GDX vs. UGL
GDX (VanEck Gold Miners ETF) and UGL (ProShares Ultra Gold) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, GDX returned 10.48%/yr vs 14.39%/yr for UGL. A 0.77 correlation means they provide meaningful diversification when combined. GDX charges 0.51%/yr vs 0.95%/yr for UGL.
Performance
GDX vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, GDX achieves a -14.46% return, which is significantly higher than UGL's -21.87% return. Over the past 10 years, GDX has underperformed UGL with an annualized return of 10.48%, while UGL has yielded a comparatively higher 14.39% annualized return.
GDX
- 1D
- -2.86%
- 1M
- -8.32%
- 6M
- -23.35%
- YTD
- -14.46%
- 1Y
- 40.98%
- 3Y*
- 33.47%
- 5Y*
- 17.75%
- 10Y*
- 10.48%
UGL
- 1D
- -5.20%
- 1M
- -10.54%
- 6M
- -30.93%
- YTD
- -21.87%
- 1Y
- 21.38%
- 3Y*
- 42.32%
- 5Y*
- 23.26%
- 10Y*
- 14.39%
GDX vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | -14.46% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
UGL ProShares Ultra Gold | -21.87% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between GDX and UGL is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | 0.77 |
The correlation between GDX and UGL has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.
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Return for Risk
GDX vs. UGL — Risk / Return Rank
GDX
UGL
GDX vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) 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.
| GDX | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.12 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.12 | 0.43 | +0.69 |
| Martin ratioReturn relative to average drawdown | 2.59 | 0.99 | +1.61 |
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Drawdowns
GDX vs. UGL - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, which is greater than UGL's maximum drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for GDX and UGL.
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Drawdown Indicators
| GDX | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -75.93% | -4.41% |
Max Drawdown (1Y)Largest decline over 1 year | -36.66% | -49.38% | +12.72% |
Max Drawdown (3Y)Largest decline over 3 years | -36.66% | -49.38% | +12.72% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -49.38% | +2.87% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | -49.38% | -0.41% |
Current DrawdownCurrent decline from peak | -36.66% | -49.33% | +12.67% |
Average DrawdownAverage peak-to-trough decline | -40.39% | -43.63% | +3.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.85% | 21.73% | -5.88% |
Volatility
GDX vs. UGL - Volatility Comparison
VanEck Gold Miners ETF (GDX) and ProShares Ultra Gold (UGL) have volatilities of 14.73% and 15.14%, 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
| GDX | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.73% | 15.14% | -0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 39.96% | 48.71% | -8.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.08% | 55.56% | -7.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.07% | 36.94% | +0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.36% | 32.63% | +4.73% |
GDX vs. UGL - Expense Ratio Comparison
GDX has a 0.51% expense ratio, which is lower than UGL's 0.95% expense ratio.
Dividends
GDX vs. UGL - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.86%, while UGL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.86% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
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
GDX and UGL have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (15.14%) compared to GDX (14.73%). In terms of maximum drawdown, GDX dropped -80.34% vs UGL's -75.93%.
On 10-year performance, UGL leads with 14.39% vs 10.48% for GDX. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 14.73%. 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 14.39% return vs 10.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 0.95% for UGL.
GDX has the higher dividend yield at 0.86%, compared with 0.00% for UGL.
GDX is categorized as Gold, while UGL is Leveraged Commodities. GDX tracks NYSE MarketVector Global Gold Miners Index, while UGL tracks Bloomberg Gold Subindex (200%). They also come from different issuers: VanEck and ProShares. Their fees differ too: 0.51% for GDX and 0.95% for UGL.
GDX currently has the higher Sharpe Ratio (0.86 vs 0.39), 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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