UGL vs. RSBT

Last updated Jun 7, 2026

UGL (ProShares Ultra Gold) and RSBT (Return Stacked Bonds & Managed Futures ETF) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while RSBT is a Nontraditional Bonds fund actively managed by Return Stacked. UGL is passively managed, while RSBT is actively managed. Over the past 3 years, UGL returned 49.47%/yr vs 3.35%/yr for RSBT. At a 0.41 correlation, their price movements are largely independent. UGL charges 0.95%/yr vs 0.97%/yr for RSBT.

Performance

UGL vs. RSBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Gold (UGL) and Return Stacked Bonds & Managed Futures ETF (RSBT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UGL achieves a -7.82% return, which is significantly lower than RSBT's 5.58% return.

UGL

• 1D: -7.30%
• 1M: -17.17%
• YTD: -7.82%
• 6M: -3.83%
• 1Y: 46.42%
• 3Y*: 49.47%
• 5Y*: 25.50%
• 10Y*: 17.75%

RSBT

• 1D: -4.25%
• 1M: -2.52%
• YTD: 5.58%
• 6M: 7.48%
• 1Y: 23.39%
• 3Y*: 3.35%
• 5Y*: —
• 10Y*: —

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

UGL vs. RSBT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UGL ProShares Ultra Gold	-7.82%	137.57%	46.36%	10.33%
RSBT Return Stacked Bonds & Managed Futures ETF	5.58%	10.31%	-2.90%	-11.91%

Correlation

The correlation between UGL and RSBT is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (All Time) Calculated using the full available price history since Feb 9, 2023	0.41

Return for Risk

UGL vs. RSBT — Risk / Return Rank

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

UGL

UGL Risk / Return Rank: 24
UGL Sharpe Ratio Rank: 24
UGL Sortino Ratio Rank: 24
UGL Omega Ratio Rank: 28
UGL Calmar Ratio Rank: 23
UGL Martin Ratio Rank: 21

RSBT

RSBT Risk / Return Rank: 52
RSBT Sharpe Ratio Rank: 45
RSBT Sortino Ratio Rank: 40
RSBT Omega Ratio Rank: 48
RSBT Calmar Ratio Rank: 73
RSBT Martin Ratio Rank: 56

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. RSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and Return Stacked Bonds & Managed Futures ETF (RSBT). 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	RSBT	Difference
Sharpe ratio: Return per unit of total volatility	0.80	1.52	-0.72
Sortino ratio: Return per unit of downside risk	1.26	1.98	-0.72
Omega ratio: Gain probability vs. loss probability	1.19	1.29	-0.10
Calmar ratio: Return relative to maximum drawdown	1.06	3.52	-2.46
Martin ratio: Return relative to average drawdown	2.56	9.36	-6.80
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. RSBT - Sharpe Ratio Comparison

The current UGL Sharpe Ratio is 0.80, which is lower than the RSBT Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of UGL and RSBT, 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	RSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.80	1.52	-0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	-0.01	+0.39

Drawdowns

UGL vs. RSBT - Drawdown Comparison

The maximum UGL drawdown since its inception was -75.93%, which is greater than RSBT's maximum drawdown of -23.60%. Use the drawdown chart below to compare losses from any high point for UGL and RSBT.

Drawdown Indicators

	UGL	RSBT	Difference
Max Drawdown Largest peak-to-trough decline	-75.93%	-23.60%	-52.33%
Max Drawdown (1Y) Largest decline over 1 year	-40.22%	-6.33%	-33.89%
Max Drawdown (3Y) Largest decline over 3 years	-40.22%	-18.98%	-21.24%
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	-40.22%	-4.59%	-35.63%
Average Drawdown Average peak-to-trough decline	-43.63%	-12.61%	-31.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.70%	2.38%	+14.32%

Volatility

UGL vs. RSBT - Volatility Comparison

ProShares Ultra Gold (UGL) has a higher volatility of 11.42% compared to Return Stacked Bonds & Managed Futures ETF (RSBT) at 5.38%. This indicates that UGL's price experiences larger fluctuations and is considered to be riskier than RSBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGL	RSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.42%	5.38%	+6.04%
Volatility (6M) Calculated over the trailing 6-month period	47.43%	10.91%	+36.52%
Volatility (1Y) Calculated over the trailing 1-year period	53.42%	14.61%	+38.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.32%	13.87%	+22.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.42%	13.87%	+18.55%

UGL vs. RSBT - Expense Ratio Comparison

UGL has a 0.95% expense ratio, which is lower than RSBT's 0.97% expense ratio.

Dividends

UGL vs. RSBT - Dividend Comparison

UGL has not paid dividends to shareholders, while RSBT's dividend yield for the trailing twelve months is around 3.03%.

Position	TTM	2025	2024	2023
RSBT Return Stacked Bonds & Managed Futures ETF	3.03%	3.20%	0.00%	2.38%
UGL ProShares Ultra Gold	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UGL and RSBT in my portfolio?

UGL and RSBT have a correlation of 0.49, 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 RSBT?

UGL has higher volatility (11.42%) compared to RSBT (5.38%). In terms of maximum drawdown, UGL dropped -75.93% vs RSBT's -23.60%.

Which ETF is better, UGL or RSBT?

On 3-year performance, UGL leads with 49.47% vs 3.35% for RSBT. On fees, UGL is cheaper at 0.95% per year. On volatility, RSBT has been the lower-risk option at 5.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGL or RSBT?

Over the 3-year period, UGL has performed better with a 49.47% return vs 3.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGL or RSBT?

UGL is cheaper with a 0.95% expense ratio, compared with 0.97% for RSBT.

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

RSBT has the higher dividend yield at 3.03%, compared with 0.00% for UGL.

What is the main difference between UGL and RSBT?

UGL is categorized as Leveraged Commodities, while RSBT is Nontraditional Bonds. They also come from different issuers: ProShares and Return Stacked. Their fees differ too: 0.95% for UGL and 0.97% for RSBT.

Which has better risk-adjusted returns?

RSBT currently has the higher Sharpe Ratio (1.52 vs 0.80), 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.