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ProShares Ultra Gold (UGL) Sharpe Ratio: 0.50

ETF · Currency in USD · Last updated Jun 24, 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 0.50 indicates that for each unit of volatility, it generates 0.50 units of excess return above the risk-free rate. The ratio is calculated using historical daily returns over the past 12 months (as of Jun 24, 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: 16.617
Concerning

UGL ranks above 16.6% of all investments in our database based on Sharpe Ratio over the past 12 months, indicating weak returns relative to total risk taken. 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

  • Weak risk-adjusted returns relative to category peers
  • Evaluate whether this holding aligns with your risk-return objectives
  • Consider reducing exposure or re-evaluating position size
  • Review higher-ranked alternatives in the same category

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%): 0.83 or lower
  • Yellow zone (middle 50%): 0.83 to 2.16
  • Green zone (top 25%): 2.16 or higher
  • Top 1%: 6.98+
  • Median: 1.57 — 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 Jun 24, 2026.

SymbolName1Y Sharpe Ratio5Y Sharpe Ratio10Y Sharpe RatioAll Time Sharpe Ratio
OILUMicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN0.86
UCOProShares Ultra Bloomberg Crude Oil0.75
DGPDB Gold Double Long Exchange Traded Notes0.59
UGLProShares Ultra Gold0.50
AGQProShares Ultra Silver0.44
YGLDSimplify Gold Strategy PLUS Income ETF0.28
SHNYMicroSectors Gold 3X Leveraged ETN0.17
KOLDProShares UltraShort Bloomberg Natural Gas0.04
DZZDB Gold Double Short Exchange Traded Notes-0.03
WXETTeucrium 2x Daily Wheat ETF-0.35

S&P 500 Index

How to choose period

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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Sharpe Ratio Calculator

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