UGL vs. BITO
Compare and contrast key facts about ProShares Ultra Gold (UGL) and ProShares Bitcoin Strategy ETF (BITO).
UGL and BITO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. BITO is an actively managed fund by ProShares. It was launched on Oct 19, 2021.
Performance
UGL vs. BITO - Performance Comparison
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UGL vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | 14.36% | 137.57% | 46.36% | 15.56% | -7.59% | 6.03% |
BITO ProShares Bitcoin Strategy ETF | -22.79% | -11.19% | 104.45% | 137.33% | -63.91% | -31.09% |
Returns By Period
In the year-to-date period, UGL achieves a 14.36% return, which is significantly higher than BITO's -22.79% 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%
BITO
- 1D
- 0.60%
- 1M
- -1.72%
- YTD
- -22.79%
- 6M
- -43.10%
- 1Y
- -23.27%
- 3Y*
- 24.87%
- 5Y*
- —
- 10Y*
- —
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UGL vs. BITO - Expense Ratio Comparison
Both UGL and BITO have an expense ratio of 0.95%.
Return for Risk
UGL vs. BITO — Risk / Return Rank
UGL
BITO
UGL vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and ProShares Bitcoin Strategy ETF (BITO). 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 | BITO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.78 | -0.52 | +2.29 |
Sortino ratioReturn per unit of downside risk | 2.11 | -0.50 | +2.61 |
Omega ratioGain probability vs. loss probability | 1.31 | 0.94 | +0.37 |
Calmar ratioReturn relative to maximum drawdown | 2.59 | -0.42 | +3.01 |
Martin ratioReturn relative to average drawdown | 8.76 | -0.89 | +9.64 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UGL | BITO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.78 | -0.52 | +2.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.00 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | -0.08 | +0.50 |
Correlation
The correlation between UGL and BITO is 0.10, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
UGL vs. BITO - Dividend Comparison
UGL has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 80.47%.
| TTM | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
UGL ProShares Ultra Gold | 0.00% | 0.00% | 0.00% | 0.00% |
BITO ProShares Bitcoin Strategy ETF | 80.47% | 78.29% | 61.59% | 15.14% |
Drawdowns
UGL vs. BITO - Drawdown Comparison
The maximum UGL drawdown since its inception was -75.93%, roughly equal to the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for UGL and BITO.
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Drawdown Indicators
| UGL | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -77.86% | +1.93% |
Max Drawdown (1Y)Largest decline over 1 year | -37.56% | -50.05% | +12.49% |
Max Drawdown (5Y)Largest decline over 5 years | -40.23% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -46.23% | — | — |
Current DrawdownCurrent decline from peak | -25.85% | -46.75% | +20.90% |
Average DrawdownAverage peak-to-trough decline | -43.76% | -36.57% | -7.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.11% | 23.73% | -12.62% |
Volatility
UGL vs. BITO - Volatility Comparison
ProShares Ultra Gold (UGL) has a higher volatility of 20.81% compared to ProShares Bitcoin Strategy ETF (BITO) at 12.84%. This indicates that UGL's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGL | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.81% | 12.84% | +7.97% |
Volatility (6M)Calculated over the trailing 6-month period | 49.09% | 36.71% | +12.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.46% | 45.32% | +10.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.70% | 55.77% | -20.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.19% | 55.77% | -23.58% |