UGL vs. QQQ
UGL (ProShares Ultra Gold) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, UGL returned 16.73%/yr vs 22.31%/yr for QQQ. At a 0.06 correlation, their price movements are largely independent. UGL charges 0.95%/yr vs 0.18%/yr for QQQ.
Performance
UGL vs. QQQ - Performance Comparison
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Returns By Period
In the year-to-date period, UGL achieves a -8.09% return, which is significantly lower than QQQ's 21.26% return. Over the past 10 years, UGL has underperformed QQQ with an annualized return of 16.73%, while QQQ has yielded a comparatively higher 22.31% annualized return.
UGL
- 1D
- 5.24%
- 1M
- -10.54%
- YTD
- -8.09%
- 6M
- -8.60%
- 1Y
- 36.19%
- 3Y*
- 49.85%
- 5Y*
- 27.24%
- 10Y*
- 16.73%
QQQ
- 1D
- 3.14%
- 1M
- 4.95%
- YTD
- 21.26%
- 6M
- 22.17%
- 1Y
- 41.87%
- 3Y*
- 27.20%
- 5Y*
- 17.59%
- 10Y*
- 22.31%
UGL vs. QQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -8.09% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
QQQ Invesco QQQ ETF | 21.26% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 48.62% | 38.96% | -0.13% | 32.66% |
Correlation
The correlation between UGL and QQQ is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
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 | 0.06 |
The correlation between UGL and QQQ shifts across timeframes, from 0.06 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UGL vs. QQQ — Risk / Return Rank
UGL
QQQ
UGL vs. QQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and Invesco QQQ ETF (QQQ). 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 | QQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.75 | ||
| Sortino ratioReturn per unit of downside risk | -1.99 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.42 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.78 | 3.52 | -2.74 |
| Martin ratioReturn relative to average drawdown | 2.03 | 13.12 | -11.09 |
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Drawdowns
UGL vs. QQQ - Drawdown Comparison
The maximum UGL drawdown since its inception was -75.93%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for UGL and QQQ.
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Drawdown Indicators
| UGL | QQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -82.97% | +7.04% |
Max Drawdown (1Y)Largest decline over 1 year | -46.64% | -11.96% | -34.68% |
Max Drawdown (3Y)Largest decline over 3 years | -46.64% | -22.77% | -23.87% |
Max Drawdown (5Y)Largest decline over 5 years | -46.64% | -35.12% | -11.52% |
Max Drawdown (10Y)Largest decline over 10 years | -46.64% | -35.12% | -11.52% |
Current DrawdownCurrent decline from peak | -40.40% | -0.29% | -40.11% |
Average DrawdownAverage peak-to-trough decline | -43.62% | -32.75% | -10.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.95% | 3.20% | +14.75% |
Volatility
UGL vs. QQQ - Volatility Comparison
ProShares Ultra Gold (UGL) has a higher volatility of 16.68% compared to Invesco QQQ ETF (QQQ) at 8.14%. This indicates that UGL's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGL | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.68% | 8.14% | +8.54% |
Volatility (6M)Calculated over the trailing 6-month period | 48.87% | 14.12% | +34.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.64% | 17.43% | +37.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.69% | 22.59% | +14.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.62% | 22.41% | +10.21% |
UGL vs. QQQ - Expense Ratio Comparison
UGL has a 0.95% expense ratio, which is higher than QQQ's 0.18% expense ratio.
Dividends
UGL vs. QQQ - Dividend Comparison
UGL has not paid dividends to shareholders, while QQQ's dividend yield for the trailing twelve months is around 0.38%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QQQ Invesco QQQ ETF | 0.38% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
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 QQQ have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (16.68%) compared to QQQ (8.14%). In terms of maximum drawdown, UGL dropped -75.93% vs QQQ's -82.97%.
On 10-year performance, QQQ leads with 22.31% vs 16.73% for UGL. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 8.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QQQ has performed better with a 22.31% return vs 16.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQ is cheaper with a 0.18% expense ratio, compared with 0.95% for UGL.
QQQ has the higher dividend yield at 0.38%, compared with 0.00% for UGL.
UGL is categorized as Leveraged Commodities, while QQQ is Nasdaq-100. UGL tracks Bloomberg Gold Subindex (200%), while QQQ tracks NASDAQ-100 Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for UGL and 0.18% for QQQ.
QQQ currently has the higher Sharpe Ratio (2.42 vs 0.67), 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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