UGL vs. GLD
UGL (ProShares Ultra Gold) and GLD (SPDR Gold Shares) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, UGL returned 15.67%/yr vs 11.80%/yr for GLD. With a 0.99 correlation, they move nearly in lockstep. UGL charges 0.95%/yr vs 0.40%/yr for GLD.
Performance
UGL vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, UGL achieves a -13.71% return, which is significantly lower than GLD's -2.96% return. Over the past 10 years, UGL has outperformed GLD with an annualized return of 15.67%, while GLD has yielded a comparatively lower 11.80% annualized return.
UGL
- 1D
- -1.26%
- 1M
- -14.52%
- YTD
- -13.71%
- 6M
- -19.44%
- 1Y
- 33.27%
- 3Y*
- 48.67%
- 5Y*
- 27.21%
- 10Y*
- 15.67%
GLD
- 1D
- -0.65%
- 1M
- -7.06%
- YTD
- -2.96%
- 6M
- -5.79%
- 1Y
- 24.01%
- 3Y*
- 29.23%
- 5Y*
- 18.28%
- 10Y*
- 11.80%
UGL vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -13.71% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
GLD SPDR Gold Shares | -2.96% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between UGL and GLD is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | 0.99 |
The correlation between UGL and GLD has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
UGL vs. GLD — Risk / Return Rank
UGL
GLD
UGL vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.18 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.72 | 0.99 | -0.27 |
| Martin ratioReturn relative to average drawdown | 1.79 | 2.68 | -0.89 |
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Drawdowns
UGL vs. GLD - Drawdown Comparison
The maximum UGL drawdown since its inception was -75.93%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for UGL and GLD.
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Drawdown Indicators
| UGL | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -45.56% | -30.37% |
Max Drawdown (1Y)Largest decline over 1 year | -46.64% | -24.46% | -22.18% |
Max Drawdown (3Y)Largest decline over 3 years | -46.64% | -24.46% | -22.18% |
Max Drawdown (5Y)Largest decline over 5 years | -46.64% | -24.46% | -22.18% |
Max Drawdown (10Y)Largest decline over 10 years | -46.64% | -24.46% | -22.18% |
Current DrawdownCurrent decline from peak | -44.04% | -22.45% | -21.59% |
Average DrawdownAverage peak-to-trough decline | -43.62% | -16.16% | -27.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.65% | 8.97% | +9.68% |
Volatility
UGL vs. GLD - Volatility Comparison
ProShares Ultra Gold (UGL) has a higher volatility of 16.05% compared to SPDR Gold Shares (GLD) at 8.05%. This indicates that UGL's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGL | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.05% | 8.05% | +8.00% |
Volatility (6M)Calculated over the trailing 6-month period | 49.06% | 24.31% | +24.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.78% | 27.56% | +27.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.61% | 18.22% | +18.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.63% | 16.10% | +16.53% |
UGL vs. GLD - Expense Ratio Comparison
UGL has a 0.95% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
UGL vs. GLD - Dividend Comparison
Neither UGL nor GLD has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, UGL and GLD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
UGL has higher volatility (16.05%) compared to GLD (8.05%). In terms of maximum drawdown, UGL dropped -75.93% vs GLD's -45.56%.
On 10-year performance, UGL leads with 15.67% vs 11.80% for GLD. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 8.05%. 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 15.67% return vs 11.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.95% for UGL.
UGL and GLD have nearly identical dividend yields, around 0.00%.
UGL is categorized as Leveraged Commodities, while GLD is Gold. UGL tracks Bloomberg Gold Subindex (200%), while GLD tracks LBMA Gold Price PM. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for UGL and 0.40% for GLD.
GLD currently has the higher Sharpe Ratio (0.88 vs 0.61), 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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