GBTC vs. UGL
GBTC (Grayscale Bitcoin Trust ETF) and UGL (ProShares Ultra Gold) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, GBTC returned 49.25%/yr vs 17.24%/yr for UGL. At a 0.09 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.95%/yr for UGL.
Performance
GBTC vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -28.07% return, which is significantly lower than UGL's -7.46% return. Over the past 10 years, GBTC has outperformed UGL with an annualized return of 49.25%, while UGL has yielded a comparatively lower 17.24% annualized return.
GBTC
- 1D
- 5.06%
- 1M
- -21.09%
- YTD
- -28.07%
- 6M
- -30.74%
- 1Y
- -40.20%
- 3Y*
- 53.71%
- 5Y*
- 10.31%
- 10Y*
- 49.25%
UGL
- 1D
- 0.39%
- 1M
- -16.85%
- YTD
- -7.46%
- 6M
- -3.00%
- 1Y
- 46.99%
- 3Y*
- 49.89%
- 5Y*
- 25.67%
- 10Y*
- 17.24%
GBTC vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -28.07% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
UGL ProShares Ultra Gold | -7.46% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between GBTC and UGL is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since May 5, 2015 | 0.09 |
The correlation between GBTC and UGL shifts across timeframes, from 0.09 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GBTC vs. UGL — Risk / Return Rank
GBTC
UGL
GBTC vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) 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.
| GBTC | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.80 | ||
| Sortino ratioReturn per unit of downside risk | -2.62 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.20 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 1.17 | -1.94 |
| Martin ratioReturn relative to average drawdown | -1.38 | 2.79 | -4.17 |
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
| GBTC | UGL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.91 | 0.89 | -1.80 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | 0.71 | -0.54 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | 0.53 | +0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.38 | +0.27 |
Drawdowns
GBTC vs. UGL - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than UGL's maximum drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for GBTC and UGL.
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Drawdown Indicators
| GBTC | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -75.93% | -13.98% |
Max Drawdown (1Y)Largest decline over 1 year | -52.45% | -40.22% | -12.23% |
Max Drawdown (3Y)Largest decline over 3 years | -52.45% | -40.22% | -12.23% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -40.23% | -45.19% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -46.23% | -43.68% |
Current DrawdownCurrent decline from peak | -50.05% | -39.99% | -10.06% |
Average DrawdownAverage peak-to-trough decline | -43.44% | -43.63% | +0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.16% | 16.88% | +12.28% |
Volatility
GBTC vs. UGL - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) and ProShares Ultra Gold (UGL) have volatilities of 11.75% and 11.42%, 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.
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Volatility by Period
| GBTC | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.75% | 11.42% | +0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 34.55% | 47.43% | -12.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.19% | 53.43% | -9.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.40% | 36.33% | +26.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.22% | 32.42% | +49.80% |
GBTC vs. UGL - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than UGL's 0.95% expense ratio.
Dividends
GBTC vs. UGL - Dividend Comparison
Neither GBTC nor UGL has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
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
GBTC and UGL have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (11.75%) compared to UGL (11.42%). In terms of maximum drawdown, GBTC dropped -89.91% vs UGL's -75.93%.
On 10-year performance, GBTC leads with 49.25% vs 17.24% for UGL. On fees, UGL is cheaper at 0.95% per year. On volatility, UGL has been the lower-risk option at 11.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GBTC has performed better with a 49.25% return vs 17.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGL is cheaper with a 0.95% expense ratio, compared with 1.50% for GBTC.
GBTC and UGL have nearly identical dividend yields, around 0.00%.
GBTC is categorized as Cryptocurrency, while UGL is Leveraged Commodities. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while UGL tracks Bloomberg Gold Subindex (200%). They also come from different issuers: Grayscale and ProShares. Their fees differ too: 1.50% for GBTC and 0.95% for UGL.
UGL currently has the higher Sharpe Ratio (0.89 vs -0.91), 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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