UGL vs. GLDW

Last updated Jun 4, 2026

UGL (ProShares Ultra Gold) and GLDW (Roundhill Gold WeeklyPay ETF) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while GLDW is a Derivative Income fund actively managed by State Street. UGL is passively managed, while GLDW is actively managed. With a 1.00 correlation, they move nearly in lockstep. UGL charges 0.95%/yr vs 0.99%/yr for GLDW.

Performance

UGL vs. GLDW - Performance Comparison

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

Returns By Period

In the year-to-date period, UGL achieves a -2.16% return, which is significantly lower than GLDW's 1.00% return.

UGL

• 1D: -2.00%
• 1M: -3.96%
• YTD: -2.16%
• 6M: 1.78%
• 1Y: 51.67%
• 3Y*: 53.18%
• 5Y*: 27.00%
• 10Y*: 18.45%

GLDW

• 1D: -1.20%
• 1M: -2.48%
• YTD: 1.00%
• 6M: 3.47%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UGL vs. GLDW - Yearly Performance Comparison

	2026 (YTD)	2025
UGL ProShares Ultra Gold	-2.16%	12.73%
GLDW Roundhill Gold WeeklyPay ETF	1.00%	7.63%

Correlation

The correlation between UGL and GLDW 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 (All Time) Calculated using the full available price history since Oct 31, 2025	1.00

Return for Risk

UGL vs. GLDW — Risk / Return Rank

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

UGL

UGL Risk / Return Rank: 27
UGL Sharpe Ratio Rank: 26
UGL Sortino Ratio Rank: 26
UGL Omega Ratio Rank: 31
UGL Calmar Ratio Rank: 28
UGL Martin Ratio Rank: 24

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. GLDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and Roundhill Gold WeeklyPay ETF (GLDW). 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	GLDW	Difference
Sharpe ratio: Return per unit of total volatility	0.98	—	—
Sortino ratio: Return per unit of downside risk	1.43	—	—
Omega ratio: Gain probability vs. loss probability	1.21	—	—
Calmar ratio: Return relative to maximum drawdown	1.38	—	—
Martin ratio: Return relative to average drawdown	3.17	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	UGL	GLDW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.98	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.42	-0.03

Drawdowns

UGL vs. GLDW - Drawdown Comparison

The maximum UGL drawdown since its inception was -75.93%, which is greater than GLDW's maximum drawdown of -23.59%. Use the drawdown chart below to compare losses from any high point for UGL and GLDW.

Drawdown Indicators

	UGL	GLDW	Difference
Max Drawdown Largest peak-to-trough decline	-75.93%	-23.59%	-52.34%
Max Drawdown (1Y) Largest decline over 1 year	-37.56%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-37.56%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-40.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.23%	—	—
Current Drawdown Current decline from peak	-36.56%	-22.51%	-14.05%
Average Drawdown Average peak-to-trough decline	-43.63%	-8.93%	-34.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.35%	—	—

Volatility

Volatility by Period

	UGL	GLDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.03%	—	—
Volatility (6M) Calculated over the trailing 6-month period	46.81%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	52.91%	36.90%	+16.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.18%	36.90%	-0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.34%	36.90%	-4.56%

UGL vs. GLDW - Expense Ratio Comparison

UGL has a 0.95% expense ratio, which is lower than GLDW's 0.99% expense ratio.

Dividends

UGL vs. GLDW - Dividend Comparison

UGL has not paid dividends to shareholders, while GLDW's dividend yield for the trailing twelve months is around 19.48%.

Position	TTM	2025
GLDW Roundhill Gold WeeklyPay ETF	19.48%	3.75%
UGL ProShares Ultra Gold	0.00%	0.00%

Frequently Asked Questions

Can I hold both UGL and GLDW in my portfolio?

With a correlation of 1.00, UGL and GLDW 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 ETF is better, UGL or GLDW?

On fees, UGL is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UGL or GLDW?

UGL is cheaper with a 0.95% expense ratio, compared with 0.99% for GLDW.

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

GLDW has the higher dividend yield at 19.48%, compared with 0.00% for UGL.

What is the main difference between UGL and GLDW?

UGL is categorized as Leveraged Commodities, while GLDW is Derivative Income. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for UGL and 0.99% for GLDW.