UGL vs. USD
Compare and contrast key facts about ProShares Ultra Gold (UGL) and ProShares Ultra Semiconductors (USD).
UGL and USD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UGL is a passively managed fund by ProShares that tracks the performance of the Bloomberg Gold Subindex (200%). It was launched on Dec 1, 2008. USD is a passively managed fund by ProShares that tracks the performance of the Dow Jones U.S. Semiconductors Index (200%). It was launched on Jan 30, 2007. Both UGL and USD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
UGL vs. USD - Performance Comparison
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UGL vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | 14.36% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
USD ProShares Ultra Semiconductors | -4.90% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Returns By Period
In the year-to-date period, UGL achieves a 14.36% return, which is significantly higher than USD's -4.90% return. Over the past 10 years, UGL has underperformed USD with an annualized return of 20.61%, while USD has yielded a comparatively higher 50.62% annualized return.
UGL
- 1D
- 3.30%
- 1M
- -21.80%
- YTD
- 14.36%
- 6M
- 37.39%
- 1Y
- 98.00%
- 3Y*
- 59.13%
- 5Y*
- 35.67%
- 10Y*
- 20.61%
USD
- 1D
- 4.03%
- 1M
- -7.90%
- YTD
- -4.90%
- 6M
- -1.21%
- 1Y
- 145.25%
- 3Y*
- 90.90%
- 5Y*
- 44.58%
- 10Y*
- 50.62%
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UGL vs. USD - Expense Ratio Comparison
Both UGL and USD have an expense ratio of 0.95%.
Return for Risk
UGL vs. USD — Risk / Return Rank
UGL
USD
UGL vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.78 | 1.90 | -0.12 |
Sortino ratioReturn per unit of downside risk | 2.11 | 2.44 | -0.33 |
Omega ratioGain probability vs. loss probability | 1.31 | 1.34 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 2.59 | 4.67 | -2.08 |
Martin ratioReturn relative to average drawdown | 8.76 | 12.81 | -4.05 |
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 | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.78 | 1.90 | -0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.00 | 0.59 | +0.42 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 0.74 | -0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.41 | +0.02 |
Correlation
The correlation between UGL and USD is 0.03, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
UGL vs. USD - Dividend Comparison
UGL has not paid dividends to shareholders, while USD's dividend yield for the trailing twelve months is around 0.48%.
| 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% |
USD ProShares Ultra Semiconductors | 0.48% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Drawdowns
UGL vs. USD - Drawdown Comparison
The maximum UGL drawdown since its inception was -75.93%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for UGL and USD.
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Drawdown Indicators
| UGL | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -88.63% | +12.70% |
Max Drawdown (1Y)Largest decline over 1 year | -37.56% | -31.80% | -5.76% |
Max Drawdown (5Y)Largest decline over 5 years | -40.23% | -77.85% | +37.62% |
Max Drawdown (10Y)Largest decline over 10 years | -46.23% | -77.85% | +31.62% |
Current DrawdownCurrent decline from peak | -25.85% | -21.24% | -4.61% |
Average DrawdownAverage peak-to-trough decline | -43.76% | -32.60% | -11.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.11% | 11.60% | -0.49% |
Volatility
UGL vs. USD - Volatility Comparison
ProShares Ultra Gold (UGL) and ProShares Ultra Semiconductors (USD) have volatilities of 20.81% and 21.67%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGL | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.81% | 21.67% | -0.86% |
Volatility (6M)Calculated over the trailing 6-month period | 49.09% | 48.73% | +0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.46% | 77.08% | -21.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.70% | 76.24% | -40.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.19% | 68.85% | -36.66% |