UGL vs. GLL
Compare and contrast key facts about ProShares Ultra Gold (UGL) and ProShares UltraShort Gold (GLL).
UGL and GLL 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. GLL is a passively managed fund by ProShares that tracks the performance of the Bloomberg Gold (-200%). It was launched on Dec 1, 2008. Both UGL and GLL 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. GLL - Performance Comparison
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UGL vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | 10.70% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
GLL ProShares UltraShort Gold | -22.83% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
Returns By Period
In the year-to-date period, UGL achieves a 10.70% return, which is significantly higher than GLL's -22.83% return. Over the past 10 years, UGL has outperformed GLL with an annualized return of 20.22%, while GLL has yielded a comparatively lower -24.50% annualized 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%
GLL
- 1D
- -7.30%
- 1M
- 22.90%
- YTD
- -22.83%
- 6M
- -39.36%
- 1Y
- -60.18%
- 3Y*
- -42.72%
- 5Y*
- -32.85%
- 10Y*
- -24.50%
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UGL vs. GLL - Expense Ratio Comparison
Both UGL and GLL have an expense ratio of 0.95%.
Return for Risk
UGL vs. GLL — Risk / Return Rank
UGL
GLL
UGL vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and ProShares UltraShort Gold (GLL). 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 | GLL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.65 | -1.10 | +2.75 |
Sortino ratioReturn per unit of downside risk | 2.02 | -2.03 | +4.05 |
Omega ratioGain probability vs. loss probability | 1.30 | 0.78 | +0.52 |
Calmar ratioReturn relative to maximum drawdown | 2.56 | -0.86 | +3.42 |
Martin ratioReturn relative to average drawdown | 8.76 | -1.39 | +10.15 |
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 | GLL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.65 | -1.10 | +2.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.98 | -0.93 | +1.91 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.63 | -0.77 | +1.40 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | -0.69 | +1.11 |
Correlation
The correlation between UGL and GLL is -0.99. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
UGL vs. GLL - Dividend Comparison
Neither UGL nor GLL has paid dividends to shareholders.
Drawdowns
UGL vs. GLL - Drawdown Comparison
The maximum UGL drawdown since its inception was -75.93%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for UGL and GLL.
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Drawdown Indicators
| UGL | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -99.24% | +23.31% |
Max Drawdown (1Y)Largest decline over 1 year | -37.56% | -71.53% | +33.97% |
Max Drawdown (5Y)Largest decline over 5 years | -40.23% | -89.76% | +49.53% |
Max Drawdown (10Y)Largest decline over 10 years | -46.23% | -95.76% | +49.53% |
Current DrawdownCurrent decline from peak | -28.22% | -99.04% | +70.82% |
Average DrawdownAverage peak-to-trough decline | -43.77% | -84.99% | +41.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.99% | 44.01% | -33.02% |
Volatility
UGL vs. GLL - Volatility Comparison
ProShares Ultra Gold (UGL) and ProShares UltraShort Gold (GLL) have volatilities of 22.02% and 21.53%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGL | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.02% | 21.53% | +0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 49.01% | 46.40% | +2.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.43% | 54.76% | +0.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.69% | 35.40% | +0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.19% | 31.98% | +0.21% |