- ISIN
- US74347W6012
- CUSIP
- 74347W601
- Issuer
- ProShares
- Inception Date
- Dec 1, 2008
- Category
- Leveraged Commodities
- Leveraged
- 2x
- Index Tracked
- Bloomberg Gold Subindex (200%)
- Domicile
- United States
- Distribution Policy
- Accumulating
- Asset Class
- Commodity
- Assets Under Management
- $758M
Share Price Chart
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Performance
UGL Performance Chart
ProShares Ultra Gold (UGL) is down 10.4% since the beginning of the year. UGL is currently trading at $50 per share. Investors who bought $1,000 worth of UGL shares 5 years ago would now be looking at an investment worth $3,006.
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Returns By Period
ProShares Ultra Gold (UGL) has returned -10.37% so far this year and 41.62% over the past 12 months. Looking at the last ten years, UGL has achieved an annualized return of 16.87%, outperforming the S&P 500 Index benchmark, which averaged 13.42% per year.
ProShares Ultra Gold
- 1D
- -3.15%
- 1M
- -19.47%
- YTD
- -10.37%
- 6M
- -6.96%
- 1Y
- 41.62%
- 3Y*
- 48.30%
- 5Y*
- 24.62%
- 10Y*
- 16.87%
Benchmark (S&P 500 Index)
- 1D
- -0.26%
- 1M
- -0.17%
- YTD
- 7.91%
- 6M
- 7.98%
- 1Y
- 22.99%
- 3Y*
- 19.77%
- 5Y*
- 11.75%
- 10Y*
- 13.42%
UGL Monthly Returns History
Based on dividend-adjusted daily data since Dec 3, 2008, UGL's average daily return is +0.07%, while the average monthly return is +1.45%. At this rate, an investment would double in approximately 4.0 years.
Historically, 51% of months were positive and 49% were negative. The best month was Dec 2008 with a return of +29.2%, 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% | -3.71% | -3.85% | -12.55% | -10.37% | ||||||
| 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 17.48%, beta of 0.12, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since December 03, 2008.
- This ETF captured 32.22% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -15.89%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.12 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
- 17.48%
- Beta
- 0.12
- R²
- 0.00
- Upside Capture
- 32.22%
- Downside Capture
- -15.89%
Expense Ratio
UGL has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
UGL ranks 26 for risk / return — below 26% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and compare them to S&P 500 Index.
| UGL | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.12 | ||
| Sortino ratioReturn per unit of downside risk | -1.34 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.35 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.00 | 2.54 | -1.54 |
| Martin ratioReturn relative to average drawdown | 2.44 | 11.58 | -9.13 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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 41.88%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2015 bear market2015 | -75.93%Dec 2015 | 4y 3mo | 9y 3mo | 13y 7moAug 2011 - Mar 2025 |
2026 bear market2026 | -41.88%Jun 2026 | 4mo 10d | — | 4mo 11dJan 2026 - now |
Financial crisis2007–2009 | -25.71%Apr 2009 | 1mo 23d | 5mo 22d | 7mo 15dFeb 2009 - Oct 2009 |
2010 bear market2010 | -24.75%Feb 2010 | 2mo 7d | 3mo 3d | 5mo 10dDec 2009 - May 2010 |
2025 correction2025 | -19.62%Nov 2025 | 14d | 1mo 18d | 2mo 2dOct 2025 - Dec 2025 |
Drawdown Indicators
| UGL | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -56.78% | -19.15% |
Max Drawdown (1Y)Largest decline over 1 year | -41.88% | -9.10% | -32.78% |
Max Drawdown (3Y)Largest decline over 3 years | -41.88% | -18.90% | -22.98% |
Max Drawdown (5Y)Largest decline over 5 years | -41.88% | -25.43% | -16.45% |
Max Drawdown (10Y)Largest decline over 10 years | -46.23% | -33.92% | -12.31% |
Current DrawdownCurrent decline from peak | -41.88% | -2.93% | -38.95% |
Average DrawdownAverage peak-to-trough decline | -43.62% | -10.72% | -32.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.09% | 1.99% | +15.10% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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