ULE vs. UGL
ULE (ProShares Ultra Euro) and UGL (ProShares Ultra Gold) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, ULE returned -2.49%/yr vs 14.00%/yr for UGL. Their 0.36 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.
Performance
ULE vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, ULE achieves a -4.48% return, which is significantly higher than UGL's -20.41% return. Over the past 10 years, ULE has underperformed UGL with an annualized return of -2.49%, while UGL has yielded a comparatively higher 14.00% annualized return.
ULE
- 1D
- -0.06%
- 1M
- 1.58%
- 6M
- -5.98%
- YTD
- -4.48%
- 1Y
- -2.43%
- 3Y*
- 2.30%
- 5Y*
- -3.01%
- 10Y*
- -2.49%
- ALL TIME*
- -3.95%
UGL
- 1D
- -2.99%
- 1M
- -4.25%
- 6M
- -34.89%
- YTD
- -20.41%
- 1Y
- 24.87%
- 3Y*
- 43.93%
- 5Y*
- 24.15%
- 10Y*
- 14.00%
- ALL TIME*
- 11.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $72.32M | $67.11M | $108.24M | |
| $30.31K | $35.90K | $64.55K |
ULE vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -4.48% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
UGL ProShares Ultra Gold | -20.41% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between ULE and UGL is 0.39, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.39 |
Correlation (3Y) Balances recent behavior with more history. | 0.37 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.39 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.41 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | 0.36 |
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Return for Risk
ULE vs. UGL — Risk / Return Rank
ULE
UGL
ULE vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and ProShares Ultra Gold (UGL). 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 | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.14 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.05 | 0.60 | -0.55 |
| Martin ratioReturn relative to average drawdown | 0.09 | 1.22 | -1.13 |
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Drawdowns
ULE vs. UGL - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, roughly equal to the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for ULE and UGL.
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Drawdown Indicators
| ULE | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -75.93% | +3.19% |
Max Drawdown (1Y)Largest decline over 1 year | -11.67% | -50.02% | +38.35% |
Max Drawdown (3Y)Largest decline over 3 years | -16.95% | -50.02% | +33.07% |
Max Drawdown (5Y)Largest decline over 5 years | -37.36% | -50.02% | +12.66% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -50.02% | -1.28% |
Current DrawdownCurrent decline from peak | -62.71% | -48.39% | -14.32% |
Average DrawdownAverage peak-to-trough decline | -46.20% | -43.64% | -2.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.15% | 24.47% | -18.32% |
Volatility
ULE vs. UGL - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.55%, while ProShares Ultra Gold (UGL) has a volatility of 12.79%. This indicates that ULE experiences smaller price fluctuations and is considered to be less risky than UGL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULE | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.55% | 12.79% | -10.24% |
Volatility (6M)Calculated over the trailing 6-month period | 8.19% | 47.42% | -39.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.54% | 55.84% | -43.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.07% | 37.12% | -21.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.07% | 32.70% | -17.63% |
ULE vs. UGL - Expense Ratio Comparison
Both ULE and UGL have an expense ratio of 0.95%.
Dividends
ULE vs. UGL - Dividend Comparison
Neither ULE nor UGL has paid dividends to shareholders.
Frequently Asked Questions
ULE and UGL have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (12.79%) compared to ULE (2.55%). In terms of maximum drawdown, ULE dropped -72.74% vs UGL's -75.93%.
On 10-year performance, UGL leads with 14.00% vs -2.49% for ULE. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.55%. 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 14.00% return vs -2.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ULE and UGL have the same expense ratio: 0.95% per year.
ULE and UGL have nearly identical dividend yields, around 0.00%.
ULE is categorized as Leveraged Currency, while UGL is Leveraged Commodities. ULE tracks USD/EUR Exchange Rate (-200%), while UGL tracks Bloomberg Gold Subindex (200%).
UGL currently has the higher Sharpe Ratio (0.54 vs 0.04), 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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