UGL vs. QLD
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 15.23%/yr vs 36.27%/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
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Returns By Period
In the year-to-date period, UGL achieves a -16.89% return, which is significantly lower than QLD's 29.58% return. Over the past 10 years, UGL has underperformed QLD with an annualized return of 15.23%, while QLD has yielded a comparatively higher 36.27% annualized return.
UGL
- 1D
- -3.69%
- 1M
- -17.68%
- YTD
- -16.89%
- 6M
- -24.16%
- 1Y
- 27.53%
- 3Y*
- 46.82%
- 5Y*
- 26.27%
- 10Y*
- 15.23%
QLD
- 1D
- -6.61%
- 1M
- -2.02%
- YTD
- 29.58%
- 6M
- 26.13%
- 1Y
- 66.80%
- 3Y*
- 43.61%
- 5Y*
- 21.41%
- 10Y*
- 36.27%
UGL vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -16.89% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
QLD ProShares Ultra QQQ | 29.58% | 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 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | 0.05 |
The correlation between UGL and QLD shifts across timeframes, from 0.05 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UGL vs. QLD — Risk / Return Rank
UGL
QLD
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.
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 | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.38 | ||
| Sortino ratioReturn per unit of downside risk | -1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.31 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.59 | 2.67 | -2.08 |
| Martin ratioReturn relative to average drawdown | 1.46 | 9.05 | -7.59 |
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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
| UGL | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -83.13% | +7.20% |
Max Drawdown (1Y)Largest decline over 1 year | -46.64% | -25.13% | -21.51% |
Max Drawdown (3Y)Largest decline over 3 years | -46.64% | -42.29% | -4.35% |
Max Drawdown (5Y)Largest decline over 5 years | -46.64% | -63.68% | +17.04% |
Max Drawdown (10Y)Largest decline over 10 years | -46.64% | -63.68% | +17.04% |
Current DrawdownCurrent decline from peak | -46.11% | -9.26% | -36.85% |
Average DrawdownAverage peak-to-trough decline | -43.62% | -18.14% | -25.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.88% | 7.40% | +11.48% |
Volatility
UGL vs. QLD - Volatility Comparison
The current volatility for ProShares Ultra Gold (UGL) is 16.29%, while ProShares Ultra QQQ (QLD) has a volatility of 18.22%. This indicates that UGL experiences smaller price fluctuations and is considered to be less risky 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
| UGL | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.29% | 18.22% | -1.93% |
Volatility (6M)Calculated over the trailing 6-month period | 49.19% | 28.95% | +20.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.81% | 35.77% | +19.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.65% | 45.34% | -8.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.51% | 44.80% | -12.29% |
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 0.13%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 0.13% | 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 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QLD has higher volatility (18.22%) compared to UGL (16.29%). In terms of maximum drawdown, UGL dropped -75.93% vs QLD's -83.13%.
On 10-year performance, QLD leads with 36.27% vs 15.23% for UGL. Both ETFs have the same 0.95% expense ratio. On volatility, UGL has been the lower-risk option at 16.29%. 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 36.27% return vs 15.23%. 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 0.13%, 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 (1.88 vs 0.50), 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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