UGL vs. COM
UGL (ProShares Ultra Gold) and COM (Direxion Auspice Broad Commodity Strategy ETF) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while COM is a Commodities fund tracking the Auspice Broad Commodity ER Index. Both are passively managed. Over the past 5 years, UGL returned 24.15%/yr vs 8.21%/yr for COM. Their 0.43 correlation means their historical movements had little consistent relationship. UGL charges 0.95%/yr vs 0.70%/yr for COM.
Performance
UGL vs. COM - 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 COM's 15.99% 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%
COM
- 1D
- -0.07%
- 1M
- 3.63%
- 6M
- 10.51%
- YTD
- 15.99%
- 1Y
- 25.72%
- 3Y*
- 7.73%
- 5Y*
- 8.21%
- 10Y*
- —
- ALL TIME*
- 7.04%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.30M | $1.76M | $5.12M | |
| $72.32M | $67.11M | $108.24M |
UGL vs. COM - 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% | 4.66% |
COM Direxion Auspice Broad Commodity Strategy ETF | 15.99% | 7.72% | 5.81% | -2.09% | 9.17% | 28.00% | 6.63% | -0.18% | -0.03% | -1.97% |
Correlation
The correlation between UGL and COM is 0.44, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.44 |
Correlation (3Y) Balances recent behavior with more history. | 0.56 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.50 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2017 | 0.43 |
The correlation between UGL and COM shifts across timeframes, from 0.43 (all time) to 0.56 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
UGL vs. COM — Risk / Return Rank
UGL
COM
UGL vs. COM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and Direxion Auspice Broad Commodity Strategy ETF (COM). 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 | COM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.98 | ||
| Sortino ratioReturn per unit of downside risk | -2.43 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.47 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | 0.60 | 3.32 | -2.72 |
| Martin ratioReturn relative to average drawdown | 1.22 | 10.03 | -8.81 |
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Drawdowns
UGL vs. COM - Drawdown Comparison
The maximum UGL drawdown since its inception was -75.93%, which is greater than COM's maximum drawdown of -15.95%. Use the drawdown chart below to compare losses from any high point for UGL and COM.
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Drawdown Indicators
| UGL | COM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -15.95% | -59.98% |
Max Drawdown (1Y)Largest decline over 1 year | -50.02% | -7.63% | -42.39% |
Max Drawdown (3Y)Largest decline over 3 years | -50.02% | -8.50% | -41.52% |
Max Drawdown (5Y)Largest decline over 5 years | -50.02% | -14.02% | -36.00% |
Max Drawdown (10Y)Largest decline over 10 years | -50.02% | — | — |
Current DrawdownCurrent decline from peak | -48.39% | -3.69% | -44.70% |
Average DrawdownAverage peak-to-trough decline | -43.64% | -6.26% | -37.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.47% | 2.53% | +21.94% |
Volatility
UGL vs. COM - Volatility Comparison
ProShares Ultra Gold (UGL) has a higher volatility of 12.79% compared to Direxion Auspice Broad Commodity Strategy ETF (COM) at 2.01%. This indicates that UGL's price experiences larger fluctuations and is considered to be riskier than COM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGL | COM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.79% | 2.01% | +10.78% |
Volatility (6M)Calculated over the trailing 6-month period | 47.42% | 8.07% | +39.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.84% | 10.09% | +45.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.12% | 9.44% | +27.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.70% | 9.73% | +22.97% |
UGL vs. COM - Expense Ratio Comparison
UGL has a 0.95% expense ratio, which is higher than COM's 0.70% expense ratio.
Dividends
UGL vs. COM - Dividend Comparison
UGL has not paid dividends to shareholders, while COM's dividend yield for the trailing twelve months is around 2.51%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
COM Direxion Auspice Broad Commodity Strategy ETF | 2.51% | 2.99% | 3.88% | 3.80% | 8.59% | 10.32% | 0.13% | 1.09% | 2.36% | 0.09% |
UGL ProShares Ultra Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UGL and COM have a correlation of 0.44, 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 COM (2.01%). In terms of maximum drawdown, UGL dropped -75.93% vs COM's -15.95%.
On 5-year performance, UGL leads with 24.15% vs 8.21% for COM. On fees, COM is cheaper at 0.70% per year. On volatility, COM has been the lower-risk option at 2.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGL has performed better with a 24.15% return vs 8.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
COM is cheaper with a 0.70% expense ratio, compared with 0.95% for UGL.
COM has the higher dividend yield at 2.51%, compared with 0.00% for UGL.
UGL is categorized as Leveraged Commodities, while COM is Commodities. UGL tracks Bloomberg Gold Subindex (200%), while COM tracks Auspice Broad Commodity ER Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UGL and 0.70% for COM.
COM currently has the higher Sharpe Ratio (2.52 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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