UGL vs. GLDM
Compare and contrast key facts about ProShares Ultra Gold (UGL) and SPDR Gold MiniShares Trust (GLDM).
UGL and GLDM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UGL is a passively managed fund by ProShares that tracks the performance of the Bloomberg Gold Subindex (200%). It was launched on Dec 1, 2008. GLDM is a passively managed fund by State Street that tracks the performance of the LBMA Gold PM Price. It was launched on Jun 25, 2018. Both UGL and GLDM are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
UGL vs. GLDM - Performance Comparison
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UGL vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | 10.70% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | 1.14% |
GLDM SPDR Gold MiniShares Trust | 8.57% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.84% |
Returns By Period
In the year-to-date period, UGL achieves a 10.70% return, which is significantly higher than GLDM's 8.57% return.
UGL
- 1D
- 7.52%
- 1M
- -22.46%
- YTD
- 10.70%
- 6M
- 33.43%
- 1Y
- 90.99%
- 3Y*
- 57.42%
- 5Y*
- 34.79%
- 10Y*
- 20.22%
GLDM
- 1D
- 3.77%
- 1M
- -10.99%
- YTD
- 8.57%
- 6M
- 21.24%
- 1Y
- 49.77%
- 3Y*
- 33.33%
- 5Y*
- 21.91%
- 10Y*
- —
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UGL vs. GLDM - Expense Ratio Comparison
UGL has a 0.95% expense ratio, which is higher than GLDM's 0.10% expense ratio.
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.
| UGL | GLDM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.65 | 1.82 | -0.16 |
Sortino ratioReturn per unit of downside risk | 2.02 | 2.25 | -0.23 |
Omega ratioGain probability vs. loss probability | 1.30 | 1.33 | -0.04 |
Calmar ratioReturn relative to maximum drawdown | 2.56 | 2.71 | -0.15 |
Martin ratioReturn relative to average drawdown | 8.76 | 10.04 | -1.28 |
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 | GLDM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.65 | 1.82 | -0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.98 | 1.25 | -0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.63 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 1.09 | -0.68 |
Correlation
The correlation between UGL and GLDM is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
UGL vs. GLDM - Dividend Comparison
Neither UGL nor GLDM has paid dividends to shareholders.
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 -21.63%. 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% | -21.63% | -54.30% |
Max Drawdown (1Y)Largest decline over 1 year | -37.56% | -19.14% | -18.42% |
Max Drawdown (5Y)Largest decline over 5 years | -40.23% | -20.92% | -19.31% |
Max Drawdown (10Y)Largest decline over 10 years | -46.23% | — | — |
Current DrawdownCurrent decline from peak | -28.22% | -13.19% | -15.03% |
Average DrawdownAverage peak-to-trough decline | -43.77% | -6.04% | -37.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.99% | 5.16% | +5.83% |
Volatility
UGL vs. GLDM - Volatility Comparison
ProShares Ultra Gold (UGL) has a higher volatility of 22.02% compared to SPDR Gold MiniShares Trust (GLDM) at 11.01%. 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 | 22.02% | 11.01% | +11.01% |
Volatility (6M)Calculated over the trailing 6-month period | 49.01% | 24.07% | +24.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.43% | 27.57% | +27.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.69% | 17.65% | +18.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.19% | 16.77% | +15.42% |