UGL vs. IEO
UGL (ProShares Ultra Gold) and IEO (iShares U.S. Oil & Gas Exploration & Production ETF) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while IEO is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Exploration & Production Index. Both are passively managed. Over the past 10 years, UGL returned 17.75%/yr vs 9.53%/yr for IEO. At a 0.11 correlation, their price movements are largely independent. UGL charges 0.95%/yr vs 0.42%/yr for IEO.
Performance
UGL vs. IEO - Performance Comparison
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Returns By Period
In the year-to-date period, UGL achieves a -7.82% return, which is significantly lower than IEO's 30.74% return. Over the past 10 years, UGL has outperformed IEO with an annualized return of 17.75%, while IEO has yielded a comparatively lower 9.53% annualized return.
UGL
- 1D
- -7.30%
- 1M
- -17.17%
- YTD
- -7.82%
- 6M
- -3.83%
- 1Y
- 46.42%
- 3Y*
- 49.47%
- 5Y*
- 25.50%
- 10Y*
- 17.75%
IEO
- 1D
- -2.60%
- 1M
- 2.15%
- YTD
- 30.74%
- 6M
- 22.30%
- 1Y
- 36.73%
- 3Y*
- 14.92%
- 5Y*
- 18.27%
- 10Y*
- 9.53%
UGL vs. IEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -7.82% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
IEO iShares U.S. Oil & Gas Exploration & Production ETF | 30.74% | 2.15% | -1.45% | 3.57% | 57.82% | 75.57% | -32.77% | 9.63% | -19.44% | 0.33% |
Correlation
The correlation between UGL and IEO is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | 0.11 |
The correlation between UGL and IEO shifts across timeframes, from -0.00 (1 year) to 0.12 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
UGL vs. IEO — Risk / Return Rank
UGL
IEO
UGL vs. IEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and iShares U.S. Oil & Gas Exploration & Production ETF (IEO). 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 | IEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.79 | ||
| Sortino ratioReturn per unit of downside risk | -0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.26 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.06 | 2.79 | -1.73 |
| Martin ratioReturn relative to average drawdown | 2.56 | 7.47 | -4.91 |
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 | IEO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.80 | 1.59 | -0.79 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | 0.60 | +0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | 0.27 | +0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.16 | +0.21 |
Drawdowns
UGL vs. IEO - Drawdown Comparison
The maximum UGL drawdown since its inception was -75.93%, roughly equal to the maximum IEO drawdown of -79.17%. Use the drawdown chart below to compare losses from any high point for UGL and IEO.
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Drawdown Indicators
| UGL | IEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -79.17% | +3.24% |
Max Drawdown (1Y)Largest decline over 1 year | -40.22% | -14.30% | -25.92% |
Max Drawdown (3Y)Largest decline over 3 years | -40.22% | -31.46% | -8.76% |
Max Drawdown (5Y)Largest decline over 5 years | -40.23% | -31.46% | -8.77% |
Max Drawdown (10Y)Largest decline over 10 years | -46.23% | -75.00% | +28.77% |
Current DrawdownCurrent decline from peak | -40.22% | -9.95% | -30.27% |
Average DrawdownAverage peak-to-trough decline | -43.63% | -26.27% | -17.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.70% | 5.33% | +11.37% |
Volatility
UGL vs. IEO - Volatility Comparison
ProShares Ultra Gold (UGL) has a higher volatility of 11.42% compared to iShares U.S. Oil & Gas Exploration & Production ETF (IEO) at 7.99%. This indicates that UGL's price experiences larger fluctuations and is considered to be riskier than IEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGL | IEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.42% | 7.99% | +3.43% |
Volatility (6M)Calculated over the trailing 6-month period | 47.43% | 19.88% | +27.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 53.42% | 25.13% | +28.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.32% | 30.55% | +5.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.42% | 35.00% | -2.58% |
UGL vs. IEO - Expense Ratio Comparison
UGL has a 0.95% expense ratio, which is higher than IEO's 0.42% expense ratio.
Dividends
UGL vs. IEO - Dividend Comparison
UGL has not paid dividends to shareholders, while IEO's dividend yield for the trailing twelve months is around 2.02%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEO iShares U.S. Oil & Gas Exploration & Production ETF | 2.02% | 2.61% | 2.63% | 3.00% | 3.77% | 2.62% | 3.17% | 1.85% | 1.67% | 0.94% | 0.98% | 2.03% |
UGL ProShares Ultra Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UGL and IEO have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (11.42%) compared to IEO (7.99%). In terms of maximum drawdown, UGL dropped -75.93% vs IEO's -79.17%.
On 10-year performance, UGL leads with 17.75% vs 9.53% for IEO. On fees, IEO is cheaper at 0.42% per year. On volatility, IEO has been the lower-risk option at 7.99%. 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 17.75% return vs 9.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEO is cheaper with a 0.42% expense ratio, compared with 0.95% for UGL.
IEO has the higher dividend yield at 2.02%, compared with 0.00% for UGL.
UGL is categorized as Leveraged Commodities, while IEO is Energy Equities. UGL tracks Bloomberg Gold Subindex (200%), while IEO tracks Dow Jones U.S. Select Oil Exploration & Production Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for UGL and 0.42% for IEO.
IEO currently has the higher Sharpe Ratio (1.59 vs 0.80), 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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