UGL vs. DGP
Compare and contrast key facts about ProShares Ultra Gold (UGL) and DB Gold Double Long Exchange Traded Notes (DGP).
UGL and DGP 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. DGP is a passively managed fund by Deutsche Bank that tracks the performance of the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%). It was launched on Feb 27, 2008. Both UGL and DGP are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
UGL vs. DGP - Performance Comparison
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UGL vs. DGP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | 10.70% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
DGP DB Gold Double Long Exchange Traded Notes | 13.65% | 141.40% | 53.16% | 16.97% | -5.54% | -11.29% | 45.29% | 32.27% | -7.48% | 24.20% |
Returns By Period
In the year-to-date period, UGL achieves a 10.70% return, which is significantly lower than DGP's 13.65% return. Over the past 10 years, UGL has underperformed DGP with an annualized return of 20.22%, while DGP has yielded a comparatively higher 22.44% annualized return.
UGL
- 1D
- 7.52%
- 1M
- -22.46%
- YTD
- 10.70%
- 6M
- 33.43%
- 1Y
- 90.99%
- 3Y*
- 57.42%
- 5Y*
- 34.79%
- 10Y*
- 20.22%
DGP
- 1D
- 9.12%
- 1M
- -22.14%
- YTD
- 13.65%
- 6M
- 37.68%
- 1Y
- 101.12%
- 3Y*
- 63.02%
- 5Y*
- 38.30%
- 10Y*
- 22.44%
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UGL vs. DGP - Expense Ratio Comparison
UGL has a 0.95% expense ratio, which is higher than DGP's 0.75% expense ratio.
Return for Risk
UGL vs. DGP — Risk / Return Rank
UGL
DGP
UGL vs. DGP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and DB Gold Double Long Exchange Traded Notes (DGP). 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 | DGP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.65 | 1.84 | -0.19 |
Sortino ratioReturn per unit of downside risk | 2.02 | 2.24 | -0.22 |
Omega ratioGain probability vs. loss probability | 1.30 | 1.32 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | 2.56 | 2.91 | -0.34 |
Martin ratioReturn relative to average drawdown | 8.76 | 11.14 | -2.38 |
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 | DGP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.65 | 1.84 | -0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.98 | 1.01 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.63 | 0.64 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.30 | +0.12 |
Correlation
The correlation between UGL and DGP is 0.96, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
UGL vs. DGP - Dividend Comparison
Neither UGL nor DGP has paid dividends to shareholders.
Drawdowns
UGL vs. DGP - Drawdown Comparison
The maximum UGL drawdown since its inception was -75.93%, roughly equal to the maximum DGP drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for UGL and DGP.
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Drawdown Indicators
| UGL | DGP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -75.31% | -0.62% |
Max Drawdown (1Y)Largest decline over 1 year | -37.56% | -36.58% | -0.98% |
Max Drawdown (5Y)Largest decline over 5 years | -40.23% | -51.24% | +11.01% |
Max Drawdown (10Y)Largest decline over 10 years | -46.23% | -51.24% | +5.01% |
Current DrawdownCurrent decline from peak | -28.22% | -24.38% | -3.84% |
Average DrawdownAverage peak-to-trough decline | -43.77% | -41.24% | -2.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.99% | 9.54% | +1.45% |
Volatility
UGL vs. DGP - Volatility Comparison
The current volatility for ProShares Ultra Gold (UGL) is 22.02%, while DB Gold Double Long Exchange Traded Notes (DGP) has a volatility of 25.22%. This indicates that UGL experiences smaller price fluctuations and is considered to be less risky than DGP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGL | DGP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.02% | 25.22% | -3.20% |
Volatility (6M)Calculated over the trailing 6-month period | 49.01% | 48.02% | +0.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.43% | 55.31% | +0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.69% | 38.32% | -2.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.19% | 34.93% | -2.74% |