EET vs. UGL
EET (ProShares Ultra MSCI Emerging Markets) and UGL (ProShares Ultra Gold) are both exchange-traded funds - EET is a Leveraged Equities fund tracking the MSCI Emerging Markets Index (200%), while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, EET returned 9.47%/yr vs 15.87%/yr for UGL. At a 0.21 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
EET vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, EET achieves a 31.08% return, which is significantly higher than UGL's -17.71% return. Over the past 10 years, EET has underperformed UGL with an annualized return of 9.47%, while UGL has yielded a comparatively higher 15.87% annualized return.
EET
- 1D
- -3.33%
- 1M
- -10.92%
- YTD
- 31.08%
- 6M
- 32.45%
- 1Y
- 73.61%
- 3Y*
- 30.02%
- 5Y*
- 1.12%
- 10Y*
- 9.47%
UGL
- 1D
- -8.18%
- 1M
- -26.39%
- YTD
- -17.71%
- 6M
- -15.29%
- 1Y
- 29.54%
- 3Y*
- 44.14%
- 5Y*
- 23.12%
- 10Y*
- 15.87%
EET vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EET ProShares Ultra MSCI Emerging Markets | 31.08% | 63.14% | 2.88% | 7.06% | -43.07% | -10.93% | 18.92% | 31.87% | -33.84% | 82.41% |
UGL ProShares Ultra Gold | -17.71% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between EET and UGL is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2009 | 0.21 |
The correlation between EET and UGL shifts across timeframes, from 0.21 (all time) to 0.38 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EET vs. UGL — Risk / Return Rank
EET
UGL
EET vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Emerging Markets (EET) 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.
| EET | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.21 | ||
| Sortino ratioReturn per unit of downside risk | +1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.15 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.80 | 0.64 | +2.17 |
| Martin ratioReturn relative to average drawdown | 9.91 | 1.71 | +8.20 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EET | UGL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.75 | 0.55 | +1.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | 0.64 | -0.61 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | 0.49 | -0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.10 | 0.36 | -0.26 |
Drawdowns
EET vs. UGL - Drawdown Comparison
The maximum EET drawdown since its inception was -71.66%, smaller than the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for EET and UGL.
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Drawdown Indicators
| EET | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.66% | -75.93% | +4.27% |
Max Drawdown (1Y)Largest decline over 1 year | -26.38% | -46.64% | +20.26% |
Max Drawdown (3Y)Largest decline over 3 years | -34.89% | -46.64% | +11.75% |
Max Drawdown (5Y)Largest decline over 5 years | -64.51% | -46.64% | -17.87% |
Max Drawdown (10Y)Largest decline over 10 years | -69.07% | -46.64% | -22.43% |
Current DrawdownCurrent decline from peak | -17.10% | -46.64% | +29.54% |
Average DrawdownAverage peak-to-trough decline | -37.23% | -43.62% | +6.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.45% | 17.34% | -9.89% |
Volatility
EET vs. UGL - Volatility Comparison
ProShares Ultra MSCI Emerging Markets (EET) has a higher volatility of 21.77% compared to ProShares Ultra Gold (UGL) at 13.61%. This indicates that EET's price experiences larger fluctuations and is considered to be riskier 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
| EET | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.77% | 13.61% | +8.16% |
Volatility (6M)Calculated over the trailing 6-month period | 37.86% | 48.29% | -10.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.20% | 54.08% | -11.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.31% | 36.54% | +1.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.80% | 32.53% | +8.27% |
EET vs. UGL - Expense Ratio Comparison
Both EET and UGL have an expense ratio of 0.95%.
Dividends
EET vs. UGL - Dividend Comparison
EET's dividend yield for the trailing twelve months is around 1.44%, while UGL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EET ProShares Ultra MSCI Emerging Markets | 1.44% | 1.82% | 3.85% | 2.14% | 0.00% | 0.00% | 0.01% | 1.40% | 0.16% |
UGL ProShares Ultra Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EET and UGL have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EET has higher volatility (21.77%) compared to UGL (13.61%). In terms of maximum drawdown, EET dropped -71.66% vs UGL's -75.93%.
On 10-year performance, UGL leads with 15.87% vs 9.47% for EET. Both ETFs have the same 0.95% expense ratio. On volatility, UGL has been the lower-risk option at 13.61%. 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 15.87% return vs 9.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EET and UGL have the same expense ratio: 0.95% per year.
EET has the higher dividend yield at 1.44%, compared with 0.00% for UGL.
EET is categorized as Leveraged Equities, while UGL is Leveraged Commodities. EET tracks MSCI Emerging Markets Index (200%), while UGL tracks Bloomberg Gold Subindex (200%).
EET currently has the higher Sharpe Ratio (1.75 vs 0.55), 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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