UGE vs. O

Last updated Jun 13, 2026

UGE (ProShares Ultra Consumer Goods) is Leveraged Equities fund tracking the Dow Jones U.S. Consumer Goods Index (200%), while O (Realty Income Corporation) is a stock. Over the past 10 years, UGE returned 8.80%/yr vs 4.89%/yr for O. At a 0.43 correlation, their price movements are largely independent.

Performance

UGE vs. O - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Consumer Goods (UGE) and Realty Income Corporation (O). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UGE achieves a 18.88% return, which is significantly higher than O's 13.70% return. Over the past 10 years, UGE has outperformed O with an annualized return of 8.80%, while O has yielded a comparatively lower 4.89% annualized return.

UGE

• 1D: 1.08%
• 1M: 1.29%
• YTD: 18.88%
• 6M: 15.24%
• 1Y: 9.47%
• 3Y*: 7.90%
• 5Y*: -1.08%
• 10Y*: 8.80%

O

• 1D: 1.31%
• 1M: 1.67%
• YTD: 13.70%
• 6M: 11.57%
• 1Y: 14.88%
• 3Y*: 6.59%
• 5Y*: 3.49%
• 10Y*: 4.89%

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

UGE vs. O - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UGE ProShares Ultra Consumer Goods	18.88%	-5.21%	16.40%	2.38%	-46.78%	42.44%	56.64%	58.28%	-30.14%	32.38%
O Realty Income Corporation	13.70%	12.20%	-2.11%	-4.55%	-7.38%	23.95%	-11.60%	21.27%	15.94%	3.67%

Correlation

The correlation between UGE and O is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.43

Return for Risk

UGE vs. O — Risk / Return Rank

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

UGE

UGE Risk / Return Rank: 14
UGE Sharpe Ratio Rank: 14
UGE Sortino Ratio Rank: 14
UGE Omega Ratio Rank: 14
UGE Calmar Ratio Rank: 14
UGE Martin Ratio Rank: 13

O

O Risk / Return Rank: 66
O Sharpe Ratio Rank: 71
O Sortino Ratio Rank: 62
O Omega Ratio Rank: 61
O Calmar Ratio Rank: 68
O Martin Ratio Rank: 69

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. O - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Consumer Goods (UGE) and Realty Income Corporation (O). 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	O	Difference
Sharpe ratio: Return per unit of total volatility	0.28	0.88	-0.60
Sortino ratio: Return per unit of downside risk	0.58	1.26	-0.68
Omega ratio: Gain probability vs. loss probability	1.07	1.15	-0.09
Calmar ratio: Return relative to maximum drawdown	0.38	1.29	-0.91
Martin ratio: Return relative to average drawdown	0.67	3.12	-2.45

UGE vs. O - Sharpe Ratio Comparison

The current UGE Sharpe Ratio is 0.28, which is lower than the O Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of UGE and O, 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

UGE vs. O - Drawdown Comparison

The maximum UGE drawdown since its inception was -71.36%, which is greater than O's maximum drawdown of -48.45%. Use the drawdown chart below to compare losses from any high point for UGE and O.

Drawdown Indicators

	UGE	O	Difference
Max Drawdown Largest peak-to-trough decline	-71.36%	-48.45%	-22.91%
Max Drawdown (1Y) Largest decline over 1 year	-18.95%	-11.10%	-7.85%
Max Drawdown (3Y) Largest decline over 3 years	-24.80%	-26.49%	+1.69%
Max Drawdown (5Y) Largest decline over 5 years	-56.55%	-34.48%	-22.07%
Max Drawdown (10Y) Largest decline over 10 years	-57.14%	-48.28%	-8.86%
Current Drawdown Current decline from peak	-32.84%	-5.94%	-26.90%
Average Drawdown Average peak-to-trough decline	-18.75%	-9.20%	-9.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.64%	4.58%	+6.06%

Volatility

UGE vs. O - Volatility Comparison

ProShares Ultra Consumer Goods (UGE) has a higher volatility of 8.67% compared to Realty Income Corporation (O) at 5.29%. This indicates that UGE's price experiences larger fluctuations and is considered to be riskier than O based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGE	O	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.67%	5.29%	+3.38%
Volatility (6M) Calculated over the trailing 6-month period	20.01%	11.98%	+8.03%
Volatility (1Y) Calculated over the trailing 1-year period	25.39%	16.21%	+9.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.37%	18.92%	+12.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.11%	25.64%	+7.47%

Dividends

UGE vs. O - Dividend Comparison

UGE's dividend yield for the trailing twelve months is around 2.05%, less than O's 5.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
O Realty Income Corporation	5.16%	6.19%	5.37%	5.33%	4.68%	3.87%	4.51%	3.69%	4.19%	4.45%	4.18%	4.41%
UGE ProShares Ultra Consumer Goods	2.05%	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 O in my portfolio?

UGE and O have a correlation of 0.48, 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 O?

UGE has higher volatility (8.67%) compared to O (5.29%). In terms of maximum drawdown, UGE dropped -71.36% vs O's -48.45%.

Which has better risk-adjusted returns?

O currently has the higher Sharpe Ratio (0.88 vs 0.28), 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.