GLDW vs. UGL

Last updated Jun 4, 2026

GLDW (Roundhill Gold WeeklyPay ETF) and UGL (ProShares Ultra Gold) are both exchange-traded funds - GLDW is a Derivative Income fund actively managed by State Street, while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). GLDW is actively managed, while UGL is passively managed. With a 1.00 correlation, they move nearly in lockstep. GLDW charges 0.99%/yr vs 0.95%/yr for UGL.

Performance

GLDW vs. UGL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Gold WeeklyPay ETF (GLDW) and ProShares Ultra Gold (UGL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLDW achieves a 1.00% return, which is significantly higher than UGL's -2.16% return.

GLDW

• 1D: -1.20%
• 1M: -2.48%
• YTD: 1.00%
• 6M: 3.47%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GLDW vs. UGL - Yearly Performance Comparison

	2026 (YTD)	2025
GLDW Roundhill Gold WeeklyPay ETF	1.00%	7.63%
UGL ProShares Ultra Gold	-2.16%	12.73%

Correlation

The correlation between GLDW 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 (All Time) Calculated using the full available price history since Oct 31, 2025	1.00

Return for Risk

GLDW vs. UGL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UGL

UGL Risk / Return Rank: 27
UGL Sharpe Ratio Rank: 26
UGL Sortino Ratio Rank: 26
UGL Omega Ratio Rank: 31
UGL Calmar Ratio Rank: 28
UGL Martin Ratio Rank: 24

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GLDW vs. UGL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Gold WeeklyPay ETF (GLDW) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	GLDW	UGL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.98	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.75	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.39	+0.03

Drawdowns

GLDW vs. UGL - Drawdown Comparison

The maximum GLDW drawdown since its inception was -23.59%, smaller than the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for GLDW and UGL.

Drawdown Indicators

	GLDW	UGL	Difference
Max Drawdown Largest peak-to-trough decline	-23.59%	-75.93%	+52.34%
Max Drawdown (1Y) Largest decline over 1 year	—	-37.56%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-37.56%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-40.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.23%	—
Current Drawdown Current decline from peak	-22.51%	-36.56%	+14.05%
Average Drawdown Average peak-to-trough decline	-8.93%	-43.63%	+34.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	16.35%	—

Volatility

Volatility by Period

	GLDW	UGL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.03%	—
Volatility (6M) Calculated over the trailing 6-month period	—	46.81%	—
Volatility (1Y) Calculated over the trailing 1-year period	36.90%	52.91%	-16.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.90%	36.18%	+0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.90%	32.34%	+4.56%

GLDW vs. UGL - Expense Ratio Comparison

GLDW has a 0.99% expense ratio, which is higher than UGL's 0.95% expense ratio.

Dividends

GLDW vs. UGL - Dividend Comparison

GLDW's dividend yield for the trailing twelve months is around 19.48%, while UGL has not paid dividends to shareholders.

Position	TTM	2025
GLDW Roundhill Gold WeeklyPay ETF	19.48%	3.75%
UGL ProShares Ultra Gold	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLDW and UGL in my portfolio?

With a correlation of 1.00, GLDW 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.

Which ETF is better, GLDW or UGL?

On fees, UGL is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLDW or UGL?

UGL is cheaper with a 0.95% expense ratio, compared with 0.99% for GLDW.

Which ETF pays a higher dividend yield, GLDW or UGL?

GLDW has the higher dividend yield at 19.48%, compared with 0.00% for UGL.

What is the main difference between GLDW and UGL?

GLDW is categorized as Derivative Income, while UGL is Leveraged Commodities. They also come from different issuers: State Street and ProShares. Their fees differ too: 0.99% for GLDW and 0.95% for UGL.