UGL vs. OILU

Last updated Jun 4, 2026

UGL (ProShares Ultra Gold) and OILU (MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN) are both Leveraged Commodities funds. Over the past 3 years, UGL returned 53.18%/yr vs 10.60%/yr for OILU. At a 0.14 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

UGL vs. OILU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Gold (UGL) and MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UGL achieves a -2.16% return, which is significantly lower than OILU's 96.53% return.

UGL

• 1D: -2.00%
• 1M: -3.96%
• YTD: -2.16%
• 6M: 1.78%
• 1Y: 51.67%
• 3Y*: 53.18%
• 5Y*: 27.00%
• 10Y*: 18.45%

OILU

• 1D: 3.64%
• 1M: -10.84%
• YTD: 96.53%
• 6M: 77.49%
• 1Y: 115.83%
• 3Y*: 10.60%
• 5Y*: —
• 10Y*: —

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

UGL vs. OILU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UGL ProShares Ultra Gold	-2.16%	137.57%	46.36%	15.56%	-7.59%	-1.04%
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	96.53%	-16.50%	-21.65%	-32.50%	151.08%	-17.87%

Correlation

The correlation between UGL and OILU is 0.00, 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	0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021	0.14

The correlation between UGL and OILU shifts across timeframes, from 0.00 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UGL vs. OILU — Risk / Return Rank

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

UGL

UGL Risk / Return Rank: 27
UGL Sharpe Ratio Rank: 26
UGL Sortino Ratio Rank: 26
UGL Omega Ratio Rank: 31
UGL Calmar Ratio Rank: 28
UGL Martin Ratio Rank: 24

OILU

OILU Risk / Return Rank: 52
OILU Sharpe Ratio Rank: 54
OILU Sortino Ratio Rank: 45
OILU Omega Ratio Rank: 42
OILU Calmar Ratio Rank: 69
OILU Martin Ratio Rank: 51

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. OILU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU). 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	OILU	Difference
Sharpe ratio: Return per unit of total volatility	0.98	1.87	-0.89
Sortino ratio: Return per unit of downside risk	1.43	2.25	-0.82
Omega ratio: Gain probability vs. loss probability	1.21	1.28	-0.06
Calmar ratio: Return relative to maximum drawdown	1.38	3.48	-2.09
Martin ratio: Return relative to average drawdown	3.17	8.74	-5.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UGL vs. OILU - Sharpe Ratio Comparison

The current UGL Sharpe Ratio is 0.98, which is lower than the OILU Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of UGL and OILU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UGL	OILU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.98	1.87	-0.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.17	+0.22

Drawdowns

UGL vs. OILU - Drawdown Comparison

The maximum UGL drawdown since its inception was -75.93%, smaller than the maximum OILU drawdown of -81.00%. Use the drawdown chart below to compare losses from any high point for UGL and OILU.

Drawdown Indicators

	UGL	OILU	Difference
Max Drawdown Largest peak-to-trough decline	-75.93%	-81.00%	+5.07%
Max Drawdown (1Y) Largest decline over 1 year	-37.56%	-33.51%	-4.05%
Max Drawdown (3Y) Largest decline over 3 years	-37.56%	-69.09%	+31.53%
Max Drawdown (5Y) Largest decline over 5 years	-40.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.23%	—	—
Current Drawdown Current decline from peak	-36.56%	-47.14%	+10.58%
Average Drawdown Average peak-to-trough decline	-43.63%	-50.59%	+6.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.35%	13.32%	+3.03%

Volatility

UGL vs. OILU - Volatility Comparison

The current volatility for ProShares Ultra Gold (UGL) is 11.03%, while MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) has a volatility of 25.14%. This indicates that UGL experiences smaller price fluctuations and is considered to be less risky than OILU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGL	OILU	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.03%	25.14%	-14.11%
Volatility (6M) Calculated over the trailing 6-month period	46.81%	49.94%	-3.13%
Volatility (1Y) Calculated over the trailing 1-year period	52.91%	62.23%	-9.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.18%	81.16%	-44.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.34%	81.16%	-48.82%

UGL vs. OILU - Expense Ratio Comparison

Both UGL and OILU have an expense ratio of 0.95%.

Dividends

UGL vs. OILU - Dividend Comparison

Neither UGL nor OILU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UGL and OILU in my portfolio?

UGL and OILU have a correlation of 0.00, 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 OILU?

OILU has higher volatility (25.14%) compared to UGL (11.03%). In terms of maximum drawdown, UGL dropped -75.93% vs OILU's -81.00%.

Which ETF is better, UGL or OILU?

On 3-year performance, UGL leads with 53.18% vs 10.60% for OILU. Both ETFs have the same 0.95% expense ratio. On volatility, UGL has been the lower-risk option at 11.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGL or OILU?

Over the 3-year period, UGL has performed better with a 53.18% return vs 10.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGL or OILU?

UGL and OILU have the same expense ratio: 0.95% per year.

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

UGL and OILU have nearly identical dividend yields, around 0.00%.

What is the main difference between UGL and OILU?

They also come from different issuers: ProShares and BMO.

Which has better risk-adjusted returns?

OILU currently has the higher Sharpe Ratio (1.87 vs 0.98), 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.