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IEO vs. UGL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEO vs. UGL

Last updated Jun 7, 2026

IEO (iShares U.S. Oil & Gas Exploration & Production ETF) and UGL (ProShares Ultra Gold) are both exchange-traded funds - IEO is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Exploration & Production Index, while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, IEO returned 9.53%/yr vs 17.75%/yr for UGL. At a 0.11 correlation, their price movements are largely independent. IEO charges 0.42%/yr vs 0.95%/yr for UGL.

Performance

IEO vs. UGL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Oil & Gas Exploration & Production ETF (IEO) and ProShares Ultra Gold (UGL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IEO achieves a 30.74% return, which is significantly higher than UGL's -7.82% return. Over the past 10 years, IEO has underperformed UGL with an annualized return of 9.53%, while UGL has yielded a comparatively higher 17.75% annualized return.

IEO

1D
-2.60%
1M
2.15%
YTD
30.74%
6M
22.30%
1Y
36.73%
3Y*
14.92%
5Y*
18.27%
10Y*
9.53%

UGL

1D
-7.30%
1M
-17.17%
YTD
-7.82%
6M
-3.83%
1Y
46.42%
3Y*
49.47%
5Y*
25.50%
10Y*
17.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEO vs. UGL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEO
iShares U.S. Oil & Gas Exploration & Production ETF		30.74%2.15%-1.45%3.57%57.82%75.57%-32.77%9.63%-19.44%0.33%
UGL
ProShares Ultra Gold		-7.82%137.57%46.36%15.56%-7.59%-12.30%39.04%31.11%-8.02%22.50%

Correlation

The correlation between IEO and UGL is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.00

Correlation (3Y)
Calculated over the trailing 3-year period

0.10

Correlation (5Y)
Calculated over the trailing 5-year period

0.12

Correlation (10Y)
Calculated over the trailing 10-year period

0.05

Correlation (All Time)
Calculated using the full available price history since Dec 4, 2008

0.11

The correlation between IEO and UGL shifts across timeframes, from -0.00 (1 year) to 0.12 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares U.S. Oil & Gas Exploration & Production ETF

ProShares Ultra Gold

Often compared with IEO:
IEO vs. XLEIEO vs. VDEIEO vs. FCGIEO vs. FENYIEO vs. DEOIEO vs. AMNDIEO vs. PCEF
Often compared with UGL:
UGL vs. GLDUGL vs. NUGTUGL vs. DGPUGL vs. GLLUGL vs. GDXUGL vs. GLDMUGL vs. JNUG

Return for Risk

IEO vs. UGL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEO
IEO Risk / Return Rank: 4848
Overall Rank
IEO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
IEO Sortino Ratio Rank: 4343
Sortino Ratio Rank
IEO Omega Ratio Rank: 4242
Omega Ratio Rank
IEO Calmar Ratio Rank: 5858
Calmar Ratio Rank
IEO Martin Ratio Rank: 4747
Martin Ratio Rank
UGL
UGL Risk / Return Rank: 2424
Overall Rank
UGL Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
UGL Sortino Ratio Rank: 2424
Sortino Ratio Rank
UGL Omega Ratio Rank: 2828
Omega Ratio Rank
UGL Calmar Ratio Rank: 2323
Calmar Ratio Rank
UGL Martin Ratio Rank: 2121
Martin Ratio Rank
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.

IEO vs. UGL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Oil & Gas Exploration & Production ETF (IEO) 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.

IEOUGLDifference
Sharpe ratioReturn per unit of total volatility
1.59
0.80

+0.79

Sortino ratioReturn per unit of downside risk
2.10
1.26

+0.84

Omega ratioGain probability vs. loss probability

1.26

1.19

+0.07

Calmar ratioReturn relative to maximum drawdown

2.79

1.06

+1.73

Martin ratioReturn relative to average drawdown

7.47

2.56

+4.91

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEO vs. UGL - Sharpe Ratio Comparison

The current IEO Sharpe Ratio is 1.59, which is higher than the UGL Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of IEO and UGL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

IEOUGLDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.59

0.80

+0.79

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.60

0.70

-0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.27

0.55

-0.28

Sharpe Ratio (All Time)

Calculated using the full available price history

0.16

0.38

-0.21

Drawdowns

IEO vs. UGL - Drawdown Comparison

The maximum IEO drawdown since its inception was -79.17%, roughly equal to the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for IEO and UGL.

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Drawdown Indicators

IEOUGLDifference

Max Drawdown

Largest peak-to-trough decline

-79.17%

-75.93%

-3.24%

Max Drawdown (1Y)

Largest decline over 1 year

-14.30%

-40.22%

+25.92%

Max Drawdown (3Y)

Largest decline over 3 years

-31.46%

-40.22%

+8.76%

Max Drawdown (5Y)

Largest decline over 5 years

-31.46%

-40.23%

+8.77%

Max Drawdown (10Y)

Largest decline over 10 years

-75.00%

-46.23%

-28.77%

Current Drawdown

Current decline from peak

-9.95%

-40.22%

+30.27%

Average Drawdown

Average peak-to-trough decline

-26.27%

-43.63%

+17.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.33%

16.70%

-11.37%

Volatility

IEO vs. UGL - Volatility Comparison

The current volatility for iShares U.S. Oil & Gas Exploration & Production ETF (IEO) is 7.99%, while ProShares Ultra Gold (UGL) has a volatility of 11.42%. This indicates that IEO 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

IEOUGLDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.99%

11.42%

-3.43%

Volatility (6M)

Calculated over the trailing 6-month period

19.88%

47.43%

-27.55%

Volatility (1Y)

Calculated over the trailing 1-year period

25.13%

53.42%

-28.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.55%

36.32%

-5.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

35.00%

32.42%

+2.58%

IEO vs. UGL - Expense Ratio Comparison

IEO has a 0.42% expense ratio, which is lower than UGL's 0.95% expense ratio.

Dividends

IEO vs. UGL - Dividend Comparison

IEO's dividend yield for the trailing twelve months is around 2.02%, while UGL has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
IEO
iShares U.S. Oil & Gas Exploration & Production ETF		2.02%2.61%2.63%3.00%3.77%2.62%3.17%1.85%1.67%0.94%0.98%2.03%
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%

Frequently Asked Questions

IEO and UGL have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UGL has higher volatility (11.42%) compared to IEO (7.99%). In terms of maximum drawdown, IEO dropped -79.17% vs UGL's -75.93%.

On 10-year performance, UGL leads with 17.75% vs 9.53% for IEO. On fees, IEO is cheaper at 0.42% per year. On volatility, IEO has been the lower-risk option at 7.99%. 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 17.75% return vs 9.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEO is cheaper with a 0.42% expense ratio, compared with 0.95% for UGL.

IEO has the higher dividend yield at 2.02%, compared with 0.00% for UGL.

IEO is categorized as Energy Equities, while UGL is Leveraged Commodities. IEO tracks Dow Jones U.S. Select Oil Exploration & Production Index, while UGL tracks Bloomberg Gold Subindex (200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.42% for IEO and 0.95% for UGL.

IEO currently has the higher Sharpe Ratio (1.59 vs 0.80), 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.

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