UGL vs. GBTC
UGL (ProShares Ultra Gold) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, UGL returned 17.24%/yr vs 49.25%/yr for GBTC. At a 0.09 correlation, their price movements are largely independent. UGL charges 0.95%/yr vs 1.50%/yr for GBTC.
Performance
UGL vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, UGL achieves a -7.46% return, which is significantly higher than GBTC's -28.07% return. Over the past 10 years, UGL has underperformed GBTC with an annualized return of 17.24%, while GBTC has yielded a comparatively higher 49.25% annualized return.
UGL
- 1D
- 0.39%
- 1M
- -16.85%
- YTD
- -7.46%
- 6M
- -3.00%
- 1Y
- 46.99%
- 3Y*
- 49.89%
- 5Y*
- 25.67%
- 10Y*
- 17.24%
GBTC
- 1D
- 5.06%
- 1M
- -21.09%
- YTD
- -28.07%
- 6M
- -30.74%
- 1Y
- -40.20%
- 3Y*
- 53.71%
- 5Y*
- 10.31%
- 10Y*
- 49.25%
UGL vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -7.46% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
GBTC Grayscale Bitcoin Trust ETF | -28.07% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
Correlation
The correlation between UGL and GBTC is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since May 5, 2015 | 0.09 |
The correlation between UGL and GBTC shifts across timeframes, from 0.09 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UGL vs. GBTC — Risk / Return Rank
UGL
GBTC
UGL vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and Grayscale Bitcoin Trust ETF (GBTC). 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 | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.80 | ||
| Sortino ratioReturn per unit of downside risk | +2.62 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 0.86 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 1.17 | -0.77 | +1.94 |
| Martin ratioReturn relative to average drawdown | 2.79 | -1.38 | +4.17 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UGL | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.89 | -0.91 | +1.80 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | 0.17 | +0.54 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.53 | 0.60 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.65 | -0.27 |
Drawdowns
UGL vs. GBTC - Drawdown Comparison
The maximum UGL drawdown since its inception was -75.93%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for UGL and GBTC.
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Drawdown Indicators
| UGL | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -89.91% | +13.98% |
Max Drawdown (1Y)Largest decline over 1 year | -40.22% | -52.45% | +12.23% |
Max Drawdown (3Y)Largest decline over 3 years | -40.22% | -52.45% | +12.23% |
Max Drawdown (5Y)Largest decline over 5 years | -40.23% | -85.42% | +45.19% |
Max Drawdown (10Y)Largest decline over 10 years | -46.23% | -89.91% | +43.68% |
Current DrawdownCurrent decline from peak | -39.99% | -50.05% | +10.06% |
Average DrawdownAverage peak-to-trough decline | -43.63% | -43.44% | -0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.88% | 29.16% | -12.28% |
Volatility
UGL vs. GBTC - Volatility Comparison
ProShares Ultra Gold (UGL) and Grayscale Bitcoin Trust ETF (GBTC) have volatilities of 11.42% and 11.75%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGL | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.42% | 11.75% | -0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 47.43% | 34.55% | +12.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 53.43% | 44.19% | +9.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.33% | 62.40% | -26.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.42% | 82.22% | -49.80% |
UGL vs. GBTC - Expense Ratio Comparison
UGL has a 0.95% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
UGL vs. GBTC - Dividend Comparison
Neither UGL nor GBTC has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
UGL ProShares Ultra Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UGL and GBTC have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (11.75%) compared to UGL (11.42%). In terms of maximum drawdown, UGL dropped -75.93% vs GBTC's -89.91%.
On 10-year performance, GBTC leads with 49.25% vs 17.24% for UGL. On fees, UGL is cheaper at 0.95% per year. On volatility, UGL has been the lower-risk option at 11.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GBTC has performed better with a 49.25% return vs 17.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGL is cheaper with a 0.95% expense ratio, compared with 1.50% for GBTC.
UGL and GBTC have nearly identical dividend yields, around 0.00%.
UGL is categorized as Leveraged Commodities, while GBTC is Cryptocurrency. UGL tracks Bloomberg Gold Subindex (200%), while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: ProShares and Grayscale. Their fees differ too: 0.95% for UGL and 1.50% for GBTC.
UGL currently has the higher Sharpe Ratio (0.89 vs -0.91), 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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