UGL vs. SQQQ
Compare and contrast key facts about ProShares Ultra Gold (UGL) and ProShares UltraPro Short QQQ (SQQQ).
UGL and SQQQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UGL is a passively managed fund by ProShares that tracks the performance of the Bloomberg Gold Subindex (200%). It was launched on Dec 1, 2008. SQQQ is a passively managed fund by ProShares that tracks the performance of the NASDAQ-100 Index (-300%). It was launched on Feb 9, 2010. Both UGL and SQQQ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
UGL vs. SQQQ - Performance Comparison
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UGL vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | 14.36% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
SQQQ ProShares UltraPro Short QQQ | 13.99% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Returns By Period
The year-to-date returns for both stocks are quite close, with UGL having a 14.36% return and SQQQ slightly lower at 13.99%. Over the past 10 years, UGL has outperformed SQQQ with an annualized return of 20.61%, while SQQQ has yielded a comparatively lower -52.71% annualized return.
UGL
- 1D
- 3.30%
- 1M
- -21.80%
- YTD
- 14.36%
- 6M
- 37.39%
- 1Y
- 98.00%
- 3Y*
- 59.13%
- 5Y*
- 35.67%
- 10Y*
- 20.61%
SQQQ
- 1D
- -3.78%
- 1M
- 10.61%
- YTD
- 13.99%
- 6M
- 6.42%
- 1Y
- -56.13%
- 3Y*
- -49.39%
- 5Y*
- -42.70%
- 10Y*
- -52.71%
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UGL vs. SQQQ - Expense Ratio Comparison
Both UGL and SQQQ have an expense ratio of 0.95%.
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 | 1.78 | -0.84 | +2.61 |
Sortino ratioReturn per unit of downside risk | 2.11 | -1.14 | +3.25 |
Omega ratioGain probability vs. loss probability | 1.31 | 0.84 | +0.47 |
Calmar ratioReturn relative to maximum drawdown | 2.59 | -0.76 | +3.35 |
Martin ratioReturn relative to average drawdown | 8.76 | -0.87 | +9.63 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UGL | SQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.78 | -0.84 | +2.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.00 | -0.64 | +1.65 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | -0.80 | +1.44 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | -0.85 | +1.27 |
Correlation
The correlation between UGL and SQQQ is -0.03. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
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 5.99%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 5.99% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
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.
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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% | -75.23% | +37.67% |
Max Drawdown (5Y)Largest decline over 5 years | -40.23% | -95.36% | +55.13% |
Max Drawdown (10Y)Largest decline over 10 years | -46.23% | -99.96% | +53.73% |
Current DrawdownCurrent decline from peak | -25.85% | -100.00% | +74.15% |
Average DrawdownAverage peak-to-trough decline | -43.76% | -92.32% | +48.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.11% | 65.40% | -54.29% |
Volatility
UGL vs. SQQQ - Volatility Comparison
ProShares Ultra Gold (UGL) and ProShares UltraPro Short QQQ (SQQQ) have volatilities of 20.81% and 19.98%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGL | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.81% | 19.98% | +0.83% |
Volatility (6M)Calculated over the trailing 6-month period | 49.09% | 38.23% | +10.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.46% | 67.38% | -11.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.70% | 66.65% | -30.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.19% | 65.97% | -33.78% |