UGL vs. COPZ

Last updated Jun 4, 2026

UGL (ProShares Ultra Gold) and COPZ (Defiance Daily Target 2X Long Copper ETF) are both Leveraged Commodities funds. UGL is passively managed, while COPZ is actively managed. A 0.61 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

UGL vs. COPZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Gold (UGL) and Defiance Daily Target 2X Long Copper ETF (COPZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

UGL

• 1D: -2.00%
• 1M: -3.96%
• YTD: -2.16%
• 6M: 1.78%
• 1Y: 51.67%
• 3Y*: 53.18%
• 5Y*: 27.00%
• 10Y*: 18.45%

COPZ

• 1D: -6.96%
• 1M: 32.69%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UGL vs. COPZ - Yearly Performance Comparison

	2026 (YTD)
UGL ProShares Ultra Gold	-23.75%
COPZ Defiance Daily Target 2X Long Copper ETF	-5.37%

Correlation

The correlation between UGL and COPZ is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 19, 2026	0.61

Return for Risk

UGL vs. COPZ — Risk / Return Rank

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

UGL

UGL Risk / Return Rank: 27
UGL Sharpe Ratio Rank: 26
UGL Sortino Ratio Rank: 26
UGL Omega Ratio Rank: 31
UGL Calmar Ratio Rank: 28
UGL Martin Ratio Rank: 24

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. COPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and Defiance Daily Target 2X Long Copper ETF (COPZ). 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	COPZ	Difference
Sharpe ratio: Return per unit of total volatility	0.98	—	—
Sortino ratio: Return per unit of downside risk	1.43	—	—
Omega ratio: Gain probability vs. loss probability	1.21	—	—
Calmar ratio: Return relative to maximum drawdown	1.38	—	—
Martin ratio: Return relative to average drawdown	3.17	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	UGL	COPZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.98	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	-0.17	+0.56

Drawdowns

UGL vs. COPZ - Drawdown Comparison

The maximum UGL drawdown since its inception was -75.93%, which is greater than COPZ's maximum drawdown of -49.79%. Use the drawdown chart below to compare losses from any high point for UGL and COPZ.

Drawdown Indicators

	UGL	COPZ	Difference
Max Drawdown Largest peak-to-trough decline	-75.93%	-49.79%	-26.14%
Max Drawdown (1Y) Largest decline over 1 year	-37.56%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-37.56%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-40.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.23%	—	—
Current Drawdown Current decline from peak	-36.56%	-21.65%	-14.91%
Average Drawdown Average peak-to-trough decline	-43.63%	-28.52%	-15.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.35%	—	—

Volatility

Volatility by Period

	UGL	COPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.03%	—	—
Volatility (6M) Calculated over the trailing 6-month period	46.81%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	52.91%	104.89%	-51.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.18%	104.89%	-68.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.34%	104.89%	-72.55%

UGL vs. COPZ - Expense Ratio Comparison

Both UGL and COPZ have an expense ratio of 0.95%.

Dividends

UGL vs. COPZ - Dividend Comparison

Neither UGL nor COPZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UGL and COPZ in my portfolio?

UGL and COPZ have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UGL or COPZ?

Both ETFs have the same 0.95% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UGL or COPZ?

UGL and COPZ have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, UGL or COPZ?

UGL and COPZ have nearly identical dividend yields, around 0.00%.

What is the main difference between UGL and COPZ?

They also come from different issuers: ProShares and Defiance.