GDX vs. UGL
Compare and contrast key facts about VanEck Gold Miners ETF (GDX) and ProShares Ultra Gold (UGL).
GDX and UGL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GDX is a passively managed fund by VanEck that tracks the performance of the NYSE MarketVector Global Gold Miners Index. It was launched on May 16, 2006. 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 GDX 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
GDX vs. UGL - Performance Comparison
Loading graphics...
GDX vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 7.00% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
UGL ProShares Ultra Gold | 10.70% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Returns By Period
In the year-to-date period, GDX achieves a 7.00% return, which is significantly lower than UGL's 10.70% return. Over the past 10 years, GDX has underperformed UGL with an annualized return of 17.53%, while UGL has yielded a comparatively higher 20.22% annualized return.
GDX
- 1D
- 6.97%
- 1M
- -20.78%
- YTD
- 7.00%
- 6M
- 20.99%
- 1Y
- 101.08%
- 3Y*
- 43.23%
- 5Y*
- 23.96%
- 10Y*
- 17.53%
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%
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
GDX vs. UGL - Expense Ratio Comparison
GDX has a 0.51% expense ratio, which is lower than UGL's 0.95% expense ratio.
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.
| GDX | UGL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.21 | 1.65 | +0.56 |
Sortino ratioReturn per unit of downside risk | 2.45 | 2.02 | +0.43 |
Omega ratioGain probability vs. loss probability | 1.36 | 1.30 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 3.34 | 2.56 | +0.77 |
Martin ratioReturn relative to average drawdown | 12.07 | 8.76 | +3.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| GDX | UGL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.21 | 1.65 | +0.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.67 | 0.98 | -0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | 0.63 | -0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 0.42 | -0.28 |
Correlation
The correlation between GDX and UGL is 0.77, 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
GDX vs. UGL - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.69%, while UGL has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.69% | 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% |
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.
Loading graphics...
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 | -30.84% | -37.56% | +6.72% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -40.23% | -6.28% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | -46.23% | -3.56% |
Current DrawdownCurrent decline from peak | -20.78% | -28.22% | +7.44% |
Average DrawdownAverage peak-to-trough decline | -40.61% | -43.77% | +3.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.52% | 10.99% | -2.47% |
Volatility
GDX vs. UGL - Volatility Comparison
The current volatility for VanEck Gold Miners ETF (GDX) is 18.51%, while ProShares Ultra Gold (UGL) has a volatility of 22.02%. This indicates that GDX 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.
Loading graphics...
Volatility by Period
| GDX | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.51% | 22.02% | -3.51% |
Volatility (6M)Calculated over the trailing 6-month period | 38.19% | 49.01% | -10.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.00% | 55.43% | -9.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.73% | 35.69% | +0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.44% | 32.19% | +5.25% |