SHY vs. UGL
SHY (iShares 1-3 Year Treasury Bond ETF) and UGL (ProShares Ultra Gold) are both exchange-traded funds - SHY is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index, while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, SHY returned 1.65%/yr vs 16.73%/yr for UGL. At a 0.30 correlation, their price movements are largely independent. SHY charges 0.15%/yr vs 0.95%/yr for UGL.
Performance
SHY vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, SHY achieves a 0.60% return, which is significantly higher than UGL's -8.09% return. Over the past 10 years, SHY has underperformed UGL with an annualized return of 1.65%, while UGL has yielded a comparatively higher 16.73% annualized return.
SHY
- 1D
- 0.05%
- 1M
- 0.36%
- YTD
- 0.60%
- 6M
- 0.79%
- 1Y
- 3.34%
- 3Y*
- 4.16%
- 5Y*
- 1.78%
- 10Y*
- 1.65%
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%
SHY vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHY iShares 1-3 Year Treasury Bond ETF | 0.60% | 4.95% | 3.92% | 4.16% | -3.88% | -0.71% | 3.03% | 3.38% | 1.46% | 0.26% |
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 SHY and UGL is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | 0.30 |
The correlation between SHY and UGL shifts across timeframes, from 0.28 (3 years) to 0.38 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
SHY vs. UGL — Risk / Return Rank
SHY
UGL
SHY vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 1-3 Year Treasury Bond ETF (SHY) 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.
| SHY | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.86 | ||
| Sortino ratioReturn per unit of downside risk | +3.01 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.17 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 3.78 | 0.78 | +3.00 |
| Martin ratioReturn relative to average drawdown | 15.00 | 2.03 | +12.97 |
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Drawdowns
SHY vs. UGL - Drawdown Comparison
The maximum SHY drawdown since its inception was -5.71%, smaller than the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for SHY and UGL.
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Drawdown Indicators
| SHY | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.71% | -75.93% | +70.22% |
Max Drawdown (1Y)Largest decline over 1 year | -0.89% | -46.64% | +45.75% |
Max Drawdown (3Y)Largest decline over 3 years | -0.97% | -46.64% | +45.67% |
Max Drawdown (5Y)Largest decline over 5 years | -5.71% | -46.64% | +40.93% |
Max Drawdown (10Y)Largest decline over 10 years | -5.71% | -46.64% | +40.93% |
Current DrawdownCurrent decline from peak | -0.14% | -40.40% | +40.26% |
Average DrawdownAverage peak-to-trough decline | -0.52% | -43.62% | +43.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.22% | 17.95% | -17.73% |
Volatility
SHY vs. UGL - Volatility Comparison
The current volatility for iShares 1-3 Year Treasury Bond ETF (SHY) is 0.40%, while ProShares Ultra Gold (UGL) has a volatility of 16.68%. This indicates that SHY 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
| SHY | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.40% | 16.68% | -16.28% |
Volatility (6M)Calculated over the trailing 6-month period | 0.95% | 48.87% | -47.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.33% | 54.64% | -53.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.99% | 36.69% | -34.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.57% | 32.62% | -31.05% |
SHY vs. UGL - Expense Ratio Comparison
SHY has a 0.15% expense ratio, which is lower than UGL's 0.95% expense ratio.
Dividends
SHY vs. UGL - Dividend Comparison
SHY's dividend yield for the trailing twelve months is around 3.68%, while UGL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHY iShares 1-3 Year Treasury Bond ETF | 3.68% | 3.81% | 3.92% | 2.99% | 1.30% | 0.26% | 0.94% | 2.12% | 1.72% | 0.98% | 0.71% | 0.54% |
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
SHY and UGL have a correlation of 0.29, 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 SHY (0.40%). In terms of maximum drawdown, SHY dropped -5.71% vs UGL's -75.93%.
On 10-year performance, UGL leads with 16.73% vs 1.65% for SHY. On fees, SHY is cheaper at 0.15% per year. On volatility, SHY has been the lower-risk option at 0.40%. 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 16.73% return vs 1.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHY is cheaper with a 0.15% expense ratio, compared with 0.95% for UGL.
SHY has the higher dividend yield at 3.68%, compared with 0.00% for UGL.
SHY is categorized as Government Bonds, while UGL is Leveraged Commodities. SHY tracks ICE US Treasury 1-3 Year Index, while UGL tracks Bloomberg Gold Subindex (200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.15% for SHY and 0.95% for UGL.
SHY currently has the higher Sharpe Ratio (2.53 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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