UGE vs. QULL
UGE (ProShares Ultra Consumer Goods) and QULL (ETRACS 2x Leveraged MSCI US Quality Factor TR ETN) are both Leveraged Equities funds - UGE tracks the Dow Jones U.S. Consumer Goods Index (200%) while QULL tracks the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 5 years, UGE returned -2.13%/yr vs 15.94%/yr for QULL. A 0.56 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
UGE vs. QULL - Performance Comparison
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Returns By Period
In the year-to-date period, UGE achieves a 11.48% return, which is significantly lower than QULL's 13.30% return.
UGE
- 1D
- -0.91%
- 1M
- -3.18%
- YTD
- 11.48%
- 6M
- 12.68%
- 1Y
- 0.71%
- 3Y*
- 5.80%
- 5Y*
- -2.13%
- 10Y*
- 7.78%
QULL
- 1D
- 0.56%
- 1M
- 3.06%
- YTD
- 13.30%
- 6M
- 14.07%
- 1Y
- 34.31%
- 3Y*
- 32.06%
- 5Y*
- 15.94%
- 10Y*
- —
UGE vs. QULL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
UGE ProShares Ultra Consumer Goods | 11.48% | -5.21% | 16.40% | 2.38% | -46.78% | 32.16% |
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN | 13.30% | 17.61% | 38.03% | 57.07% | -42.00% | 51.36% |
Correlation
The correlation between UGE and QULL is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.56 |
Over the past year, the correlation between UGE and QULL has dropped to 0.12 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.
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Return for Risk
UGE vs. QULL — Risk / Return Rank
UGE
QULL
UGE vs. QULL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Consumer Goods (UGE) and ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL). 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 | QULL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.38 | ||
| Sortino ratioReturn per unit of downside risk | -1.79 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.25 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.04 | 1.87 | -1.83 |
| Martin ratioReturn relative to average drawdown | 0.07 | 8.27 | -8.21 |
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
| UGE | QULL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.03 | 1.41 | -1.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.07 | 0.45 | -0.52 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.24 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 0.55 | -0.21 |
Drawdowns
UGE vs. QULL - Drawdown Comparison
The maximum UGE drawdown since its inception was -71.36%, which is greater than QULL's maximum drawdown of -51.83%. Use the drawdown chart below to compare losses from any high point for UGE and QULL.
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Drawdown Indicators
| UGE | QULL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.36% | -51.83% | -19.53% |
Max Drawdown (1Y)Largest decline over 1 year | -18.95% | -18.43% | -0.52% |
Max Drawdown (3Y)Largest decline over 3 years | -24.80% | -36.82% | +12.02% |
Max Drawdown (5Y)Largest decline over 5 years | -56.55% | -51.83% | -4.72% |
Max Drawdown (10Y)Largest decline over 10 years | -57.14% | — | — |
Current DrawdownCurrent decline from peak | -37.02% | -1.70% | -35.32% |
Average DrawdownAverage peak-to-trough decline | -18.74% | -14.03% | -4.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.54% | 4.16% | +6.38% |
Volatility
UGE vs. QULL - Volatility Comparison
ProShares Ultra Consumer Goods (UGE) has a higher volatility of 8.15% compared to ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) at 4.67%. This indicates that UGE's price experiences larger fluctuations and is considered to be riskier than QULL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGE | QULL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.15% | 4.67% | +3.48% |
Volatility (6M)Calculated over the trailing 6-month period | 19.62% | 18.88% | +0.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.05% | 24.52% | +0.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.32% | 35.62% | -4.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.10% | 35.12% | -2.02% |
UGE vs. QULL - Expense Ratio Comparison
Both UGE and QULL have an expense ratio of 0.95%.
Dividends
UGE vs. QULL - Dividend Comparison
UGE's dividend yield for the trailing twelve months is around 2.19%, while QULL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN | 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 | 2.19% | 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 QULL have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGE has higher volatility (8.15%) compared to QULL (4.67%). In terms of maximum drawdown, UGE dropped -71.36% vs QULL's -51.83%.
On 5-year performance, QULL leads with 15.94% vs -2.13% for UGE. Both ETFs have the same 0.95% expense ratio. On volatility, QULL has been the lower-risk option at 4.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QULL has performed better with a 15.94% return vs -2.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGE and QULL have the same expense ratio: 0.95% per year.
UGE has the higher dividend yield at 2.19%, compared with 0.00% for QULL.
UGE tracks Dow Jones U.S. Consumer Goods Index (200%), while QULL tracks MSCI USA Sector Neutral Quality Index. They also come from different issuers: ProShares and UBS.
QULL currently has the higher Sharpe Ratio (1.41 vs 0.03), 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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