UPAL vs. UGL
UPAL (ProShares Ultra Palladium K-1 Free ETF) and UGL (ProShares Ultra Gold) are both Leveraged Commodities funds from ProShares. UPAL is actively managed, while UGL is passively managed. A 0.65 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
UPAL vs. UGL - Performance Comparison
Loading charts...
Returns By Period
UPAL
- 1D
- -8.41%
- 1M
- -16.49%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
UGL
- 1D
- -3.84%
- 1M
- -16.64%
- 6M
- -32.04%
- YTD
- -22.93%
- 1Y
- 20.84%
- 3Y*
- 41.67%
- 5Y*
- 23.41%
- 10Y*
- 14.19%
UPAL vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
UPAL ProShares Ultra Palladium K-1 Free ETF | -41.23% |
UGL ProShares Ultra Gold | -33.72% |
Correlation
The correlation between UPAL and UGL is 0.65, 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 | 0.65 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
UPAL vs. UGL — Risk / Return Rank
UPAL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
UGL
UPAL vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Palladium K-1 Free ETF (UPAL) 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.
| UPAL | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.12 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 0.42 | — |
| Martin ratioReturn relative to average drawdown | — | 0.93 | — |
Loading charts...
Drawdowns
UPAL vs. UGL - Drawdown Comparison
The maximum UPAL drawdown since its inception was -48.54%, smaller than the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for UPAL and UGL.
Loading charts...
Drawdown Indicators
| UPAL | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.54% | -75.93% | +27.39% |
Max Drawdown (1Y)Largest decline over 1 year | — | -50.02% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -50.02% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -50.02% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -50.02% | — |
Current DrawdownCurrent decline from peak | -41.23% | -50.02% | +8.79% |
Average DrawdownAverage peak-to-trough decline | -28.11% | -43.63% | +15.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 22.37% | — |
Volatility
UPAL vs. UGL - Volatility Comparison
Loading charts...
Volatility by Period
| UPAL | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 13.20% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 48.73% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 80.74% | 55.63% | +25.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.74% | 36.98% | +43.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.74% | 32.65% | +48.09% |
UPAL vs. UGL - Expense Ratio Comparison
Both UPAL and UGL have an expense ratio of 0.95%.
Dividends
UPAL vs. UGL - Dividend Comparison
UPAL's dividend yield for the trailing twelve months is around 0.26%, while UGL has not paid dividends to shareholders.
| Position | TTM |
|---|---|
UGL ProShares Ultra Gold | 0.00% |
UPAL ProShares Ultra Palladium K-1 Free ETF | 0.26% |
Frequently Asked Questions
UPAL and UGL have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.95% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
UPAL and UGL have the same expense ratio: 0.95% per year.
UPAL has the higher dividend yield at 0.26%, compared with 0.00% for UGL.
Find the right allocation for UPAL and UGL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer