UGL vs. NUGT
Compare and contrast key facts about ProShares Ultra Gold (UGL) and Direxion Daily Gold Miners Bull 2X Shares (NUGT).
UGL and NUGT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UGL is a passively managed fund by ProShares that tracks the performance of the Bloomberg Gold Subindex (200%). It was launched on Dec 1, 2008. NUGT is a passively managed fund by Direxion that tracks the performance of the NYSE Arca Gold Miners Index (300%). It was launched on Apr 1, 2020. Both UGL and NUGT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
UGL vs. NUGT - Performance Comparison
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UGL vs. NUGT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | 14.36% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
NUGT Direxion Daily Gold Miners Bull 2X Shares | 11.72% | 425.05% | 2.89% | 2.60% | -32.10% | -26.31% | -60.16% | 100.73% | -44.52% | 3.73% |
Returns By Period
In the year-to-date period, UGL achieves a 14.36% return, which is significantly higher than NUGT's 11.72% return. Over the past 10 years, UGL has outperformed NUGT with an annualized return of 20.61%, while NUGT has yielded a comparatively lower -0.92% annualized return.
UGL
- 1D
- 3.30%
- 1M
- -21.80%
- YTD
- 14.36%
- 6M
- 37.39%
- 1Y
- 98.00%
- 3Y*
- 59.13%
- 5Y*
- 35.67%
- 10Y*
- 20.61%
NUGT
- 1D
- 8.90%
- 1M
- -33.79%
- YTD
- 11.72%
- 6M
- 30.46%
- 1Y
- 233.84%
- 3Y*
- 71.95%
- 5Y*
- 29.87%
- 10Y*
- -0.92%
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UGL vs. NUGT - Expense Ratio Comparison
UGL has a 0.95% expense ratio, which is lower than NUGT's 1.23% expense ratio.
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 Bull 2X Shares (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.
| UGL | NUGT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.78 | 2.57 | -0.79 |
Sortino ratioReturn per unit of downside risk | 2.11 | 2.51 | -0.40 |
Omega ratioGain probability vs. loss probability | 1.31 | 1.37 | -0.06 |
Calmar ratioReturn relative to maximum drawdown | 2.59 | 4.31 | -1.72 |
Martin ratioReturn relative to average drawdown | 8.76 | 13.80 | -5.05 |
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 | NUGT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.78 | 2.57 | -0.79 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.00 | 0.42 | +0.58 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | -0.01 | +0.65 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | -0.32 | +0.75 |
Correlation
The correlation between UGL and NUGT is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
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 0.27%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
NUGT Direxion Daily Gold Miners Bull 2X Shares | 0.27% | 0.22% | 1.79% | 1.67% | 0.70% | 0.00% | 0.00% | 0.63% | 0.57% |
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 | -37.56% | -53.58% | +16.02% |
Max Drawdown (5Y)Largest decline over 5 years | -40.23% | -73.79% | +33.56% |
Max Drawdown (10Y)Largest decline over 10 years | -46.23% | -96.91% | +50.68% |
Current DrawdownCurrent decline from peak | -25.85% | -99.74% | +73.89% |
Average DrawdownAverage peak-to-trough decline | -43.76% | -91.43% | +47.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.11% | 16.75% | -5.64% |
Volatility
UGL vs. NUGT - Volatility Comparison
The current volatility for ProShares Ultra Gold (UGL) is 20.81%, while Direxion Daily Gold Miners Bull 2X Shares (NUGT) has a volatility of 33.96%. 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 | 20.81% | 33.96% | -13.15% |
Volatility (6M)Calculated over the trailing 6-month period | 49.09% | 77.66% | -28.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.46% | 91.60% | -36.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.70% | 70.75% | -35.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.19% | 89.98% | -57.79% |