CPXR vs. UGL

Last updated Jul 15, 2026

CPXR (USCF Daily Target 2X Copper Index ETF) and UGL (ProShares Ultra Gold) are both exchange-traded funds - CPXR is a Copper fund tracking the SummerHaven Copper Index, while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past year, CPXR returned 3.97% vs 25.81% for UGL. At a 0.44 correlation, their price movements are largely independent. CPXR charges 1.20%/yr vs 0.95%/yr for UGL.

Performance

CPXR vs. UGL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF Daily Target 2X Copper Index ETF (CPXR) 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, CPXR achieves a 14.16% return, which is significantly higher than UGL's -19.85% return.

CPXR

• 1D: 2.82%
• 1M: -5.49%
• 6M: 2.74%
• YTD: 14.16%
• 1Y: 3.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UGL

• 1D: 2.58%
• 1M: -8.23%
• 6M: -28.87%
• YTD: -19.85%
• 1Y: 25.81%
• 3Y*: 43.53%
• 5Y*: 23.86%
• 10Y*: 14.68%

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

CPXR vs. UGL - Yearly Performance Comparison

	2026 (YTD)	2025
CPXR USCF Daily Target 2X Copper Index ETF	14.16%	35.65%
UGL ProShares Ultra Gold	-19.85%	118.37%

Correlation

The correlation between CPXR 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 (All Time) Calculated using the full available price history since Jan 22, 2025	0.44

Return for Risk

CPXR vs. UGL — Risk / Return Rank

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

CPXR

CPXR Risk / Return Rank: 12
CPXR Sharpe Ratio Rank: 10
CPXR Sortino Ratio Rank: 14
CPXR Omega Ratio Rank: 16
CPXR Calmar Ratio Rank: 10
CPXR Martin Ratio Rank: 10

UGL

UGL Risk / Return Rank: 19
UGL Sharpe Ratio Rank: 18
UGL Sortino Ratio Rank: 20
UGL Omega Ratio Rank: 23
UGL Calmar Ratio Rank: 17
UGL Martin Ratio Rank: 16

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.

CPXR vs. UGL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Daily Target 2X Copper Index ETF (CPXR) 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.

	CPXR	UGL	Difference
Sharpe ratio: Return per unit of total volatility	0.06	0.47	-0.41
Sortino ratio: Return per unit of downside risk	0.54	0.93	-0.39
Omega ratio: Gain probability vs. loss probability	1.09	1.13	-0.05
Calmar ratio: Return relative to maximum drawdown	0.08	0.53	-0.44
Martin ratio: Return relative to average drawdown	0.15	1.18	-1.03

CPXR vs. UGL - Sharpe Ratio Comparison

The current CPXR Sharpe Ratio is 0.06, which is lower than the UGL Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of CPXR 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

CPXR vs. UGL - Drawdown Comparison

The maximum CPXR drawdown since its inception was -47.87%, smaller than the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for CPXR and UGL.

Drawdown Indicators

	CPXR	UGL	Difference
Max Drawdown Largest peak-to-trough decline	-47.87%	-75.93%	+28.06%
Max Drawdown (1Y) Largest decline over 1 year	-47.87%	-49.38%	+1.51%
Max Drawdown (3Y) Largest decline over 3 years	—	-49.38%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-49.38%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-49.38%	—
Current Drawdown Current decline from peak	-10.92%	-48.03%	+37.11%
Average Drawdown Average peak-to-trough decline	-19.27%	-43.63%	+24.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.27%	21.94%	+4.33%

Volatility

CPXR vs. UGL - Volatility Comparison

USCF Daily Target 2X Copper Index ETF (CPXR) and ProShares Ultra Gold (UGL) have volatilities of 13.93% and 14.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPXR	UGL	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.93%	14.05%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	43.16%	48.76%	-5.60%
Volatility (1Y) Calculated over the trailing 1-year period	67.48%	55.51%	+11.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.55%	36.95%	+30.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.55%	32.64%	+34.91%

CPXR vs. UGL - Expense Ratio Comparison

CPXR has a 1.20% expense ratio, which is higher than UGL's 0.95% expense ratio.

Dividends

CPXR vs. UGL - Dividend Comparison

CPXR's dividend yield for the trailing twelve months is around 0.62%, while UGL has not paid dividends to shareholders.

Position	TTM	2025
CPXR USCF Daily Target 2X Copper Index ETF	0.62%	0.70%
UGL ProShares Ultra Gold	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPXR and UGL in my portfolio?

CPXR 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.

Which is riskier, CPXR or UGL?

UGL has higher volatility (14.05%) compared to CPXR (13.93%). In terms of maximum drawdown, CPXR dropped -47.87% vs UGL's -75.93%.

Which ETF is better, CPXR or UGL?

On 1-year performance, UGL leads with 25.81% vs 3.97% for CPXR. On fees, UGL is cheaper at 0.95% per year. On volatility, CPXR has been the lower-risk option at 13.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPXR or UGL?

Over the 1-year period, UGL has performed better with a 25.81% return vs 3.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPXR or UGL?

UGL is cheaper with a 0.95% expense ratio, compared with 1.20% for CPXR.

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

CPXR has the higher dividend yield at 0.62%, compared with 0.00% for UGL.

What is the main difference between CPXR and UGL?

CPXR is categorized as Copper, while UGL is Leveraged Commodities. CPXR tracks SummerHaven Copper Index, while UGL tracks Bloomberg Gold Subindex (200%). They also come from different issuers: USCF and ProShares. Their fees differ too: 1.20% for CPXR and 0.95% for UGL.

Which has better risk-adjusted returns?

UGL currently has the higher Sharpe Ratio (0.47 vs 0.06), 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.