UGL vs. MLPR
UGL (ProShares Ultra Gold) and MLPR (ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while MLPR is a Leveraged Equities fund tracking the Alerian MLP Index (150%). Both are passively managed. Over the past 5 years, UGL returned 24.60%/yr vs 24.73%/yr for MLPR. At a 0.14 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
UGL vs. MLPR - Performance Comparison
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Returns By Period
In the year-to-date period, UGL achieves a -12.66% return, which is significantly lower than MLPR's 28.01% return.
UGL
- 1D
- 0.08%
- 1M
- -14.99%
- YTD
- -12.66%
- 6M
- -12.99%
- 1Y
- 29.41%
- 3Y*
- 47.90%
- 5Y*
- 24.60%
- 10Y*
- 16.37%
MLPR
- 1D
- -0.69%
- 1M
- -6.34%
- YTD
- 28.01%
- 6M
- 26.25%
- 1Y
- 28.38%
- 3Y*
- 31.84%
- 5Y*
- 24.73%
- 10Y*
- —
UGL vs. MLPR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -12.66% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 12.62% |
MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN | 28.01% | 9.83% | 31.57% | 35.87% | 41.04% | 57.33% | -7.10% |
Correlation
The correlation between UGL and MLPR is -0.02, 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 | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.14 |
The correlation between UGL and MLPR shifts across timeframes, from -0.02 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UGL vs. MLPR — Risk / Return Rank
UGL
MLPR
UGL vs. MLPR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR). 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 | MLPR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.24 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.71 | 2.01 | -1.30 |
| Martin ratioReturn relative to average drawdown | 1.85 | 6.27 | -4.42 |
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Drawdowns
UGL vs. MLPR - Drawdown Comparison
The maximum UGL drawdown since its inception was -75.93%, which is greater than MLPR's maximum drawdown of -48.98%. Use the drawdown chart below to compare losses from any high point for UGL and MLPR.
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Drawdown Indicators
| UGL | MLPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -48.98% | -26.95% |
Max Drawdown (1Y)Largest decline over 1 year | -46.64% | -13.97% | -32.67% |
Max Drawdown (3Y)Largest decline over 3 years | -46.64% | -24.45% | -22.19% |
Max Drawdown (5Y)Largest decline over 5 years | -46.64% | -28.66% | -17.98% |
Max Drawdown (10Y)Largest decline over 10 years | -46.64% | — | — |
Current DrawdownCurrent decline from peak | -43.37% | -8.36% | -35.01% |
Average DrawdownAverage peak-to-trough decline | -43.62% | -8.92% | -34.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.76% | 4.48% | +13.28% |
Volatility
UGL vs. MLPR - Volatility Comparison
ProShares Ultra Gold (UGL) has a higher volatility of 15.51% compared to ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR) at 7.59%. This indicates that UGL's price experiences larger fluctuations and is considered to be riskier than MLPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGL | MLPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.51% | 7.59% | +7.92% |
Volatility (6M)Calculated over the trailing 6-month period | 48.64% | 14.97% | +33.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.39% | 20.55% | +33.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.61% | 29.50% | +7.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.58% | 33.71% | -1.13% |
UGL vs. MLPR - Expense Ratio Comparison
Both UGL and MLPR have an expense ratio of 0.95%.
Dividends
UGL vs. MLPR - Dividend Comparison
UGL has not paid dividends to shareholders, while MLPR's dividend yield for the trailing twelve months is around 9.13%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN | 9.13% | 10.85% | 9.57% | 10.08% | 7.49% | 10.69% | 4.21% |
UGL ProShares Ultra Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UGL and MLPR have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (15.51%) compared to MLPR (7.59%). In terms of maximum drawdown, UGL dropped -75.93% vs MLPR's -48.98%.
On 5-year performance, MLPR leads with 24.73% vs 24.60% for UGL. Both ETFs have the same 0.95% expense ratio. On volatility, MLPR has been the lower-risk option at 7.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MLPR has performed better with a 24.73% return vs 24.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGL and MLPR have the same expense ratio: 0.95% per year.
MLPR has the higher dividend yield at 9.13%, compared with 0.00% for UGL.
UGL is categorized as Leveraged Commodities, while MLPR is Leveraged Equities. UGL tracks Bloomberg Gold Subindex (200%), while MLPR tracks Alerian MLP Index (150%). They also come from different issuers: ProShares and UBS.
MLPR currently has the higher Sharpe Ratio (1.36 vs 0.61), 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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