UGL vs. EET
UGL (ProShares Ultra Gold) and EET (ProShares Ultra MSCI Emerging Markets) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while EET is a Leveraged Equities fund tracking the MSCI Emerging Markets Index (200%). Both are passively managed. Over the past 10 years, UGL returned 15.87%/yr vs 9.47%/yr for EET. At a 0.21 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
UGL vs. EET - Performance Comparison
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Returns By Period
In the year-to-date period, UGL achieves a -17.71% return, which is significantly lower than EET's 31.08% return. Over the past 10 years, UGL has outperformed EET with an annualized return of 15.87%, while EET has yielded a comparatively lower 9.47% annualized return.
UGL
- 1D
- -8.18%
- 1M
- -26.39%
- YTD
- -17.71%
- 6M
- -15.29%
- 1Y
- 29.54%
- 3Y*
- 44.14%
- 5Y*
- 23.12%
- 10Y*
- 15.87%
EET
- 1D
- -3.33%
- 1M
- -10.92%
- YTD
- 31.08%
- 6M
- 32.45%
- 1Y
- 73.61%
- 3Y*
- 30.02%
- 5Y*
- 1.12%
- 10Y*
- 9.47%
UGL vs. EET - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -17.71% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
EET ProShares Ultra MSCI Emerging Markets | 31.08% | 63.14% | 2.88% | 7.06% | -43.07% | -10.93% | 18.92% | 31.87% | -33.84% | 82.41% |
Correlation
The correlation between UGL and EET is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2009 | 0.21 |
The correlation between UGL and EET shifts across timeframes, from 0.21 (all time) to 0.38 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UGL vs. EET — Risk / Return Rank
UGL
EET
UGL vs. EET - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and ProShares Ultra MSCI Emerging Markets (EET). 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 | EET | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.21 | ||
| Sortino ratioReturn per unit of downside risk | -1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.31 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.64 | 2.80 | -2.17 |
| Martin ratioReturn relative to average drawdown | 1.71 | 9.91 | -8.20 |
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 | EET | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.55 | 1.75 | -1.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.64 | 0.03 | +0.61 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.49 | 0.23 | +0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | 0.10 | +0.26 |
Drawdowns
UGL vs. EET - Drawdown Comparison
The maximum UGL drawdown since its inception was -75.93%, which is greater than EET's maximum drawdown of -71.66%. Use the drawdown chart below to compare losses from any high point for UGL and EET.
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Drawdown Indicators
| UGL | EET | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -71.66% | -4.27% |
Max Drawdown (1Y)Largest decline over 1 year | -46.64% | -26.38% | -20.26% |
Max Drawdown (3Y)Largest decline over 3 years | -46.64% | -34.89% | -11.75% |
Max Drawdown (5Y)Largest decline over 5 years | -46.64% | -64.51% | +17.87% |
Max Drawdown (10Y)Largest decline over 10 years | -46.64% | -69.07% | +22.43% |
Current DrawdownCurrent decline from peak | -46.64% | -17.10% | -29.54% |
Average DrawdownAverage peak-to-trough decline | -43.62% | -37.23% | -6.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.34% | 7.45% | +9.89% |
Volatility
UGL vs. EET - Volatility Comparison
The current volatility for ProShares Ultra Gold (UGL) is 13.61%, while ProShares Ultra MSCI Emerging Markets (EET) has a volatility of 21.77%. This indicates that UGL experiences smaller price fluctuations and is considered to be less risky than EET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGL | EET | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.61% | 21.77% | -8.16% |
Volatility (6M)Calculated over the trailing 6-month period | 48.29% | 37.86% | +10.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.08% | 42.20% | +11.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.54% | 38.31% | -1.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.53% | 40.80% | -8.27% |
UGL vs. EET - Expense Ratio Comparison
Both UGL and EET have an expense ratio of 0.95%.
Dividends
UGL vs. EET - Dividend Comparison
UGL has not paid dividends to shareholders, while EET's dividend yield for the trailing twelve months is around 1.44%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EET ProShares Ultra MSCI Emerging Markets | 1.44% | 1.82% | 3.85% | 2.14% | 0.00% | 0.00% | 0.01% | 1.40% | 0.16% |
UGL ProShares Ultra Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UGL and EET have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EET has higher volatility (21.77%) compared to UGL (13.61%). In terms of maximum drawdown, UGL dropped -75.93% vs EET's -71.66%.
On 10-year performance, UGL leads with 15.87% vs 9.47% for EET. Both ETFs have the same 0.95% expense ratio. On volatility, UGL has been the lower-risk option at 13.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGL has performed better with a 15.87% return vs 9.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGL and EET have the same expense ratio: 0.95% per year.
EET has the higher dividend yield at 1.44%, compared with 0.00% for UGL.
UGL is categorized as Leveraged Commodities, while EET is Leveraged Equities. UGL tracks Bloomberg Gold Subindex (200%), while EET tracks MSCI Emerging Markets Index (200%).
EET currently has the higher Sharpe Ratio (1.75 vs 0.55), 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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