GLD vs. UGL
GLD (SPDR Gold Shares) and UGL (ProShares Ultra Gold) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, GLD returned 13.12%/yr vs 18.45%/yr for UGL. With a 1.00 correlation, they move nearly in lockstep. GLD charges 0.40%/yr vs 0.95%/yr for UGL.
Performance
GLD vs. UGL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GLD achieves a 2.92% return, which is significantly higher than UGL's -2.16% return. Over the past 10 years, GLD has underperformed UGL with an annualized return of 13.12%, while UGL has yielded a comparatively higher 18.45% annualized return.
GLD
- 1D
- -0.99%
- 1M
- -1.65%
- YTD
- 2.92%
- 6M
- 5.43%
- 1Y
- 32.04%
- 3Y*
- 31.09%
- 5Y*
- 18.15%
- 10Y*
- 13.12%
UGL
- 1D
- -2.00%
- 1M
- -3.96%
- YTD
- -2.16%
- 6M
- 1.78%
- 1Y
- 51.67%
- 3Y*
- 53.18%
- 5Y*
- 27.00%
- 10Y*
- 18.45%
GLD vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 2.92% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
UGL ProShares Ultra Gold | -2.16% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between GLD and UGL is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | 1.00 |
The correlation between GLD and UGL has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.21 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | 1.38 | +0.29 |
| Martin ratioReturn relative to average drawdown | 4.15 | 3.17 | +0.98 |
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 charts...
Sharpe Ratios by Period
| GLD | UGL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.21 | 0.98 | +0.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.01 | 0.75 | +0.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.83 | 0.57 | +0.25 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 0.39 | +0.21 |
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.
Loading charts...
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 (3Y)Largest decline over 3 years | -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 | -17.75% | -36.56% | +18.81% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -43.63% | +27.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.73% | 16.35% | -8.62% |
Volatility
GLD vs. UGL - Volatility Comparison
The current volatility for SPDR Gold Shares (GLD) is 5.51%, while ProShares Ultra Gold (UGL) has a volatility of 11.03%. 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.
Loading charts...
Volatility by Period
| GLD | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.51% | 11.03% | -5.52% |
Volatility (6M)Calculated over the trailing 6-month period | 23.16% | 46.81% | -23.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.61% | 52.91% | -26.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.00% | 36.18% | -18.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.95% | 32.34% | -16.39% |
GLD vs. UGL - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is lower than UGL's 0.95% expense ratio.
Dividends
GLD vs. UGL - Dividend Comparison
Neither GLD nor UGL has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, GLD and UGL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
UGL has higher volatility (11.03%) compared to GLD (5.51%). In terms of maximum drawdown, GLD dropped -45.56% vs UGL's -75.93%.
On 10-year performance, UGL leads with 18.45% vs 13.12% for GLD. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 5.51%. 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 18.45% return vs 13.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.95% for UGL.
GLD and UGL have nearly identical dividend yields, around 0.00%.
GLD is categorized as Gold, while UGL is Leveraged Commodities. GLD tracks LBMA Gold Price PM, while UGL tracks Bloomberg Gold Subindex (200%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.40% for GLD and 0.95% for UGL.
GLD currently has the higher Sharpe Ratio (1.21 vs 0.98), 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.
Find the right allocation for GLD and UGL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer