UGL vs. ^XAU

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares Ultra Gold (UGL) and Philadelphia Gold and Silver Index (^XAU).

UGL is a passively managed fund by ProShares that tracks the performance of the Bloomberg Gold Subindex (200%). It was launched on Dec 1, 2008.

Performance

UGL vs. ^XAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Gold (UGL) and Philadelphia Gold and Silver Index (^XAU). The values are adjusted to include any dividend payments, if applicable.

UGL vs. ^XAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UGL ProShares Ultra Gold	14.36%	137.57%	46.36%	15.56%	-7.59%	-12.30%	39.04%	31.11%	-8.02%	22.50%
^XAU Philadelphia Gold and Silver Index	13.79%	149.51%	9.14%	4.00%	-8.75%	-8.14%	34.86%	51.32%	-17.13%	8.13%

Returns By Period

The year-to-date returns for both stocks are quite close, with UGL having a 14.36% return and ^XAU slightly lower at 13.79%. Over the past 10 years, UGL has outperformed ^XAU with an annualized return of 20.61%, while ^XAU has yielded a comparatively lower 18.77% annualized return.

UGL

• 1D: 3.30%
• 1M: -21.80%
• YTD: 14.36%
• 6M: 37.39%
• 1Y: 98.00%
• 3Y*: 59.13%
• 5Y*: 35.67%
• 10Y*: 20.61%

^XAU

• 1D: 4.08%
• 1M: -17.00%
• YTD: 13.79%
• 6M: 29.50%
• 1Y: 119.66%
• 3Y*: 43.63%
• 5Y*: 22.72%
• 10Y*: 18.77%

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

Return for Risk

UGL vs. ^XAU — Risk / Return Rank

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

UGL

UGL Risk / Return Rank: 81
UGL Sharpe Ratio Rank: 85
UGL Sortino Ratio Rank: 79
UGL Omega Ratio Rank: 79
UGL Calmar Ratio Rank: 84
UGL Martin Ratio Rank: 78

^XAU

^XAU Risk / Return Rank: 96
^XAU Sharpe Ratio Rank: 97
^XAU Sortino Ratio Rank: 97
^XAU Omega Ratio Rank: 96
^XAU Calmar Ratio Rank: 95
^XAU Martin Ratio Rank: 95

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.

UGL vs. ^XAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and Philadelphia Gold and Silver Index (^XAU). 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.

	UGL	^XAU	Difference
Sharpe ratio Return per unit of total volatility	1.78	2.66	-0.88
Sortino ratio Return per unit of downside risk	2.11	2.76	-0.65
Omega ratio Gain probability vs. loss probability	1.31	1.41	-0.10
Calmar ratio Return relative to maximum drawdown	2.59	3.97	-1.38
Martin ratio Return relative to average drawdown	8.76	14.42	-5.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UGL vs. ^XAU - Sharpe Ratio Comparison

The current UGL Sharpe Ratio is 1.78, which is lower than the ^XAU Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of UGL and ^XAU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	UGL	^XAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	2.66	-0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	0.64	+0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.51	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.08	+0.34

Correlation

The correlation between UGL and ^XAU is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

UGL vs. ^XAU - Drawdown Comparison

The maximum UGL drawdown since its inception was -75.93%, smaller than the maximum ^XAU drawdown of -83.04%. Use the drawdown chart below to compare losses from any high point for UGL and ^XAU.

Drawdown Indicators

	UGL	^XAU	Difference
Max Drawdown Largest peak-to-trough decline	-75.93%	-83.04%	+7.11%
Max Drawdown (1Y) Largest decline over 1 year	-37.56%	-30.21%	-7.35%
Max Drawdown (5Y) Largest decline over 5 years	-40.23%	-45.52%	+5.29%
Max Drawdown (10Y) Largest decline over 10 years	-46.23%	-45.52%	-0.71%
Current Drawdown Current decline from peak	-25.85%	-17.20%	-8.65%
Average Drawdown Average peak-to-trough decline	-43.76%	-39.84%	-3.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.11%	8.31%	+2.80%

Volatility

UGL vs. ^XAU - Volatility Comparison

ProShares Ultra Gold (UGL) has a higher volatility of 20.81% compared to Philadelphia Gold and Silver Index (^XAU) at 16.56%. This indicates that UGL's price experiences larger fluctuations and is considered to be riskier than ^XAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGL	^XAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.81%	16.56%	+4.25%
Volatility (6M) Calculated over the trailing 6-month period	49.09%	37.63%	+11.46%
Volatility (1Y) Calculated over the trailing 1-year period	55.46%	45.31%	+10.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.70%	35.68%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.19%	36.62%	-4.43%