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 15.58%/yr vs -60.99%/yr for JDST. Their -0.75 correlation means they have often moved in opposite directions in the past. 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 -12.54% return, which is significantly higher than JDST's -39.43% return. Over the past 10 years, UGL has outperformed JDST with an annualized return of 15.58%, while JDST has yielded a comparatively lower -60.99% annualized return.
UGL
- 1D
- 8.44%
- 1M
- 3.12%
- 6M
- -30.87%
- YTD
- -12.54%
- 1Y
- 35.30%
- 3Y*
- 48.79%
- 5Y*
- 28.14%
- 10Y*
- 15.58%
- ALL TIME*
- 12.44%
JDST
- 1D
- -14.55%
- 1M
- -16.02%
- 6M
- -12.94%
- YTD
- -39.43%
- 1Y
- -82.15%
- 3Y*
- -70.44%
- 5Y*
- -56.44%
- 10Y*
- -60.99%
- ALL TIME*
- -69.46%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $13.80M | $14.23M | $18.62M | |
| $91.21M | $73.51M | $106.05M |
UGL vs. JDST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -12.54% | 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 | -39.43% | -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 -0.82, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.82 |
Correlation (3Y) Balances recent behavior with more history. | -0.80 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.79 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 -0.82 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 | +1.39 | ||
| Sortino ratioReturn per unit of downside risk | +2.65 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.84 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 0.71 | -0.95 | +1.66 |
| Martin ratioReturn relative to average drawdown | 1.42 | -1.21 | +2.63 |
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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 | -50.02% | -86.34% | +36.32% |
Max Drawdown (3Y)Largest decline over 3 years | -50.02% | -98.58% | +48.56% |
Max Drawdown (5Y)Largest decline over 5 years | -50.02% | -99.28% | +49.26% |
Max Drawdown (10Y)Largest decline over 10 years | -50.02% | -100.00% | +49.98% |
Current DrawdownCurrent decline from peak | -43.28% | -100.00% | +56.72% |
Average DrawdownAverage peak-to-trough decline | -43.64% | -95.36% | +51.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.99% | 69.20% | -44.21% |
Volatility
UGL vs. JDST - Volatility Comparison
The current volatility for ProShares Ultra Gold (UGL) is 14.34%, while Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST) has a volatility of 32.06%. 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 | 14.34% | 32.06% | -17.72% |
Volatility (6M)Calculated over the trailing 6-month period | 39.95% | 84.21% | -44.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.32% | 107.74% | -51.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.32% | 83.16% | -45.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.79% | 104.05% | -71.26% |
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 8.00%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
JDST Direxion Daily Junior Gold Miners Index Bear 2X Shares | 8.00% | 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 -0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JDST has higher volatility (32.06%) compared to UGL (14.34%). In terms of maximum drawdown, UGL dropped -75.93% vs JDST's -100.00%.
On 10-year performance, UGL leads with 15.58% vs -60.99% for JDST. On fees, UGL is cheaper at 0.95% per year. On volatility, UGL has been the lower-risk option at 14.34%. 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 15.58% return vs -60.99%. 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 8.00%, 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 (0.63 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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