UGL vs. NVDA

Last updated Jun 13, 2026

UGL (ProShares Ultra Gold) is Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while NVDA (NVIDIA Corporation) is a stock. Over the past 10 years, UGL returned 16.37%/yr vs 67.95%/yr for NVDA. At a 0.03 correlation, their price movements are largely independent.

Performance

UGL vs. NVDA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Gold (UGL) and NVIDIA Corporation (NVDA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UGL achieves a -12.66% return, which is significantly lower than NVDA's 10.16% return. Over the past 10 years, UGL has underperformed NVDA with an annualized return of 16.37%, while NVDA has yielded a comparatively higher 67.95% annualized return.

UGL

• 1D: 0.08%
• 1M: -20.27%
• YTD: -12.66%
• 6M: -12.99%
• 1Y: 32.76%
• 3Y*: 47.90%
• 5Y*: 24.60%
• 10Y*: 16.37%

NVDA

• 1D: 0.16%
• 1M: -9.03%
• YTD: 10.16%
• 6M: 17.38%
• 1Y: 41.70%
• 3Y*: 71.13%
• 5Y*: 63.13%
• 10Y*: 67.95%

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

UGL vs. NVDA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UGL ProShares Ultra Gold	-12.66%	137.57%	46.36%	15.56%	-7.59%	-12.30%	39.04%	31.11%	-8.02%	22.50%
NVDA NVIDIA Corporation	10.16%	38.92%	171.25%	239.02%	-50.26%	125.48%	122.30%	76.94%	-30.82%	81.99%

Correlation

The correlation between UGL and NVDA is 0.10, 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	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (10Y) Calculated over the trailing 10-year period	0.01
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008	0.03

Return for Risk

UGL vs. NVDA — Risk / Return Rank

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

UGL

UGL Risk / Return Rank: 21
UGL Sharpe Ratio Rank: 20
UGL Sortino Ratio Rank: 22
UGL Omega Ratio Rank: 26
UGL Calmar Ratio Rank: 19
UGL Martin Ratio Rank: 20

NVDA

NVDA Risk / Return Rank: 75
NVDA Sharpe Ratio Rank: 78
NVDA Sortino Ratio Rank: 73
NVDA Omega Ratio Rank: 71
NVDA Calmar Ratio Rank: 77
NVDA Martin Ratio Rank: 77

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. NVDA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and NVIDIA Corporation (NVDA). 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	NVDA	Difference
Sharpe ratio: Return per unit of total volatility	0.61	1.20	-0.59
Sortino ratio: Return per unit of downside risk	1.07	1.75	-0.69
Omega ratio: Gain probability vs. loss probability	1.16	1.21	-0.05
Calmar ratio: Return relative to maximum drawdown	0.71	2.07	-1.37
Martin ratio: Return relative to average drawdown	1.85	4.94	-3.09

UGL vs. NVDA - Sharpe Ratio Comparison

The current UGL Sharpe Ratio is 0.61, which is lower than the NVDA Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of UGL and NVDA, 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. NVDA - Drawdown Comparison

The maximum UGL drawdown since its inception was -75.93%, smaller than the maximum NVDA drawdown of -89.72%. Use the drawdown chart below to compare losses from any high point for UGL and NVDA.

Drawdown Indicators

	UGL	NVDA	Difference
Max Drawdown Largest peak-to-trough decline	-75.93%	-89.72%	+13.79%
Max Drawdown (1Y) Largest decline over 1 year	-46.64%	-20.21%	-26.43%
Max Drawdown (3Y) Largest decline over 3 years	-46.64%	-36.88%	-9.76%
Max Drawdown (5Y) Largest decline over 5 years	-46.64%	-66.34%	+19.70%
Max Drawdown (10Y) Largest decline over 10 years	-46.64%	-66.34%	+19.70%
Current Drawdown Current decline from peak	-43.37%	-12.86%	-30.51%
Average Drawdown Average peak-to-trough decline	-43.62%	-36.18%	-7.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.76%	8.46%	+9.30%

Volatility

UGL vs. NVDA - Volatility Comparison

ProShares Ultra Gold (UGL) has a higher volatility of 15.51% compared to NVIDIA Corporation (NVDA) at 13.26%. This indicates that UGL's price experiences larger fluctuations and is considered to be riskier than NVDA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGL	NVDA	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.51%	13.26%	+2.25%
Volatility (6M) Calculated over the trailing 6-month period	48.64%	26.67%	+21.97%
Volatility (1Y) Calculated over the trailing 1-year period	54.39%	35.00%	+19.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.61%	51.76%	-15.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.58%	49.84%	-17.26%

Dividends

UGL vs. NVDA - Dividend Comparison

UGL has not paid dividends to shareholders, while NVDA's dividend yield for the trailing twelve months is around 0.14%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NVDA NVIDIA Corporation	0.14%	0.02%	0.03%	0.03%	0.11%	0.05%	0.12%	0.27%	0.46%	0.29%	0.45%	1.20%
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

Can I hold both UGL and NVDA in my portfolio?

UGL and NVDA have a correlation of 0.10, 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 NVDA?

UGL has higher volatility (15.51%) compared to NVDA (13.26%). In terms of maximum drawdown, UGL dropped -75.93% vs NVDA's -89.72%.

Which has better risk-adjusted returns?

NVDA currently has the higher Sharpe Ratio (1.20 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.