UGL vs. CPXR

Last updated Aug 2, 2026

UGL (ProShares Ultra Gold) and CPXR (USCF Daily Target 2X Copper Index ETF) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while CPXR is a Copper fund tracking the SummerHaven Copper Index. Both are passively managed. Over the past year, UGL returned 24.87% vs 83.67% for CPXR. Their 0.45 correlation means their historical movements had little consistent relationship. UGL charges 0.95%/yr vs 1.20%/yr for CPXR.

Performance

UGL vs. CPXR - Performance Comparison

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

Returns By Period

In the year-to-date period, UGL achieves a -20.41% return, which is significantly lower than CPXR's 20.21% 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%

CPXR

• 1D: 1.31%
• 1M: 11.94%
• 6M: 12.04%
• YTD: 20.21%
• 1Y: 83.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 37.96%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CPXR USCF Daily Target 2X Copper Index ETF	$409.02K	$351.97K	$733.40K
UGL ProShares Ultra Gold	$72.32M	$67.11M	$108.24M

UGL vs. CPXR - Yearly Performance Comparison

	2026 (YTD)	2025
UGL ProShares Ultra Gold	-20.41%	118.37%
CPXR USCF Daily Target 2X Copper Index ETF	20.21%	35.65%

Correlation

The correlation between UGL and CPXR is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (All Time) Calculated using the full available price history since Jan 22, 2025	0.45

Return for Risk

UGL vs. CPXR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UGL

UGL Risk / Return Rank: 24
UGL Sharpe Ratio Rank: 24
UGL Sortino Ratio Rank: 27
UGL Omega Ratio Rank: 30
UGL Calmar Ratio Rank: 22
UGL Martin Ratio Rank: 19

CPXR

CPXR Risk / Return Rank: 66
CPXR Sharpe Ratio Rank: 67
CPXR Sortino Ratio Rank: 61
CPXR Omega Ratio Rank: 63
CPXR Calmar Ratio Rank: 76
CPXR Martin Ratio Rank: 65

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UGL vs. CPXR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and USCF Daily Target 2X Copper Index ETF (CPXR). 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	CPXR	Difference
Sharpe ratio: Return per unit of total volatility	0.54	1.55	-1.02
Sortino ratio: Return per unit of downside risk	1.00	2.07	-1.07
Omega ratio: Gain probability vs. loss probability	1.14	1.27	-0.13
Calmar ratio: Return relative to maximum drawdown	0.60	2.71	-2.11
Martin ratio: Return relative to average drawdown	1.22	7.86	-6.64

UGL vs. CPXR - Sharpe Ratio Comparison

The current UGL Sharpe Ratio is 0.54, which is lower than the CPXR Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of UGL and CPXR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UGL vs. CPXR - Drawdown Comparison

The maximum UGL drawdown since its inception was -75.93%, which is greater than CPXR's maximum drawdown of -47.87%. Use the drawdown chart below to compare losses from any high point for UGL and CPXR.

Drawdown Indicators

	UGL	CPXR	Difference
Max Drawdown Largest peak-to-trough decline	-75.93%	-47.87%	-28.06%
Max Drawdown (1Y) Largest decline over 1 year	-50.02%	-31.64%	-18.38%
Max Drawdown (3Y) Largest decline over 3 years	-50.02%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-50.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-50.02%	—	—
Current Drawdown Current decline from peak	-48.39%	-6.19%	-42.20%
Average Drawdown Average peak-to-trough decline	-43.64%	-18.96%	-24.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.47%	10.90%	+13.57%

Volatility

UGL vs. CPXR - Volatility Comparison

ProShares Ultra Gold (UGL) has a higher volatility of 12.79% compared to USCF Daily Target 2X Copper Index ETF (CPXR) at 12.08%. This indicates that UGL's price experiences larger fluctuations and is considered to be riskier than CPXR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGL	CPXR	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.79%	12.08%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	47.42%	42.09%	+5.33%
Volatility (1Y) Calculated over the trailing 1-year period	55.84%	56.10%	-0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.12%	66.91%	-29.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.70%	66.91%	-34.21%

UGL vs. CPXR - Expense Ratio Comparison

UGL has a 0.95% expense ratio, which is lower than CPXR's 1.20% expense ratio.

Dividends

UGL vs. CPXR - Dividend Comparison

UGL has not paid dividends to shareholders, while CPXR's dividend yield for the trailing twelve months is around 0.58%.

Position	TTM	2025
CPXR USCF Daily Target 2X Copper Index ETF	0.58%	0.70%
UGL ProShares Ultra Gold	0.00%	0.00%

Frequently Asked Questions

Can I hold both UGL and CPXR in my portfolio?

UGL and CPXR have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UGL or CPXR?

UGL has higher volatility (12.79%) compared to CPXR (12.08%). In terms of maximum drawdown, UGL dropped -75.93% vs CPXR's -47.87%.

Which ETF is better, UGL or CPXR?

On 1-year performance, CPXR leads with 83.67% vs 24.87% for UGL. On fees, UGL is cheaper at 0.95% per year. On volatility, CPXR has been the lower-risk option at 12.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGL or CPXR?

Over the 1-year period, CPXR has performed better with a 83.67% return vs 24.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGL or CPXR?

UGL is cheaper with a 0.95% expense ratio, compared with 1.20% for CPXR.

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

CPXR has the higher dividend yield at 0.58%, compared with 0.00% for UGL.

What is the main difference between UGL and CPXR?

UGL is categorized as Leveraged Commodities, while CPXR is Copper. UGL tracks Bloomberg Gold Subindex (200%), while CPXR tracks SummerHaven Copper Index. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.95% for UGL and 1.20% for CPXR.

Which has better risk-adjusted returns?

CPXR currently has the higher Sharpe Ratio (1.55 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.