UGE vs. XLP

Last updated Jun 7, 2026

UGE (ProShares Ultra Consumer Goods) and XLP (State Street Consumer Staples Select Sector SPDR ETF) are both exchange-traded funds - UGE is a Leveraged Equities fund tracking the Dow Jones U.S. Consumer Goods Index (200%), while XLP is a Consumer Staples Equities fund tracking the Consumer Staples Select Sector Index. Both are passively managed. Over the past 10 years, UGE returned 8.03%/yr vs 7.37%/yr for XLP. A 0.74 correlation means they provide meaningful diversification when combined. UGE charges 0.95%/yr vs 0.08%/yr for XLP.

Performance

UGE vs. XLP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Consumer Goods (UGE) and State Street Consumer Staples Select Sector SPDR ETF (XLP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UGE achieves a 12.50% return, which is significantly higher than XLP's 8.02% return. Over the past 10 years, UGE has outperformed XLP with an annualized return of 8.03%, while XLP has yielded a comparatively lower 7.37% annualized return.

UGE

• 1D: 2.85%
• 1M: -2.22%
• YTD: 12.50%
• 6M: 11.83%
• 1Y: 1.63%
• 3Y*: 6.36%
• 5Y*: -2.34%
• 10Y*: 8.03%

XLP

• 1D: 1.71%
• 1M: -0.64%
• YTD: 8.02%
• 6M: 7.80%
• 1Y: 4.97%
• 3Y*: 7.46%
• 5Y*: 5.88%
• 10Y*: 7.37%

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

UGE vs. XLP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UGE ProShares Ultra Consumer Goods	12.50%	-5.21%	16.40%	2.38%	-46.78%	42.44%	56.64%	58.28%	-30.14%	32.38%
XLP State Street Consumer Staples Select Sector SPDR ETF	8.02%	1.52%	12.20%	-0.82%	-0.81%	17.20%	10.11%	27.43%	-8.07%	12.98%

Correlation

The correlation between UGE and XLP is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	0.74

Over the past year, UGE and XLP have become more correlated (0.99) than their long-term average of 0.74, meaning their price movements have been converging.

UGE vs. XLP - Sectors Allocation Comparison

Sectors	UGE	XLP
Consumer Defensive	99.0%	99.0%
Consumer Cyclical	1.0%	1.0%
Basic Materials	-	-
Communication Services	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

UGE vs. XLP — Risk / Return Rank

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

UGE

UGE Risk / Return Rank: 11
UGE Sharpe Ratio Rank: 11
UGE Sortino Ratio Rank: 11
UGE Omega Ratio Rank: 11
UGE Calmar Ratio Rank: 11
UGE Martin Ratio Rank: 10

XLP

XLP Risk / Return Rank: 15
XLP Sharpe Ratio Rank: 16
XLP Sortino Ratio Rank: 15
XLP Omega Ratio Rank: 15
XLP Calmar Ratio Rank: 16
XLP Martin Ratio Rank: 14

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. XLP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Consumer Goods (UGE) and State Street Consumer Staples Select Sector SPDR ETF (XLP). 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	XLP	Difference
Sharpe ratio: Return per unit of total volatility	0.10	0.42	-0.31
Sortino ratio: Return per unit of downside risk	0.33	0.69	-0.36
Omega ratio: Gain probability vs. loss probability	1.04	1.08	-0.04
Calmar ratio: Return relative to maximum drawdown	0.14	0.55	-0.41
Martin ratio: Return relative to average drawdown	0.25	1.07	-0.82
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. XLP - Sharpe Ratio Comparison

The current UGE Sharpe Ratio is 0.10, which is lower than the XLP Sharpe Ratio of 0.42. The chart below compares the historical Sharpe Ratios of UGE and XLP, 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	XLP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.10	0.42	-0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	0.44	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	0.50	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.44	-0.10

Drawdowns

UGE vs. XLP - Drawdown Comparison

The maximum UGE drawdown since its inception was -71.36%, which is greater than XLP's maximum drawdown of -35.90%. Use the drawdown chart below to compare losses from any high point for UGE and XLP.

Drawdown Indicators

	UGE	XLP	Difference
Max Drawdown Largest peak-to-trough decline	-71.36%	-35.90%	-35.46%
Max Drawdown (1Y) Largest decline over 1 year	-18.95%	-9.69%	-9.26%
Max Drawdown (3Y) Largest decline over 3 years	-24.80%	-12.39%	-12.41%
Max Drawdown (5Y) Largest decline over 5 years	-56.55%	-16.30%	-40.25%
Max Drawdown (10Y) Largest decline over 10 years	-57.14%	-24.51%	-32.63%
Current Drawdown Current decline from peak	-36.44%	-6.78%	-29.66%
Average Drawdown Average peak-to-trough decline	-18.74%	-7.06%	-11.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.50%	4.95%	+5.55%

Volatility

UGE vs. XLP - Volatility Comparison

ProShares Ultra Consumer Goods (UGE) has a higher volatility of 8.11% compared to State Street Consumer Staples Select Sector SPDR ETF (XLP) at 4.29%. This indicates that UGE's price experiences larger fluctuations and is considered to be riskier than XLP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGE	XLP	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.11%	4.29%	+3.82%
Volatility (6M) Calculated over the trailing 6-month period	19.63%	9.98%	+9.65%
Volatility (1Y) Calculated over the trailing 1-year period	25.10%	12.76%	+12.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.31%	13.31%	+18.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.09%	14.74%	+18.35%

UGE vs. XLP - Expense Ratio Comparison

UGE has a 0.95% expense ratio, which is higher than XLP's 0.08% expense ratio.

Dividends

UGE vs. XLP - Dividend Comparison

UGE's dividend yield for the trailing twelve months is around 2.17%, less than XLP's 2.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UGE ProShares Ultra Consumer Goods	2.17%	2.54%	1.43%	1.20%	0.74%	0.20%	0.41%	0.86%	0.76%	0.68%	0.76%	0.60%
XLP State Street Consumer Staples Select Sector SPDR ETF	2.61%	2.75%	2.77%	2.63%	2.47%	2.28%	2.50%	2.57%	3.04%	2.62%	2.53%	2.52%

Frequently Asked Questions

Can I hold both UGE and XLP in my portfolio?

With a correlation of 0.99, UGE and XLP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, UGE or XLP?

UGE has higher volatility (8.11%) compared to XLP (4.29%). In terms of maximum drawdown, UGE dropped -71.36% vs XLP's -35.90%.

Which ETF is better, UGE or XLP?

On 10-year performance, UGE leads with 8.03% vs 7.37% for XLP. On fees, XLP is cheaper at 0.08% per year. On volatility, XLP has been the lower-risk option at 4.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGE or XLP?

Over the 10-year period, UGE has performed better with a 8.03% return vs 7.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGE or XLP?

XLP is cheaper with a 0.08% expense ratio, compared with 0.95% for UGE.

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

XLP has the higher dividend yield at 2.61%, compared with 2.17% for UGE.

What is the main difference between UGE and XLP?

UGE is categorized as Leveraged Equities, while XLP is Consumer Staples Equities. UGE tracks Dow Jones U.S. Consumer Goods Index (200%), while XLP tracks Consumer Staples Select Sector Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for UGE and 0.08% for XLP.

Which has better risk-adjusted returns?

XLP currently has the higher Sharpe Ratio (0.42 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.