UGL vs. GLDM
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 24.15%/yr vs 17.31%/yr for GLDM. Their 0.99 correlation means they have historically moved very closely together. UGL charges 0.95%/yr vs 0.10%/yr for GLDM.
Performance
UGL vs. GLDM - Performance Comparison
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Returns By Period
In the year-to-date period, UGL achieves a -20.41% return, which is significantly lower than GLDM's -6.13% return.
UGL
- 1D
- -2.99%
- 1M
- -4.25%
- 6M
- -34.89%
- YTD
- -20.41%
- 1Y
- 24.87%
- 3Y*
- 43.93%
- 5Y*
- 24.15%
- 10Y*
- 14.00%
- ALL TIME*
- 11.85%
GLDM
- 1D
- -1.46%
- 1M
- -1.72%
- 6M
- -16.53%
- YTD
- -6.13%
- 1Y
- 20.58%
- 3Y*
- 27.59%
- 5Y*
- 17.31%
- 10Y*
- —
- ALL TIME*
- 15.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $263.44M | $251.25M | $317.77M | |
| $72.32M | $67.11M | $108.24M |
UGL vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -20.41% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | 0.05% |
GLDM SPDR Gold MiniShares Trust | -6.13% | 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 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 1.00 |
Correlation (3Y) Balances recent behavior with more history. | 1.00 |
Correlation (5Y) Shows whether the relationship held over a longer 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.
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Return for Risk
UGL vs. GLDM — Risk / Return Rank
UGL
GLDM
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 ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.17 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.60 | 0.88 | -0.28 |
| Martin ratioReturn relative to average drawdown | 1.22 | 1.90 | -0.68 |
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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 -26.27%. Use the drawdown chart below to compare losses from any high point for UGL and GLDM.
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Drawdown Indicators
| UGL | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -26.27% | -49.66% |
Max Drawdown (1Y)Largest decline over 1 year | -50.02% | -26.27% | -23.75% |
Max Drawdown (3Y)Largest decline over 3 years | -50.02% | -26.27% | -23.75% |
Max Drawdown (5Y)Largest decline over 5 years | -50.02% | -26.27% | -23.75% |
Max Drawdown (10Y)Largest decline over 10 years | -50.02% | — | — |
Current DrawdownCurrent decline from peak | -48.39% | -24.94% | -23.45% |
Average DrawdownAverage peak-to-trough decline | -43.64% | -6.56% | -37.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.47% | 12.12% | +12.35% |
Volatility
UGL vs. GLDM - Volatility Comparison
ProShares Ultra Gold (UGL) has a higher volatility of 12.79% compared to SPDR Gold MiniShares Trust (GLDM) at 6.35%. 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.
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Volatility by Period
| UGL | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.79% | 6.35% | +6.44% |
Volatility (6M)Calculated over the trailing 6-month period | 47.42% | 23.37% | +24.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.84% | 27.92% | +27.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.12% | 18.39% | +18.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.70% | 17.10% | +15.60% |
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.
Frequently Asked Questions
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.
UGL has higher volatility (12.79%) compared to GLDM (6.35%). In terms of maximum drawdown, UGL dropped -75.93% vs GLDM's -26.27%.
On 5-year performance, UGL leads with 24.15% vs 17.31% for GLDM. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 6.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGL has performed better with a 24.15% return vs 17.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDM is cheaper with a 0.10% expense ratio, compared with 0.95% for UGL.
UGL and GLDM have nearly identical dividend yields, around 0.00%.
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.
GLDM currently has the higher Sharpe Ratio (0.83 vs 0.54), 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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