ULE vs. UGL
Compare and contrast key facts about ProShares Ultra Euro (ULE) and ProShares Ultra Gold (UGL).
ULE and UGL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ULE is a passively managed fund by ProShares that tracks the performance of the USD/EUR Exchange Rate (-200%). It was launched on Nov 25, 2008. UGL is a passively managed fund by ProShares that tracks the performance of the Bloomberg Gold Subindex (200%). It was launched on Dec 1, 2008. Both ULE and UGL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
ULE vs. UGL - Performance Comparison
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ULE vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -3.35% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
UGL ProShares Ultra Gold | 10.70% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Returns By Period
In the year-to-date period, ULE achieves a -3.35% return, which is significantly lower than UGL's 10.70% return. Over the past 10 years, ULE has underperformed UGL with an annualized return of -2.78%, while UGL has yielded a comparatively higher 20.22% annualized return.
ULE
- 1D
- 2.13%
- 1M
- -4.20%
- YTD
- -3.35%
- 6M
- -3.70%
- 1Y
- 11.77%
- 3Y*
- 3.45%
- 5Y*
- -2.68%
- 10Y*
- -2.78%
UGL
- 1D
- 7.52%
- 1M
- -22.46%
- YTD
- 10.70%
- 6M
- 33.43%
- 1Y
- 90.99%
- 3Y*
- 57.42%
- 5Y*
- 34.79%
- 10Y*
- 20.22%
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ULE vs. UGL - Expense Ratio Comparison
Both ULE and UGL have an expense ratio of 0.95%.
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.
| ULE | UGL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.69 | 1.65 | -0.96 |
Sortino ratioReturn per unit of downside risk | 1.17 | 2.02 | -0.85 |
Omega ratioGain probability vs. loss probability | 1.14 | 1.30 | -0.16 |
Calmar ratioReturn relative to maximum drawdown | 1.13 | 2.56 | -1.44 |
Martin ratioReturn relative to average drawdown | 2.74 | 8.76 | -6.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ULE | UGL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.69 | 1.65 | -0.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.17 | 0.98 | -1.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.18 | 0.63 | -0.81 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.21 | 0.42 | -0.63 |
Correlation
The correlation between ULE and UGL is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
ULE vs. UGL - Dividend Comparison
Neither ULE nor UGL has paid dividends to shareholders.
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 | -10.40% | -37.56% | +27.16% |
Max Drawdown (5Y)Largest decline over 5 years | -41.35% | -40.23% | -1.12% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -46.23% | -5.07% |
Current DrawdownCurrent decline from peak | -62.27% | -28.22% | -34.05% |
Average DrawdownAverage peak-to-trough decline | -45.90% | -43.77% | -2.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.28% | 10.99% | -6.71% |
Volatility
ULE vs. UGL - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 4.84%, while ProShares Ultra Gold (UGL) has a volatility of 22.02%. 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 | 4.84% | 22.02% | -17.18% |
Volatility (6M)Calculated over the trailing 6-month period | 9.12% | 49.01% | -39.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.10% | 55.43% | -38.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.21% | 35.69% | -19.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.31% | 32.19% | -16.88% |