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AIRR vs. UGL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AIRR vs. UGL

Last updated Jun 8, 2026

AIRR (First Trust RBA American Industrial Renaissance ETF) and UGL (ProShares Ultra Gold) are both exchange-traded funds - AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index, while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, AIRR returned 21.45%/yr vs 17.75%/yr for UGL. At a 0.02 correlation, their price movements are largely independent. AIRR charges 0.69%/yr vs 0.95%/yr for UGL.

Performance

AIRR vs. UGL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust RBA American Industrial Renaissance ETF (AIRR) and ProShares Ultra Gold (UGL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, AIRR achieves a 30.23% return, which is significantly higher than UGL's -7.82% return. Over the past 10 years, AIRR has outperformed UGL with an annualized return of 21.45%, while UGL has yielded a comparatively lower 17.75% annualized return.

AIRR

1D
-2.91%
1M
-1.27%
YTD
30.23%
6M
29.36%
1Y
61.45%
3Y*
36.09%
5Y*
25.11%
10Y*
21.45%

UGL

1D
-7.30%
1M
-17.17%
YTD
-7.82%
6M
-3.83%
1Y
46.42%
3Y*
49.47%
5Y*
25.50%
10Y*
17.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

AIRR vs. UGL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
AIRR
First Trust RBA American Industrial Renaissance ETF		30.23%27.92%33.45%31.43%-2.08%33.01%17.17%33.97%-20.57%16.28%
UGL
ProShares Ultra Gold		-7.82%137.57%46.36%15.56%-7.59%-12.30%39.04%31.11%-8.02%22.50%

Correlation

The correlation between AIRR and UGL is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.24

Correlation (3Y)
Calculated over the trailing 3-year period

0.17

Correlation (5Y)
Calculated over the trailing 5-year period

0.13

Correlation (10Y)
Calculated over the trailing 10-year period

0.03

Correlation (All Time)
Calculated using the full available price history since Mar 12, 2014

0.02

Over the past year, AIRR and UGL have become more correlated (0.24) than their long-term average of 0.02, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust RBA American Industrial Renaissance ETF

ProShares Ultra Gold

Often compared with AIRR:
AIRR vs. PAVEAIRR vs. XLIAIRR vs. RSHOAIRR vs. XHBAIRR vs. QQQAIRR vs. PSCIAIRR vs. GRID
Often compared with UGL:
UGL vs. GLDUGL vs. NUGTUGL vs. DGPUGL vs. GLLUGL vs. GDXUGL vs. GLDMUGL vs. JNUG

Return for Risk

AIRR vs. UGL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AIRR
AIRR Risk / Return Rank: 7979
Overall Rank
AIRR Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
AIRR Sortino Ratio Rank: 7474
Sortino Ratio Rank
AIRR Omega Ratio Rank: 6868
Omega Ratio Rank
AIRR Calmar Ratio Rank: 8787
Calmar Ratio Rank
AIRR Martin Ratio Rank: 8787
Martin Ratio Rank
UGL
UGL Risk / Return Rank: 2424
Overall Rank
UGL Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
UGL Sortino Ratio Rank: 2424
Sortino Ratio Rank
UGL Omega Ratio Rank: 2828
Omega Ratio Rank
UGL Calmar Ratio Rank: 2323
Calmar Ratio Rank
UGL Martin Ratio Rank: 2121
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AIRR vs. UGL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust RBA American Industrial Renaissance ETF (AIRR) and ProShares Ultra Gold (UGL). 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.

AIRRUGLDifference
Sharpe ratioReturn per unit of total volatility
2.51
0.80

+1.71

Sortino ratioReturn per unit of downside risk
3.25
1.26

+1.99

Omega ratioGain probability vs. loss probability

1.40

1.19

+0.21

Calmar ratioReturn relative to maximum drawdown

4.90

1.06

+3.84

Martin ratioReturn relative to average drawdown

18.09

2.56

+15.53

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AIRR vs. UGL - Sharpe Ratio Comparison

The current AIRR Sharpe Ratio is 2.51, which is higher than the UGL Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of AIRR and UGL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

AIRRUGLDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.51

0.80

+1.71

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.00

0.70

+0.29

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.82

0.55

+0.27

Sharpe Ratio (All Time)

Calculated using the full available price history

0.66

0.38

+0.29

Drawdowns

AIRR vs. UGL - Drawdown Comparison

The maximum AIRR drawdown since its inception was -42.37%, smaller than the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for AIRR and UGL.

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Drawdown Indicators

AIRRUGLDifference

Max Drawdown

Largest peak-to-trough decline

-42.37%

-75.93%

+33.56%

Max Drawdown (1Y)

Largest decline over 1 year

-13.09%

-40.22%

+27.13%

Max Drawdown (3Y)

Largest decline over 3 years

-27.95%

-40.22%

+12.27%

Max Drawdown (5Y)

Largest decline over 5 years

-27.95%

-40.23%

+12.28%

Max Drawdown (10Y)

Largest decline over 10 years

-42.37%

-46.23%

+3.86%

Current Drawdown

Current decline from peak

-3.01%

-40.22%

+37.21%

Average Drawdown

Average peak-to-trough decline

-7.42%

-43.63%

+36.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.54%

16.70%

-13.16%

Volatility

AIRR vs. UGL - Volatility Comparison

The current volatility for First Trust RBA American Industrial Renaissance ETF (AIRR) is 7.40%, while ProShares Ultra Gold (UGL) has a volatility of 11.42%. This indicates that AIRR experiences smaller price fluctuations and is considered to be less risky than UGL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

AIRRUGLDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.40%

11.42%

-4.02%

Volatility (6M)

Calculated over the trailing 6-month period

20.11%

47.43%

-27.32%

Volatility (1Y)

Calculated over the trailing 1-year period

25.53%

53.42%

-27.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

25.33%

36.32%

-10.99%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

26.30%

32.42%

-6.12%

AIRR vs. UGL - Expense Ratio Comparison

AIRR has a 0.69% expense ratio, which is lower than UGL's 0.95% expense ratio.

Dividends

AIRR vs. UGL - Dividend Comparison

AIRR's dividend yield for the trailing twelve months is around 0.14%, while UGL has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
AIRR
First Trust RBA American Industrial Renaissance ETF		0.14%0.19%0.18%0.23%0.12%0.05%0.10%0.20%0.43%0.30%0.08%0.47%
UGL
ProShares Ultra Gold		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

AIRR and UGL have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UGL has higher volatility (11.42%) compared to AIRR (7.40%). In terms of maximum drawdown, AIRR dropped -42.37% vs UGL's -75.93%.

On 10-year performance, AIRR leads with 21.45% vs 17.75% for UGL. On fees, AIRR is cheaper at 0.69% per year. On volatility, AIRR has been the lower-risk option at 7.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, AIRR has performed better with a 21.45% return vs 17.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

AIRR is cheaper with a 0.69% expense ratio, compared with 0.95% for UGL.

AIRR has the higher dividend yield at 0.14%, compared with 0.00% for UGL.

AIRR is categorized as Building & Construction, while UGL is Leveraged Commodities. AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index, while UGL tracks Bloomberg Gold Subindex (200%). They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.69% for AIRR and 0.95% for UGL.

AIRR currently has the higher Sharpe Ratio (2.51 vs 0.80), 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.

Portfolio Optimizer

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