UGL vs. UVXY

Last updated Jun 4, 2026

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 18.45%/yr vs -72.67%/yr for UVXY. At a correlation of -0.00, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

UGL vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Gold (UGL) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UGL achieves a -2.16% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, UGL has outperformed UVXY with an annualized return of 18.45%, while UVXY has yielded a comparatively lower -72.67% 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%

UVXY

• 1D: -0.24%
• 1M: -22.10%
• YTD: -19.06%
• 6M: -37.37%
• 1Y: -72.91%
• 3Y*: -64.55%
• 5Y*: -67.90%
• 10Y*: -72.67%

*Multi-year figures are annualized to reflect compound growth (CAGR)

UGL vs. UVXY - 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%
UVXY ProShares Ultra VIX Short-Term Futures ETF	-19.06%	-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 -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (5Y) Calculated over the trailing 5-year period	-0.03
Correlation (10Y) Calculated over the trailing 10-year period	0.00
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011	-0.00

Return for Risk

UGL vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UGL

UGL Risk / Return Rank: 27
UGL Sharpe Ratio Rank: 26
UGL Sortino Ratio Rank: 26
UGL Omega Ratio Rank: 31
UGL Calmar Ratio Rank: 28
UGL Martin Ratio Rank: 24

UVXY

UVXY Risk / Return Rank: 1
UVXY Sharpe Ratio Rank: 2
UVXY Sortino Ratio Rank: 1
UVXY Omega Ratio Rank: 1
UVXY Calmar Ratio Rank: 1
UVXY Martin Ratio Rank: 2

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	UGL	UVXY	Difference
Sharpe ratio Return per unit of total volatility	0.98	-0.87	+1.85
Sortino ratio Return per unit of downside risk	1.43	-1.60	+3.03
Omega ratio Gain probability vs. loss probability	1.21	0.82	+0.40
Calmar ratio Return relative to maximum drawdown	1.38	-0.97	+2.35
Martin ratio Return relative to average drawdown	3.17	-1.31	+4.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UGL vs. UVXY - Sharpe Ratio Comparison

The current UGL Sharpe Ratio is 0.98, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of UGL and UVXY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UGL	UVXY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.98	-0.87	+1.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	-0.66	+1.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	-0.64	+1.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	-0.68	+1.07

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.

Drawdown Indicators

	UGL	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-75.93%	-100.00%	+24.07%
Max Drawdown (1Y) Largest decline over 1 year	-37.56%	-75.22%	+37.66%
Max Drawdown (3Y) Largest decline over 3 years	-37.56%	-95.45%	+57.89%
Max Drawdown (5Y) Largest decline over 5 years	-40.23%	-99.68%	+59.45%
Max Drawdown (10Y) Largest decline over 10 years	-46.23%	-100.00%	+53.77%
Current Drawdown Current decline from peak	-36.56%	-100.00%	+63.44%
Average Drawdown Average peak-to-trough decline	-43.63%	-98.55%	+54.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.35%	55.63%	-39.28%

Volatility

UGL vs. UVXY - Volatility Comparison

The current volatility for ProShares Ultra Gold (UGL) is 11.03%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. 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.

Volatility by Period

	UGL	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.03%	11.77%	-0.74%
Volatility (6M) Calculated over the trailing 6-month period	46.81%	62.64%	-15.83%
Volatility (1Y) Calculated over the trailing 1-year period	52.91%	84.42%	-31.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.18%	103.85%	-67.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.34%	113.82%	-81.48%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UGL and UVXY in my portfolio?

UGL and UVXY have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UGL or UVXY?

UVXY has higher volatility (11.77%) compared to UGL (11.03%). In terms of maximum drawdown, UGL dropped -75.93% vs UVXY's -100.00%.

Which ETF is better, UGL or UVXY?

On 10-year performance, UGL leads with 18.45% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UGL has been the lower-risk option at 11.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGL or UVXY?

Over the 10-year period, UGL has performed better with a 18.45% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGL or UVXY?

UGL and UVXY have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, UGL or UVXY?

UGL and UVXY have nearly identical dividend yields, around 0.00%.

What is the main difference between UGL and UVXY?

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%).

Which has better risk-adjusted returns?

UGL currently has the higher Sharpe Ratio (0.98 vs -0.87), 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.