UGL vs. SQQQ
UGL (ProShares Ultra Gold) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, UGL returned 18.45%/yr vs -56.01%/yr for SQQQ. At a correlation of -0.04, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UGL vs. SQQQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UGL achieves a -2.16% return, which is significantly higher than SQQQ's -45.27% return. Over the past 10 years, UGL has outperformed SQQQ with an annualized return of 18.45%, while SQQQ has yielded a comparatively lower -56.01% annualized return.
UGL
- 1D
- -2.00%
- 1M
- -3.96%
- YTD
- -2.16%
- 6M
- 1.78%
- 1Y
- 51.67%
- 3Y*
- 53.18%
- 5Y*
- 27.00%
- 10Y*
- 18.45%
SQQQ
- 1D
- 0.76%
- 1M
- -26.37%
- YTD
- -45.27%
- 6M
- -42.79%
- 1Y
- -65.16%
- 3Y*
- -56.19%
- 5Y*
- -49.17%
- 10Y*
- -56.01%
UGL vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -2.16% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
SQQQ ProShares UltraPro Short QQQ | -45.27% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between UGL and SQQQ is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010 | -0.04 |
The correlation between UGL and SQQQ shifts across timeframes, from -0.19 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
UGL vs. SQQQ — Risk / Return Rank
UGL
SQQQ
UGL vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and ProShares UltraPro Short QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.35 | ||
| Sortino ratioReturn per unit of downside risk | +4.06 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.72 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | -0.99 | +2.37 |
| Martin ratioReturn relative to average drawdown | 3.17 | -1.82 | +4.99 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| UGL | SQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.98 | -1.37 | +2.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.75 | -0.74 | +1.49 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | -0.85 | +1.42 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | -0.88 | +1.27 |
Drawdowns
UGL vs. SQQQ - Drawdown Comparison
The maximum UGL drawdown since its inception was -75.93%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UGL and SQQQ.
Loading charts...
Drawdown Indicators
| UGL | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -100.00% | +24.07% |
Max Drawdown (1Y)Largest decline over 1 year | -37.56% | -65.95% | +28.39% |
Max Drawdown (3Y)Largest decline over 3 years | -37.56% | -92.38% | +54.82% |
Max Drawdown (5Y)Largest decline over 5 years | -40.23% | -97.23% | +57.00% |
Max Drawdown (10Y)Largest decline over 10 years | -46.23% | -99.98% | +53.75% |
Current DrawdownCurrent decline from peak | -36.56% | -100.00% | +63.44% |
Average DrawdownAverage peak-to-trough decline | -43.63% | -92.40% | +48.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.35% | 35.73% | -19.38% |
Volatility
UGL vs. SQQQ - Volatility Comparison
The current volatility for ProShares Ultra Gold (UGL) is 11.03%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 13.75%. This indicates that UGL experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| UGL | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.03% | 13.75% | -2.72% |
Volatility (6M)Calculated over the trailing 6-month period | 46.81% | 36.45% | +10.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.91% | 47.79% | +5.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.18% | 66.64% | -30.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.34% | 66.11% | -33.77% |
UGL vs. SQQQ - Expense Ratio Comparison
Both UGL and SQQQ have an expense ratio of 0.95%.
Dividends
UGL vs. SQQQ - Dividend Comparison
UGL has not paid dividends to shareholders, while SQQQ's dividend yield for the trailing twelve months is around 12.48%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 12.48% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
UGL ProShares Ultra Gold | 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 SQQQ have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (13.75%) compared to UGL (11.03%). In terms of maximum drawdown, UGL dropped -75.93% vs SQQQ's -100.00%.
On 10-year performance, UGL leads with 18.45% vs -56.01% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, UGL has been the lower-risk option at 11.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGL has performed better with a 18.45% return vs -56.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGL and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 12.48%, compared with 0.00% for UGL.
UGL is categorized as Leveraged Commodities, while SQQQ is Leveraged Equities. UGL tracks Bloomberg Gold Subindex (200%), while SQQQ tracks NASDAQ-100 Index (-300%).
UGL currently has the higher Sharpe Ratio (0.98 vs -1.37), 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.
Find the right allocation for UGL and SQQQ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer