UGL vs. UGA
UGL (ProShares Ultra Gold) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, UGL returned 15.23%/yr vs 14.31%/yr for UGA. At a 0.13 correlation, their price movements are largely independent. UGL charges 0.95%/yr vs 0.75%/yr for UGA.
Performance
UGL vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, UGL achieves a -16.89% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, UGL has outperformed UGA with an annualized return of 15.23%, while UGA has yielded a comparatively lower 14.31% annualized return.
UGL
- 1D
- -3.69%
- 1M
- -17.68%
- YTD
- -16.89%
- 6M
- -24.16%
- 1Y
- 27.53%
- 3Y*
- 46.82%
- 5Y*
- 26.27%
- 10Y*
- 15.23%
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
UGL vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -16.89% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between UGL and UGA is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
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 Dec 3, 2008 | 0.13 |
The correlation between UGL and UGA shifts across timeframes, from -0.08 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UGL vs. UGA — Risk / Return Rank
UGL
UGA
UGL vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.23 | ||
| Sortino ratioReturn per unit of downside risk | -1.28 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.30 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.59 | 3.17 | -2.57 |
| Martin ratioReturn relative to average drawdown | 1.46 | 9.39 | -7.93 |
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Drawdowns
UGL vs. UGA - Drawdown Comparison
The maximum UGL drawdown since its inception was -75.93%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for UGL and UGA.
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Drawdown Indicators
| UGL | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -86.59% | +10.66% |
Max Drawdown (1Y)Largest decline over 1 year | -46.64% | -18.96% | -27.68% |
Max Drawdown (3Y)Largest decline over 3 years | -46.64% | -26.68% | -19.96% |
Max Drawdown (5Y)Largest decline over 5 years | -46.64% | -38.11% | -8.53% |
Max Drawdown (10Y)Largest decline over 10 years | -46.64% | -75.89% | +29.25% |
Current DrawdownCurrent decline from peak | -46.11% | -18.05% | -28.06% |
Average DrawdownAverage peak-to-trough decline | -43.62% | -36.69% | -6.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.88% | 6.43% | +12.45% |
Volatility
UGL vs. UGA - Volatility Comparison
ProShares Ultra Gold (UGL) has a higher volatility of 16.29% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that UGL's price experiences larger fluctuations and is considered to be riskier than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGL | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.29% | 9.24% | +7.05% |
Volatility (6M)Calculated over the trailing 6-month period | 49.19% | 30.57% | +18.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.81% | 35.22% | +19.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.65% | 34.45% | +2.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.51% | 37.22% | -4.71% |
UGL vs. UGA - Expense Ratio Comparison
UGL has a 0.95% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
UGL vs. UGA - Dividend Comparison
Neither UGL nor UGA has paid dividends to shareholders.
Frequently Asked Questions
UGL and UGA have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (16.29%) compared to UGA (9.24%). In terms of maximum drawdown, UGL dropped -75.93% vs UGA's -86.59%.
On 10-year performance, UGL leads with 15.23% vs 14.31% for UGA. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 9.24%. 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 15.23% return vs 14.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.95% for UGL.
UGL and UGA have nearly identical dividend yields, around 0.00%.
UGL is categorized as Leveraged Commodities, while UGA is Oil & Gas. UGL tracks Bloomberg Gold Subindex (200%), while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for UGL and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 0.50), 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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