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UGL vs. QLD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UGL vs. QLD

Last updated Jun 4, 2026

UGL (ProShares Ultra Gold) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, UGL returned 18.45%/yr vs 36.10%/yr for QLD. At a 0.05 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

UGL vs. QLD - Performance Comparison

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

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Returns By Period

In the year-to-date period, UGL achieves a -2.16% return, which is significantly lower than QLD's 42.06% return. Over the past 10 years, UGL has underperformed QLD with an annualized return of 18.45%, while QLD has yielded a comparatively higher 36.10% annualized 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%

QLD

1D
-0.53%
1M
21.54%
YTD
42.06%
6M
37.45%
1Y
85.49%
3Y*
50.15%
5Y*
25.75%
10Y*
36.10%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UGL vs. QLD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UGL
ProShares Ultra Gold		-2.16%137.57%46.36%15.56%-7.59%-12.30%39.04%31.11%-8.02%22.50%
QLD
ProShares Ultra QQQ		42.06%30.36%42.82%117.72%-60.52%54.67%88.90%81.69%-8.31%70.34%

Correlation

The correlation between UGL and QLD is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.19

Correlation (3Y)
Calculated over the trailing 3-year period

0.13

Correlation (5Y)
Calculated over the trailing 5-year period

0.09

Correlation (10Y)
Calculated over the trailing 10-year period

0.05

Correlation (All Time)
Calculated using the full available price history since Dec 4, 2008

0.05

The correlation between UGL and QLD shifts across timeframes, from 0.05 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra Gold

ProShares Ultra QQQ

Often compared with UGL:
UGL vs. GLDUGL vs. NUGTUGL vs. DGPUGL vs. GLLUGL vs. GDXUGL vs. GLDMUGL vs. JNUG
Often compared with QLD:
QLD vs. QQQQLD vs. TQQQQLD vs. SSOQLD vs. QQQMQLD vs. UPROQLD vs. VOOQLD vs. SPY

Return for Risk

UGL vs. QLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UGL
UGL Risk / Return Rank: 2727
Overall Rank
UGL Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
UGL Sortino Ratio Rank: 2626
Sortino Ratio Rank
UGL Omega Ratio Rank: 3131
Omega Ratio Rank
UGL Calmar Ratio Rank: 2828
Calmar Ratio Rank
UGL Martin Ratio Rank: 2424
Martin Ratio Rank
QLD
QLD Risk / Return Rank: 6969
Overall Rank
QLD Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
QLD Sortino Ratio Rank: 6767
Sortino Ratio Rank
QLD Omega Ratio Rank: 6767
Omega Ratio Rank
QLD Calmar Ratio Rank: 6767
Calmar Ratio Rank
QLD Martin Ratio Rank: 6464
Martin Ratio Rank
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. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and ProShares Ultra QQQ (QLD). 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.

UGLQLDDifference

Sharpe ratio

Return per unit of total volatility

0.98

2.70

-1.72

Sortino ratio

Return per unit of downside risk

1.43

3.16

-1.73

Omega ratio

Gain probability vs. loss probability

1.21

1.41

-0.20

Calmar ratio

Return relative to maximum drawdown

1.38

3.42

-2.04

Martin ratio

Return relative to average drawdown

3.17

11.92

-8.75

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. QLD - Sharpe Ratio Comparison

The current UGL Sharpe Ratio is 0.98, which is lower than the QLD Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of UGL and QLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

UGLQLDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.98

2.70

-1.72

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.75

0.58

+0.17

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.57

0.81

-0.24

Sharpe Ratio (All Time)

Calculated using the full available price history

0.39

0.60

-0.21

Drawdowns

UGL vs. QLD - Drawdown Comparison

The maximum UGL drawdown since its inception was -75.93%, smaller than the maximum QLD drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for UGL and QLD.

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Drawdown Indicators

UGLQLDDifference

Max Drawdown

Largest peak-to-trough decline

-75.93%

-83.13%

+7.20%

Max Drawdown (1Y)

Largest decline over 1 year

-37.56%

-25.13%

-12.43%

Max Drawdown (3Y)

Largest decline over 3 years

-37.56%

-42.29%

+4.73%

Max Drawdown (5Y)

Largest decline over 5 years

-40.23%

-63.68%

+23.45%

Max Drawdown (10Y)

Largest decline over 10 years

-46.23%

-63.68%

+17.45%

Current Drawdown

Current decline from peak

-36.56%

-0.53%

-36.03%

Average Drawdown

Average peak-to-trough decline

-43.63%

-18.17%

-25.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

16.35%

7.20%

+9.15%

Volatility

UGL vs. QLD - Volatility Comparison

ProShares Ultra Gold (UGL) has a higher volatility of 11.03% compared to ProShares Ultra QQQ (QLD) at 8.90%. This indicates that UGL's price experiences larger fluctuations and is considered to be riskier than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UGLQLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.03%

8.90%

+2.13%

Volatility (6M)

Calculated over the trailing 6-month period

46.81%

24.08%

+22.73%

Volatility (1Y)

Calculated over the trailing 1-year period

52.91%

31.85%

+21.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.18%

44.74%

-8.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.34%

44.56%

-12.22%

UGL vs. QLD - Expense Ratio Comparison

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

Dividends

UGL vs. QLD - Dividend Comparison

UGL has not paid dividends to shareholders, while QLD's dividend yield for the trailing twelve months is around 0.12%.

PositionTTM20252024202320222021202020192018201720162015
QLD
ProShares Ultra QQQ		0.12%0.17%0.25%0.33%0.31%0.00%0.00%0.13%0.06%0.02%0.21%0.11%
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

UGL and QLD have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UGL has higher volatility (11.03%) compared to QLD (8.90%). In terms of maximum drawdown, UGL dropped -75.93% vs QLD's -83.13%.

On 10-year performance, QLD leads with 36.10% vs 18.45% for UGL. Both ETFs have the same 0.95% expense ratio. On volatility, QLD has been the lower-risk option at 8.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QLD has performed better with a 36.10% return vs 18.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

QLD has the higher dividend yield at 0.12%, compared with 0.00% for UGL.

UGL is categorized as Leveraged Commodities, while QLD is Leveraged Equities. UGL tracks Bloomberg Gold Subindex (200%), while QLD tracks NASDAQ-100 Index (200%).

QLD currently has the higher Sharpe Ratio (2.70 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.

Portfolio Optimizer

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