UGE vs. GLD
UGE (ProShares Ultra Consumer Goods) and GLD (SPDR Gold Shares) are both exchange-traded funds - UGE is a Leveraged Equities fund tracking the Dow Jones U.S. Consumer Goods Index (200%), while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, UGE returned 8.70%/yr vs 11.25%/yr for GLD. At a 0.03 correlation, their price movements are largely independent. UGE charges 0.95%/yr vs 0.40%/yr for GLD.
Performance
UGE vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, UGE achieves a 15.44% return, which is significantly higher than GLD's -7.67% return. Over the past 10 years, UGE has underperformed GLD with an annualized return of 8.70%, while GLD has yielded a comparatively higher 11.25% annualized return.
UGE
- 1D
- 0.58%
- 1M
- -1.21%
- YTD
- 15.44%
- 6M
- 14.18%
- 1Y
- 4.33%
- 3Y*
- 6.07%
- 5Y*
- -2.24%
- 10Y*
- 8.70%
GLD
- 1D
- -3.02%
- 1M
- -11.58%
- YTD
- -7.67%
- 6M
- -11.17%
- 1Y
- 19.51%
- 3Y*
- 27.10%
- 5Y*
- 17.04%
- 10Y*
- 11.25%
UGE vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGE ProShares Ultra Consumer Goods | 15.44% | -5.21% | 16.40% | 2.38% | -46.78% | 42.44% | 56.64% | 58.28% | -30.14% | 32.38% |
GLD SPDR Gold Shares | -7.67% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between UGE and GLD is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | 0.03 |
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Return for Risk
UGE vs. GLD — Risk / Return Rank
UGE
GLD
UGE vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Consumer Goods (UGE) and SPDR Gold Shares (GLD). 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.
| UGE | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.15 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.23 | 0.75 | -0.52 |
| Martin ratioReturn relative to average drawdown | 0.40 | 2.12 | -1.72 |
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Drawdowns
UGE vs. GLD - Drawdown Comparison
The maximum UGE drawdown since its inception was -71.36%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for UGE and GLD.
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Drawdown Indicators
| UGE | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.36% | -45.56% | -25.80% |
Max Drawdown (1Y)Largest decline over 1 year | -18.95% | -26.21% | +7.26% |
Max Drawdown (3Y)Largest decline over 3 years | -24.80% | -26.21% | +1.41% |
Max Drawdown (5Y)Largest decline over 5 years | -56.55% | -26.21% | -30.34% |
Max Drawdown (10Y)Largest decline over 10 years | -57.14% | -26.21% | -30.93% |
Current DrawdownCurrent decline from peak | -34.78% | -26.21% | -8.57% |
Average DrawdownAverage peak-to-trough decline | -18.78% | -16.17% | -2.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.88% | 9.24% | +1.64% |
Volatility
UGE vs. GLD - Volatility Comparison
ProShares Ultra Consumer Goods (UGE) has a higher volatility of 10.37% compared to SPDR Gold Shares (GLD) at 8.58%. This indicates that UGE's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGE | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.37% | 8.58% | +1.79% |
Volatility (6M)Calculated over the trailing 6-month period | 20.94% | 24.57% | -3.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.98% | 27.75% | -1.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.48% | 18.30% | +13.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.12% | 16.07% | +17.05% |
UGE vs. GLD - Expense Ratio Comparison
UGE has a 0.95% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
UGE vs. GLD - Dividend Comparison
UGE's dividend yield for the trailing twelve months is around 2.11%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UGE ProShares Ultra Consumer Goods | 2.11% | 2.54% | 1.43% | 1.20% | 0.74% | 0.20% | 0.41% | 0.86% | 0.76% | 0.68% | 0.76% | 0.60% |
Frequently Asked Questions
UGE and GLD have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGE has higher volatility (10.37%) compared to GLD (8.58%). In terms of maximum drawdown, UGE dropped -71.36% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.25% vs 8.70% for UGE. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 8.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 11.25% return vs 8.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.95% for UGE.
UGE has the higher dividend yield at 2.11%, compared with 0.00% for GLD.
UGE is categorized as Leveraged Equities, while GLD is Gold. UGE tracks Dow Jones U.S. Consumer Goods Index (200%), while GLD tracks LBMA Gold Price PM. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for UGE and 0.40% for GLD.
GLD currently has the higher Sharpe Ratio (0.71 vs 0.17), 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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