SGOL vs. UGL
SGOL (abrdn Physical Gold Shares ETF) and UGL (ProShares Ultra Gold) are both exchange-traded funds - SGOL is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt), while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, SGOL returned 13.32%/yr vs 18.45%/yr for UGL. With a 0.99 correlation, they move nearly in lockstep. SGOL charges 0.17%/yr vs 0.95%/yr for UGL.
Performance
SGOL vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, SGOL achieves a 2.97% return, which is significantly higher than UGL's -2.16% return. Over the past 10 years, SGOL has underperformed UGL with an annualized return of 13.32%, while UGL has yielded a comparatively higher 18.45% annualized return.
SGOL
- 1D
- -0.98%
- 1M
- -1.67%
- YTD
- 2.97%
- 6M
- 5.51%
- 1Y
- 32.27%
- 3Y*
- 31.36%
- 5Y*
- 18.40%
- 10Y*
- 13.32%
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%
SGOL vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SGOL abrdn Physical Gold Shares ETF | 2.97% | 63.99% | 26.90% | 12.99% | -0.51% | -3.94% | 25.03% | 18.21% | -1.94% | 12.86% |
UGL ProShares Ultra Gold | -2.16% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between SGOL and UGL is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2009 | 0.99 |
The correlation between SGOL and UGL has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.
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Return for Risk
SGOL vs. UGL — Risk / Return Rank
SGOL
UGL
SGOL vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for abrdn Physical Gold Shares ETF (SGOL) 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.
| SGOL | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.21 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 1.38 | +0.31 |
| Martin ratioReturn relative to average drawdown | 4.20 | 3.17 | +1.03 |
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
| SGOL | UGL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 0.98 | +0.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.03 | 0.75 | +0.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.84 | 0.57 | +0.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.39 | +0.16 |
Drawdowns
SGOL vs. UGL - Drawdown Comparison
The maximum SGOL drawdown since its inception was -45.51%, smaller than the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for SGOL and UGL.
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Drawdown Indicators
| SGOL | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.51% | -75.93% | +30.42% |
Max Drawdown (1Y)Largest decline over 1 year | -19.14% | -37.56% | +18.42% |
Max Drawdown (3Y)Largest decline over 3 years | -19.14% | -37.56% | +18.42% |
Max Drawdown (5Y)Largest decline over 5 years | -20.92% | -40.23% | +19.31% |
Max Drawdown (10Y)Largest decline over 10 years | -21.56% | -46.23% | +24.67% |
Current DrawdownCurrent decline from peak | -17.72% | -36.56% | +18.84% |
Average DrawdownAverage peak-to-trough decline | -18.41% | -43.63% | +25.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.71% | 16.35% | -8.64% |
Volatility
SGOL vs. UGL - Volatility Comparison
The current volatility for abrdn Physical Gold Shares ETF (SGOL) is 5.46%, while ProShares Ultra Gold (UGL) has a volatility of 11.03%. This indicates that SGOL 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
| SGOL | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.46% | 11.03% | -5.57% |
Volatility (6M)Calculated over the trailing 6-month period | 22.93% | 46.81% | -23.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.33% | 52.91% | -26.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.89% | 36.18% | -18.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.91% | 32.34% | -16.43% |
SGOL vs. UGL - Expense Ratio Comparison
SGOL has a 0.17% expense ratio, which is lower than UGL's 0.95% expense ratio.
Dividends
SGOL vs. UGL - Dividend Comparison
Neither SGOL nor UGL has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, SGOL and UGL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
UGL has higher volatility (11.03%) compared to SGOL (5.46%). In terms of maximum drawdown, SGOL dropped -45.51% vs UGL's -75.93%.
On 10-year performance, UGL leads with 18.45% vs 13.32% for SGOL. On fees, SGOL is cheaper at 0.17% per year. On volatility, SGOL has been the lower-risk option at 5.46%. 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 18.45% return vs 13.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOL is cheaper with a 0.17% expense ratio, compared with 0.95% for UGL.
SGOL and UGL have nearly identical dividend yields, around 0.00%.
SGOL is categorized as Precious Metals, while UGL is Leveraged Commodities. SGOL tracks LBMA Gold Price PM ($/ozt), while UGL tracks Bloomberg Gold Subindex (200%). They also come from different issuers: abrdn and ProShares. Their fees differ too: 0.17% for SGOL and 0.95% for UGL.
SGOL currently has the higher Sharpe Ratio (1.23 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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