ULE vs. GSG
ULE (ProShares Ultra Euro) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, ULE returned -2.39%/yr vs 7.61%/yr for GSG. At a 0.19 correlation, their price movements are largely independent. ULE charges 0.95%/yr vs 0.75%/yr for GSG.
Performance
ULE vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, ULE achieves a -5.85% return, which is significantly lower than GSG's 33.95% return. Over the past 10 years, ULE has underperformed GSG with an annualized return of -2.39%, while GSG has yielded a comparatively higher 7.61% annualized return.
ULE
- 1D
- -0.40%
- 1M
- -2.78%
- 6M
- -3.55%
- YTD
- -5.85%
- 1Y
- -4.77%
- 3Y*
- 0.29%
- 5Y*
- -3.18%
- 10Y*
- -2.39%
GSG
- 1D
- -0.93%
- 1M
- 4.15%
- 6M
- 29.74%
- YTD
- 33.95%
- 1Y
- 37.41%
- 3Y*
- 15.32%
- 5Y*
- 14.20%
- 10Y*
- 7.61%
ULE vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -5.85% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 33.95% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between ULE and GSG is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.19 |
The correlation between ULE and GSG shifts across timeframes, from -0.14 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ULE vs. GSG — Risk / Return Rank
ULE
GSG
ULE vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and iShares S&P GSCI Commodity-Indexed Trust (GSG). 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.
| ULE | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.97 | ||
| Sortino ratioReturn per unit of downside risk | -2.65 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.29 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.41 | 2.00 | -2.41 |
| Martin ratioReturn relative to average drawdown | -0.82 | 6.66 | -7.48 |
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Drawdowns
ULE vs. GSG - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for ULE and GSG.
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Drawdown Indicators
| ULE | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -89.62% | +16.88% |
Max Drawdown (1Y)Largest decline over 1 year | -11.67% | -18.81% | +7.14% |
Max Drawdown (3Y)Largest decline over 3 years | -17.25% | -18.81% | +1.56% |
Max Drawdown (5Y)Largest decline over 5 years | -37.59% | -29.12% | -8.47% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -57.64% | +6.34% |
Current DrawdownCurrent decline from peak | -63.25% | -59.56% | -3.69% |
Average DrawdownAverage peak-to-trough decline | -46.16% | -63.68% | +17.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.80% | 5.63% | +0.17% |
Volatility
ULE vs. GSG - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.85%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.17%. This indicates that ULE experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULE | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.85% | 7.17% | -4.32% |
Volatility (6M)Calculated over the trailing 6-month period | 8.95% | 21.54% | -12.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.98% | 23.48% | -10.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.07% | 22.80% | -6.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.08% | 22.00% | -6.92% |
ULE vs. GSG - Expense Ratio Comparison
ULE has a 0.95% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
ULE vs. GSG - Dividend Comparison
Neither ULE nor GSG has paid dividends to shareholders.
Frequently Asked Questions
ULE and GSG 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.
GSG has higher volatility (7.17%) compared to ULE (2.85%). In terms of maximum drawdown, ULE dropped -72.74% vs GSG's -89.62%.
On 10-year performance, GSG leads with 7.61% vs -2.39% for ULE. On fees, GSG is cheaper at 0.75% per year. On volatility, ULE has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GSG has performed better with a 7.61% return vs -2.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSG is cheaper with a 0.75% expense ratio, compared with 0.95% for ULE.
ULE and GSG have nearly identical dividend yields, around 0.00%.
ULE is categorized as Leveraged Currency, while GSG is Commodities. ULE tracks USD/EUR Exchange Rate (-200%), while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for ULE and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.60 vs -0.37), 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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