BOXX vs. UGL

Last updated Jun 14, 2026

BOXX (Alpha Architect 1-3 Month Box ETF) and UGL (ProShares Ultra Gold) are both exchange-traded funds - BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index, while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 3 years, BOXX returned 4.74%/yr vs 47.90%/yr for UGL. At a 0.01 correlation, their price movements are largely independent. BOXX charges 0.19%/yr vs 0.95%/yr for UGL.

Performance

BOXX vs. UGL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect 1-3 Month Box ETF (BOXX) and ProShares Ultra Gold (UGL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BOXX achieves a 1.66% return, which is significantly higher than UGL's -12.66% return.

BOXX

• 1D: 0.03%
• 1M: 0.24%
• YTD: 1.66%
• 6M: 1.95%
• 1Y: 4.06%
• 3Y*: 4.74%
• 5Y*: —
• 10Y*: —

UGL

• 1D: 0.08%
• 1M: -14.99%
• YTD: -12.66%
• 6M: -12.99%
• 1Y: 29.41%
• 3Y*: 47.90%
• 5Y*: 24.60%
• 10Y*: 16.37%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BOXX vs. UGL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BOXX Alpha Architect 1-3 Month Box ETF	1.66%	4.37%	5.16%	5.04%	0.07%
UGL ProShares Ultra Gold	-12.66%	137.57%	46.36%	15.56%	0.86%

Correlation

The correlation between BOXX and UGL is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.00
Correlation (All Time) Calculated using the full available price history since Dec 28, 2022	0.01

Return for Risk

BOXX vs. UGL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BOXX

BOXX Risk / Return Rank: 100
BOXX Sharpe Ratio Rank: 100
BOXX Sortino Ratio Rank: 100
BOXX Omega Ratio Rank: 99
BOXX Calmar Ratio Rank: 100
BOXX Martin Ratio Rank: 100

UGL

UGL Risk / Return Rank: 21
UGL Sharpe Ratio Rank: 20
UGL Sortino Ratio Rank: 22
UGL Omega Ratio Rank: 26
UGL Calmar Ratio Rank: 19
UGL Martin Ratio Rank: 20

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.

BOXX vs. UGL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect 1-3 Month Box ETF (BOXX) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BOXX	UGL	Difference
Sharpe ratio: Return per unit of total volatility	12.70	0.61	+12.10
Sortino ratio: Return per unit of downside risk	37.36	1.07	+36.30
Omega ratio: Gain probability vs. loss probability	9.61	1.16	+8.45
Calmar ratio: Return relative to maximum drawdown	59.46	0.71	+58.75
Martin ratio: Return relative to average drawdown	524.03	1.85	+522.18

BOXX vs. UGL - Sharpe Ratio Comparison

The current BOXX Sharpe Ratio is 12.70, which is higher than the UGL Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of BOXX 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.

Drawdowns

BOXX vs. UGL - Drawdown Comparison

The maximum BOXX drawdown since its inception was -0.12%, smaller than the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for BOXX and UGL.

Drawdown Indicators

	BOXX	UGL	Difference
Max Drawdown Largest peak-to-trough decline	-0.12%	-75.93%	+75.81%
Max Drawdown (1Y) Largest decline over 1 year	-0.07%	-46.64%	+46.57%
Max Drawdown (3Y) Largest decline over 3 years	-0.12%	-46.64%	+46.52%
Max Drawdown (5Y) Largest decline over 5 years	—	-46.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.64%	—
Current Drawdown Current decline from peak	0.00%	-43.37%	+43.37%
Average Drawdown Average peak-to-trough decline	-0.00%	-43.62%	+43.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	17.76%	-17.75%

Volatility

BOXX vs. UGL - Volatility Comparison

The current volatility for Alpha Architect 1-3 Month Box ETF (BOXX) is 0.10%, while ProShares Ultra Gold (UGL) has a volatility of 15.51%. This indicates that BOXX 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.

Volatility by Period

	BOXX	UGL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.10%	15.51%	-15.41%
Volatility (6M) Calculated over the trailing 6-month period	0.25%	48.64%	-48.39%
Volatility (1Y) Calculated over the trailing 1-year period	0.32%	54.39%	-54.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.37%	36.61%	-36.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.37%	32.58%	-32.21%

BOXX vs. UGL - Expense Ratio Comparison

BOXX has a 0.19% expense ratio, which is lower than UGL's 0.95% expense ratio.

Dividends

BOXX vs. UGL - Dividend Comparison

Neither BOXX nor UGL has paid dividends to shareholders.

Position	TTM	2025	2024
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%
UGL ProShares Ultra Gold	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BOXX and UGL in my portfolio?

BOXX and UGL have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BOXX or UGL?

UGL has higher volatility (15.51%) compared to BOXX (0.10%). In terms of maximum drawdown, BOXX dropped -0.12% vs UGL's -75.93%.

Which ETF is better, BOXX or UGL?

On 3-year performance, UGL leads with 47.90% vs 4.74% for BOXX. On fees, BOXX is cheaper at 0.19% per year. On volatility, BOXX has been the lower-risk option at 0.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOXX or UGL?

Over the 3-year period, UGL has performed better with a 47.90% return vs 4.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOXX or UGL?

BOXX is cheaper with a 0.19% expense ratio, compared with 0.95% for UGL.

Which ETF pays a higher dividend yield, BOXX or UGL?

BOXX and UGL have nearly identical dividend yields, around 0.00%.

What is the main difference between BOXX and UGL?

BOXX is categorized as Ultrashort Bond, while UGL is Leveraged Commodities. BOXX tracks Solactive 1-3 Month US T-Bill Index, while UGL tracks Bloomberg Gold Subindex (200%). They also come from different issuers: Alpha Architect and ProShares. Their fees differ too: 0.19% for BOXX and 0.95% for UGL.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.70 vs 0.61), 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.