UGL vs. WNTR

Last updated Jul 17, 2026

UGL (ProShares Ultra Gold) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while WNTR is a Derivative Income fund actively managed by YieldMax. UGL is passively managed, while WNTR is actively managed. Over the past year, UGL returned 20.84% vs 127.90% for WNTR. At a correlation of -0.17, they often move in opposite directions. UGL charges 0.95%/yr vs 1.01%/yr for WNTR.

Performance

UGL vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Gold (UGL) and YieldMax Short MSTR Option Income Strategy ETF (WNTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UGL achieves a -22.93% return, which is significantly lower than WNTR's 9.49% return.

UGL

• 1D: -3.84%
• 1M: -16.64%
• 6M: -32.04%
• YTD: -22.93%
• 1Y: 20.84%
• 3Y*: 41.67%
• 5Y*: 23.41%
• 10Y*: 14.19%

WNTR

• 1D: 2.96%
• 1M: 17.94%
• 6M: 21.62%
• YTD: 9.49%
• 1Y: 127.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UGL vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
UGL ProShares Ultra Gold	-22.93%	84.57%
WNTR YieldMax Short MSTR Option Income Strategy ETF	9.49%	52.78%

Correlation

The correlation between UGL and WNTR is -0.23, 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	-0.23
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.17

Return for Risk

UGL vs. WNTR — Risk / Return Rank

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

UGL

UGL Risk / Return Rank: 17
UGL Sharpe Ratio Rank: 16
UGL Sortino Ratio Rank: 18
UGL Omega Ratio Rank: 20
UGL Calmar Ratio Rank: 15
UGL Martin Ratio Rank: 15

WNTR

WNTR Risk / Return Rank: 73
WNTR Sharpe Ratio Rank: 90
WNTR Sortino Ratio Rank: 71
WNTR Omega Ratio Rank: 75
WNTR Calmar Ratio Rank: 74
WNTR Martin Ratio Rank: 56

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. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and YieldMax Short MSTR Option Income Strategy ETF (WNTR). 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	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	0.38	2.39	-2.02
Sortino ratio: Return per unit of downside risk	0.83	2.56	-1.73
Omega ratio: Gain probability vs. loss probability	1.12	1.35	-0.23
Calmar ratio: Return relative to maximum drawdown	0.42	3.02	-2.60
Martin ratio: Return relative to average drawdown	0.93	7.72	-6.79

UGL vs. WNTR - Sharpe Ratio Comparison

The current UGL Sharpe Ratio is 0.38, which is lower than the WNTR Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of UGL and WNTR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UGL vs. WNTR - Drawdown Comparison

The maximum UGL drawdown since its inception was -75.93%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for UGL and WNTR.

Drawdown Indicators

	UGL	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-75.93%	-42.65%	-33.28%
Max Drawdown (1Y) Largest decline over 1 year	-50.02%	-42.65%	-7.37%
Max Drawdown (3Y) Largest decline over 3 years	-50.02%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-50.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-50.02%	—	—
Current Drawdown Current decline from peak	-50.02%	-10.67%	-39.35%
Average Drawdown Average peak-to-trough decline	-43.63%	-20.46%	-23.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.37%	16.63%	+5.74%

Volatility

UGL vs. WNTR - Volatility Comparison

The current volatility for ProShares Ultra Gold (UGL) is 13.20%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 17.89%. This indicates that UGL experiences smaller price fluctuations and is considered to be less risky than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGL	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.20%	17.89%	-4.69%
Volatility (6M) Calculated over the trailing 6-month period	48.73%	47.05%	+1.68%
Volatility (1Y) Calculated over the trailing 1-year period	55.63%	53.81%	+1.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.98%	53.49%	-16.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.65%	53.49%	-20.84%

UGL vs. WNTR - Expense Ratio Comparison

UGL has a 0.95% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

UGL vs. WNTR - Dividend Comparison

UGL has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 106.86%.

Position	TTM	2025
UGL ProShares Ultra Gold	0.00%	0.00%
WNTR YieldMax Short MSTR Option Income Strategy ETF	106.86%	58.56%

Frequently Asked Questions

Can I hold both UGL and WNTR in my portfolio?

UGL and WNTR have a correlation of -0.23, 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 WNTR?

WNTR has higher volatility (17.89%) compared to UGL (13.20%). In terms of maximum drawdown, UGL dropped -75.93% vs WNTR's -42.65%.

Which ETF is better, UGL or WNTR?

On 1-year performance, WNTR leads with 127.90% vs 20.84% for UGL. On fees, UGL is cheaper at 0.95% per year. On volatility, UGL has been the lower-risk option at 13.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGL or WNTR?

Over the 1-year period, WNTR has performed better with a 127.90% return vs 20.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGL or WNTR?

UGL is cheaper with a 0.95% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 106.86%, compared with 0.00% for UGL.

What is the main difference between UGL and WNTR?

UGL is categorized as Leveraged Commodities, while WNTR is Derivative Income. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 0.95% for UGL and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.39 vs 0.38), 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.