UGE vs. LVHD

Last updated Jun 5, 2026

UGE (ProShares Ultra Consumer Goods) and LVHD (Legg Mason Low Volatility High Dividend ETF) are both exchange-traded funds - UGE is a Leveraged Equities fund tracking the Dow Jones U.S. Consumer Goods Index (200%), while LVHD is a Volatility Hedged Equity fund tracking the QS Low Volatility High Dividend Index. Both are passively managed. Over the past 10 years, UGE returned 7.73%/yr vs 8.04%/yr for LVHD. A 0.67 correlation means they provide meaningful diversification when combined. UGE charges 0.95%/yr vs 0.27%/yr for LVHD.

Performance

UGE vs. LVHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Consumer Goods (UGE) and Legg Mason Low Volatility High Dividend ETF (LVHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UGE achieves a 9.38% return, which is significantly higher than LVHD's 7.25% return. Both investments have delivered pretty close results over the past 10 years, with UGE having a 7.73% annualized return and LVHD not far ahead at 8.04%.

UGE

• 1D: -0.22%
• 1M: -4.94%
• YTD: 9.38%
• 6M: 8.65%
• 1Y: -2.38%
• 3Y*: 4.97%
• 5Y*: -2.89%
• 10Y*: 7.73%

LVHD

• 1D: 0.50%
• 1M: -1.09%
• YTD: 7.25%
• 6M: 7.40%
• 1Y: 10.89%
• 3Y*: 9.64%
• 5Y*: 6.16%
• 10Y*: 8.04%

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

UGE vs. LVHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UGE ProShares Ultra Consumer Goods	9.38%	-5.21%	16.40%	2.38%	-46.78%	42.44%	56.64%	58.28%	-30.14%	32.38%
LVHD Legg Mason Low Volatility High Dividend ETF	7.25%	7.50%	10.18%	-0.95%	-1.82%	26.90%	-1.28%	22.91%	-5.58%	14.25%

Correlation

The correlation between UGE and LVHD is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Dec 30, 2015	0.67

The correlation between UGE and LVHD has been stable across timeframes, ranging from 0.67 to 0.71 - a consistent structural relationship.

UGE vs. LVHD - Sectors Allocation Comparison

Sectors	UGE	LVHD
Consumer Defensive	99.0%	18.5%
Consumer Cyclical	1.0%	6.8%
Basic Materials	-	-
Communication Services	-	3.8%
Energy	-	6.7%
Financial Services	-	8.6%
Healthcare	-	4.6%
Industrials	-	4.6%
Real Estate	-	15.0%
Technology	-	5.9%
Utilities	-	25.5%

Return for Risk

UGE vs. LVHD — Risk / Return Rank

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

UGE

UGE Risk / Return Rank: 8
UGE Sharpe Ratio Rank: 8
UGE Sortino Ratio Rank: 8
UGE Omega Ratio Rank: 8
UGE Calmar Ratio Rank: 8
UGE Martin Ratio Rank: 8

LVHD

LVHD Risk / Return Rank: 33
LVHD Sharpe Ratio Rank: 33
LVHD Sortino Ratio Rank: 33
LVHD Omega Ratio Rank: 30
LVHD Calmar Ratio Rank: 37
LVHD Martin Ratio Rank: 31

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.

UGE vs. LVHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Consumer Goods (UGE) and Legg Mason Low Volatility High Dividend ETF (LVHD). 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.

	UGE	LVHD	Difference
Sharpe ratio: Return per unit of total volatility	-0.10	1.15	-1.25
Sortino ratio: Return per unit of downside risk	0.04	1.70	-1.66
Omega ratio: Gain probability vs. loss probability	1.00	1.20	-0.19
Calmar ratio: Return relative to maximum drawdown	-0.13	1.77	-1.90
Martin ratio: Return relative to average drawdown	-0.23	4.49	-4.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UGE vs. LVHD - Sharpe Ratio Comparison

The current UGE Sharpe Ratio is -0.10, which is lower than the LVHD Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of UGE and LVHD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UGE	LVHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.10	1.15	-1.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.09	0.48	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.52	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.57	-0.23

Drawdowns

UGE vs. LVHD - Drawdown Comparison

The maximum UGE drawdown since its inception was -71.36%, which is greater than LVHD's maximum drawdown of -37.32%. Use the drawdown chart below to compare losses from any high point for UGE and LVHD.

Drawdown Indicators

	UGE	LVHD	Difference
Max Drawdown Largest peak-to-trough decline	-71.36%	-37.32%	-34.04%
Max Drawdown (1Y) Largest decline over 1 year	-18.95%	-6.17%	-12.78%
Max Drawdown (3Y) Largest decline over 3 years	-24.80%	-14.29%	-10.51%
Max Drawdown (5Y) Largest decline over 5 years	-56.55%	-16.75%	-39.80%
Max Drawdown (10Y) Largest decline over 10 years	-57.14%	-37.32%	-19.82%
Current Drawdown Current decline from peak	-38.21%	-4.37%	-33.84%
Average Drawdown Average peak-to-trough decline	-18.74%	-4.05%	-14.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.46%	2.43%	+8.03%

Volatility

UGE vs. LVHD - Volatility Comparison

ProShares Ultra Consumer Goods (UGE) has a higher volatility of 7.52% compared to Legg Mason Low Volatility High Dividend ETF (LVHD) at 2.89%. This indicates that UGE's price experiences larger fluctuations and is considered to be riskier than LVHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGE	LVHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.52%	2.89%	+4.63%
Volatility (6M) Calculated over the trailing 6-month period	19.44%	6.61%	+12.83%
Volatility (1Y) Calculated over the trailing 1-year period	24.97%	9.53%	+15.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.30%	12.87%	+18.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.07%	15.50%	+17.57%

UGE vs. LVHD - Expense Ratio Comparison

UGE has a 0.95% expense ratio, which is higher than LVHD's 0.27% expense ratio.

Dividends

UGE vs. LVHD - Dividend Comparison

UGE's dividend yield for the trailing twelve months is around 2.23%, less than LVHD's 3.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LVHD Legg Mason Low Volatility High Dividend ETF	3.39%	3.35%	4.23%	3.55%	3.30%	2.56%	3.27%	3.30%	3.82%	3.33%	2.48%	0.00%
UGE ProShares Ultra Consumer Goods	2.23%	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

Can I hold both UGE and LVHD in my portfolio?

UGE and LVHD have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UGE or LVHD?

UGE has higher volatility (7.52%) compared to LVHD (2.89%). In terms of maximum drawdown, UGE dropped -71.36% vs LVHD's -37.32%.

Which ETF is better, UGE or LVHD?

On 10-year performance, LVHD leads with 8.04% vs 7.73% for UGE. On fees, LVHD is cheaper at 0.27% per year. On volatility, LVHD has been the lower-risk option at 2.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGE or LVHD?

Over the 10-year period, LVHD has performed better with a 8.04% return vs 7.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGE or LVHD?

LVHD is cheaper with a 0.27% expense ratio, compared with 0.95% for UGE.

Which ETF pays a higher dividend yield, UGE or LVHD?

LVHD has the higher dividend yield at 3.39%, compared with 2.23% for UGE.

What is the main difference between UGE and LVHD?

UGE is categorized as Leveraged Equities, while LVHD is Volatility Hedged Equity. UGE tracks Dow Jones U.S. Consumer Goods Index (200%), while LVHD tracks QS Low Volatility High Dividend Index. They also come from different issuers: ProShares and Franklin Templeton. Their fees differ too: 0.95% for UGE and 0.27% for LVHD.

Which has better risk-adjusted returns?

LVHD currently has the higher Sharpe Ratio (1.15 vs -0.10), 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.