UGL vs. UVXY
UGL (ProShares Ultra Gold) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, UGL returned 14.00%/yr vs -71.50%/yr for UVXY. Their -0.01 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
UGL vs. UVXY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UGL achieves a -20.41% return, which is significantly higher than UVXY's -35.24% return. Over the past 10 years, UGL has outperformed UVXY with an annualized return of 14.00%, while UVXY has yielded a comparatively lower -71.50% annualized return.
UGL
- 1D
- -2.99%
- 1M
- -4.25%
- 6M
- -34.89%
- YTD
- -20.41%
- 1Y
- 24.87%
- 3Y*
- 43.93%
- 5Y*
- 24.15%
- 10Y*
- 14.00%
- ALL TIME*
- 11.85%
UVXY
- 1D
- -4.24%
- 1M
- -6.17%
- 6M
- -37.50%
- YTD
- -35.24%
- 1Y
- -73.24%
- 3Y*
- -61.42%
- 5Y*
- -68.18%
- 10Y*
- -71.50%
- ALL TIME*
- -80.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $72.32M | $67.11M | $108.24M | |
| $190.03M | $191.90M | $239.87M |
UGL vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -20.41% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.24% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between UGL and UVXY is -0.14, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.14 |
Correlation (3Y) Balances recent behavior with more history. | -0.04 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.04 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.01 |
The correlation between UGL and UVXY shifts across timeframes, from -0.14 (1 year) to -0.01 (all time), 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. UVXY — Risk / Return Rank
UGL
UVXY
UGL vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.34 | ||
| Sortino ratioReturn per unit of downside risk | +2.36 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 0.85 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.60 | -0.95 | +1.55 |
| Martin ratioReturn relative to average drawdown | 1.22 | -1.35 | +2.57 |
Loading charts...
Drawdowns
UGL vs. UVXY - Drawdown Comparison
The maximum UGL drawdown since its inception was -75.93%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UGL and UVXY.
Loading charts...
Drawdown Indicators
| UGL | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -100.00% | +24.07% |
Max Drawdown (1Y)Largest decline over 1 year | -50.02% | -73.88% | +23.86% |
Max Drawdown (3Y)Largest decline over 3 years | -50.02% | -95.42% | +45.40% |
Max Drawdown (5Y)Largest decline over 5 years | -50.02% | -99.68% | +49.66% |
Max Drawdown (10Y)Largest decline over 10 years | -50.02% | -100.00% | +49.98% |
Current DrawdownCurrent decline from peak | -48.39% | -100.00% | +51.61% |
Average DrawdownAverage peak-to-trough decline | -43.64% | -98.76% | +55.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.47% | 51.60% | -27.13% |
Volatility
UGL vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra Gold (UGL) is 12.79%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.30%. This indicates that UGL experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| UGL | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.79% | 22.30% | -9.51% |
Volatility (6M)Calculated over the trailing 6-month period | 47.42% | 65.55% | -18.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.84% | 87.28% | -31.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.12% | 103.39% | -66.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.70% | 112.09% | -79.39% |
UGL vs. UVXY - Expense Ratio Comparison
Both UGL and UVXY have an expense ratio of 0.95%.
Dividends
UGL vs. UVXY - Dividend Comparison
Neither UGL nor UVXY has paid dividends to shareholders.
Frequently Asked Questions
UGL and UVXY have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.30%) compared to UGL (12.79%). In terms of maximum drawdown, UGL dropped -75.93% vs UVXY's -100.00%.
On 10-year performance, UGL leads with 14.00% vs -71.50% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UGL has been the lower-risk option at 12.79%. 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 14.00% return vs -71.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGL and UVXY have the same expense ratio: 0.95% per year.
UGL and UVXY have nearly identical dividend yields, around 0.00%.
UGL is categorized as Leveraged Commodities, while UVXY is Volatility. UGL tracks Bloomberg Gold Subindex (200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UGL currently has the higher Sharpe Ratio (0.54 vs -0.80), 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 UVXY
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