QLD vs. UGL
QLD (ProShares Ultra QQQ) and UGL (ProShares Ultra Gold) are both exchange-traded funds - QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%), while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, QLD returned 35.67%/yr vs 16.37%/yr for UGL. At a 0.05 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
QLD vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, QLD achieves a 32.65% return, which is significantly higher than UGL's -12.66% return. Over the past 10 years, QLD has outperformed UGL with an annualized return of 35.67%, while UGL has yielded a comparatively lower 16.37% annualized return.
QLD
- 1D
- 1.30%
- 1M
- 2.58%
- YTD
- 32.65%
- 6M
- 32.82%
- 1Y
- 73.89%
- 3Y*
- 44.57%
- 5Y*
- 23.24%
- 10Y*
- 35.67%
UGL
- 1D
- 0.08%
- 1M
- -14.99%
- YTD
- -12.66%
- 6M
- -12.99%
- 1Y
- 29.41%
- 3Y*
- 47.90%
- 5Y*
- 24.60%
- 10Y*
- 16.37%
QLD vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 32.65% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
UGL ProShares Ultra Gold | -12.66% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between QLD and UGL is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | 0.05 |
The correlation between QLD and UGL shifts across timeframes, from 0.05 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
QLD vs. UGL — Risk / Return Rank
QLD
UGL
QLD vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ (QLD) 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.
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.
| QLD | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.43 | ||
| Sortino ratioReturn per unit of downside risk | +1.41 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.16 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.78 | 0.71 | +2.07 |
| Martin ratioReturn relative to average drawdown | 9.46 | 1.85 | +7.61 |
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Drawdowns
QLD vs. UGL - Drawdown Comparison
The maximum QLD drawdown since its inception was -83.13%, which is greater than UGL's maximum drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for QLD and UGL.
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Drawdown Indicators
| QLD | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.13% | -75.93% | -7.20% |
Max Drawdown (1Y)Largest decline over 1 year | -25.13% | -46.64% | +21.51% |
Max Drawdown (3Y)Largest decline over 3 years | -42.29% | -46.64% | +4.35% |
Max Drawdown (5Y)Largest decline over 5 years | -63.68% | -46.64% | -17.04% |
Max Drawdown (10Y)Largest decline over 10 years | -63.68% | -46.64% | -17.04% |
Current DrawdownCurrent decline from peak | -7.11% | -43.37% | +36.26% |
Average DrawdownAverage peak-to-trough decline | -18.16% | -43.62% | +25.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.36% | 17.76% | -10.40% |
Volatility
QLD vs. UGL - Volatility Comparison
ProShares Ultra QQQ (QLD) and ProShares Ultra Gold (UGL) have volatilities of 15.14% and 15.51%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QLD | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.14% | 15.51% | -0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 27.51% | 48.64% | -21.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.29% | 54.39% | -20.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.07% | 36.61% | +8.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.73% | 32.58% | +12.15% |
QLD vs. UGL - Expense Ratio Comparison
Both QLD and UGL have an expense ratio of 0.95%.
Dividends
QLD vs. UGL - Dividend Comparison
QLD's dividend yield for the trailing twelve months is around 0.13%, while UGL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 0.13% | 0.17% | 0.25% | 0.33% | 0.31% | 0.00% | 0.00% | 0.13% | 0.06% | 0.02% | 0.21% | 0.11% |
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
QLD and UGL have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (15.51%) compared to QLD (15.14%). In terms of maximum drawdown, QLD dropped -83.13% vs UGL's -75.93%.
On 10-year performance, QLD leads with 35.67% vs 16.37% for UGL. Both ETFs have the same 0.95% expense ratio. On volatility, QLD has been the lower-risk option at 15.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QLD has performed better with a 35.67% return vs 16.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QLD and UGL have the same expense ratio: 0.95% per year.
QLD has the higher dividend yield at 0.13%, compared with 0.00% for UGL.
QLD is categorized as Leveraged Equities, while UGL is Leveraged Commodities. QLD tracks NASDAQ-100 Index (200%), while UGL tracks Bloomberg Gold Subindex (200%).
QLD currently has the higher Sharpe Ratio (2.04 vs 0.61), 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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