UGL vs. IQQQ

Last updated Jul 14, 2026

UGL (ProShares Ultra Gold) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, UGL returned 21.38% vs 25.95% for IQQQ. At a 0.15 correlation, their price movements are largely independent. UGL charges 0.95%/yr vs 0.55%/yr for IQQQ.

Performance

UGL vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Gold (UGL) and ProShares Nasdaq-100 High Income ETF (IQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UGL achieves a -21.87% return, which is significantly lower than IQQQ's 13.67% return.

UGL

• 1D: -5.20%
• 1M: -10.54%
• 6M: -30.93%
• YTD: -21.87%
• 1Y: 21.38%
• 3Y*: 42.32%
• 5Y*: 23.26%
• 10Y*: 14.39%

IQQQ

• 1D: -1.84%
• 1M: -1.65%
• 6M: 11.37%
• YTD: 13.67%
• 1Y: 25.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UGL vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UGL ProShares Ultra Gold	-21.87%	137.57%	36.71%
IQQQ ProShares Nasdaq-100 High Income ETF	13.67%	17.11%	14.82%

Correlation

The correlation between UGL and IQQQ is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024	0.15

The correlation between UGL and IQQQ shifts across timeframes, from 0.15 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

UGL vs. IQQQ — Risk / Return Rank

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

UGL

UGL Risk / Return Rank: 17
UGL Sharpe Ratio Rank: 16
UGL Sortino Ratio Rank: 19
UGL Omega Ratio Rank: 21
UGL Calmar Ratio Rank: 15
UGL Martin Ratio Rank: 15

IQQQ

IQQQ Risk / Return Rank: 54
IQQQ Sharpe Ratio Rank: 55
IQQQ Sortino Ratio Rank: 50
IQQQ Omega Ratio Rank: 51
IQQQ Calmar Ratio Rank: 59
IQQQ Martin Ratio Rank: 57

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. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.39	1.48	-1.09
Sortino ratio: Return per unit of downside risk	0.84	1.99	-1.14
Omega ratio: Gain probability vs. loss probability	1.12	1.26	-0.14
Calmar ratio: Return relative to maximum drawdown	0.43	2.34	-1.91
Martin ratio: Return relative to average drawdown	0.99	7.74	-6.75

UGL vs. IQQQ - Sharpe Ratio Comparison

The current UGL Sharpe Ratio is 0.39, which is lower than the IQQQ Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of UGL and IQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UGL vs. IQQQ - Drawdown Comparison

The maximum UGL drawdown since its inception was -75.93%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for UGL and IQQQ.

Drawdown Indicators

	UGL	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-75.93%	-20.41%	-55.52%
Max Drawdown (1Y) Largest decline over 1 year	-49.38%	-11.13%	-38.25%
Max Drawdown (3Y) Largest decline over 3 years	-49.38%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-49.38%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-49.38%	—	—
Current Drawdown Current decline from peak	-49.33%	-4.54%	-44.79%
Average Drawdown Average peak-to-trough decline	-43.63%	-3.63%	-40.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.73%	3.36%	+18.37%

Volatility

UGL vs. IQQQ - Volatility Comparison

ProShares Ultra Gold (UGL) has a higher volatility of 15.14% compared to ProShares Nasdaq-100 High Income ETF (IQQQ) at 7.78%. This indicates that UGL's price experiences larger fluctuations and is considered to be riskier than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGL	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.14%	7.78%	+7.36%
Volatility (6M) Calculated over the trailing 6-month period	48.71%	14.34%	+34.37%
Volatility (1Y) Calculated over the trailing 1-year period	55.56%	17.62%	+37.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.94%	19.16%	+17.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.63%	19.16%	+13.47%

UGL vs. IQQQ - Expense Ratio Comparison

UGL has a 0.95% expense ratio, which is higher than IQQQ's 0.55% expense ratio.

Dividends

UGL vs. IQQQ - Dividend Comparison

UGL has not paid dividends to shareholders, while IQQQ's dividend yield for the trailing twelve months is around 5.25%.

Position	TTM	2025	2024
IQQQ ProShares Nasdaq-100 High Income ETF	5.25%	10.34%	7.27%
UGL ProShares Ultra Gold	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UGL and IQQQ in my portfolio?

UGL and IQQQ have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UGL or IQQQ?

UGL has higher volatility (15.14%) compared to IQQQ (7.78%). In terms of maximum drawdown, UGL dropped -75.93% vs IQQQ's -20.41%.

Which ETF is better, UGL or IQQQ?

On 1-year performance, IQQQ leads with 25.95% vs 21.38% for UGL. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 7.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGL or IQQQ?

Over the 1-year period, IQQQ has performed better with a 25.95% return vs 21.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGL or IQQQ?

IQQQ is cheaper with a 0.55% expense ratio, compared with 0.95% for UGL.

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

IQQQ has the higher dividend yield at 5.25%, compared with 0.00% for UGL.

What is the main difference between UGL and IQQQ?

UGL is categorized as Leveraged Commodities, while IQQQ is Nasdaq-100. UGL tracks Bloomberg Gold Subindex (200%), while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.95% for UGL and 0.55% for IQQQ.

Which has better risk-adjusted returns?

IQQQ currently has the higher Sharpe Ratio (1.48 vs 0.39), 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.