NLR vs. UGL
NLR (VanEck Uranium and Nuclear ETF) and UGL (ProShares Ultra Gold) are both exchange-traded funds - NLR is a Alternative Energy Equities fund tracking the MVIS Global Uranium & Nuclear Energy Index, while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, NLR returned 12.66%/yr vs 17.75%/yr for UGL. At a 0.22 correlation, their price movements are largely independent. NLR charges 0.56%/yr vs 0.95%/yr for UGL.
Performance
NLR vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, NLR achieves a -1.68% return, which is significantly higher than UGL's -7.82% return. Over the past 10 years, NLR has underperformed UGL with an annualized return of 12.66%, while UGL has yielded a comparatively higher 17.75% annualized return.
NLR
- 1D
- -7.19%
- 1M
- -13.32%
- YTD
- -1.68%
- 6M
- -7.41%
- 1Y
- 25.58%
- 3Y*
- 31.57%
- 5Y*
- 20.09%
- 10Y*
- 12.66%
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%
NLR vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NLR VanEck Uranium and Nuclear ETF | -1.68% | 56.50% | 14.26% | 36.67% | 2.29% | 13.63% | 3.49% | 0.20% | 4.94% | 8.25% |
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 NLR and UGL is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | 0.22 |
The correlation between NLR and UGL shifts across timeframes, from 0.22 (10 years) to 0.35 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
NLR vs. UGL — Risk / Return Rank
NLR
UGL
NLR vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Uranium and Nuclear ETF (NLR) 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.
| NLR | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.19 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.10 | 1.06 | +0.03 |
| Martin ratioReturn relative to average drawdown | 2.21 | 2.56 | -0.34 |
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
| NLR | UGL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.66 | 0.80 | -0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.69 | 0.70 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.53 | 0.55 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 0.38 | -0.22 |
Drawdowns
NLR vs. UGL - Drawdown Comparison
The maximum NLR drawdown since its inception was -65.05%, smaller than the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for NLR and UGL.
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Drawdown Indicators
| NLR | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.05% | -75.93% | +10.88% |
Max Drawdown (1Y)Largest decline over 1 year | -25.80% | -40.22% | +14.42% |
Max Drawdown (3Y)Largest decline over 3 years | -30.48% | -40.22% | +9.74% |
Max Drawdown (5Y)Largest decline over 5 years | -30.48% | -40.23% | +9.75% |
Max Drawdown (10Y)Largest decline over 10 years | -34.35% | -46.23% | +11.88% |
Current DrawdownCurrent decline from peak | -25.71% | -40.22% | +14.51% |
Average DrawdownAverage peak-to-trough decline | -35.71% | -43.63% | +7.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.78% | 16.70% | -3.92% |
Volatility
NLR vs. UGL - Volatility Comparison
VanEck Uranium and Nuclear ETF (NLR) has a higher volatility of 13.51% compared to ProShares Ultra Gold (UGL) at 11.42%. This indicates that NLR's price experiences larger fluctuations and is considered to be riskier 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
| NLR | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.51% | 11.42% | +2.09% |
Volatility (6M)Calculated over the trailing 6-month period | 33.53% | 47.43% | -13.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.92% | 53.42% | -10.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.41% | 36.32% | -6.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.13% | 32.42% | -8.29% |
NLR vs. UGL - Expense Ratio Comparison
NLR has a 0.56% expense ratio, which is lower than UGL's 0.95% expense ratio.
Dividends
NLR vs. UGL - Dividend Comparison
NLR's dividend yield for the trailing twelve months is around 2.59%, while UGL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NLR VanEck Uranium and Nuclear ETF | 2.59% | 2.55% | 0.76% | 4.54% | 2.02% | 1.99% | 2.23% | 2.21% | 3.91% | 4.86% | 3.62% | 3.30% |
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
NLR and UGL have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NLR has higher volatility (13.51%) compared to UGL (11.42%). In terms of maximum drawdown, NLR dropped -65.05% vs UGL's -75.93%.
On 10-year performance, UGL leads with 17.75% vs 12.66% for NLR. On fees, NLR is cheaper at 0.56% per year. On volatility, UGL has been the lower-risk option at 11.42%. 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 12.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NLR is cheaper with a 0.56% expense ratio, compared with 0.95% for UGL.
NLR has the higher dividend yield at 2.59%, compared with 0.00% for UGL.
NLR is categorized as Alternative Energy Equities, while UGL is Leveraged Commodities. NLR tracks MVIS Global Uranium & Nuclear Energy Index, while UGL tracks Bloomberg Gold Subindex (200%). They also come from different issuers: VanEck and ProShares. Their fees differ too: 0.56% for NLR and 0.95% for UGL.
UGL currently has the higher Sharpe Ratio (0.80 vs 0.66), 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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