UGL vs. UBT
UGL (ProShares Ultra Gold) and UBT (ProShares Ultra 20+ Year Treasury) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while UBT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (200%). Both are passively managed. Over the past 10 years, UGL returned 18.69%/yr vs -8.20%/yr for UBT. At a 0.23 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
UGL vs. UBT - Performance Comparison
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Returns By Period
In the year-to-date period, UGL achieves a -0.16% return, which is significantly higher than UBT's -1.97% return. Over the past 10 years, UGL has outperformed UBT with an annualized return of 18.69%, while UBT has yielded a comparatively lower -8.20% annualized return.
UGL
- 1D
- 0.31%
- 1M
- -6.05%
- YTD
- -0.16%
- 6M
- 3.70%
- 1Y
- 52.07%
- 3Y*
- 54.22%
- 5Y*
- 28.09%
- 10Y*
- 18.69%
UBT
- 1D
- 0.44%
- 1M
- 0.50%
- YTD
- -1.97%
- 6M
- -5.19%
- 1Y
- 4.64%
- 3Y*
- -10.10%
- 5Y*
- -17.44%
- 10Y*
- -8.20%
UGL vs. UBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -0.16% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
UBT ProShares Ultra 20+ Year Treasury | -1.97% | 2.03% | -21.81% | -3.68% | -55.54% | -12.14% | 31.87% | 24.46% | -6.54% | 16.12% |
Correlation
The correlation between UGL and UBT is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2010 | 0.23 |
The correlation between UGL and UBT shifts across timeframes, from 0.17 (1 year) to 0.30 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
UGL vs. UBT — Risk / Return Rank
UGL
UBT
UGL vs. UBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and ProShares Ultra 20+ Year Treasury (UBT). 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 | UBT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.99 | 0.24 | +0.75 |
Sortino ratioReturn per unit of downside risk | 1.44 | 0.48 | +0.96 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.05 | +0.16 |
Calmar ratioReturn relative to maximum drawdown | 1.60 | 0.17 | +1.43 |
Martin ratioReturn relative to average drawdown | 3.71 | 0.42 | +3.30 |
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 | UBT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.99 | 0.24 | +0.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.78 | -0.56 | +1.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | -0.28 | +0.86 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.02 | +0.37 |
Drawdowns
UGL vs. UBT - Drawdown Comparison
The maximum UGL drawdown since its inception was -75.93%, roughly equal to the maximum UBT drawdown of -78.90%. Use the drawdown chart below to compare losses from any high point for UGL and UBT.
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Drawdown Indicators
| UGL | UBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -78.90% | +2.97% |
Max Drawdown (1Y)Largest decline over 1 year | -37.56% | -16.86% | -20.70% |
Max Drawdown (3Y)Largest decline over 3 years | -37.56% | -36.62% | -0.94% |
Max Drawdown (5Y)Largest decline over 5 years | -40.23% | -72.49% | +32.26% |
Max Drawdown (10Y)Largest decline over 10 years | -46.23% | -78.90% | +32.67% |
Current DrawdownCurrent decline from peak | -35.26% | -76.48% | +41.22% |
Average DrawdownAverage peak-to-trough decline | -43.63% | -32.29% | -11.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.19% | 6.97% | +9.22% |
Volatility
UGL vs. UBT - Volatility Comparison
ProShares Ultra Gold (UGL) has a higher volatility of 11.62% compared to ProShares Ultra 20+ Year Treasury (UBT) at 5.52%. This indicates that UGL's price experiences larger fluctuations and is considered to be riskier than UBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGL | UBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.62% | 5.52% | +6.10% |
Volatility (6M)Calculated over the trailing 6-month period | 46.78% | 12.97% | +33.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 53.11% | 19.47% | +33.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.22% | 31.33% | +4.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.34% | 29.32% | +3.02% |
UGL vs. UBT - Expense Ratio Comparison
Both UGL and UBT have an expense ratio of 0.95%.
Dividends
UGL vs. UBT - Dividend Comparison
UGL has not paid dividends to shareholders, while UBT's dividend yield for the trailing twelve months is around 3.96%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | 3.96% | 4.26% | 4.50% | 3.54% | 0.30% | 0.00% | 0.26% | 1.50% | 1.55% | 1.37% | 0.75% | 1.56% |
UGL ProShares Ultra Gold | 0.00% | 0.00% | 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 UBT have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (11.62%) compared to UBT (5.52%). In terms of maximum drawdown, UGL dropped -75.93% vs UBT's -78.90%.
On 10-year performance, UGL leads with 18.69% vs -8.20% for UBT. Both ETFs have the same 0.95% expense ratio. On volatility, UBT has been the lower-risk option at 5.52%. 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 18.69% return vs -8.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGL and UBT have the same expense ratio: 0.95% per year.
UBT has the higher dividend yield at 3.96%, compared with 0.00% for UGL.
UGL is categorized as Leveraged Commodities, while UBT is Leveraged Bonds. UGL tracks Bloomberg Gold Subindex (200%), while UBT tracks Barclays Capital U.S. 20+ Year Treasury Index (200%).
UGL currently has the higher Sharpe Ratio (0.99 vs 0.24), 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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