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 Barclays Capital U.S. 7-10 Year Treasury Index (200%). Both are passively managed. Over the past 10 years, UGL returned 18.45%/yr vs -2.13%/yr for UST. At a 0.28 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
UGL vs. UST - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UGL achieves a -2.16% return, which is significantly higher than UST's -2.88% return. Over the past 10 years, UGL has outperformed UST with an annualized return of 18.45%, while UST has yielded a comparatively lower -2.13% 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%
UST
- 1D
- -0.56%
- 1M
- -0.51%
- YTD
- -2.88%
- 6M
- -4.24%
- 1Y
- 3.81%
- 3Y*
- -0.51%
- 5Y*
- -6.75%
- 10Y*
- -2.13%
UGL vs. UST - 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% |
UST ProShares Ultra 7-10 Year Treasury | -2.88% | 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 price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2010 | 0.28 |
The correlation between UGL and UST shifts across timeframes, from 0.24 (3 years) to 0.36 (10 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
| UGL | UST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.07 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 0.44 | +0.95 |
| Martin ratioReturn relative to average drawdown | 3.17 | 1.26 | +1.91 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| UGL | UST | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.98 | 0.40 | +0.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.75 | -0.44 | +1.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | -0.16 | +0.73 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.19 | +0.20 |
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.
Loading charts...
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 | -37.56% | -8.75% | -28.81% |
Max Drawdown (3Y)Largest decline over 3 years | -37.56% | -16.87% | -20.69% |
Max Drawdown (5Y)Largest decline over 5 years | -40.23% | -43.97% | +3.74% |
Max Drawdown (10Y)Largest decline over 10 years | -46.23% | -47.99% | +1.76% |
Current DrawdownCurrent decline from peak | -36.56% | -38.33% | +1.77% |
Average DrawdownAverage peak-to-trough decline | -43.63% | -15.13% | -28.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.35% | 3.03% | +13.32% |
Volatility
UGL vs. UST - Volatility Comparison
ProShares Ultra Gold (UGL) has a higher volatility of 11.03% compared to ProShares Ultra 7-10 Year Treasury (UST) at 3.10%. 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.
Loading charts...
Volatility by Period
| UGL | UST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.03% | 3.10% | +7.93% |
Volatility (6M)Calculated over the trailing 6-month period | 46.81% | 6.58% | +40.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.91% | 9.50% | +43.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.18% | 15.47% | +20.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.34% | 13.18% | +19.16% |
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 3.49%.
| 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 | 3.49% | 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 (11.03%) compared to UST (3.10%). In terms of maximum drawdown, UGL dropped -75.93% vs UST's -47.99%.
On 10-year performance, UGL leads with 18.45% vs -2.13% for UST. Both ETFs have the same 0.95% expense ratio. On volatility, UST has been the lower-risk option at 3.10%. 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 18.45% return vs -2.13%. 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 3.49%, 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 Barclays Capital U.S. 7-10 Year Treasury Index (200%).
UGL currently has the higher Sharpe Ratio (0.98 vs 0.40), 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.
Find the right allocation for UGL and UST
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer