QQQ vs. UGL
QQQ (Invesco QQQ ETF) and UGL (ProShares Ultra Gold) are both exchange-traded funds - QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, QQQ returned 22.31%/yr vs 16.73%/yr for UGL. At a 0.06 correlation, their price movements are largely independent. QQQ charges 0.18%/yr vs 0.95%/yr for UGL.
Performance
QQQ vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, QQQ achieves a 21.26% return, which is significantly higher than UGL's -8.09% return. Over the past 10 years, QQQ has outperformed UGL with an annualized return of 22.31%, while UGL has yielded a comparatively lower 16.73% annualized return.
QQQ
- 1D
- 3.14%
- 1M
- 4.95%
- YTD
- 21.26%
- 6M
- 22.17%
- 1Y
- 41.87%
- 3Y*
- 27.20%
- 5Y*
- 17.59%
- 10Y*
- 22.31%
UGL
- 1D
- 5.24%
- 1M
- -10.54%
- YTD
- -8.09%
- 6M
- -8.60%
- 1Y
- 36.19%
- 3Y*
- 49.85%
- 5Y*
- 27.24%
- 10Y*
- 16.73%
QQQ vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QQQ Invesco QQQ ETF | 21.26% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 48.62% | 38.96% | -0.13% | 32.66% |
UGL ProShares Ultra Gold | -8.09% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between QQQ and UGL is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
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 | 0.06 |
The correlation between QQQ and UGL shifts across timeframes, from 0.06 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
QQQ vs. UGL — Risk / Return Rank
QQQ
UGL
QQQ vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco QQQ ETF (QQQ) 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.
| QQQ | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.75 | ||
| Sortino ratioReturn per unit of downside risk | +1.99 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.17 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 3.52 | 0.78 | +2.74 |
| Martin ratioReturn relative to average drawdown | 13.12 | 2.03 | +11.09 |
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Drawdowns
QQQ vs. UGL - Drawdown Comparison
The maximum QQQ drawdown since its inception was -82.97%, which is greater than UGL's maximum drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for QQQ and UGL.
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Drawdown Indicators
| QQQ | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.97% | -75.93% | -7.04% |
Max Drawdown (1Y)Largest decline over 1 year | -11.96% | -46.64% | +34.68% |
Max Drawdown (3Y)Largest decline over 3 years | -22.77% | -46.64% | +23.87% |
Max Drawdown (5Y)Largest decline over 5 years | -35.12% | -46.64% | +11.52% |
Max Drawdown (10Y)Largest decline over 10 years | -35.12% | -46.64% | +11.52% |
Current DrawdownCurrent decline from peak | -0.29% | -40.40% | +40.11% |
Average DrawdownAverage peak-to-trough decline | -32.75% | -43.62% | +10.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.20% | 17.95% | -14.75% |
Volatility
QQQ vs. UGL - Volatility Comparison
The current volatility for Invesco QQQ ETF (QQQ) is 8.14%, while ProShares Ultra Gold (UGL) has a volatility of 16.68%. This indicates that QQQ 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
| QQQ | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.14% | 16.68% | -8.54% |
Volatility (6M)Calculated over the trailing 6-month period | 14.12% | 48.87% | -34.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.43% | 54.64% | -37.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.59% | 36.69% | -14.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.41% | 32.62% | -10.21% |
QQQ vs. UGL - Expense Ratio Comparison
QQQ has a 0.18% expense ratio, which is lower than UGL's 0.95% expense ratio.
Dividends
QQQ vs. UGL - Dividend Comparison
QQQ's dividend yield for the trailing twelve months is around 0.38%, while UGL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QQQ Invesco QQQ ETF | 0.38% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
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
QQQ and UGL have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (16.68%) compared to QQQ (8.14%). In terms of maximum drawdown, QQQ dropped -82.97% vs UGL's -75.93%.
On 10-year performance, QQQ leads with 22.31% vs 16.73% for UGL. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 8.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QQQ has performed better with a 22.31% return vs 16.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQ is cheaper with a 0.18% expense ratio, compared with 0.95% for UGL.
QQQ has the higher dividend yield at 0.38%, compared with 0.00% for UGL.
QQQ is categorized as Nasdaq-100, while UGL is Leveraged Commodities. QQQ tracks NASDAQ-100 Index, while UGL tracks Bloomberg Gold Subindex (200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.18% for QQQ and 0.95% for UGL.
QQQ currently has the higher Sharpe Ratio (2.42 vs 0.67), 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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