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 14.39%/yr vs -55.28%/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
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Returns By Period
In the year-to-date period, UGL achieves a -21.87% return, which is significantly higher than SQQQ's -40.27% return. Over the past 10 years, UGL has outperformed SQQQ with an annualized return of 14.39%, while SQQQ has yielded a comparatively lower -55.28% annualized 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%
SQQQ
- 1D
- 5.74%
- 1M
- 1.37%
- 6M
- -36.57%
- YTD
- -40.27%
- 1Y
- -56.10%
- 3Y*
- -51.78%
- 5Y*
- -45.66%
- 10Y*
- -55.28%
UGL vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -21.87% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
SQQQ ProShares UltraPro Short QQQ | -40.27% | -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 -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.04 |
Over the past year, the inverse relationship between UGL and SQQQ has strengthened: their correlation has moved from -0.04 to -0.27, meaning they now move in opposite directions more often than their long-term average.
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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.
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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.40 | ||
| Sortino ratioReturn per unit of downside risk | +2.53 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 0.82 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.43 | -0.92 | +1.36 |
| Martin ratioReturn relative to average drawdown | 0.99 | -1.71 | +2.70 |
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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 | -49.38% | -61.03% | +11.65% |
Max Drawdown (3Y)Largest decline over 3 years | -49.38% | -92.51% | +43.13% |
Max Drawdown (5Y)Largest decline over 5 years | -49.38% | -97.27% | +47.89% |
Max Drawdown (10Y)Largest decline over 10 years | -49.38% | -99.97% | +50.59% |
Current DrawdownCurrent decline from peak | -49.33% | -100.00% | +50.67% |
Average DrawdownAverage peak-to-trough decline | -43.63% | -92.75% | +49.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.73% | 32.78% | -11.05% |
Volatility
UGL vs. SQQQ - Volatility Comparison
The current volatility for ProShares Ultra Gold (UGL) is 15.14%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.05%. 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.
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Volatility by Period
| UGL | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.14% | 26.05% | -10.91% |
Volatility (6M)Calculated over the trailing 6-month period | 48.71% | 45.88% | +2.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.56% | 55.64% | -0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.94% | 67.87% | -30.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.63% | 66.56% | -33.93% |
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 10.00%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 10.00% | 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 -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (26.05%) compared to UGL (15.14%). In terms of maximum drawdown, UGL dropped -75.93% vs SQQQ's -100.00%.
On 10-year performance, UGL leads with 14.39% vs -55.28% for SQQQ. 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.
Over the 10-year period, UGL has performed better with a 14.39% return vs -55.28%. 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 10.00%, 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 (0.39 vs -1.01), 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.
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