UGL vs. GLDM

Last updated Jun 23, 2026

UGL (ProShares Ultra Gold) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, UGL returned 27.21%/yr vs 18.61%/yr for GLDM. With a 0.99 correlation, they move nearly in lockstep. UGL charges 0.95%/yr vs 0.10%/yr for GLDM.

Performance

UGL vs. GLDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Gold (UGL) and SPDR Gold MiniShares Trust (GLDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UGL achieves a -13.71% return, which is significantly lower than GLDM's -2.87% 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%

GLDM

• 1D: -0.62%
• 1M: -7.05%
• YTD: -2.87%
• 6M: -5.63%
• 1Y: 24.39%
• 3Y*: 29.61%
• 5Y*: 18.61%
• 10Y*: —

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

UGL vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
UGL ProShares Ultra Gold	-13.71%	137.57%	46.36%	15.56%	-7.59%	-12.30%	39.04%	31.11%	0.05%
GLDM SPDR Gold MiniShares Trust	-2.87%	64.20%	27.08%	13.04%	-0.47%	-4.01%	25.10%	18.10%	1.75%

Correlation

The correlation between UGL and GLDM 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 (All Time) Calculated using the full available price history since Jun 26, 2018	0.99

The correlation between UGL and GLDM has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

UGL vs. GLDM — Risk / Return Rank

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

UGL

UGL Risk / Return Rank: 19
UGL Sharpe Ratio Rank: 18
UGL Sortino Ratio Rank: 20
UGL Omega Ratio Rank: 23
UGL Calmar Ratio Rank: 17
UGL Martin Ratio Rank: 17

GLDM

GLDM Risk / Return Rank: 24
GLDM Sharpe Ratio Rank: 26
GLDM Sortino Ratio Rank: 23
GLDM Omega Ratio Rank: 28
GLDM Calmar Ratio Rank: 22
GLDM Martin Ratio Rank: 23

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. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and SPDR Gold MiniShares Trust (GLDM). 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	GLDM	Difference
Sharpe ratio: Return per unit of total volatility	0.61	0.90	-0.29
Sortino ratio: Return per unit of downside risk	1.08	1.26	-0.19
Omega ratio: Gain probability vs. loss probability	1.16	1.19	-0.03
Calmar ratio: Return relative to maximum drawdown	0.72	1.01	-0.29
Martin ratio: Return relative to average drawdown	1.79	2.74	-0.95

UGL vs. GLDM - Sharpe Ratio Comparison

The current UGL Sharpe Ratio is 0.61, which is lower than the GLDM Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of UGL and GLDM, 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. GLDM - Drawdown Comparison

The maximum UGL drawdown since its inception was -75.93%, which is greater than GLDM's maximum drawdown of -24.35%. Use the drawdown chart below to compare losses from any high point for UGL and GLDM.

Drawdown Indicators

	UGL	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-75.93%	-24.35%	-51.58%
Max Drawdown (1Y) Largest decline over 1 year	-46.64%	-24.35%	-22.29%
Max Drawdown (3Y) Largest decline over 3 years	-46.64%	-24.35%	-22.29%
Max Drawdown (5Y) Largest decline over 5 years	-46.64%	-24.35%	-22.29%
Max Drawdown (10Y) Largest decline over 10 years	-46.64%	—	—
Current Drawdown Current decline from peak	-44.04%	-22.34%	-21.70%
Average Drawdown Average peak-to-trough decline	-43.62%	-6.31%	-37.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.65%	8.92%	+9.73%

Volatility

UGL vs. GLDM - Volatility Comparison

ProShares Ultra Gold (UGL) has a higher volatility of 16.05% compared to SPDR Gold MiniShares Trust (GLDM) at 8.02%. This indicates that UGL's price experiences larger fluctuations and is considered to be riskier than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGL	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.05%	8.02%	+8.03%
Volatility (6M) Calculated over the trailing 6-month period	49.06%	24.15%	+24.91%
Volatility (1Y) Calculated over the trailing 1-year period	54.78%	27.34%	+27.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.61%	18.13%	+18.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.63%	17.01%	+15.62%

UGL vs. GLDM - Expense Ratio Comparison

UGL has a 0.95% expense ratio, which is higher than GLDM's 0.10% expense ratio.

Dividends

UGL vs. GLDM - Dividend Comparison

Neither UGL nor GLDM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UGL and GLDM in my portfolio?

With a correlation of 1.00, UGL and GLDM 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.

Which is riskier, UGL or GLDM?

UGL has higher volatility (16.05%) compared to GLDM (8.02%). In terms of maximum drawdown, UGL dropped -75.93% vs GLDM's -24.35%.

Which ETF is better, UGL or GLDM?

On 5-year performance, UGL leads with 27.21% vs 18.61% for GLDM. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 8.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGL or GLDM?

Over the 5-year period, UGL has performed better with a 27.21% return vs 18.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGL or GLDM?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.95% for UGL.

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

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

What is the main difference between UGL and GLDM?

UGL is categorized as Leveraged Commodities, while GLDM is Gold. UGL tracks Bloomberg Gold Subindex (200%), while GLDM tracks LBMA Gold Price PM. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for UGL and 0.10% for GLDM.

Which has better risk-adjusted returns?

GLDM currently has the higher Sharpe Ratio (0.90 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.