COM vs. UGL
COM (Direxion Auspice Broad Commodity Strategy ETF) and UGL (ProShares Ultra Gold) are both exchange-traded funds - COM is a Commodities fund tracking the Auspice Broad Commodity ER Index, while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 5 years, COM returned 8.18%/yr vs 27.21%/yr for UGL. At a 0.43 correlation, their price movements are largely independent. COM charges 0.70%/yr vs 0.95%/yr for UGL.
Performance
COM vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, COM achieves a 12.48% return, which is significantly higher than UGL's -13.71% return.
COM
- 1D
- -0.24%
- 1M
- -3.92%
- YTD
- 12.48%
- 6M
- 12.53%
- 1Y
- 18.69%
- 3Y*
- 6.70%
- 5Y*
- 8.18%
- 10Y*
- —
UGL
- 1D
- -1.26%
- 1M
- -14.52%
- YTD
- -13.71%
- 6M
- -19.44%
- 1Y
- 33.27%
- 3Y*
- 48.67%
- 5Y*
- 27.21%
- 10Y*
- 15.67%
COM vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
COM Direxion Auspice Broad Commodity Strategy ETF | 12.48% | 7.72% | 5.81% | -2.09% | 9.17% | 28.00% | 6.63% | -0.18% | -0.03% | -1.97% |
UGL ProShares Ultra Gold | -13.71% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 4.66% |
Correlation
The correlation between COM and UGL is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2017 | 0.43 |
The correlation between COM and UGL shifts across timeframes, from 0.43 (all time) to 0.57 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
COM vs. UGL — Risk / Return Rank
COM
UGL
COM vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Auspice Broad Commodity Strategy ETF (COM) 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.
| COM | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.17 | ||
| Sortino ratioReturn per unit of downside risk | +1.34 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.16 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.76 | 0.72 | +2.04 |
| Martin ratioReturn relative to average drawdown | 9.09 | 1.79 | +7.31 |
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Drawdowns
COM vs. UGL - Drawdown Comparison
The maximum COM drawdown since its inception was -15.95%, smaller than the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for COM and UGL.
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Drawdown Indicators
| COM | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.95% | -75.93% | +59.98% |
Max Drawdown (1Y)Largest decline over 1 year | -6.81% | -46.64% | +39.83% |
Max Drawdown (3Y)Largest decline over 3 years | -8.50% | -46.64% | +38.14% |
Max Drawdown (5Y)Largest decline over 5 years | -14.02% | -46.64% | +32.62% |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.64% | — |
Current DrawdownCurrent decline from peak | -6.61% | -44.04% | +37.43% |
Average DrawdownAverage peak-to-trough decline | -6.28% | -43.62% | +37.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.10% | 18.65% | -16.55% |
Volatility
COM vs. UGL - Volatility Comparison
The current volatility for Direxion Auspice Broad Commodity Strategy ETF (COM) is 2.13%, while ProShares Ultra Gold (UGL) has a volatility of 16.05%. This indicates that COM 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
| COM | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.13% | 16.05% | -13.92% |
Volatility (6M)Calculated over the trailing 6-month period | 8.54% | 49.06% | -40.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.54% | 54.78% | -44.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.53% | 36.61% | -27.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.76% | 32.63% | -22.87% |
COM vs. UGL - Expense Ratio Comparison
COM has a 0.70% expense ratio, which is lower than UGL's 0.95% expense ratio.
Dividends
COM vs. UGL - Dividend Comparison
COM's dividend yield for the trailing twelve months is around 2.51%, while UGL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
COM Direxion Auspice Broad Commodity Strategy ETF | 2.51% | 2.99% | 3.88% | 3.80% | 8.59% | 10.32% | 0.13% | 1.09% | 2.36% | 0.09% |
UGL ProShares Ultra Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
COM and UGL have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (16.05%) compared to COM (2.13%). In terms of maximum drawdown, COM dropped -15.95% vs UGL's -75.93%.
On 5-year performance, UGL leads with 27.21% vs 8.18% for COM. On fees, COM is cheaper at 0.70% per year. On volatility, COM has been the lower-risk option at 2.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGL has performed better with a 27.21% return vs 8.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
COM is cheaper with a 0.70% expense ratio, compared with 0.95% for UGL.
COM has the higher dividend yield at 2.51%, compared with 0.00% for UGL.
COM is categorized as Commodities, while UGL is Leveraged Commodities. COM tracks Auspice Broad Commodity ER Index, while UGL tracks Bloomberg Gold Subindex (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.70% for COM and 0.95% for UGL.
COM currently has the higher Sharpe Ratio (1.79 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.
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