UGL vs. UPV
UGL (ProShares Ultra Gold) and UPV (ProShares Ultra Europe) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while UPV is a Leveraged Equities fund tracking the MSCI Europe Index (200%). Both are passively managed. Over the past 10 years, UGL returned 15.87%/yr vs 11.00%/yr for UPV. At a 0.15 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
UGL vs. UPV - Performance Comparison
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Returns By Period
In the year-to-date period, UGL achieves a -17.71% return, which is significantly lower than UPV's 3.97% return. Over the past 10 years, UGL has outperformed UPV with an annualized return of 15.87%, while UPV has yielded a comparatively lower 11.00% annualized return.
UGL
- 1D
- -8.18%
- 1M
- -26.39%
- YTD
- -17.71%
- 6M
- -15.29%
- 1Y
- 29.54%
- 3Y*
- 44.14%
- 5Y*
- 23.12%
- 10Y*
- 15.87%
UPV
- 1D
- -2.62%
- 1M
- -3.09%
- YTD
- 3.97%
- 6M
- 8.23%
- 1Y
- 21.77%
- 3Y*
- 22.85%
- 5Y*
- 6.67%
- 10Y*
- 11.00%
UGL vs. UPV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -17.71% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
UPV ProShares Ultra Europe | 3.97% | 68.63% | -4.51% | 32.16% | -36.58% | 32.38% | -3.15% | 47.04% | -32.64% | 57.44% |
Correlation
The correlation between UGL and UPV is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since May 7, 2010 | 0.15 |
Over the past year, UGL and UPV have become more correlated (0.36) than their long-term average of 0.15, meaning their price movements have been converging.
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Return for Risk
UGL vs. UPV — Risk / Return Rank
UGL
UPV
UGL vs. UPV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and ProShares Ultra Europe (UPV). 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 | UPV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.14 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.64 | 0.93 | -0.30 |
| Martin ratioReturn relative to average drawdown | 1.71 | 3.14 | -1.43 |
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 | UPV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.55 | 0.70 | -0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.64 | 0.19 | +0.45 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.49 | 0.30 | +0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | 0.24 | +0.12 |
Drawdowns
UGL vs. UPV - Drawdown Comparison
The maximum UGL drawdown since its inception was -75.93%, which is greater than UPV's maximum drawdown of -67.25%. Use the drawdown chart below to compare losses from any high point for UGL and UPV.
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Drawdown Indicators
| UGL | UPV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -67.25% | -8.68% |
Max Drawdown (1Y)Largest decline over 1 year | -46.64% | -23.41% | -23.23% |
Max Drawdown (3Y)Largest decline over 3 years | -46.64% | -27.54% | -19.10% |
Max Drawdown (5Y)Largest decline over 5 years | -46.64% | -58.33% | +11.69% |
Max Drawdown (10Y)Largest decline over 10 years | -46.64% | -67.25% | +20.61% |
Current DrawdownCurrent decline from peak | -46.64% | -10.33% | -36.31% |
Average DrawdownAverage peak-to-trough decline | -43.62% | -20.81% | -22.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.34% | 6.96% | +10.38% |
Volatility
UGL vs. UPV - Volatility Comparison
ProShares Ultra Gold (UGL) has a higher volatility of 13.61% compared to ProShares Ultra Europe (UPV) at 9.99%. This indicates that UGL's price experiences larger fluctuations and is considered to be riskier than UPV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGL | UPV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.61% | 9.99% | +3.62% |
Volatility (6M)Calculated over the trailing 6-month period | 48.29% | 26.19% | +22.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.08% | 31.18% | +22.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.54% | 35.46% | +1.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.53% | 37.10% | -4.57% |
UGL vs. UPV - Expense Ratio Comparison
Both UGL and UPV have an expense ratio of 0.95%.
Dividends
UGL vs. UPV - Dividend Comparison
UGL has not paid dividends to shareholders, while UPV's dividend yield for the trailing twelve months is around 2.20%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UPV ProShares Ultra Europe | 2.20% | 2.11% | 2.70% | 1.57% | 0.00% | 0.00% | 0.00% | 0.65% | 3.80% |
Frequently Asked Questions
UGL and UPV have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (13.61%) compared to UPV (9.99%). In terms of maximum drawdown, UGL dropped -75.93% vs UPV's -67.25%.
On 10-year performance, UGL leads with 15.87% vs 11.00% for UPV. Both ETFs have the same 0.95% expense ratio. On volatility, UPV has been the lower-risk option at 9.99%. 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 15.87% return vs 11.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGL and UPV have the same expense ratio: 0.95% per year.
UPV has the higher dividend yield at 2.20%, compared with 0.00% for UGL.
UGL is categorized as Leveraged Commodities, while UPV is Leveraged Equities. UGL tracks Bloomberg Gold Subindex (200%), while UPV tracks MSCI Europe Index (200%).
UPV currently has the higher Sharpe Ratio (0.70 vs 0.55), 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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