UGL vs. GLL
UGL (ProShares Ultra Gold) and GLL (ProShares UltraShort Gold) are both Leveraged Commodities funds from ProShares - UGL tracks the Bloomberg Gold Subindex (200%) while GLL tracks the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, UGL returned 15.67%/yr vs -21.56%/yr for GLL. At a correlation of -0.99, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UGL vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, UGL achieves a -13.71% return, which is significantly lower than GLL's -4.93% return. Over the past 10 years, UGL has outperformed GLL with an annualized return of 15.67%, while GLL has yielded a comparatively lower -21.56% annualized return.
UGL
- 1D
- -1.26%
- 1M
- -14.52%
- YTD
- -13.71%
- 6M
- -19.44%
- 1Y
- 33.27%
- 3Y*
- 48.67%
- 5Y*
- 27.21%
- 10Y*
- 15.67%
GLL
- 1D
- 1.30%
- 1M
- 14.51%
- YTD
- -4.93%
- 6M
- 0.89%
- 1Y
- -42.21%
- 3Y*
- -40.08%
- 5Y*
- -29.04%
- 10Y*
- -21.56%
UGL vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -13.71% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
GLL ProShares UltraShort Gold | -4.93% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
Correlation
The correlation between UGL and GLL is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -1.00 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.99 |
The correlation between UGL and GLL has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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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.
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 | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.39 | ||
| Sortino ratioReturn per unit of downside risk | +2.21 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.87 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 0.72 | -0.65 | +1.37 |
| Martin ratioReturn relative to average drawdown | 1.79 | -0.98 | +2.77 |
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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 | -46.64% | -65.10% | +18.46% |
Max Drawdown (3Y)Largest decline over 3 years | -46.64% | -87.95% | +41.31% |
Max Drawdown (5Y)Largest decline over 5 years | -46.64% | -89.76% | +43.12% |
Max Drawdown (10Y)Largest decline over 10 years | -46.64% | -95.76% | +49.12% |
Current DrawdownCurrent decline from peak | -44.04% | -98.82% | +54.78% |
Average DrawdownAverage peak-to-trough decline | -43.62% | -85.15% | +41.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.65% | 43.00% | -24.35% |
Volatility
UGL vs. GLL - Volatility Comparison
ProShares Ultra Gold (UGL) and ProShares UltraShort Gold (GLL) have volatilities of 16.05% and 15.88%, 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 | 16.05% | 15.88% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 49.06% | 46.76% | +2.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.78% | 54.33% | +0.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.61% | 36.36% | +0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.63% | 32.42% | +0.21% |
UGL vs. GLL - Expense Ratio Comparison
Both UGL and GLL have an expense ratio of 0.95%.
Dividends
UGL vs. GLL - Dividend Comparison
Neither UGL nor GLL has paid dividends to shareholders.
Frequently Asked Questions
UGL and GLL have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (16.05%) compared to GLL (15.88%). In terms of maximum drawdown, UGL dropped -75.93% vs GLL's -99.24%.
On 10-year performance, UGL leads with 15.67% vs -21.56% for GLL. Both ETFs have the same 0.95% expense ratio. On volatility, GLL has been the lower-risk option at 15.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGL has performed better with a 15.67% return vs -21.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGL and GLL have the same expense ratio: 0.95% per year.
UGL and GLL have nearly identical dividend yields, around 0.00%.
UGL tracks Bloomberg Gold Subindex (200%), while GLL tracks Bloomberg Gold (-200%).
UGL currently has the higher Sharpe Ratio (0.61 vs -0.78), 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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