FGDL vs. UGL

Last updated Apr 1, 2026

Compare and contrast key facts about Franklin Responsibly Sourced Gold ETF (FGDL) and ProShares Ultra Gold (UGL).

FGDL and UGL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FGDL is a passively managed fund by Franklin Templeton that tracks the performance of the LBMA Gold Price PM ($/ozt). It was launched on Jun 30, 2022. UGL is a passively managed fund by ProShares that tracks the performance of the Bloomberg Gold Subindex (200%). It was launched on Dec 1, 2008. Both FGDL and UGL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FGDL vs. UGL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Responsibly Sourced Gold ETF (FGDL) and ProShares Ultra Gold (UGL). The values are adjusted to include any dividend payments, if applicable.

FGDL vs. UGL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FGDL Franklin Responsibly Sourced Gold ETF	7.93%	64.15%	27.31%	12.92%	0.91%
UGL ProShares Ultra Gold	10.70%	137.57%	46.36%	15.56%	-2.18%

Returns By Period

In the year-to-date period, FGDL achieves a 7.93% return, which is significantly lower than UGL's 10.70% return.

FGDL

• 1D: 3.39%
• 1M: -11.22%
• YTD: 7.93%
• 6M: 20.34%
• 1Y: 48.63%
• 3Y*: 33.11%
• 5Y*: —
• 10Y*: —

UGL

• 1D: 7.52%
• 1M: -22.46%
• YTD: 10.70%
• 6M: 33.43%
• 1Y: 90.99%
• 3Y*: 57.42%
• 5Y*: 34.79%
• 10Y*: 20.22%

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

FGDL vs. UGL - Expense Ratio Comparison

FGDL has a 0.15% expense ratio, which is lower than UGL's 0.95% expense ratio.

UGL

ProShares Ultra Gold

FGDL

Franklin Responsibly Sourced Gold ETF

Return for Risk

FGDL vs. UGL — Risk / Return Rank

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

FGDL

FGDL Risk / Return Rank: 85
FGDL Sharpe Ratio Rank: 87
FGDL Sortino Ratio Rank: 84
FGDL Omega Ratio Rank: 83
FGDL Calmar Ratio Rank: 87
FGDL Martin Ratio Rank: 85

UGL

UGL Risk / Return Rank: 83
UGL Sharpe Ratio Rank: 85
UGL Sortino Ratio Rank: 81
UGL Omega Ratio Rank: 81
UGL Calmar Ratio Rank: 87
UGL Martin Ratio Rank: 83

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.

FGDL vs. UGL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Responsibly Sourced Gold ETF (FGDL) 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.

	FGDL	UGL	Difference
Sharpe ratio Return per unit of total volatility	1.75	1.65	+0.10
Sortino ratio Return per unit of downside risk	2.16	2.02	+0.14
Omega ratio Gain probability vs. loss probability	1.32	1.30	+0.02
Calmar ratio Return relative to maximum drawdown	2.64	2.56	+0.08
Martin ratio Return relative to average drawdown	9.52	8.76	+0.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FGDL vs. UGL - Sharpe Ratio Comparison

The current FGDL Sharpe Ratio is 1.75, which is comparable to the UGL Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of FGDL and UGL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FGDL	UGL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	1.65	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.98	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.52	0.42	+1.10

Correlation

The correlation between FGDL and UGL is 0.98, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FGDL vs. UGL - Dividend Comparison

Neither FGDL nor UGL has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

FGDL vs. UGL - Drawdown Comparison

The maximum FGDL drawdown since its inception was -19.23%, smaller than the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for FGDL and UGL.

Drawdown Indicators

	FGDL	UGL	Difference
Max Drawdown Largest peak-to-trough decline	-19.23%	-75.93%	+56.70%
Max Drawdown (1Y) Largest decline over 1 year	-19.23%	-37.56%	+18.33%
Max Drawdown (5Y) Largest decline over 5 years	—	-40.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.23%	—
Current Drawdown Current decline from peak	-13.76%	-28.22%	+14.46%
Average Drawdown Average peak-to-trough decline	-3.34%	-43.77%	+40.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.33%	10.99%	-5.66%

Volatility

FGDL vs. UGL - Volatility Comparison

The current volatility for Franklin Responsibly Sourced Gold ETF (FGDL) is 10.75%, while ProShares Ultra Gold (UGL) has a volatility of 22.02%. This indicates that FGDL 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

	FGDL	UGL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.75%	22.02%	-11.27%
Volatility (6M) Calculated over the trailing 6-month period	24.37%	49.01%	-24.64%
Volatility (1Y) Calculated over the trailing 1-year period	28.00%	55.43%	-27.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.96%	35.69%	-16.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.96%	32.19%	-13.23%