RPAR vs. UGL
RPAR (RPAR Risk Parity ETF) and UGL (ProShares Ultra Gold) are both exchange-traded funds - RPAR is a Hedge Fund fund actively managed by Toroso Investments, while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). RPAR is actively managed, while UGL is passively managed. Over the past 5 years, RPAR returned 1.76%/yr vs 27.00%/yr for UGL. A 0.50 correlation means they provide meaningful diversification when combined. RPAR charges 0.51%/yr vs 0.95%/yr for UGL.
Performance
RPAR vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, RPAR achieves a 7.53% return, which is significantly higher than UGL's -2.16% return.
RPAR
- 1D
- -0.47%
- 1M
- 1.78%
- YTD
- 7.53%
- 6M
- 7.10%
- 1Y
- 21.22%
- 3Y*
- 9.22%
- 5Y*
- 1.76%
- 10Y*
- —
UGL
- 1D
- -2.00%
- 1M
- -3.96%
- YTD
- -2.16%
- 6M
- 1.78%
- 1Y
- 51.67%
- 3Y*
- 53.18%
- 5Y*
- 27.00%
- 10Y*
- 18.45%
RPAR vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
RPAR RPAR Risk Parity ETF | 7.53% | 17.91% | 0.06% | 6.03% | -22.82% | 7.56% | 19.40% | 0.11% |
UGL ProShares Ultra Gold | -2.16% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 5.46% |
Correlation
The correlation between RPAR and UGL is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Dec 16, 2019 | 0.50 |
The correlation between RPAR and UGL has been stable across timeframes, ranging from 0.47 to 0.53 - a consistent structural relationship.
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Return for Risk
RPAR vs. UGL — Risk / Return Rank
RPAR
UGL
RPAR vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for RPAR Risk Parity ETF (RPAR) 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.
| RPAR | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.11 | ||
| Sortino ratioReturn per unit of downside risk | +1.47 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.21 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | 1.38 | +1.25 |
| Martin ratioReturn relative to average drawdown | 8.71 | 3.17 | +5.54 |
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
| RPAR | UGL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.09 | 0.98 | +1.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 0.75 | -0.61 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.57 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | 0.39 | -0.03 |
Drawdowns
RPAR vs. UGL - Drawdown Comparison
The maximum RPAR drawdown since its inception was -30.16%, smaller than the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for RPAR and UGL.
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Drawdown Indicators
| RPAR | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.16% | -75.93% | +45.77% |
Max Drawdown (1Y)Largest decline over 1 year | -8.10% | -37.56% | +29.46% |
Max Drawdown (3Y)Largest decline over 3 years | -13.20% | -37.56% | +24.36% |
Max Drawdown (5Y)Largest decline over 5 years | -30.16% | -40.23% | +10.07% |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.23% | — |
Current DrawdownCurrent decline from peak | -2.64% | -36.56% | +33.92% |
Average DrawdownAverage peak-to-trough decline | -11.61% | -43.63% | +32.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.44% | 16.35% | -13.91% |
Volatility
RPAR vs. UGL - Volatility Comparison
The current volatility for RPAR Risk Parity ETF (RPAR) is 3.56%, while ProShares Ultra Gold (UGL) has a volatility of 11.03%. This indicates that RPAR 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
| RPAR | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.56% | 11.03% | -7.47% |
Volatility (6M)Calculated over the trailing 6-month period | 8.37% | 46.81% | -38.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.20% | 52.91% | -42.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.40% | 36.18% | -23.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.69% | 32.34% | -19.65% |
RPAR vs. UGL - Expense Ratio Comparison
RPAR has a 0.51% expense ratio, which is lower than UGL's 0.95% expense ratio.
Dividends
RPAR vs. UGL - Dividend Comparison
RPAR's dividend yield for the trailing twelve months is around 2.07%, while UGL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
RPAR RPAR Risk Parity ETF | 2.07% | 2.55% | 2.51% | 3.16% | 4.01% | 2.02% | 0.76% | 0.23% |
UGL ProShares Ultra Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
RPAR and UGL have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (11.03%) compared to RPAR (3.56%). In terms of maximum drawdown, RPAR dropped -30.16% vs UGL's -75.93%.
On 5-year performance, UGL leads with 27.00% vs 1.76% for RPAR. On fees, RPAR is cheaper at 0.51% per year. On volatility, RPAR has been the lower-risk option at 3.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGL has performed better with a 27.00% return vs 1.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RPAR is cheaper with a 0.51% expense ratio, compared with 0.95% for UGL.
RPAR has the higher dividend yield at 2.07%, compared with 0.00% for UGL.
RPAR is categorized as Hedge Fund, while UGL is Leveraged Commodities. They also come from different issuers: Toroso Investments and ProShares. Their fees differ too: 0.51% for RPAR and 0.95% for UGL.
RPAR currently has the higher Sharpe Ratio (2.09 vs 0.98), 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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