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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in ProShares Ultra Gold, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
ProShares Ultra Gold (UGL) has returned 10.70% so far this year and 90.99% over the past 12 months. Looking at the last ten years, UGL has achieved an annualized return of 20.22%, outperforming the S&P 500 Index benchmark, which averaged 12.16% per year.
ProShares Ultra Gold
- 1D
- 7.52%
- 1M
- -22.46%
- YTD
- 10.70%
- 6M
- 33.43%
- 1Y
- 90.99%
- 3Y*
- 57.42%
- 5Y*
- 34.79%
- 10Y*
- 20.22%
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Dec 3, 2008, UGL's average daily return is +0.08%, while the average monthly return is +1.56%. At this rate, your investment would double in approximately 3.7 years.
Historically, 52% of months were positive and 48% were negative. The best month was Dec 2008 with a return of +27.3%, while the worst month was Mar 2026 at -22.5%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 7 months.
On a daily basis, UGL closed higher 52% of trading days. The best single day was Feb 3, 2026 with a return of +12.3%, while the worst single day was Jan 30, 2026 at -20.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 22.24% | 16.78% | -22.46% | 10.70% | |||||||||
| 2025 | 12.69% | 2.45% | 19.27% | 9.03% | -1.34% | 0.13% | -1.76% | 10.69% | 22.21% | 5.69% | 10.33% | 3.37% | 137.57% |
| 2024 | -3.60% | 0.11% | 17.23% | 5.34% | 2.18% | -0.95% | 9.80% | 3.30% | 9.74% | 8.17% | -6.94% | -3.15% | 46.36% |
| 2023 | 11.11% | -11.01% | 15.32% | 1.02% | -3.50% | -5.19% | 4.02% | -3.48% | -10.04% | 14.52% | 4.25% | 1.70% | 15.56% |
| 2022 | -3.78% | 12.44% | 2.21% | -4.67% | -7.09% | -3.55% | -5.43% | -6.44% | -6.12% | -4.16% | 17.01% | 5.02% | -7.59% |
| 2021 | -7.07% | -12.76% | -2.50% | 6.81% | 15.72% | -14.12% | 4.72% | -0.30% | -6.95% | 2.99% | -1.75% | 6.33% | -12.30% |
Benchmark Metrics
ProShares Ultra Gold has an annualized alpha of 19.23%, beta of 0.11, and R² of 0.00 versus S&P 500 Index. Calculated based on daily prices since December 04, 2008.
- This ETF captured 34.93% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -22.90%) — a profile typical of hedging or uncorrelated assets.
- Beta of 0.11 may look defensive, but with R² of 0.00 this ETF is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R² of 0.00 means this ETF moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 19.23%
- Beta
- 0.11
- R²
- 0.00
- Upside Capture
- 34.93%
- Downside Capture
- -22.90%
Expense Ratio
UGL has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
UGL ranks 80 for risk / return — better than 80% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and compare them to a chosen benchmark (S&P 500 Index).
| UGL | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.65 | 0.90 | +0.76 |
Sortino ratioReturn per unit of downside risk | 2.02 | 1.39 | +0.63 |
Omega ratioGain probability vs. loss probability | 1.30 | 1.21 | +0.09 |
Calmar ratioReturn relative to maximum drawdown | 2.56 | 1.40 | +1.16 |
Martin ratioReturn relative to average drawdown | 8.76 | 6.61 | +2.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore UGL risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the ProShares Ultra Gold. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the ProShares Ultra Gold was 75.93%, occurring on Dec 17, 2015. Recovery took 2324 trading sessions.
The current ProShares Ultra Gold drawdown is 28.22%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -75.93% | Aug 23, 2011 | 1088 | Dec 17, 2015 | 2324 | Mar 18, 2025 | 3412 |
| -37.56% | Jan 30, 2026 | 39 | Mar 26, 2026 | — | — | — |
| -25.71% | Feb 23, 2009 | 39 | Apr 17, 2009 | 119 | Oct 6, 2009 | 158 |
| -24.75% | Dec 3, 2009 | 45 | Feb 8, 2010 | 65 | May 12, 2010 | 110 |
| -19.62% | Oct 21, 2025 | 11 | Nov 4, 2025 | 33 | Dec 22, 2025 | 44 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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