UGL vs. GLDW

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Ultra Gold (UGL) and Roundhill Gold WeeklyPay ETF (GLDW).

UGL and GLDW 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. GLDW is an actively managed fund by State Street. It was launched on Oct 30, 2025.

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.

UGL vs. GLDW - Yearly Performance Comparison

	2026 (YTD)	2025
UGL ProShares Ultra Gold	10.70%	12.73%
GLDW Roundhill Gold WeeklyPay ETF	8.62%	7.63%

Returns By Period

In the year-to-date period, UGL achieves a 10.70% return, which is significantly higher than GLDW's 8.62% 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%

GLDW

• 1D: 4.69%
• 1M: -13.64%
• YTD: 8.62%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UGL vs. GLDW - Expense Ratio Comparison

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

GLDW

Roundhill Gold WeeklyPay ETF

UGL

ProShares Ultra Gold

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: 83
UGL Sharpe Ratio Rank: 85
UGL Sortino Ratio Rank: 81
UGL Omega Ratio Rank: 81
UGL Calmar Ratio Rank: 87
UGL Martin Ratio Rank: 83

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	1.65	—	—
Sortino ratio Return per unit of downside risk	2.02	—	—
Omega ratio Gain probability vs. loss probability	1.30	—	—
Calmar ratio Return relative to maximum drawdown	2.56	—	—
Martin ratio Return relative to average drawdown	8.76	—	—
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	1.65	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	—	—
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	1.13	-0.72

Correlation

The correlation between UGL and GLDW 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. GLDW - Dividend Comparison

UGL has not paid dividends to shareholders, while GLDW's dividend yield for the trailing twelve months is around 12.11%.

	TTM	2025
UGL ProShares Ultra Gold	0.00%	0.00%
GLDW Roundhill Gold WeeklyPay ETF	12.11%	3.75%

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 (5Y) Largest decline over 5 years	-40.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.23%	—	—
Current Drawdown Current decline from peak	-28.22%	-16.66%	-11.56%
Average Drawdown Average peak-to-trough decline	-43.77%	-5.11%	-38.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.99%	—	—

Volatility

Volatility by Period

	UGL	GLDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.02%	—	—
Volatility (6M) Calculated over the trailing 6-month period	49.01%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	55.43%	41.26%	+14.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.69%	41.26%	-5.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.19%	41.26%	-9.07%