UGL vs. UST
UGL (ProShares Ultra Gold) and UST (ProShares Ultra 7-10 Year Treasury) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while UST is a Leveraged Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 10 years, UGL returned 14.50%/yr vs -2.53%/yr for UST. Their 0.28 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.
Performance
UGL vs. UST - Performance Comparison
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Returns By Period
In the year-to-date period, UGL achieves a -20.39% return, which is significantly lower than UST's -4.75% return. Over the past 10 years, UGL has outperformed UST with an annualized return of 14.50%, while UST has yielded a comparatively lower -2.53% annualized return.
UGL
- 1D
- 0.02%
- 1M
- -4.23%
- 6M
- -29.46%
- YTD
- -20.39%
- 1Y
- 24.89%
- 3Y*
- 44.20%
- 5Y*
- 24.23%
- 10Y*
- 14.50%
- ALL TIME*
- 11.85%
UST
- 1D
- 0.56%
- 1M
- -2.55%
- 6M
- -3.81%
- YTD
- -4.75%
- 1Y
- -2.66%
- 3Y*
- 0.46%
- 5Y*
- -8.21%
- 10Y*
- -2.53%
- ALL TIME*
- 2.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $75.32M | $66.24M | $106.58M | |
| $493.89K | $437.03K | $327.72K |
UGL vs. UST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -20.39% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
UST ProShares Ultra 7-10 Year Treasury | -4.75% | 10.26% | -6.19% | 0.16% | -30.19% | -7.81% | 18.83% | 13.34% | -1.09% | 3.21% |
Correlation
The correlation between UGL and UST is 0.25, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.25 |
Correlation (3Y) Balances recent behavior with more history. | 0.23 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.32 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.36 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2010 | 0.28 |
The correlation between UGL and UST shifts across timeframes, from 0.23 (3 years) to 0.35 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
UGL vs. UST — Risk / Return Rank
UGL
UST
UGL vs. UST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and ProShares Ultra 7-10 Year Treasury (UST). 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 | UST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.75 | ||
| Sortino ratioReturn per unit of downside risk | +1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.96 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.50 | -0.30 | +0.80 |
| Martin ratioReturn relative to average drawdown | 1.01 | -0.66 | +1.67 |
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Drawdowns
UGL vs. UST - Drawdown Comparison
The maximum UGL drawdown since its inception was -75.93%, which is greater than UST's maximum drawdown of -47.99%. Use the drawdown chart below to compare losses from any high point for UGL and UST.
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Drawdown Indicators
| UGL | UST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -47.99% | -27.94% |
Max Drawdown (1Y)Largest decline over 1 year | -50.02% | -8.86% | -41.16% |
Max Drawdown (3Y)Largest decline over 3 years | -50.02% | -14.85% | -35.17% |
Max Drawdown (5Y)Largest decline over 5 years | -50.02% | -43.53% | -6.49% |
Max Drawdown (10Y)Largest decline over 10 years | -50.02% | -47.99% | -2.03% |
Current DrawdownCurrent decline from peak | -48.38% | -39.52% | -8.86% |
Average DrawdownAverage peak-to-trough decline | -43.64% | -15.35% | -28.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.66% | 4.07% | +20.59% |
Volatility
UGL vs. UST - Volatility Comparison
ProShares Ultra Gold (UGL) has a higher volatility of 12.08% compared to ProShares Ultra 7-10 Year Treasury (UST) at 2.65%. This indicates that UGL's price experiences larger fluctuations and is considered to be riskier than UST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGL | UST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.08% | 2.65% | +9.43% |
Volatility (6M)Calculated over the trailing 6-month period | 41.53% | 7.24% | +34.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.81% | 9.01% | +46.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.14% | 15.45% | +21.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.70% | 13.15% | +19.55% |
UGL vs. UST - Expense Ratio Comparison
Both UGL and UST have an expense ratio of 0.95%.
Dividends
UGL vs. UST - Dividend Comparison
UGL has not paid dividends to shareholders, while UST's dividend yield for the trailing twelve months is around 3.63%.
| 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% |
UST ProShares Ultra 7-10 Year Treasury | 3.63% | 3.65% | 4.09% | 3.49% | 0.47% | 0.27% | 0.53% | 1.42% | 1.71% | 0.84% | 0.64% | 0.75% |
Frequently Asked Questions
UGL and UST have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (12.08%) compared to UST (2.65%). In terms of maximum drawdown, UGL dropped -75.93% vs UST's -47.99%.
On 10-year performance, UGL leads with 14.50% vs -2.53% for UST. Both ETFs have the same 0.95% expense ratio. On volatility, UST has been the lower-risk option at 2.65%. 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 14.50% return vs -2.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGL and UST have the same expense ratio: 0.95% per year.
UST has the higher dividend yield at 3.63%, compared with 0.00% for UGL.
UGL is categorized as Leveraged Commodities, while UST is Leveraged Bonds. UGL tracks Bloomberg Gold Subindex (200%), while UST tracks ICE U.S. Treasury 7-10 Year Bond Index.
UGL currently has the higher Sharpe Ratio (0.45 vs -0.30), 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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