UGL vs. JDST
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 15.23%/yr vs -62.85%/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
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Returns By Period
In the year-to-date period, UGL achieves a -16.89% return, which is significantly higher than JDST's -22.39% return. Over the past 10 years, UGL has outperformed JDST with an annualized return of 15.23%, while JDST has yielded a comparatively lower -62.85% annualized return.
UGL
- 1D
- -3.69%
- 1M
- -17.68%
- YTD
- -16.89%
- 6M
- -24.16%
- 1Y
- 27.53%
- 3Y*
- 46.82%
- 5Y*
- 26.27%
- 10Y*
- 15.23%
JDST
- 1D
- 10.10%
- 1M
- 10.16%
- YTD
- -22.39%
- 6M
- -14.59%
- 1Y
- -78.52%
- 3Y*
- -68.43%
- 5Y*
- -52.81%
- 10Y*
- -62.85%
UGL vs. JDST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -16.89% | 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 | -22.39% | -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 -0.80, 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 | -0.80 |
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 3, 2013 | -0.75 |
The correlation between UGL and JDST has been stable across timeframes, ranging from -0.80 to -0.75 - a consistent structural relationship.
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Return for Risk
UGL vs. JDST — Risk / Return Rank
UGL
JDST
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.
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.
| UGL | JDST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.26 | ||
| Sortino ratioReturn per unit of downside risk | +2.39 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 0.85 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.59 | -0.88 | +1.48 |
| Martin ratioReturn relative to average drawdown | 1.46 | -1.16 | +2.62 |
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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.
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Drawdown Indicators
| UGL | JDST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -100.00% | +24.07% |
Max Drawdown (1Y)Largest decline over 1 year | -46.64% | -88.98% | +42.34% |
Max Drawdown (3Y)Largest decline over 3 years | -46.64% | -98.58% | +51.94% |
Max Drawdown (5Y)Largest decline over 5 years | -46.64% | -99.28% | +52.64% |
Max Drawdown (10Y)Largest decline over 10 years | -46.64% | -100.00% | +53.36% |
Current DrawdownCurrent decline from peak | -46.11% | -100.00% | +53.89% |
Average DrawdownAverage peak-to-trough decline | -43.62% | -95.31% | +51.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.88% | 67.97% | -49.09% |
Volatility
UGL vs. JDST - Volatility Comparison
The current volatility for ProShares Ultra Gold (UGL) is 16.29%, while Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST) has a volatility of 39.08%. 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.
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Volatility by Period
| UGL | JDST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.29% | 39.08% | -22.79% |
Volatility (6M)Calculated over the trailing 6-month period | 49.19% | 85.69% | -36.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.81% | 103.81% | -49.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.65% | 82.06% | -45.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.51% | 104.94% | -72.43% |
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 10.36%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
JDST Direxion Daily Junior Gold Miners Index Bear 2X Shares | 10.36% | 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
UGL and JDST have a correlation of -0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JDST has higher volatility (39.08%) compared to UGL (16.29%). In terms of maximum drawdown, UGL dropped -75.93% vs JDST's -100.00%.
On 10-year performance, UGL leads with 15.23% vs -62.85% for JDST. On fees, UGL is cheaper at 0.95% per year. On volatility, UGL has been the lower-risk option at 16.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGL has performed better with a 15.23% return vs -62.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGL is cheaper with a 0.95% expense ratio, compared with 1.10% for JDST.
JDST has the higher dividend yield at 10.36%, compared with 0.00% for UGL.
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.
UGL currently has the higher Sharpe Ratio (0.50 vs -0.76), 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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