UPAL vs. UGLD

Last updated Aug 2, 2026

UPAL (ProShares Ultra Palladium K-1 Free ETF) and UGLD (Direxion Daily Gold Bull 2X ETF) are both Leveraged Commodities funds. Both are actively managed. Their 0.73 correlation means they have sometimes moved together and sometimes differently. UPAL charges 0.95%/yr vs 1.07%/yr for UGLD.

Performance

UPAL vs. UGLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Palladium K-1 Free ETF (UPAL) and Direxion Daily Gold Bull 2X ETF (UGLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

UPAL

• 1D: -5.42%
• 1M: -0.38%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

UGLD

• 1D: -2.79%
• 1M: -4.25%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
UGLD Direxion Daily Gold Bull 2X ETF	$371.76K	$420.49K	$388.31K
UPAL ProShares Ultra Palladium K-1 Free ETF	$22.27K	$22.43K	$22.79K

UPAL vs. UGLD - Yearly Performance Comparison

	2026 (YTD)
UPAL ProShares Ultra Palladium K-1 Free ETF	-21.04%
UGLD Direxion Daily Gold Bull 2X ETF	-19.07%

Correlation

The correlation between UPAL and UGLD is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.73

Return for Risk

UPAL vs. UGLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Palladium K-1 Free ETF (UPAL) and Direxion Daily Gold Bull 2X ETF (UGLD). 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. UGLD - Drawdown Comparison

The maximum UPAL drawdown since its inception was -48.54%, which is greater than UGLD's maximum drawdown of -24.99%. Use the drawdown chart below to compare losses from any high point for UPAL and UGLD.

Drawdown Indicators

	UPAL	UGLD	Difference
Max Drawdown Largest peak-to-trough decline	-48.54%	-24.99%	-23.55%
Current Drawdown Current decline from peak	-40.46%	-22.91%	-17.55%
Average Drawdown Average peak-to-trough decline	-30.04%	-17.21%	-12.83%

Volatility

Volatility by Period

	UPAL	UGLD	Difference
Volatility (1Y) Calculated over the trailing 1-year period	80.04%	50.56%	+29.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.04%	50.56%	+29.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.04%	50.56%	+29.48%

UPAL vs. UGLD - Expense Ratio Comparison

UPAL has a 0.95% expense ratio, which is lower than UGLD's 1.07% expense ratio.

Dividends

UPAL vs. UGLD - Dividend Comparison

UPAL's dividend yield for the trailing twelve months is around 0.26%, more than UGLD's 0.24% yield.

Position	TTM
UGLD Direxion Daily Gold Bull 2X ETF	0.24%
UPAL ProShares Ultra Palladium K-1 Free ETF	0.26%

Frequently Asked Questions

Can I hold both UPAL and UGLD in my portfolio?

UPAL and UGLD have a correlation of 0.73, 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 UGLD?

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 UGLD?

UPAL is cheaper with a 0.95% expense ratio, compared with 1.07% for UGLD.

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

UPAL has the higher dividend yield at 0.26%, compared with 0.24% for UGLD.

What is the main difference between UPAL and UGLD?

They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UPAL and 1.07% for UGLD.