UGL vs. NUGT
UGL (ProShares Ultra Gold) and NUGT (Direxion Daily Gold Miners Index Bull 2X ETF) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while NUGT is a Gold fund tracking the MarketVector Global Gold Miners Index (200%). Both are passively managed. Over the past 10 years, UGL returned 15.67%/yr vs -10.74%/yr for NUGT. A 0.76 correlation means they provide meaningful diversification when combined. UGL charges 0.95%/yr vs 1.13%/yr for NUGT.
Performance
UGL vs. NUGT - Performance Comparison
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Returns By Period
In the year-to-date period, UGL achieves a -13.71% return, which is significantly higher than NUGT's -24.93% return. Over the past 10 years, UGL has outperformed NUGT with an annualized return of 15.67%, while NUGT has yielded a comparatively lower -10.74% 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%
NUGT
- 1D
- -2.62%
- 1M
- -11.13%
- YTD
- -24.93%
- 6M
- -32.67%
- 1Y
- 82.75%
- 3Y*
- 60.93%
- 5Y*
- 19.48%
- 10Y*
- -10.74%
UGL vs. NUGT - 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% |
NUGT Direxion Daily Gold Miners Index Bull 2X ETF | -24.93% | 425.05% | 2.89% | 2.60% | -32.10% | -26.31% | -60.16% | 100.73% | -44.52% | 3.73% |
Correlation
The correlation between UGL and NUGT is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010 | 0.76 |
The correlation between UGL and NUGT has been stable across timeframes, ranging from 0.76 to 0.80 - a consistent structural relationship.
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Return for Risk
UGL vs. NUGT — Risk / Return Rank
UGL
NUGT
UGL vs. NUGT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and Direxion Daily Gold Miners Index Bull 2X ETF (NUGT). 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 | NUGT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.21 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.72 | 1.31 | -0.59 |
| Martin ratioReturn relative to average drawdown | 1.79 | 3.16 | -1.37 |
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Drawdowns
UGL vs. NUGT - Drawdown Comparison
The maximum UGL drawdown since its inception was -75.93%, smaller than the maximum NUGT drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for UGL and NUGT.
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Drawdown Indicators
| UGL | NUGT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -99.97% | +24.04% |
Max Drawdown (1Y)Largest decline over 1 year | -46.64% | -63.43% | +16.79% |
Max Drawdown (3Y)Largest decline over 3 years | -46.64% | -63.43% | +16.79% |
Max Drawdown (5Y)Largest decline over 5 years | -46.64% | -73.72% | +27.08% |
Max Drawdown (10Y)Largest decline over 10 years | -46.64% | -96.91% | +50.27% |
Current DrawdownCurrent decline from peak | -44.04% | -99.82% | +55.78% |
Average DrawdownAverage peak-to-trough decline | -43.62% | -91.53% | +47.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.65% | 26.25% | -7.60% |
Volatility
UGL vs. NUGT - Volatility Comparison
The current volatility for ProShares Ultra Gold (UGL) is 16.05%, while Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) has a volatility of 33.85%. This indicates that UGL experiences smaller price fluctuations and is considered to be less risky than NUGT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGL | NUGT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.05% | 33.85% | -17.80% |
Volatility (6M)Calculated over the trailing 6-month period | 49.06% | 79.75% | -30.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.78% | 93.97% | -39.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.61% | 72.81% | -36.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.63% | 88.09% | -55.46% |
UGL vs. NUGT - Expense Ratio Comparison
UGL has a 0.95% expense ratio, which is lower than NUGT's 1.13% expense ratio.
Dividends
UGL vs. NUGT - Dividend Comparison
UGL has not paid dividends to shareholders, while NUGT's dividend yield for the trailing twelve months is around 0.40%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
NUGT Direxion Daily Gold Miners Index Bull 2X ETF | 0.40% | 0.22% | 1.79% | 1.67% | 0.70% | 0.00% | 0.00% | 0.63% | 0.57% |
UGL ProShares Ultra Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UGL and NUGT have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NUGT has higher volatility (33.85%) compared to UGL (16.05%). In terms of maximum drawdown, UGL dropped -75.93% vs NUGT's -99.97%.
On 10-year performance, UGL leads with 15.67% vs -10.74% for NUGT. On fees, UGL is cheaper at 0.95% per year. On volatility, UGL has been the lower-risk option at 16.05%. 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 -10.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGL is cheaper with a 0.95% expense ratio, compared with 1.13% for NUGT.
NUGT has the higher dividend yield at 0.40%, compared with 0.00% for UGL.
UGL is categorized as Leveraged Commodities, while NUGT is Gold. UGL tracks Bloomberg Gold Subindex (200%), while NUGT tracks MarketVector Global Gold Miners Index (200%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UGL and 1.13% for NUGT.
NUGT currently has the higher Sharpe Ratio (0.89 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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