UGL vs. UPRO
UGL (ProShares Ultra Gold) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, UGL returned 18.45%/yr vs 30.09%/yr for UPRO. At a 0.06 correlation, their price movements are largely independent. UGL charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
UGL vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, UGL achieves a -2.16% return, which is significantly lower than UPRO's 27.90% return. Over the past 10 years, UGL has underperformed UPRO with an annualized return of 18.45%, while UPRO has yielded a comparatively higher 30.09% annualized return.
UGL
- 1D
- -2.00%
- 1M
- -3.96%
- YTD
- -2.16%
- 6M
- 1.78%
- 1Y
- 51.67%
- 3Y*
- 53.18%
- 5Y*
- 27.00%
- 10Y*
- 18.45%
UPRO
- 1D
- -2.09%
- 1M
- 14.64%
- YTD
- 27.90%
- 6M
- 26.67%
- 1Y
- 80.84%
- 3Y*
- 52.58%
- 5Y*
- 23.13%
- 10Y*
- 30.09%
UGL vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -2.16% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
UPRO ProShares UltraPro S&P 500 | 27.90% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between UGL and UPRO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009 | 0.06 |
The correlation between UGL and UPRO shifts across timeframes, from 0.05 (10 years) to 0.20 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UGL vs. UPRO — Risk / Return Rank
UGL
UPRO
UGL vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and ProShares UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.32 | ||
| Sortino ratioReturn per unit of downside risk | -1.33 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.36 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 3.03 | -1.65 |
| Martin ratioReturn relative to average drawdown | 3.17 | 12.80 | -9.64 |
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 | UPRO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.98 | 2.30 | -1.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.75 | 0.46 | +0.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | 0.56 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.65 | -0.26 |
Drawdowns
UGL vs. UPRO - Drawdown Comparison
The maximum UGL drawdown since its inception was -75.93%, roughly equal to the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for UGL and UPRO.
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Drawdown Indicators
| UGL | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -76.82% | +0.89% |
Max Drawdown (1Y)Largest decline over 1 year | -37.56% | -26.78% | -10.78% |
Max Drawdown (3Y)Largest decline over 3 years | -37.56% | -48.87% | +11.31% |
Max Drawdown (5Y)Largest decline over 5 years | -40.23% | -63.94% | +23.71% |
Max Drawdown (10Y)Largest decline over 10 years | -46.23% | -76.82% | +30.59% |
Current DrawdownCurrent decline from peak | -36.56% | -2.09% | -34.47% |
Average DrawdownAverage peak-to-trough decline | -43.63% | -14.42% | -29.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.35% | 6.33% | +10.02% |
Volatility
UGL vs. UPRO - Volatility Comparison
ProShares Ultra Gold (UGL) has a higher volatility of 11.03% compared to ProShares UltraPro S&P 500 (UPRO) at 8.45%. This indicates that UGL's price experiences larger fluctuations and is considered to be riskier than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGL | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.03% | 8.45% | +2.58% |
Volatility (6M)Calculated over the trailing 6-month period | 46.81% | 26.60% | +20.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.91% | 35.35% | +17.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.18% | 50.32% | -14.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.34% | 53.74% | -21.40% |
UGL vs. UPRO - Expense Ratio Comparison
UGL has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
UGL vs. UPRO - Dividend Comparison
UGL has not paid dividends to shareholders, while UPRO's dividend yield for the trailing twelve months is around 0.68%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
UPRO ProShares UltraPro S&P 500 | 0.68% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
UGL and UPRO have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (11.03%) compared to UPRO (8.45%). In terms of maximum drawdown, UGL dropped -75.93% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 30.09% vs 18.45% for UGL. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 8.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 30.09% return vs 18.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for UGL.
UPRO has the higher dividend yield at 0.68%, compared with 0.00% for UGL.
UGL is categorized as Leveraged Commodities, while UPRO is Leveraged Equities. UGL tracks Bloomberg Gold Subindex (200%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for UGL and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (2.30 vs 0.98), 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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