GLD vs. UGL
Compare and contrast key facts about SPDR Gold Shares (GLD) and ProShares Ultra Gold (UGL).
GLD and UGL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GLD is a passively managed fund by State Street that tracks the performance of the LBMA Gold Price PM. It was launched on Nov 18, 2004. 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 GLD 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
GLD vs. UGL - Performance Comparison
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GLD vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 8.57% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
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, GLD achieves a 8.57% return, which is significantly lower than UGL's 10.70% return. Over the past 10 years, GLD has underperformed UGL with an annualized return of 13.92%, while UGL has yielded a comparatively higher 20.22% annualized return.
GLD
- 1D
- 3.79%
- 1M
- -11.05%
- YTD
- 8.57%
- 6M
- 21.05%
- 1Y
- 49.33%
- 3Y*
- 32.92%
- 5Y*
- 21.58%
- 10Y*
- 13.92%
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%
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GLD vs. UGL - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is lower than UGL's 0.95% expense ratio.
Return for Risk
GLD vs. UGL — Risk / Return Rank
GLD
UGL
GLD vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) 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.
| GLD | UGL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.79 | 1.65 | +0.13 |
Sortino ratioReturn per unit of downside risk | 2.21 | 2.02 | +0.20 |
Omega ratioGain probability vs. loss probability | 1.33 | 1.30 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | 2.68 | 2.56 | +0.12 |
Martin ratioReturn relative to average drawdown | 9.90 | 8.76 | +1.14 |
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
| GLD | UGL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.79 | 1.65 | +0.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.22 | 0.98 | +0.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.88 | 0.63 | +0.25 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.62 | 0.42 | +0.20 |
Correlation
The correlation between GLD and UGL is 1.00, 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
GLD vs. UGL - Dividend Comparison
Neither GLD nor UGL has paid dividends to shareholders.
Drawdowns
GLD vs. UGL - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for GLD and UGL.
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Drawdown Indicators
| GLD | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -75.93% | +30.37% |
Max Drawdown (1Y)Largest decline over 1 year | -19.21% | -37.56% | +18.35% |
Max Drawdown (5Y)Largest decline over 5 years | -21.03% | -40.23% | +19.20% |
Max Drawdown (10Y)Largest decline over 10 years | -22.00% | -46.23% | +24.23% |
Current DrawdownCurrent decline from peak | -13.23% | -28.22% | +14.99% |
Average DrawdownAverage peak-to-trough decline | -16.17% | -43.77% | +27.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.20% | 10.99% | -5.79% |
Volatility
GLD vs. UGL - Volatility Comparison
The current volatility for SPDR Gold Shares (GLD) is 11.06%, while ProShares Ultra Gold (UGL) has a volatility of 22.02%. This indicates that GLD 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.
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Volatility by Period
| GLD | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.06% | 22.02% | -10.96% |
Volatility (6M)Calculated over the trailing 6-month period | 24.30% | 49.01% | -24.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.80% | 55.43% | -27.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.74% | 35.69% | -17.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.87% | 32.19% | -16.32% |