGL Omega Ratio Rank: 31
UGL Calmar Ratio Rank: 28
UGL Martin Ratio Rank: 24

JDST

JDST Risk / Return Rank: 2
JDST Sharpe Ratio Rank: 3
JDST Sortino Ratio Rank: 1
JDST Omega Ratio Rank: 1
JDST Calmar Ratio Rank: 1
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	0.98	-0.82	+1.80
Sortino ratio Return per unit of downside risk	1.43	-1.69	+3.12
Omega ratio Gain probability vs. loss probability	1.21	0.82	+0.40
Calmar ratio Return relative to maximum drawdown	1.38	-0.91	+2.29
Martin ratio Return relative to average drawdown	3.17	-1.23	+4.40
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 0.98, which is higher than the JDST Sharpe Ratio of -0.82. The chart below compares the historical Sharpe Ratios of UGL and JDST, 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

	UGL	JDST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.98	-0.82	+1.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	-0.64	+1.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	-0.62	+1.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	-0.59	+0.98

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%	-88.98%	+51.42%
Max Drawdown (3Y) Largest decline over 3 years	-37.56%	-98.58%	+61.02%
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	-36.56%	-100.00%	+63.44%
Average Drawdown Average peak-to-trough decline	-43.63%	-95.32%	+51.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.35%	65.41%	-49.06%

Volatility

UGL vs. JDST - Volatility Comparison

The current volatility for ProShares Ultra Gold (UGL) is 11.03%, while Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST) has a volatility of 33.11%. 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	11.03%	33.11%	-22.08%
Volatility (6M) Calculated over the trailing 6-month period	46.81%	79.71%	-32.90%
Volatility (1Y) Calculated over the trailing 1-year period	52.91%	98.62%	-45.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.18%	80.86%	-44.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.34%	104.76%	-72.42%

UGL vs. JDST - Expense Ratio Comparison

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

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 11.53%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
JDST Direxion Daily Junior Gold Miners Index Bear 2X Shares	11.53%	15.08%	6.50%	4.81%	0.00%	0.00%	11.75%	3.16%	0.57%
UGL ProShares Ultra Gold	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 UGL and JDST in my portfolio?

UGL and JDST 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, UGL or JDST?

JDST has higher volatility (33.11%) compared to UGL (11.03%). In terms of maximum drawdown, UGL dropped -75.93% vs JDST's -100.00%.

Which ETF is better, UGL or JDST?

On 10-year performance, UGL leads with 18.45% vs -64.52% for JDST. On fees, UGL is cheaper at 0.95% per year. On volatility, UGL has been the lower-risk option at 11.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGL or JDST?

Over the 10-year period, UGL has performed better with a 18.45% return vs -64.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGL or JDST?

UGL is cheaper with a 0.95% expense ratio, compared with 1.10% for JDST.

Which ETF pays a higher dividend yield, UGL or JDST?

JDST has the higher dividend yield at 11.53%, compared with 0.00% for UGL.

What is the main difference between UGL and JDST?

UGL is categorized as Leveraged Commodities, while JDST is Leveraged Equities. UGL tracks Bloomberg Gold Subindex (200%), while JDST tracks MVIS Global Junior Gold Miners Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UGL and 1.10% for JDST.

Which has better risk-adjusted returns?

UGL currently has the higher Sharpe Ratio (0.98 vs -0.82), 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.