UGL vs. SBIT

Last updated Jul 14, 2026

UGL (ProShares Ultra Gold) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). Both are passively managed. Over the past year, UGL returned 21.38% vs 124.12% for SBIT. At a correlation of -0.17, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

UGL vs. SBIT - Performance Comparison

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

Returns By Period

In the year-to-date period, UGL achieves a -21.87% return, which is significantly lower than SBIT's 44.00% return.

UGL

• 1D: -5.20%
• 1M: -10.54%
• 6M: -30.93%
• YTD: -21.87%
• 1Y: 21.38%
• 3Y*: 42.32%
• 5Y*: 23.26%
• 10Y*: 14.39%

SBIT

• 1D: 5.38%
• 1M: 1.44%
• 6M: 58.27%
• YTD: 44.00%
• 1Y: 124.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UGL vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UGL ProShares Ultra Gold	-21.87%	137.57%	26.77%
SBIT Proshares Ultrashort Bitcoin ETF	44.00%	-25.11%	-73.74%

Correlation

The correlation between UGL and SBIT is -0.26, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.26
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.17

Return for Risk

UGL vs. SBIT — Risk / Return Rank

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

UGL

UGL Risk / Return Rank: 17
UGL Sharpe Ratio Rank: 16
UGL Sortino Ratio Rank: 19
UGL Omega Ratio Rank: 21
UGL Calmar Ratio Rank: 15
UGL Martin Ratio Rank: 15

SBIT

SBIT Risk / Return Rank: 52
SBIT Sharpe Ratio Rank: 51
SBIT Sortino Ratio Rank: 52
SBIT Omega Ratio Rank: 48
SBIT Calmar Ratio Rank: 66
SBIT Martin Ratio Rank: 45

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. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and Proshares Ultrashort Bitcoin ETF (SBIT). 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	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	0.39	1.41	-1.03
Sortino ratio: Return per unit of downside risk	0.84	2.05	-1.21
Omega ratio: Gain probability vs. loss probability	1.12	1.25	-0.13
Calmar ratio: Return relative to maximum drawdown	0.43	2.60	-2.17
Martin ratio: Return relative to average drawdown	0.99	5.92	-4.94

UGL vs. SBIT - Sharpe Ratio Comparison

The current UGL Sharpe Ratio is 0.39, which is lower than the SBIT Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of UGL and SBIT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UGL vs. SBIT - Drawdown Comparison

The maximum UGL drawdown since its inception was -75.93%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for UGL and SBIT.

Drawdown Indicators

	UGL	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-75.93%	-91.35%	+15.42%
Max Drawdown (1Y) Largest decline over 1 year	-49.38%	-47.94%	-1.44%
Max Drawdown (3Y) Largest decline over 3 years	-49.38%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-49.38%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-49.38%	—	—
Current Drawdown Current decline from peak	-49.33%	-77.15%	+27.82%
Average Drawdown Average peak-to-trough decline	-43.63%	-68.83%	+25.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.73%	21.04%	+0.69%

Volatility

UGL vs. SBIT - Volatility Comparison

The current volatility for ProShares Ultra Gold (UGL) is 15.14%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 22.98%. This indicates that UGL experiences smaller price fluctuations and is considered to be less risky than SBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGL	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.14%	22.98%	-7.84%
Volatility (6M) Calculated over the trailing 6-month period	48.71%	68.89%	-20.18%
Volatility (1Y) Calculated over the trailing 1-year period	55.56%	88.51%	-32.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.94%	96.89%	-59.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.63%	96.89%	-64.26%

UGL vs. SBIT - Expense Ratio Comparison

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

Dividends

UGL vs. SBIT - Dividend Comparison

UGL has not paid dividends to shareholders, while SBIT's dividend yield for the trailing twelve months is around 3.97%.

Position	TTM	2025	2024
SBIT Proshares Ultrashort Bitcoin ETF	3.97%	0.52%	1.00%
UGL ProShares Ultra Gold	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UGL and SBIT in my portfolio?

UGL and SBIT have a correlation of -0.26, 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 SBIT?

SBIT has higher volatility (22.98%) compared to UGL (15.14%). In terms of maximum drawdown, UGL dropped -75.93% vs SBIT's -91.35%.

Which ETF is better, UGL or SBIT?

On 1-year performance, SBIT leads with 124.12% vs 21.38% for UGL. Both ETFs have the same 0.95% expense ratio. On volatility, UGL has been the lower-risk option at 15.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGL or SBIT?

Over the 1-year period, SBIT has performed better with a 124.12% return vs 21.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGL or SBIT?

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

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

SBIT has the higher dividend yield at 3.97%, compared with 0.00% for UGL.

What is the main difference between UGL and SBIT?

UGL is categorized as Leveraged Commodities, while SBIT is Cryptocurrency. UGL tracks Bloomberg Gold Subindex (200%), while SBIT tracks Bloomberg Bitcoin Index (-200%).

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (1.41 vs 0.39), 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.