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ProShares Ultra Gold (UGL) Sharpe Ratio: 0.45

ETF · Currency in USD · Last updated Aug 4, 2026

ProShares Ultra Gold seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex.

UGL's Sharpe Ratio of 0.45 indicates that for each unit of volatility, it generates 0.45 units of excess return above the risk-free rate. The ratio is calculated using historical daily returns over the past 12 months (as of Aug 4, 2026).

Sharpe uses total volatility (standard deviation) which includes both upside and downside price movements, making it useful for comparing risk-adjusted returns across different assets. For how to read this number and when it can mislead, see Sharpe Ratio Explained.

UGL Sharpe Ratio Rank

UGL Sharpe Ratio Rank: 21.822
Below Average

UGL ranks above 21.8% of all investments in our database based on Sharpe Ratio over the past 12 months, indicating below-average returns relative to volatility. Securities are ranked from 0 (worst) to 100 (best).

What moves the rank

  • Strong returns with low total volatility → Higher rank
  • High volatility (both upside and downside) → Lower rank
  • Consistent returns → Higher rank than volatile returns of same magnitude
  • Sharp drawdowns increase volatility → Lower rank

What you can do with this information

  • Returns may not adequately compensate for volatility taken
  • Consider smaller allocation given below-average risk-adjusted profile
  • Explore higher-ranked investments with better consistency
  • Assess whether the volatility profile aligns with your portfolio goals

UGL Sharpe Ratio Market Positioning

The chart shows UGL's Sharpe Ratio relative to all ETFs on our platform, with color zones indicating percentile rankings. Higher ratios indicate better risk-adjusted returns.

  • Red zone (bottom 25%): 0.63 or lower
  • Yellow zone (middle 50%): 0.63 to 1.92
  • Green zone (top 25%): 1.92 or higher
  • Top 1%: 6.43+
  • Median: 1.40 — half of all investments score higher

How it compares to other similar ETFs

The table compares ProShares Ultra Gold's Sharpe Ratio with other ETFs in the Leveraged Commodities category across multiple time periods, showing how UGL's risk-adjusted performance compares to similar funds.

Data shows 1-, 5-, and 10-year periods, plus each fund's all-time average, as of Aug 4, 2026.

SymbolName1Y Sharpe Ratio5Y Sharpe Ratio10Y Sharpe RatioAll Time Sharpe Ratio
CPXRUSCF Daily Target 2X Copper Index ETF1.54
UCOProShares Ultra Bloomberg Crude Oil0.92
DGPDB Gold Double Long Exchange Traded Notes0.51
UGLProShares Ultra Gold0.45
WXETTeucrium 2x Daily Wheat ETF0.37
AGQProShares Ultra Silver0.24
YGLDSimplify Gold Strategy PLUS Income ETF0.22
SHNYMicroSectors Gold 3X Leveraged ETN0.13
DZZDB Gold Double Short Exchange Traded Notes0.02
KOLDProShares UltraShort Bloomberg Natural Gas-0.05
Benchmark

Compare this symbol against anything

Time Period

How much price history to include in the calculation

Historical Sharpe Ratio

The chart shows UGL's rolling Sharpe ratio over time compared to your chosen benchmark. Rising trends indicate improving returns relative to total volatility, while declining trends may signal deteriorating risk-adjusted performance or increased volatility. Use multiple timeframes to distinguish short-term fluctuations from long-term patterns.

Identify market cycles by observing when UGL consistently outperforms (line above benchmark), underperforms (below benchmark), or aligns with the benchmark.

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