UGE vs. USML

Last updated Jun 14, 2026

UGE (ProShares Ultra Consumer Goods) and USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) are both Leveraged Equities funds - UGE tracks the Dow Jones U.S. Consumer Goods Index (200%) while USML tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 5 years, UGE returned -1.08%/yr vs 7.54%/yr for USML. A 0.68 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

UGE vs. USML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Consumer Goods (UGE) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML). 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 USML's 1.74% return.

UGE

• 1D: 1.08%
• 1M: 1.65%
• YTD: 18.88%
• 6M: 15.24%
• 1Y: 9.47%
• 3Y*: 7.90%
• 5Y*: -1.08%
• 10Y*: 8.80%

USML

• 1D: 0.67%
• 1M: 2.24%
• YTD: 1.74%
• 6M: 1.57%
• 1Y: 3.61%
• 3Y*: 15.23%
• 5Y*: 7.54%
• 10Y*: —

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

UGE vs. USML - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UGE ProShares Ultra Consumer Goods	18.88%	-5.21%	16.40%	2.38%	-46.78%	35.36%
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN	1.74%	9.33%	23.97%	11.37%	-22.87%	42.12%

Correlation

The correlation between UGE and USML is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021	0.68

Over the past year, the correlation between UGE and USML has dropped to 0.46 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

Return for Risk

UGE vs. USML — 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

USML

USML Risk / Return Rank: 11
USML Sharpe Ratio Rank: 11
USML Sortino Ratio Rank: 11
USML Omega Ratio Rank: 11
USML Calmar Ratio Rank: 11
USML Martin Ratio Rank: 12

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. USML - 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 Minimum Volatility Factor TR ETN (USML). 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	USML	Difference
Sharpe ratio: Return per unit of total volatility	0.28	0.12	+0.16
Sortino ratio: Return per unit of downside risk	0.58	0.28	+0.30
Omega ratio: Gain probability vs. loss probability	1.07	1.03	+0.03
Calmar ratio: Return relative to maximum drawdown	0.38	0.15	+0.22
Martin ratio: Return relative to average drawdown	0.67	0.46	+0.22

UGE vs. USML - Sharpe Ratio Comparison

The current UGE Sharpe Ratio is 0.28, which is higher than the USML Sharpe Ratio of 0.12. The chart below compares the historical Sharpe Ratios of UGE and USML, 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. USML - Drawdown Comparison

The maximum UGE drawdown since its inception was -71.36%, which is greater than USML's maximum drawdown of -35.34%. Use the drawdown chart below to compare losses from any high point for UGE and USML.

Drawdown Indicators

	UGE	USML	Difference
Max Drawdown Largest peak-to-trough decline	-71.36%	-35.34%	-36.02%
Max Drawdown (1Y) Largest decline over 1 year	-18.95%	-13.09%	-5.86%
Max Drawdown (3Y) Largest decline over 3 years	-24.80%	-19.14%	-5.66%
Max Drawdown (5Y) Largest decline over 5 years	-56.55%	-35.34%	-21.21%
Max Drawdown (10Y) Largest decline over 10 years	-57.14%	—	—
Current Drawdown Current decline from peak	-32.84%	-4.83%	-28.01%
Average Drawdown Average peak-to-trough decline	-18.75%	-10.38%	-8.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.64%	4.41%	+6.23%

Volatility

UGE vs. USML - Volatility Comparison

ProShares Ultra Consumer Goods (UGE) has a higher volatility of 8.67% compared to ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) at 4.74%. This indicates that UGE's price experiences larger fluctuations and is considered to be riskier than USML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGE	USML	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.67%	4.74%	+3.93%
Volatility (6M) Calculated over the trailing 6-month period	20.01%	11.57%	+8.44%
Volatility (1Y) Calculated over the trailing 1-year period	25.39%	16.41%	+8.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.37%	24.47%	+6.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.11%	24.24%	+8.87%

UGE vs. USML - Expense Ratio Comparison

Both UGE and USML have an expense ratio of 0.95%.

Dividends

UGE vs. USML - Dividend Comparison

UGE's dividend yield for the trailing twelve months is around 2.05%, while USML has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
USML ETRACS 2x Leveraged MSCI US Minimum Volatility 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%

Frequently Asked Questions

Can I hold both UGE and USML in my portfolio?

UGE and USML have a correlation of 0.46, 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 USML?

UGE has higher volatility (8.67%) compared to USML (4.74%). In terms of maximum drawdown, UGE dropped -71.36% vs USML's -35.34%.

Which ETF is better, UGE or USML?

On 5-year performance, USML leads with 7.54% vs -1.08% for UGE. Both ETFs have the same 0.95% expense ratio. On volatility, USML has been the lower-risk option at 4.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGE or USML?

Over the 5-year period, USML has performed better with a 7.54% return vs -1.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGE or USML?

UGE and USML have the same expense ratio: 0.95% per year.

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

UGE has the higher dividend yield at 2.05%, compared with 0.00% for USML.

What is the main difference between UGE and USML?

UGE tracks Dow Jones U.S. Consumer Goods Index (200%), while USML tracks MSCI USA Minimum Volatility Index. They also come from different issuers: ProShares and UBS.

Which has better risk-adjusted returns?

UGE currently has the higher Sharpe Ratio (0.28 vs 0.12), 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.