TECL vs. UGL
TECL (Direxion Daily Technology Bull 3X Shares) and UGL (ProShares Ultra Gold) are both exchange-traded funds - TECL is a Leveraged Equities fund tracking the Technology Select Sector Index (300%), while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, TECL returned 50.09%/yr vs 17.75%/yr for UGL. At a 0.05 correlation, their price movements are largely independent. TECL charges 0.91%/yr vs 0.95%/yr for UGL.
Performance
TECL vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, TECL achieves a 72.61% return, which is significantly higher than UGL's -7.82% return. Over the past 10 years, TECL has outperformed UGL with an annualized return of 50.09%, while UGL has yielded a comparatively lower 17.75% annualized return.
TECL
- 1D
- -19.93%
- 1M
- 4.92%
- YTD
- 72.61%
- 6M
- 62.00%
- 1Y
- 174.82%
- 3Y*
- 66.22%
- 5Y*
- 35.93%
- 10Y*
- 50.09%
UGL
- 1D
- -7.30%
- 1M
- -17.17%
- YTD
- -7.82%
- 6M
- -3.83%
- 1Y
- 46.42%
- 3Y*
- 49.47%
- 5Y*
- 25.50%
- 10Y*
- 17.75%
TECL vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TECL Direxion Daily Technology Bull 3X Shares | 72.61% | 38.60% | 36.15% | 203.14% | -74.32% | 112.80% | 69.46% | 185.58% | -24.03% | 124.82% |
UGL ProShares Ultra Gold | -7.82% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between TECL and UGL is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Dec 31, 2008 | 0.05 |
The correlation between TECL and UGL shifts across timeframes, from 0.04 (10 years) to 0.17 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TECL vs. UGL — Risk / Return Rank
TECL
UGL
TECL vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Bull 3X Shares (TECL) 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.
| TECL | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.00 | ||
| Sortino ratioReturn per unit of downside risk | +1.50 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.19 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 3.95 | 1.06 | +2.88 |
| Martin ratioReturn relative to average drawdown | 11.27 | 2.56 | +8.71 |
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
| TECL | UGL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.80 | 0.80 | +2.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.48 | 0.70 | -0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.69 | 0.55 | +0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.73 | 0.38 | +0.35 |
Drawdowns
TECL vs. UGL - Drawdown Comparison
The maximum TECL drawdown since its inception was -77.96%, roughly equal to the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for TECL and UGL.
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Drawdown Indicators
| TECL | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.96% | -75.93% | -2.03% |
Max Drawdown (1Y)Largest decline over 1 year | -46.58% | -40.22% | -6.36% |
Max Drawdown (3Y)Largest decline over 3 years | -66.58% | -40.22% | -26.36% |
Max Drawdown (5Y)Largest decline over 5 years | -77.96% | -40.23% | -37.73% |
Max Drawdown (10Y)Largest decline over 10 years | -77.96% | -46.23% | -31.73% |
Current DrawdownCurrent decline from peak | -25.87% | -40.22% | +14.35% |
Average DrawdownAverage peak-to-trough decline | -18.38% | -43.63% | +25.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.27% | 16.70% | -0.43% |
Volatility
TECL vs. UGL - Volatility Comparison
Direxion Daily Technology Bull 3X Shares (TECL) has a higher volatility of 31.75% compared to ProShares Ultra Gold (UGL) at 11.42%. This indicates that TECL's price experiences larger fluctuations and is considered to be riskier 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
| TECL | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 31.75% | 11.42% | +20.33% |
Volatility (6M)Calculated over the trailing 6-month period | 55.01% | 47.43% | +7.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 65.56% | 53.42% | +12.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.60% | 36.32% | +38.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.63% | 32.42% | +40.21% |
TECL vs. UGL - Expense Ratio Comparison
TECL has a 0.91% expense ratio, which is lower than UGL's 0.95% expense ratio.
Dividends
TECL vs. UGL - Dividend Comparison
TECL's dividend yield for the trailing twelve months is around 4.12%, while UGL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TECL Direxion Daily Technology Bull 3X Shares | 4.12% | 7.19% | 0.29% | 0.28% | 0.22% | 0.32% | 0.52% | 0.25% | 0.47% | 0.10% |
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
TECL and UGL have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECL has higher volatility (31.75%) compared to UGL (11.42%). In terms of maximum drawdown, TECL dropped -77.96% vs UGL's -75.93%.
On 10-year performance, TECL leads with 50.09% vs 17.75% for UGL. On fees, TECL is cheaper at 0.91% per year. On volatility, UGL has been the lower-risk option at 11.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TECL has performed better with a 50.09% return vs 17.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TECL is cheaper with a 0.91% expense ratio, compared with 0.95% for UGL.
TECL has the higher dividend yield at 4.12%, compared with 0.00% for UGL.
TECL is categorized as Leveraged Equities, while UGL is Leveraged Commodities. TECL tracks Technology Select Sector Index (300%), while UGL tracks Bloomberg Gold Subindex (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.91% for TECL and 0.95% for UGL.
TECL currently has the higher Sharpe Ratio (2.80 vs 0.80), 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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