TIP vs. UGL
TIP (iShares TIPS Bond ETF) and UGL (ProShares Ultra Gold) are both exchange-traded funds - TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index, while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, TIP returned 2.45%/yr vs 15.87%/yr for UGL. At a 0.32 correlation, their price movements are largely independent. TIP charges 0.18%/yr vs 0.95%/yr for UGL.
Performance
TIP vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, TIP achieves a 1.03% return, which is significantly higher than UGL's -17.71% return. Over the past 10 years, TIP has underperformed UGL with an annualized return of 2.45%, while UGL has yielded a comparatively higher 15.87% annualized return.
TIP
- 1D
- -0.10%
- 1M
- -0.75%
- YTD
- 1.03%
- 6M
- 0.84%
- 1Y
- 4.70%
- 3Y*
- 3.72%
- 5Y*
- 0.84%
- 10Y*
- 2.45%
UGL
- 1D
- -8.18%
- 1M
- -26.39%
- YTD
- -17.71%
- 6M
- -15.29%
- 1Y
- 29.54%
- 3Y*
- 44.14%
- 5Y*
- 23.12%
- 10Y*
- 15.87%
TIP vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TIP iShares TIPS Bond ETF | 1.03% | 6.77% | 1.65% | 3.80% | -12.26% | 5.68% | 10.84% | 8.35% | -1.42% | 2.92% |
UGL ProShares Ultra Gold | -17.71% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between TIP and UGL is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | 0.32 |
The correlation between TIP and UGL shifts across timeframes, from 0.23 (1 year) to 0.41 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
TIP vs. UGL — Risk / Return Rank
TIP
UGL
TIP vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares TIPS Bond ETF (TIP) 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.
| TIP | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.85 | ||
| Sortino ratioReturn per unit of downside risk | +1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.15 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 0.64 | +1.75 |
| Martin ratioReturn relative to average drawdown | 7.15 | 1.71 | +5.44 |
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
| TIP | UGL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.40 | 0.55 | +0.85 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 0.64 | -0.50 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.43 | 0.49 | -0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | 0.36 | +0.21 |
Drawdowns
TIP vs. UGL - Drawdown Comparison
The maximum TIP drawdown since its inception was -14.57%, smaller than the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for TIP and UGL.
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Drawdown Indicators
| TIP | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.57% | -75.93% | +61.36% |
Max Drawdown (1Y)Largest decline over 1 year | -1.98% | -46.64% | +44.66% |
Max Drawdown (3Y)Largest decline over 3 years | -4.54% | -46.64% | +42.10% |
Max Drawdown (5Y)Largest decline over 5 years | -14.51% | -46.64% | +32.13% |
Max Drawdown (10Y)Largest decline over 10 years | -14.51% | -46.64% | +32.13% |
Current DrawdownCurrent decline from peak | -0.83% | -46.64% | +45.81% |
Average DrawdownAverage peak-to-trough decline | -3.43% | -43.62% | +40.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 17.34% | -16.68% |
Volatility
TIP vs. UGL - Volatility Comparison
The current volatility for iShares TIPS Bond ETF (TIP) is 0.96%, while ProShares Ultra Gold (UGL) has a volatility of 13.61%. This indicates that TIP 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
| TIP | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 13.61% | -12.65% |
Volatility (6M)Calculated over the trailing 6-month period | 2.32% | 48.29% | -45.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.38% | 54.08% | -50.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.21% | 36.54% | -30.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.74% | 32.53% | -26.79% |
TIP vs. UGL - Expense Ratio Comparison
TIP has a 0.18% expense ratio, which is lower than UGL's 0.95% expense ratio.
Dividends
TIP vs. UGL - Dividend Comparison
TIP's dividend yield for the trailing twelve months is around 3.78%, while UGL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TIP iShares TIPS Bond ETF | 3.78% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
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
TIP and UGL have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (13.61%) compared to TIP (0.96%). In terms of maximum drawdown, TIP dropped -14.57% vs UGL's -75.93%.
On 10-year performance, UGL leads with 15.87% vs 2.45% for TIP. On fees, TIP is cheaper at 0.18% per year. On volatility, TIP has been the lower-risk option at 0.96%. 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 15.87% return vs 2.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TIP is cheaper with a 0.18% expense ratio, compared with 0.95% for UGL.
TIP has the higher dividend yield at 3.78%, compared with 0.00% for UGL.
TIP is categorized as Inflation-Protected Bonds, while UGL is Leveraged Commodities. TIP tracks ICE U.S. Treasury Inflation Linked Bond Index, while UGL tracks Bloomberg Gold Subindex (200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.18% for TIP and 0.95% for UGL.
TIP currently has the higher Sharpe Ratio (1.40 vs 0.55), 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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