TMSL vs. UGL

Last updated Jul 14, 2026

TMSL (T. Rowe Price Small-Mid Cap ETF) and UGL (ProShares Ultra Gold) are both exchange-traded funds - TMSL is a Mid Cap Blend Equities fund actively managed by T. Rowe Price, while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). TMSL is actively managed, while UGL is passively managed. Over the past 3 years, TMSL returned 18.34%/yr vs 42.32%/yr for UGL. At a 0.20 correlation, their price movements are largely independent. TMSL charges 0.55%/yr vs 0.95%/yr for UGL.

Performance

TMSL vs. UGL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Small-Mid Cap ETF (TMSL) and ProShares Ultra Gold (UGL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMSL achieves a 18.69% return, which is significantly higher than UGL's -21.87% return.

TMSL

• 1D: -1.25%
• 1M: -0.07%
• 6M: 13.11%
• YTD: 18.69%
• 1Y: 28.94%
• 3Y*: 18.34%
• 5Y*: —
• 10Y*: —

UGL

• 1D: -5.20%
• 1M: -10.54%
• 6M: -30.93%
• YTD: -21.87%
• 1Y: 21.38%
• 3Y*: 42.32%
• 5Y*: 23.26%
• 10Y*: 14.39%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TMSL vs. UGL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TMSL T. Rowe Price Small-Mid Cap ETF	18.69%	11.95%	15.81%	11.79%
UGL ProShares Ultra Gold	-21.87%	137.57%	46.36%	6.31%

Correlation

The correlation between TMSL and UGL is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023	0.20

Return for Risk

TMSL vs. UGL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TMSL

TMSL Risk / Return Rank: 63
TMSL Sharpe Ratio Rank: 59
TMSL Sortino Ratio Rank: 62
TMSL Omega Ratio Rank: 58
TMSL Calmar Ratio Rank: 66
TMSL Martin Ratio Rank: 72

UGL

UGL Risk / Return Rank: 17
UGL Sharpe Ratio Rank: 16
UGL Sortino Ratio Rank: 19
UGL Omega Ratio Rank: 21
UGL Calmar Ratio Rank: 15
UGL Martin Ratio Rank: 15

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TMSL vs. UGL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Small-Mid Cap ETF (TMSL) 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.

	TMSL	UGL	Difference
Sharpe ratio: Return per unit of total volatility	1.58	0.39	+1.19
Sortino ratio: Return per unit of downside risk	2.30	0.84	+1.46
Omega ratio: Gain probability vs. loss probability	1.28	1.12	+0.16
Calmar ratio: Return relative to maximum drawdown	2.60	0.43	+2.16
Martin ratio: Return relative to average drawdown	10.49	0.99	+9.51

TMSL vs. UGL - Sharpe Ratio Comparison

The current TMSL Sharpe Ratio is 1.58, which is higher than the UGL Sharpe Ratio of 0.39. The chart below compares the historical Sharpe Ratios of TMSL and UGL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TMSL vs. UGL - Drawdown Comparison

The maximum TMSL drawdown since its inception was -24.39%, smaller than the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for TMSL and UGL.

Drawdown Indicators

	TMSL	UGL	Difference
Max Drawdown Largest peak-to-trough decline	-24.39%	-75.93%	+51.54%
Max Drawdown (1Y) Largest decline over 1 year	-11.19%	-49.38%	+38.19%
Max Drawdown (3Y) Largest decline over 3 years	-24.39%	-49.38%	+24.99%
Max Drawdown (5Y) Largest decline over 5 years	—	-49.38%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-49.38%	—
Current Drawdown Current decline from peak	-2.83%	-49.33%	+46.50%
Average Drawdown Average peak-to-trough decline	-3.84%	-43.63%	+39.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	21.73%	-18.97%

Volatility

TMSL vs. UGL - Volatility Comparison

The current volatility for T. Rowe Price Small-Mid Cap ETF (TMSL) is 6.24%, while ProShares Ultra Gold (UGL) has a volatility of 15.14%. This indicates that TMSL 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.

Volatility by Period

	TMSL	UGL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.24%	15.14%	-8.90%
Volatility (6M) Calculated over the trailing 6-month period	14.98%	48.71%	-33.73%
Volatility (1Y) Calculated over the trailing 1-year period	18.43%	55.56%	-37.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.56%	36.94%	-18.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.56%	32.63%	-14.07%

TMSL vs. UGL - Expense Ratio Comparison

TMSL has a 0.55% expense ratio, which is lower than UGL's 0.95% expense ratio.

Dividends

TMSL vs. UGL - Dividend Comparison

TMSL's dividend yield for the trailing twelve months is around 0.48%, while UGL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
TMSL T. Rowe Price Small-Mid Cap ETF	0.48%	0.57%	0.44%	0.34%
UGL ProShares Ultra Gold	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TMSL and UGL in my portfolio?

TMSL and UGL have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMSL or UGL?

UGL has higher volatility (15.14%) compared to TMSL (6.24%). In terms of maximum drawdown, TMSL dropped -24.39% vs UGL's -75.93%.

Which ETF is better, TMSL or UGL?

On 3-year performance, UGL leads with 42.32% vs 18.34% for TMSL. On fees, TMSL is cheaper at 0.55% per year. On volatility, TMSL has been the lower-risk option at 6.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMSL or UGL?

Over the 3-year period, UGL has performed better with a 42.32% return vs 18.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMSL or UGL?

TMSL is cheaper with a 0.55% expense ratio, compared with 0.95% for UGL.

Which ETF pays a higher dividend yield, TMSL or UGL?

TMSL has the higher dividend yield at 0.48%, compared with 0.00% for UGL.

What is the main difference between TMSL and UGL?

TMSL is categorized as Mid Cap Blend Equities, while UGL is Leveraged Commodities. They also come from different issuers: T. Rowe Price and ProShares. Their fees differ too: 0.55% for TMSL and 0.95% for UGL.

Which has better risk-adjusted returns?

TMSL currently has the higher Sharpe Ratio (1.58 vs 0.39), 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.