UGL vs. FNGU

Last updated Jun 13, 2026

UGL (ProShares Ultra Gold) and FNGU (MicroSectors FANG+ 3X Leveraged ETNs) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while FNGU is a Leveraged Equities fund tracking the NYSE FANG+ Index (Gross Total Return) (300%). Both are passively managed. Over the past year, UGL returned 32.76% vs 21.24% for FNGU. At a 0.05 correlation, their price movements are largely independent. UGL charges 0.95%/yr vs 2.60%/yr for FNGU.

Performance

UGL vs. FNGU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Gold (UGL) and MicroSectors FANG+ 3X Leveraged ETNs (FNGU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UGL achieves a -12.66% return, which is significantly lower than FNGU's 3.96% return.

UGL

• 1D: 0.08%
• 1M: -20.27%
• YTD: -12.66%
• 6M: -12.99%
• 1Y: 32.76%
• 3Y*: 47.90%
• 5Y*: 24.60%
• 10Y*: 16.37%

FNGU

• 1D: -2.52%
• 1M: -12.41%
• YTD: 3.96%
• 6M: -3.67%
• 1Y: 21.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UGL vs. FNGU - Yearly Performance Comparison

	2026 (YTD)	2025
UGL ProShares Ultra Gold	-12.66%	93.85%
FNGU MicroSectors FANG+ 3X Leveraged ETNs	3.96%	3.02%

Correlation

The correlation between UGL and FNGU is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.05

The correlation between UGL and FNGU shifts across timeframes, from 0.05 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

UGL vs. FNGU — Risk / Return Rank

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

UGL

UGL Risk / Return Rank: 21
UGL Sharpe Ratio Rank: 20
UGL Sortino Ratio Rank: 22
UGL Omega Ratio Rank: 26
UGL Calmar Ratio Rank: 19
UGL Martin Ratio Rank: 20

FNGU

FNGU Risk / Return Rank: 16
FNGU Sharpe Ratio Rank: 15
FNGU Sortino Ratio Rank: 19
FNGU Omega Ratio Rank: 19
FNGU Calmar Ratio Rank: 14
FNGU Martin Ratio Rank: 14

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. FNGU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and MicroSectors FANG+ 3X Leveraged ETNs (FNGU). 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	FNGU	Difference
Sharpe ratio: Return per unit of total volatility	0.61	0.35	+0.26
Sortino ratio: Return per unit of downside risk	1.07	0.87	+0.20
Omega ratio: Gain probability vs. loss probability	1.16	1.11	+0.05
Calmar ratio: Return relative to maximum drawdown	0.71	0.36	+0.35
Martin ratio: Return relative to average drawdown	1.85	0.85	+0.99

UGL vs. FNGU - Sharpe Ratio Comparison

The current UGL Sharpe Ratio is 0.61, which is higher than the FNGU Sharpe Ratio of 0.35. The chart below compares the historical Sharpe Ratios of UGL and FNGU, 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. FNGU - Drawdown Comparison

The maximum UGL drawdown since its inception was -75.93%, which is greater than FNGU's maximum drawdown of -61.30%. Use the drawdown chart below to compare losses from any high point for UGL and FNGU.

Drawdown Indicators

	UGL	FNGU	Difference
Max Drawdown Largest peak-to-trough decline	-75.93%	-61.30%	-14.63%
Max Drawdown (1Y) Largest decline over 1 year	-46.64%	-59.55%	+12.91%
Max Drawdown (3Y) Largest decline over 3 years	-46.64%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-46.64%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.64%	—	—
Current Drawdown Current decline from peak	-43.37%	-27.36%	-16.01%
Average Drawdown Average peak-to-trough decline	-43.62%	-22.25%	-21.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.76%	24.91%	-7.15%

Volatility

UGL vs. FNGU - Volatility Comparison

The current volatility for ProShares Ultra Gold (UGL) is 15.51%, while MicroSectors FANG+ 3X Leveraged ETNs (FNGU) has a volatility of 27.31%. This indicates that UGL experiences smaller price fluctuations and is considered to be less risky than FNGU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGL	FNGU	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.51%	27.31%	-11.80%
Volatility (6M) Calculated over the trailing 6-month period	48.64%	50.15%	-1.51%
Volatility (1Y) Calculated over the trailing 1-year period	54.39%	61.43%	-7.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.61%	79.93%	-43.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.58%	79.93%	-47.35%

UGL vs. FNGU - Expense Ratio Comparison

UGL has a 0.95% expense ratio, which is lower than FNGU's 2.60% expense ratio.

Dividends

UGL vs. FNGU - Dividend Comparison

Neither UGL nor FNGU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UGL and FNGU in my portfolio?

UGL and FNGU have a correlation of 0.15, 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 FNGU?

FNGU has higher volatility (27.31%) compared to UGL (15.51%). In terms of maximum drawdown, UGL dropped -75.93% vs FNGU's -61.30%.

Which ETF is better, UGL or FNGU?

On 1-year performance, UGL leads with 32.76% vs 21.24% for FNGU. On fees, UGL is cheaper at 0.95% per year. On volatility, UGL has been the lower-risk option at 15.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGL or FNGU?

Over the 1-year period, UGL has performed better with a 32.76% return vs 21.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGL or FNGU?

UGL is cheaper with a 0.95% expense ratio, compared with 2.60% for FNGU.

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

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

What is the main difference between UGL and FNGU?

UGL is categorized as Leveraged Commodities, while FNGU is Leveraged Equities. UGL tracks Bloomberg Gold Subindex (200%), while FNGU tracks NYSE FANG+ Index (Gross Total Return) (300%). They also come from different issuers: ProShares and Bank of Montreal. Their fees differ too: 0.95% for UGL and 2.60% for FNGU.

Which has better risk-adjusted returns?

UGL currently has the higher Sharpe Ratio (0.61 vs 0.35), 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.