UGE vs. UWM

Last updated Aug 5, 2026

UGE (ProShares Ultra Consumer Goods) and UWM (ProShares Ultra Russell2000) are both Leveraged Equities funds from ProShares - UGE tracks the Dow Jones U.S. Consumer Goods Index (200%) while UWM tracks the Russell 2000 Index (200%). Both are passively managed. Over the past 10 years, UGE returned 8.02%/yr vs 11.89%/yr for UWM. Their 0.57 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.

Performance

UGE vs. UWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Consumer Goods (UGE) and ProShares Ultra Russell2000 (UWM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UGE achieves a 17.97% return, which is significantly lower than UWM's 43.57% return. Over the past 10 years, UGE has underperformed UWM with an annualized return of 8.02%, while UWM has yielded a comparatively higher 11.89% annualized return.

UGE

• 1D: 1.09%
• 1M: 0.41%
• 6M: -2.98%
• YTD: 17.97%
• 1Y: 9.97%
• 3Y*: 6.30%
• 5Y*: -2.42%
• 10Y*: 8.02%
• ALL TIME*: 11.27%

UWM

• 1D: 3.65%
• 1M: 2.05%
• 6M: 26.76%
• YTD: 43.57%
• 1Y: 75.91%
• 3Y*: 23.55%
• 5Y*: 4.52%
• 10Y*: 11.89%
• ALL TIME*: 7.52%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
UGE ProShares Ultra Consumer Goods	$1.04M	$851.07K	$1.08M
UWM ProShares Ultra Russell2000	$16.99M	$17.34M	$19.60M

UGE vs. UWM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UGE ProShares Ultra Consumer Goods	17.97%	-5.21%	16.40%	2.38%	-46.78%	42.44%	56.64%	58.28%	-30.14%	32.38%
UWM ProShares Ultra Russell2000	43.57%	13.59%	11.32%	22.62%	-43.69%	23.91%	16.57%	48.62%	-25.89%	26.92%

Correlation

The correlation between UGE and UWM is -0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.03
Correlation (3Y) Balances recent behavior with more history.	0.20
Correlation (5Y) Shows whether the relationship held over a longer period.	0.45
Correlation (10Y) Provides a long-term view across more market conditions.	0.52
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.57

The correlation between UGE and UWM shifts across timeframes, from -0.03 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.

UGE vs. UWM - Sectors Allocation Comparison

Sectors	UGE	UWM
Consumer Defensive	98.1%	1.6%
Consumer Cyclical	1.9%	5.1%
Basic Materials	-	2.6%
Communication Services	-	0.9%
Energy	-	3.4%
Financial Services	-	41.4%
Healthcare	-	11.1%
Industrials	-	7.6%
Real Estate	-	4.0%
Technology	-	7.8%
Utilities	-	1.8%

Return for Risk

UGE vs. UWM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UGE

UGE Risk / Return Rank: 18
UGE Sharpe Ratio Rank: 17
UGE Sortino Ratio Rank: 18
UGE Omega Ratio Rank: 18
UGE Calmar Ratio Rank: 19
UGE Martin Ratio Rank: 16

UWM

UWM Risk / Return Rank: 75
UWM Sharpe Ratio Rank: 78
UWM Sortino Ratio Rank: 71
UWM Omega Ratio Rank: 64
UWM Calmar Ratio Rank: 83
UWM Martin Ratio Rank: 80

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UGE vs. UWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Consumer Goods (UGE) and ProShares Ultra Russell2000 (UWM). 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	UWM	Difference
Sharpe ratio: Return per unit of total volatility	0.35	2.00	-1.64
Sortino ratio: Return per unit of downside risk	0.71	2.60	-1.90
Omega ratio: Gain probability vs. loss probability	1.08	1.31	-0.23
Calmar ratio: Return relative to maximum drawdown	0.53	3.42	-2.90
Martin ratio: Return relative to average drawdown	0.86	11.69	-10.83

UGE vs. UWM - Sharpe Ratio Comparison

The current UGE Sharpe Ratio is 0.35, which is lower than the UWM Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of UGE and UWM, 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. UWM - Drawdown Comparison

The maximum UGE drawdown since its inception was -71.36%, smaller than the maximum UWM drawdown of -88.21%. Use the drawdown chart below to compare losses from any high point for UGE and UWM.

Drawdown Indicators

	UGE	UWM	Difference
Max Drawdown Largest peak-to-trough decline	-71.36%	-88.21%	+16.85%
Max Drawdown (1Y) Largest decline over 1 year	-18.95%	-22.28%	+3.33%
Max Drawdown (3Y) Largest decline over 3 years	-22.81%	-49.79%	+26.98%
Max Drawdown (5Y) Largest decline over 5 years	-56.55%	-61.62%	+5.07%
Max Drawdown (10Y) Largest decline over 10 years	-57.14%	-71.46%	+14.32%
Current Drawdown Current decline from peak	-33.35%	0.00%	-33.35%
Average Drawdown Average peak-to-trough decline	-18.86%	-30.64%	+11.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.59%	6.51%	+5.08%

Volatility

UGE vs. UWM - Volatility Comparison

ProShares Ultra Consumer Goods (UGE) has a higher volatility of 11.70% compared to ProShares Ultra Russell2000 (UWM) at 8.97%. This indicates that UGE's price experiences larger fluctuations and is considered to be riskier than UWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGE	UWM	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.70%	8.97%	+2.73%
Volatility (6M) Calculated over the trailing 6-month period	23.05%	28.12%	-5.07%
Volatility (1Y) Calculated over the trailing 1-year period	28.29%	38.43%	-10.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.87%	44.96%	-13.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.26%	46.04%	-12.78%

UGE vs. UWM - Expense Ratio Comparison

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

Dividends

UGE vs. UWM - Dividend Comparison

UGE's dividend yield for the trailing twelve months is around 2.07%, more than UWM's 0.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UGE ProShares Ultra Consumer Goods	2.07%	2.54%	1.43%	1.20%	0.74%	0.20%	0.41%	0.86%	0.76%	0.68%	0.76%	0.60%
UWM ProShares Ultra Russell2000	0.78%	1.05%	1.16%	0.34%	0.40%	0.00%	0.07%	0.55%	0.41%	0.11%	0.27%	0.23%

Frequently Asked Questions

Can I hold both UGE and UWM in my portfolio?

UGE and UWM have a correlation of -0.03, 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 UWM?

UGE has higher volatility (11.70%) compared to UWM (8.97%). In terms of maximum drawdown, UGE dropped -71.36% vs UWM's -88.21%.

Which ETF is better, UGE or UWM?

On 10-year performance, UWM leads with 11.89% vs 8.02% for UGE. Both ETFs have the same 0.95% expense ratio. On volatility, UWM has been the lower-risk option at 8.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGE or UWM?

Over the 10-year period, UWM has performed better with a 11.89% return vs 8.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGE or UWM?

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

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

UGE has the higher dividend yield at 2.07%, compared with 0.78% for UWM.

What is the main difference between UGE and UWM?

UGE tracks Dow Jones U.S. Consumer Goods Index (200%), while UWM tracks Russell 2000 Index (200%).

Which has better risk-adjusted returns?

UWM currently has the higher Sharpe Ratio (2.00 vs 0.35), 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.