DIG vs. UGL
DIG (ProShares Ultra Oil & Gas) and UGL (ProShares Ultra Gold) are both exchange-traded funds - DIG is a Leveraged Equities fund tracking the Dow Jones U.S. Oil & Gas Index (200%), while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, DIG returned 6.01%/yr vs 14.00%/yr for UGL. Their 0.11 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.
Performance
DIG vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, DIG achieves a 70.78% return, which is significantly higher than UGL's -20.41% return. Over the past 10 years, DIG has underperformed UGL with an annualized return of 6.01%, while UGL has yielded a comparatively higher 14.00% annualized return.
DIG
- 1D
- 1.88%
- 1M
- 24.18%
- 6M
- 32.46%
- YTD
- 70.78%
- 1Y
- 86.02%
- 3Y*
- 17.43%
- 5Y*
- 34.85%
- 10Y*
- 6.01%
- ALL TIME*
- 0.10%
UGL
- 1D
- -2.99%
- 1M
- -4.25%
- 6M
- -34.89%
- YTD
- -20.41%
- 1Y
- 24.87%
- 3Y*
- 43.93%
- 5Y*
- 24.15%
- 10Y*
- 14.00%
- ALL TIME*
- 11.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.08M | $2.37M | $2.40M | |
| $72.32M | $67.11M | $108.24M |
DIG vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DIG ProShares Ultra Oil & Gas | 70.78% | 2.73% | 0.93% | -13.04% | 125.34% | 115.63% | -70.36% | 12.51% | -40.11% | -7.39% |
UGL ProShares Ultra Gold | -20.41% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between DIG and UGL is -0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.01 |
Correlation (3Y) Balances recent behavior with more history. | 0.09 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.13 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.06 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | 0.11 |
The correlation between DIG and UGL shifts across timeframes, from -0.01 (1 year) to 0.13 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
DIG vs. UGL — Risk / Return Rank
DIG
UGL
DIG vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Oil & Gas (DIG) 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.
| DIG | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.35 | ||
| Sortino ratioReturn per unit of downside risk | +1.31 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.14 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.67 | 0.60 | +2.07 |
| Martin ratioReturn relative to average drawdown | 6.82 | 1.22 | +5.60 |
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Drawdowns
DIG vs. UGL - Drawdown Comparison
The maximum DIG drawdown since its inception was -97.04%, which is greater than UGL's maximum drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for DIG and UGL.
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Drawdown Indicators
| DIG | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.04% | -75.93% | -21.11% |
Max Drawdown (1Y)Largest decline over 1 year | -29.80% | -50.02% | +20.22% |
Max Drawdown (3Y)Largest decline over 3 years | -42.41% | -50.02% | +7.61% |
Max Drawdown (5Y)Largest decline over 5 years | -46.02% | -50.02% | +4.00% |
Max Drawdown (10Y)Largest decline over 10 years | -92.53% | -50.02% | -42.51% |
Current DrawdownCurrent decline from peak | -49.97% | -48.39% | -1.58% |
Average DrawdownAverage peak-to-trough decline | -64.28% | -43.64% | -20.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.70% | 24.47% | -12.77% |
Volatility
DIG vs. UGL - Volatility Comparison
The current volatility for ProShares Ultra Oil & Gas (DIG) is 12.02%, while ProShares Ultra Gold (UGL) has a volatility of 12.79%. This indicates that DIG 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
| DIG | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.02% | 12.79% | -0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 33.59% | 47.42% | -13.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.17% | 55.84% | -13.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.15% | 37.12% | +14.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 57.78% | 32.70% | +25.08% |
DIG vs. UGL - Expense Ratio Comparison
Both DIG and UGL have an expense ratio of 0.95%.
Dividends
DIG vs. UGL - Dividend Comparison
DIG's dividend yield for the trailing twelve months is around 1.45%, while UGL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DIG ProShares Ultra Oil & Gas | 1.45% | 2.62% | 3.13% | 0.61% | 1.33% | 2.24% | 3.18% | 2.72% | 2.30% | 1.76% | 1.09% | 1.56% |
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
DIG and UGL have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (12.79%) compared to DIG (12.02%). In terms of maximum drawdown, DIG dropped -97.04% vs UGL's -75.93%.
On 10-year performance, UGL leads with 14.00% vs 6.01% for DIG. Both ETFs have the same 0.95% expense ratio. On volatility, DIG has been the lower-risk option at 12.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGL has performed better with a 14.00% return vs 6.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DIG and UGL have the same expense ratio: 0.95% per year.
DIG has the higher dividend yield at 1.45%, compared with 0.00% for UGL.
DIG is categorized as Leveraged Equities, while UGL is Leveraged Commodities. DIG tracks Dow Jones U.S. Oil & Gas Index (200%), while UGL tracks Bloomberg Gold Subindex (200%).
DIG currently has the higher Sharpe Ratio (1.89 vs 0.54), 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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