UGL vs. ULE

Last updated Aug 6, 2026

UGL (ProShares Ultra Gold) and ULE (ProShares Ultra Euro) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, UGL returned 15.58%/yr vs -2.20%/yr for ULE. Their 0.36 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.

Performance

UGL vs. ULE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Gold (UGL) and ProShares Ultra Euro (ULE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UGL achieves a -12.54% return, which is significantly lower than ULE's -4.15% return. Over the past 10 years, UGL has outperformed ULE with an annualized return of 15.58%, while ULE has yielded a comparatively lower -2.20% annualized return.

UGL

• 1D: 8.44%
• 1M: 3.12%
• 6M: -30.87%
• YTD: -12.54%
• 1Y: 35.30%
• 3Y*: 48.79%
• 5Y*: 28.14%
• 10Y*: 15.58%
• ALL TIME*: 12.44%

ULE

• 1D: 0.26%
• 1M: 1.73%
• 6M: -4.80%
• YTD: -4.15%
• 1Y: -1.91%
• 3Y*: 2.32%
• 5Y*: -2.56%
• 10Y*: -2.20%
• ALL TIME*: -3.93%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
UGL ProShares Ultra Gold	$91.21M	$73.51M	$106.05M
ULE ProShares Ultra Euro	$32.09K	$33.34K	$49.04K

UGL vs. ULE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UGL ProShares Ultra Gold	-12.54%	137.57%	46.36%	15.56%	-7.59%	-12.30%	39.04%	31.11%	-8.02%	22.50%
ULE ProShares Ultra Euro	-4.15%	25.97%	-11.73%	5.08%	-15.51%	-15.66%	14.74%	-8.90%	-13.40%	23.92%

Correlation

The correlation between UGL and ULE is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (3Y) Balances recent behavior with more history.	0.37
Correlation (5Y) Shows whether the relationship held over a longer period.	0.39
Correlation (10Y) Provides a long-term view across more market conditions.	0.41
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008	0.36

Return for Risk

UGL vs. ULE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UGL

UGL Risk / Return Rank: 24
UGL Sharpe Ratio Rank: 25
UGL Sortino Ratio Rank: 26
UGL Omega Ratio Rank: 30
UGL Calmar Ratio Rank: 22
UGL Martin Ratio Rank: 19

ULE

ULE Risk / Return Rank: 8
ULE Sharpe Ratio Rank: 8
ULE Sortino Ratio Rank: 7
ULE Omega Ratio Rank: 7
ULE Calmar Ratio Rank: 8
ULE Martin Ratio Rank: 8

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UGL vs. ULE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and ProShares Ultra Euro (ULE). 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	ULE	Difference
Sharpe ratio: Return per unit of total volatility	0.63	-0.16	+0.79
Sortino ratio: Return per unit of downside risk	1.11	-0.14	+1.25
Omega ratio: Gain probability vs. loss probability	1.16	0.98	+0.18
Calmar ratio: Return relative to maximum drawdown	0.71	-0.16	+0.87
Martin ratio: Return relative to average drawdown	1.42	-0.31	+1.72

UGL vs. ULE - Sharpe Ratio Comparison

The current UGL Sharpe Ratio is 0.63, which is higher than the ULE Sharpe Ratio of -0.16. The chart below compares the historical Sharpe Ratios of UGL and ULE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UGL vs. ULE - Drawdown Comparison

The maximum UGL drawdown since its inception was -75.93%, roughly equal to the maximum ULE drawdown of -72.74%. Use the drawdown chart below to compare losses from any high point for UGL and ULE.

Drawdown Indicators

	UGL	ULE	Difference
Max Drawdown Largest peak-to-trough decline	-75.93%	-72.74%	-3.19%
Max Drawdown (1Y) Largest decline over 1 year	-50.02%	-11.67%	-38.35%
Max Drawdown (3Y) Largest decline over 3 years	-50.02%	-16.95%	-33.07%
Max Drawdown (5Y) Largest decline over 5 years	-50.02%	-37.36%	-12.66%
Max Drawdown (10Y) Largest decline over 10 years	-50.02%	-51.30%	+1.28%
Current Drawdown Current decline from peak	-43.28%	-62.58%	+19.30%
Average Drawdown Average peak-to-trough decline	-43.64%	-46.21%	+2.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.99%	6.23%	+18.76%

Volatility

UGL vs. ULE - Volatility Comparison

ProShares Ultra Gold (UGL) has a higher volatility of 14.34% compared to ProShares Ultra Euro (ULE) at 2.40%. This indicates that UGL's price experiences larger fluctuations and is considered to be riskier than ULE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGL	ULE	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.34%	2.40%	+11.94%
Volatility (6M) Calculated over the trailing 6-month period	39.95%	7.89%	+32.06%
Volatility (1Y) Calculated over the trailing 1-year period	56.32%	12.16%	+44.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.32%	16.08%	+21.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.79%	15.07%	+17.72%

UGL vs. ULE - Expense Ratio Comparison

Both UGL and ULE have an expense ratio of 0.95%.

Dividends

UGL vs. ULE - Dividend Comparison

Neither UGL nor ULE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UGL and ULE in my portfolio?

UGL and ULE have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UGL or ULE?

UGL has higher volatility (14.34%) compared to ULE (2.40%). In terms of maximum drawdown, UGL dropped -75.93% vs ULE's -72.74%.

Which ETF is better, UGL or ULE?

On 10-year performance, UGL leads with 15.58% vs -2.20% for ULE. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGL or ULE?

Over the 10-year period, UGL has performed better with a 15.58% return vs -2.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGL or ULE?

UGL and ULE have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, UGL or ULE?

UGL and ULE have nearly identical dividend yields, around 0.00%.

What is the main difference between UGL and ULE?

UGL is categorized as Leveraged Commodities, while ULE is Leveraged Currency. UGL tracks Bloomberg Gold Subindex (200%), while ULE tracks USD/EUR Exchange Rate (-200%).

Which has better risk-adjusted returns?

UGL currently has the higher Sharpe Ratio (0.63 vs -0.16), 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.