UPAL vs. GLDW

Last updated Jun 30, 2026

UPAL (ProShares Ultra Palladium K-1 Free ETF) and GLDW (Roundhill Gold WeeklyPay ETF) are both exchange-traded funds - UPAL is a Leveraged Commodities fund actively managed by ProShares, while GLDW is a Derivative Income fund actively managed by State Street. Both are actively managed. A 0.61 correlation means they provide meaningful diversification when combined. UPAL charges 0.95%/yr vs 0.99%/yr for GLDW.

Performance

UPAL vs. GLDW - Performance Comparison

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

Returns By Period

UPAL

• 1D: 0.78%
• 1M: -22.27%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLDW

• 1D: -1.70%
• 1M: -13.96%
• YTD: -10.88%
• 6M: -11.46%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UPAL vs. GLDW - Yearly Performance Comparison

	2026 (YTD)
UPAL ProShares Ultra Palladium K-1 Free ETF	-43.92%
GLDW Roundhill Gold WeeklyPay ETF	-20.27%

Correlation

The correlation between UPAL and GLDW is 0.61, 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 Apr 21, 2026	0.61

Return for Risk

UPAL vs. GLDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Palladium K-1 Free ETF (UPAL) and Roundhill Gold WeeklyPay ETF (GLDW). 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

UPAL vs. GLDW - Drawdown Comparison

The maximum UPAL drawdown since its inception was -48.54%, which is greater than GLDW's maximum drawdown of -32.25%. Use the drawdown chart below to compare losses from any high point for UPAL and GLDW.

Drawdown Indicators

	UPAL	GLDW	Difference
Max Drawdown Largest peak-to-trough decline	-48.54%	-32.25%	-16.29%
Current Drawdown Current decline from peak	-43.92%	-31.62%	-12.30%
Average Drawdown Average peak-to-trough decline	-24.97%	-10.82%	-14.15%

Volatility

Volatility by Period

	UPAL	GLDW	Difference
Volatility (1Y) Calculated over the trailing 1-year period	80.57%	37.17%	+43.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.57%	37.17%	+43.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.57%	37.17%	+43.40%

UPAL vs. GLDW - Expense Ratio Comparison

UPAL has a 0.95% expense ratio, which is lower than GLDW's 0.99% expense ratio.

Dividends

UPAL vs. GLDW - Dividend Comparison

UPAL's dividend yield for the trailing twelve months is around 0.27%, less than GLDW's 24.53% yield.

Position	TTM	2025
GLDW Roundhill Gold WeeklyPay ETF	24.53%	3.75%
UPAL ProShares Ultra Palladium K-1 Free ETF	0.27%	0.00%

Frequently Asked Questions

Can I hold both UPAL and GLDW in my portfolio?

UPAL and GLDW have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UPAL or GLDW?

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, UPAL or GLDW?

UPAL is cheaper with a 0.95% expense ratio, compared with 0.99% for GLDW.

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

GLDW has the higher dividend yield at 24.53%, compared with 0.27% for UPAL.

What is the main difference between UPAL and GLDW?

UPAL is categorized as Leveraged Commodities, while GLDW is Derivative Income. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for UPAL and 0.99% for GLDW.