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 14.39%/yr vs -72.05%/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
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Returns By Period
In the year-to-date period, UGL achieves a -21.87% return, which is significantly higher than UVXY's -32.31% return. Over the past 10 years, UGL has outperformed UVXY with an annualized return of 14.39%, while UVXY has yielded a comparatively lower -72.05% annualized return.
UGL
- 1D
- -5.20%
- 1M
- -10.54%
- 6M
- -30.93%
- YTD
- -21.87%
- 1Y
- 21.38%
- 3Y*
- 42.32%
- 5Y*
- 23.26%
- 10Y*
- 14.39%
UVXY
- 1D
- 4.92%
- 1M
- -15.35%
- 6M
- -29.18%
- YTD
- -32.31%
- 1Y
- -71.44%
- 3Y*
- -61.73%
- 5Y*
- -67.56%
- 10Y*
- -72.05%
UGL vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -21.87% | 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 | -32.31% | -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 -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.00 |
The correlation between UGL and UVXY shifts across timeframes, from -0.12 (1 year) to -0.00 (all time), reflecting how their relationship changes across market environments.
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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 | +1.23 | ||
| Sortino ratioReturn per unit of downside risk | +2.34 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 0.83 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.43 | -0.98 | +1.41 |
| Martin ratioReturn relative to average drawdown | 0.99 | -1.46 | +2.45 |
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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.
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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 | -49.38% | -73.42% | +24.04% |
Max Drawdown (3Y)Largest decline over 3 years | -49.38% | -95.32% | +45.94% |
Max Drawdown (5Y)Largest decline over 5 years | -49.38% | -99.74% | +50.36% |
Max Drawdown (10Y)Largest decline over 10 years | -49.38% | -100.00% | +50.62% |
Current DrawdownCurrent decline from peak | -49.33% | -100.00% | +50.67% |
Average DrawdownAverage peak-to-trough decline | -43.63% | -98.75% | +55.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.73% | 48.91% | -27.18% |
Volatility
UGL vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra Gold (UGL) is 15.14%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 21.23%. 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.
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Volatility by Period
| UGL | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.14% | 21.23% | -6.09% |
Volatility (6M)Calculated over the trailing 6-month period | 48.71% | 66.69% | -17.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.56% | 85.49% | -29.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.94% | 103.84% | -66.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.63% | 112.03% | -79.40% |
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 -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (21.23%) compared to UGL (15.14%). In terms of maximum drawdown, UGL dropped -75.93% vs UVXY's -100.00%.
On 10-year performance, UGL leads with 14.39% vs -72.05% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UGL has been the lower-risk option at 15.14%. 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 14.39% return vs -72.05%. 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 (0.39 vs -0.84), 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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