LTL vs. UGE

Last updated Jun 13, 2026

LTL (ProShares Ultra Telecommunications) and UGE (ProShares Ultra Consumer Goods) are both Leveraged Equities funds from ProShares - LTL tracks the Dow Jones U.S. Select Telecommunications Index (200%) while UGE tracks the Dow Jones U.S. Consumer Goods Index (200%). Both are passively managed. Over the past 10 years, LTL returned 8.83%/yr vs 8.80%/yr for UGE. At a 0.46 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

LTL vs. UGE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Telecommunications (LTL) and ProShares Ultra Consumer Goods (UGE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LTL achieves a -12.79% return, which is significantly lower than UGE's 18.88% return. Both investments have delivered pretty close results over the past 10 years, with LTL having a 8.83% annualized return and UGE not far behind at 8.80%.

LTL

• 1D: -1.02%
• 1M: -9.73%
• YTD: -12.79%
• 6M: -10.48%
• 1Y: 12.42%
• 3Y*: 34.49%
• 5Y*: 15.81%
• 10Y*: 8.83%

UGE

• 1D: 1.08%
• 1M: 1.29%
• YTD: 18.88%
• 6M: 15.24%
• 1Y: 9.47%
• 3Y*: 7.90%
• 5Y*: -1.08%
• 10Y*: 8.80%

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

LTL vs. UGE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LTL ProShares Ultra Telecommunications	-12.79%	37.06%	65.15%	62.03%	-41.14%	40.42%	-3.25%	30.16%	-23.44%	-26.85%
UGE ProShares Ultra Consumer Goods	18.88%	-5.21%	16.40%	2.38%	-46.78%	42.44%	56.64%	58.28%	-30.14%	32.38%

Correlation

The correlation between LTL and UGE is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since May 22, 2008	0.46

Over the past year, the correlation between LTL and UGE has dropped to 0.07 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.

LTL vs. UGE - Sectors Allocation Comparison

Sectors	LTL	UGE
Communication Services	57.5%	-
Technology	2.8%	-
Basic Materials	-	-
Consumer Cyclical	-	1.0%
Consumer Defensive	-	99.0%
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

LTL vs. UGE — Risk / Return Rank

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

LTL

LTL Risk / Return Rank: 16
LTL Sharpe Ratio Rank: 16
LTL Sortino Ratio Rank: 16
LTL Omega Ratio Rank: 15
LTL Calmar Ratio Rank: 15
LTL Martin Ratio Rank: 16

UGE

UGE Risk / Return Rank: 14
UGE Sharpe Ratio Rank: 14
UGE Sortino Ratio Rank: 14
UGE Omega Ratio Rank: 14
UGE Calmar Ratio Rank: 14
UGE Martin Ratio Rank: 13

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.

LTL vs. UGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Telecommunications (LTL) and ProShares Ultra Consumer Goods (UGE). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	LTL	UGE	Difference
Sharpe ratio: Return per unit of total volatility	0.37	0.28	+0.09
Sortino ratio: Return per unit of downside risk	0.72	0.58	+0.14
Omega ratio: Gain probability vs. loss probability	1.08	1.07	+0.01
Calmar ratio: Return relative to maximum drawdown	0.46	0.38	+0.09
Martin ratio: Return relative to average drawdown	1.29	0.67	+0.62

LTL vs. UGE - Sharpe Ratio Comparison

The current LTL Sharpe Ratio is 0.37, which is higher than the UGE Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of LTL and UGE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

LTL vs. UGE - Drawdown Comparison

The maximum LTL drawdown since its inception was -80.20%, which is greater than UGE's maximum drawdown of -71.36%. Use the drawdown chart below to compare losses from any high point for LTL and UGE.

Drawdown Indicators

	LTL	UGE	Difference
Max Drawdown Largest peak-to-trough decline	-80.20%	-71.36%	-8.84%
Max Drawdown (1Y) Largest decline over 1 year	-21.43%	-18.95%	-2.48%
Max Drawdown (3Y) Largest decline over 3 years	-34.37%	-24.80%	-9.57%
Max Drawdown (5Y) Largest decline over 5 years	-52.60%	-56.55%	+3.95%
Max Drawdown (10Y) Largest decline over 10 years	-64.15%	-57.14%	-7.01%
Current Drawdown Current decline from peak	-15.86%	-32.84%	+16.98%
Average Drawdown Average peak-to-trough decline	-28.63%	-18.75%	-9.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.69%	10.64%	-2.95%

Volatility

LTL vs. UGE - Volatility Comparison

The current volatility for ProShares Ultra Telecommunications (LTL) is 7.29%, while ProShares Ultra Consumer Goods (UGE) has a volatility of 8.67%. This indicates that LTL experiences smaller price fluctuations and is considered to be less risky than UGE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LTL	UGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.29%	8.67%	-1.38%
Volatility (6M) Calculated over the trailing 6-month period	19.50%	20.01%	-0.51%
Volatility (1Y) Calculated over the trailing 1-year period	26.89%	25.39%	+1.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.58%	31.37%	+3.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.91%	33.11%	+3.80%

LTL vs. UGE - Expense Ratio Comparison

Both LTL and UGE have an expense ratio of 0.95%.

Dividends

LTL vs. UGE - Dividend Comparison

LTL's dividend yield for the trailing twelve months is around 0.93%, less than UGE's 2.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LTL ProShares Ultra Telecommunications	0.93%	0.64%	0.29%	0.97%	2.01%	1.14%	1.57%	0.83%	1.99%	1.96%	0.70%	1.55%
UGE ProShares Ultra Consumer Goods	2.05%	2.54%	1.43%	1.20%	0.74%	0.20%	0.41%	0.86%	0.76%	0.68%	0.76%	0.60%

Frequently Asked Questions

Can I hold both LTL and UGE in my portfolio?

LTL and UGE have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LTL or UGE?

UGE has higher volatility (8.67%) compared to LTL (7.29%). In terms of maximum drawdown, LTL dropped -80.20% vs UGE's -71.36%.

Which ETF is better, LTL or UGE?

On 10-year performance, LTL leads with 8.83% vs 8.80% for UGE. Both ETFs have the same 0.95% expense ratio. On volatility, LTL has been the lower-risk option at 7.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LTL or UGE?

Over the 10-year period, LTL has performed better with a 8.83% return vs 8.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LTL or UGE?

LTL and UGE have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, LTL or UGE?

UGE has the higher dividend yield at 2.05%, compared with 0.93% for LTL.

What is the main difference between LTL and UGE?

LTL tracks Dow Jones U.S. Select Telecommunications Index (200%), while UGE tracks Dow Jones U.S. Consumer Goods Index (200%).

Which has better risk-adjusted returns?

LTL currently has the higher Sharpe Ratio (0.37 vs 0.28), 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.