UGLD vs. UPAL

Last updated Jul 14, 2026

UGLD (Direxion Daily Gold Bull 2X ETF) and UPAL (ProShares Ultra Palladium K-1 Free ETF) are both Leveraged Commodities funds. Both are actively managed. A 0.66 correlation means they provide meaningful diversification when combined. UGLD charges 1.07%/yr vs 0.95%/yr for UPAL.

Performance

UGLD vs. UPAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Gold Bull 2X ETF (UGLD) and ProShares Ultra Palladium K-1 Free ETF (UPAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

UGLD

• 1D: -5.24%
• 1M: -11.00%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

UPAL

• 1D: -3.15%
• 1M: -7.19%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UGLD vs. UPAL - Yearly Performance Comparison

	2026 (YTD)
UGLD Direxion Daily Gold Bull 2X ETF	-20.62%
UPAL ProShares Ultra Palladium K-1 Free ETF	-22.47%

Correlation

The correlation between UGLD and UPAL is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.66

Return for Risk

UGLD vs. UPAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Bull 2X ETF (UGLD) and ProShares Ultra Palladium K-1 Free ETF (UPAL). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

UGLD vs. UPAL - Drawdown Comparison

The maximum UGLD drawdown since its inception was -24.38%, smaller than the maximum UPAL drawdown of -48.54%. Use the drawdown chart below to compare losses from any high point for UGLD and UPAL.

Drawdown Indicators

	UGLD	UPAL	Difference
Max Drawdown Largest peak-to-trough decline	-24.38%	-48.54%	+24.16%
Current Drawdown Current decline from peak	-24.38%	-41.54%	+17.16%
Average Drawdown Average peak-to-trough decline	-14.81%	-27.59%	+12.78%

Volatility

Volatility by Period

	UGLD	UPAL	Difference
Volatility (1Y) Calculated over the trailing 1-year period	54.54%	79.08%	-24.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.54%	79.08%	-24.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.54%	79.08%	-24.54%

UGLD vs. UPAL - Expense Ratio Comparison

UGLD has a 1.07% expense ratio, which is higher than UPAL's 0.95% expense ratio.

Dividends

UGLD vs. UPAL - Dividend Comparison

UGLD's dividend yield for the trailing twelve months is around 0.24%, less than UPAL's 0.26% yield.

Position	TTM
UGLD Direxion Daily Gold Bull 2X ETF	0.24%
UPAL ProShares Ultra Palladium K-1 Free ETF	0.26%

Frequently Asked Questions

Can I hold both UGLD and UPAL in my portfolio?

UGLD and UPAL have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UGLD or UPAL?

On fees, UPAL is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UGLD or UPAL?

UPAL is cheaper with a 0.95% expense ratio, compared with 1.07% for UGLD.

Which ETF pays a higher dividend yield, UGLD or UPAL?

UPAL has the higher dividend yield at 0.26%, compared with 0.24% for UGLD.

What is the main difference between UGLD and UPAL?

They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.07% for UGLD and 0.95% for UPAL.