UGL vs. ^XAU
UGL (ProShares Ultra Gold) is Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while ^XAU (PHLX Gold/Silver Sector Index) is an index. Over the past 10 years, UGL returned 14.00%/yr vs 10.56%/yr for ^XAU. Their 0.74 correlation means they have sometimes moved together and sometimes differently.
Performance
UGL vs. ^XAU - Performance Comparison
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Returns By Period
In the year-to-date period, UGL achieves a -20.41% return, which is significantly lower than ^XAU's -10.05% return. Over the past 10 years, UGL has outperformed ^XAU with an annualized return of 14.00%, while ^XAU has yielded a comparatively lower 10.56% annualized return.
UGL
- 1D
- -2.99%
- 1M
- -4.25%
- 6M
- -34.89%
- YTD
- -20.41%
- 1Y
- 24.87%
- 3Y*
- 43.93%
- 5Y*
- 24.15%
- 10Y*
- 14.00%
- ALL TIME*
- 11.85%
^XAU
- 1D
- -3.16%
- 1M
- -6.25%
- 6M
- -19.47%
- YTD
- -10.05%
- 1Y
- 49.10%
- 3Y*
- 35.94%
- 5Y*
- 16.45%
- 10Y*
- 10.56%
- ALL TIME*
- 2.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $72.32M | $67.11M | $108.24M |
UGL vs. ^XAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -20.41% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
^XAU PHLX Gold/Silver Sector Index | -10.05% | 149.51% | 9.14% | 4.00% | -8.75% | -8.14% | 34.86% | 51.32% | -17.13% | 8.13% |
Correlation
The correlation between UGL and ^XAU is 0.80, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.80 |
Correlation (3Y) Balances recent behavior with more history. | 0.78 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.77 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.75 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | 0.74 |
The correlation between UGL and ^XAU has been stable across timeframes, ranging from 0.74 to 0.80 - a consistent structural relationship.
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Return for Risk
UGL vs. ^XAU — Risk / Return Rank
UGL
^XAU
UGL vs. ^XAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and PHLX Gold/Silver Sector 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.
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.
| UGL | ^XAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.20 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.60 | 1.36 | -0.77 |
| Martin ratioReturn relative to average drawdown | 1.22 | 2.97 | -1.75 |
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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.
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Drawdown Indicators
| UGL | ^XAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -83.04% | +7.11% |
Max Drawdown (1Y)Largest decline over 1 year | -50.02% | -37.41% | -12.61% |
Max Drawdown (3Y)Largest decline over 3 years | -50.02% | -37.41% | -12.61% |
Max Drawdown (5Y)Largest decline over 5 years | -50.02% | -45.52% | -4.50% |
Max Drawdown (10Y)Largest decline over 10 years | -50.02% | -45.52% | -4.50% |
Current DrawdownCurrent decline from peak | -48.39% | -34.54% | -13.85% |
Average DrawdownAverage peak-to-trough decline | -43.64% | -39.73% | -3.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.47% | 17.14% | +7.33% |
Volatility
UGL vs. ^XAU - Volatility Comparison
ProShares Ultra Gold (UGL) and PHLX Gold/Silver Sector Index (^XAU) have volatilities of 12.79% and 12.44%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGL | ^XAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.79% | 12.44% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 47.42% | 38.76% | +8.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.84% | 47.46% | +8.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.12% | 36.87% | +0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.70% | 36.45% | -3.75% |
Frequently Asked Questions
UGL and ^XAU have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (12.79%) compared to ^XAU (12.44%). In terms of maximum drawdown, UGL dropped -75.93% vs ^XAU's -83.04%.
^XAU currently has the higher Sharpe Ratio (1.07 vs 0.54), 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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