SPXL vs. UGL
SPXL (Direxion Daily S&P 500 Bull 3X ETF) and UGL (ProShares Ultra Gold) are both exchange-traded funds - SPXL is a Leveraged Equities fund tracking the S&P 500, while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, SPXL returned 29.90%/yr vs 16.37%/yr for UGL. At a 0.07 correlation, their price movements are largely independent. SPXL charges 0.84%/yr vs 0.95%/yr for UGL.
Performance
SPXL vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, SPXL achieves a 20.98% return, which is significantly higher than UGL's -12.66% return. Over the past 10 years, SPXL has outperformed UGL with an annualized return of 29.90%, while UGL has yielded a comparatively lower 16.37% annualized return.
SPXL
- 1D
- 1.54%
- 1M
- -1.59%
- YTD
- 20.98%
- 6M
- 21.36%
- 1Y
- 65.66%
- 3Y*
- 47.11%
- 5Y*
- 21.80%
- 10Y*
- 29.90%
UGL
- 1D
- 0.08%
- 1M
- -20.27%
- YTD
- -12.66%
- 6M
- -12.99%
- 1Y
- 32.76%
- 3Y*
- 47.90%
- 5Y*
- 24.60%
- 10Y*
- 16.37%
SPXL vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X ETF | 20.98% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
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 SPXL 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 | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
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 | 0.07 |
The correlation between SPXL and UGL shifts across timeframes, from 0.06 (10 years) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPXL vs. UGL — Risk / Return Rank
SPXL
UGL
SPXL vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bull 3X ETF (SPXL) 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.
| SPXL | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.19 | ||
| Sortino ratioReturn per unit of downside risk | +1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.16 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.47 | 0.71 | +1.76 |
| Martin ratioReturn relative to average drawdown | 10.16 | 1.85 | +8.31 |
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Drawdowns
SPXL vs. UGL - Drawdown Comparison
The maximum SPXL drawdown since its inception was -76.86%, roughly equal to the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for SPXL and UGL.
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Drawdown Indicators
| SPXL | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.86% | -75.93% | -0.93% |
Max Drawdown (1Y)Largest decline over 1 year | -26.77% | -46.64% | +19.87% |
Max Drawdown (3Y)Largest decline over 3 years | -48.95% | -46.64% | -2.31% |
Max Drawdown (5Y)Largest decline over 5 years | -63.80% | -46.64% | -17.16% |
Max Drawdown (10Y)Largest decline over 10 years | -76.86% | -46.64% | -30.22% |
Current DrawdownCurrent decline from peak | -7.55% | -43.37% | +35.82% |
Average DrawdownAverage peak-to-trough decline | -16.11% | -43.62% | +27.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.49% | 17.76% | -11.27% |
Volatility
SPXL vs. UGL - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bull 3X ETF (SPXL) is 13.20%, while ProShares Ultra Gold (UGL) has a volatility of 15.51%. This indicates that SPXL 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
| SPXL | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.20% | 15.51% | -2.31% |
Volatility (6M)Calculated over the trailing 6-month period | 28.79% | 48.64% | -19.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.81% | 54.39% | -17.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.44% | 36.61% | +13.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.50% | 32.58% | +20.92% |
SPXL vs. UGL - Expense Ratio Comparison
SPXL has a 0.84% expense ratio, which is lower than UGL's 0.95% expense ratio.
Dividends
SPXL vs. UGL - Dividend Comparison
SPXL's dividend yield for the trailing twelve months is around 0.56%, while UGL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.56% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
UGL ProShares Ultra Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPXL 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 (15.51%) compared to SPXL (13.20%). In terms of maximum drawdown, SPXL dropped -76.86% vs UGL's -75.93%.
On 10-year performance, SPXL leads with 29.90% vs 16.37% for UGL. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 13.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXL has performed better with a 29.90% return vs 16.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXL is cheaper with a 0.84% expense ratio, compared with 0.95% for UGL.
SPXL has the higher dividend yield at 0.56%, compared with 0.00% for UGL.
SPXL is categorized as Leveraged Equities, while UGL is Leveraged Commodities. SPXL tracks S&P 500, while UGL tracks Bloomberg Gold Subindex (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.84% for SPXL and 0.95% for UGL.
SPXL currently has the higher Sharpe Ratio (1.79 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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