GOEX vs. UGL
Compare and contrast key facts about Global X Gold Explorers ETF (GOEX) and ProShares Ultra Gold (UGL).
GOEX and UGL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GOEX is a passively managed fund by Global X that tracks the performance of the Solactive Global Gold Explorers & Developers Total Return. It was launched on Nov 3, 2010. 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 GOEX 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
GOEX vs. UGL - Performance Comparison
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GOEX vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GOEX Global X Gold Explorers ETF | 5.01% | 179.50% | 19.38% | 1.99% | -14.63% | -14.45% | 34.98% | 36.73% | -14.84% | 12.61% |
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, GOEX achieves a 5.01% return, which is significantly lower than UGL's 10.70% return. Both investments have delivered pretty close results over the past 10 years, with GOEX having a 19.57% annualized return and UGL not far ahead at 20.22%.
GOEX
- 1D
- 7.98%
- 1M
- -21.75%
- YTD
- 5.01%
- 6M
- 27.17%
- 1Y
- 127.38%
- 3Y*
- 47.26%
- 5Y*
- 24.87%
- 10Y*
- 19.57%
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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GOEX vs. UGL - Expense Ratio Comparison
GOEX has a 0.65% expense ratio, which is lower than UGL's 0.95% expense ratio.
Return for Risk
GOEX vs. UGL — Risk / Return Rank
GOEX
UGL
GOEX vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Gold Explorers ETF (GOEX) 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.
| GOEX | UGL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.55 | 1.65 | +0.90 |
Sortino ratioReturn per unit of downside risk | 2.69 | 2.02 | +0.68 |
Omega ratioGain probability vs. loss probability | 1.39 | 1.30 | +0.09 |
Calmar ratioReturn relative to maximum drawdown | 3.90 | 2.56 | +1.34 |
Martin ratioReturn relative to average drawdown | 13.83 | 8.76 | +5.07 |
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
| GOEX | UGL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.55 | 1.65 | +0.90 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | 0.98 | -0.33 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.49 | 0.63 | -0.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.03 | 0.42 | -0.38 |
Correlation
The correlation between GOEX and UGL is 0.74, 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
GOEX vs. UGL - Dividend Comparison
GOEX's dividend yield for the trailing twelve months is around 1.98%, while UGL has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOEX Global X Gold Explorers ETF | 1.98% | 2.08% | 2.46% | 0.05% | 1.04% | 2.35% | 2.62% | 1.60% | 0.00% | 0.00% | 38.91% | 11.70% |
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
GOEX vs. UGL - Drawdown Comparison
The maximum GOEX drawdown since its inception was -88.83%, which is greater than UGL's maximum drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for GOEX and UGL.
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Drawdown Indicators
| GOEX | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.83% | -75.93% | -12.90% |
Max Drawdown (1Y)Largest decline over 1 year | -32.78% | -37.56% | +4.78% |
Max Drawdown (5Y)Largest decline over 5 years | -47.16% | -40.23% | -6.93% |
Max Drawdown (10Y)Largest decline over 10 years | -53.66% | -46.23% | -7.43% |
Current DrawdownCurrent decline from peak | -22.50% | -28.22% | +5.72% |
Average DrawdownAverage peak-to-trough decline | -64.06% | -43.77% | -20.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.24% | 10.99% | -1.75% |
Volatility
GOEX vs. UGL - Volatility Comparison
The current volatility for Global X Gold Explorers ETF (GOEX) is 19.89%, while ProShares Ultra Gold (UGL) has a volatility of 22.02%. This indicates that GOEX 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
| GOEX | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.89% | 22.02% | -2.13% |
Volatility (6M)Calculated over the trailing 6-month period | 42.25% | 49.01% | -6.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.25% | 55.43% | -5.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.54% | 35.69% | +2.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.46% | 32.19% | +8.27% |