UGL vs. SHNY

Last updated Aug 2, 2026

UGL (ProShares Ultra Gold) and SHNY (MicroSectors Gold 3X Leveraged ETN) are both Leveraged Commodities funds - UGL tracks the Bloomberg Gold Subindex (200%) while SHNY tracks the SPDR Gold Shares ETF (GLD). Both are passively managed. Over the past 3 years, UGL returned 43.93%/yr vs 44.79%/yr for SHNY. Their 1.00 correlation means they have historically moved very closely together. Both charge a 0.95% expense ratio.

Performance

UGL vs. SHNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Gold (UGL) and MicroSectors Gold 3X Leveraged ETN (SHNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UGL achieves a -20.41% return, which is significantly higher than SHNY's -39.40% return.

UGL

• 1D: -2.99%
• 1M: -4.25%
• 6M: -34.89%
• YTD: -20.41%
• 1Y: 24.87%
• 3Y*: 43.93%
• 5Y*: 24.15%
• 10Y*: 14.00%
• ALL TIME*: 11.85%

SHNY

• 1D: -4.58%
• 1M: -7.48%
• 6M: -54.00%
• YTD: -39.40%
• 1Y: 10.61%
• 3Y*: 44.79%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 40.02%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SHNY MicroSectors Gold 3X Leveraged ETN	$5.61M	$4.51M	$6.08M
UGL ProShares Ultra Gold	$72.32M	$67.11M	$108.24M

UGL vs. SHNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UGL ProShares Ultra Gold	-20.41%	137.57%	46.36%	15.64%
SHNY MicroSectors Gold 3X Leveraged ETN	-39.40%	214.54%	50.30%	10.98%

Correlation

The correlation between UGL and SHNY is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (3Y) Balances recent behavior with more history.	1.00
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023	1.00

The correlation between UGL and SHNY has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

UGL vs. SHNY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UGL

UGL Risk / Return Rank: 24
UGL Sharpe Ratio Rank: 24
UGL Sortino Ratio Rank: 27
UGL Omega Ratio Rank: 30
UGL Calmar Ratio Rank: 22
UGL Martin Ratio Rank: 19

SHNY

SHNY Risk / Return Rank: 18
SHNY Sharpe Ratio Rank: 15
SHNY Sortino Ratio Rank: 23
SHNY Omega Ratio Rank: 25
SHNY Calmar Ratio Rank: 15
SHNY Martin Ratio Rank: 14

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UGL vs. SHNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and MicroSectors Gold 3X Leveraged ETN (SHNY). 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	SHNY	Difference
Sharpe ratio: Return per unit of total volatility	0.54	0.21	+0.33
Sortino ratio: Return per unit of downside risk	1.00	0.83	+0.18
Omega ratio: Gain probability vs. loss probability	1.14	1.12	+0.03
Calmar ratio: Return relative to maximum drawdown	0.60	0.25	+0.35
Martin ratio: Return relative to average drawdown	1.22	0.47	+0.75

UGL vs. SHNY - Sharpe Ratio Comparison

The current UGL Sharpe Ratio is 0.54, which is higher than the SHNY Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of UGL and SHNY, 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. SHNY - Drawdown Comparison

The maximum UGL drawdown since its inception was -75.93%, which is greater than SHNY's maximum drawdown of -69.36%. Use the drawdown chart below to compare losses from any high point for UGL and SHNY.

Drawdown Indicators

	UGL	SHNY	Difference
Max Drawdown Largest peak-to-trough decline	-75.93%	-69.36%	-6.57%
Max Drawdown (1Y) Largest decline over 1 year	-50.02%	-69.36%	+19.34%
Max Drawdown (3Y) Largest decline over 3 years	-50.02%	-69.36%	+19.34%
Max Drawdown (5Y) Largest decline over 5 years	-50.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-50.02%	—	—
Current Drawdown Current decline from peak	-48.39%	-68.12%	+19.73%
Average Drawdown Average peak-to-trough decline	-43.64%	-17.26%	-26.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.47%	36.30%	-11.83%

Volatility

UGL vs. SHNY - Volatility Comparison

The current volatility for ProShares Ultra Gold (UGL) is 12.79%, while MicroSectors Gold 3X Leveraged ETN (SHNY) has a volatility of 19.06%. This indicates that UGL experiences smaller price fluctuations and is considered to be less risky than SHNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGL	SHNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.79%	19.06%	-6.27%
Volatility (6M) Calculated over the trailing 6-month period	47.42%	71.92%	-24.50%
Volatility (1Y) Calculated over the trailing 1-year period	55.84%	83.26%	-27.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.12%	59.47%	-22.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.70%	59.47%	-26.77%

UGL vs. SHNY - Expense Ratio Comparison

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

Dividends

UGL vs. SHNY - Dividend Comparison

Neither UGL nor SHNY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UGL and SHNY in my portfolio?

With a correlation of 1.00, UGL and SHNY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, UGL or SHNY?

SHNY has higher volatility (19.06%) compared to UGL (12.79%). In terms of maximum drawdown, UGL dropped -75.93% vs SHNY's -69.36%.

Which ETF is better, UGL or SHNY?

On 3-year performance, SHNY leads with 44.79% vs 43.93% for UGL. Both ETFs have the same 0.95% expense ratio. On volatility, UGL has been the lower-risk option at 12.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGL or SHNY?

Over the 3-year period, SHNY has performed better with a 44.79% return vs 43.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGL or SHNY?

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

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

UGL and SHNY have nearly identical dividend yields, around 0.00%.

What is the main difference between UGL and SHNY?

UGL tracks Bloomberg Gold Subindex (200%), while SHNY tracks SPDR Gold Shares ETF (GLD). They also come from different issuers: ProShares and BMO.

Which has better risk-adjusted returns?

UGL currently has the higher Sharpe Ratio (0.54 vs 0.21), 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.