UPRO vs. UGL
UPRO (ProShares UltraPro S&P 500) and UGL (ProShares Ultra Gold) are both exchange-traded funds - UPRO is a Leveraged Equities fund tracking the S&P 500, while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, UPRO returned 28.93%/yr vs 17.75%/yr for UGL. At a 0.07 correlation, their price movements are largely independent. UPRO charges 0.89%/yr vs 0.95%/yr for UGL.
Performance
UPRO vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, UPRO achieves a 19.07% return, which is significantly higher than UGL's -7.82% return. Over the past 10 years, UPRO has outperformed UGL with an annualized return of 28.93%, while UGL has yielded a comparatively lower 17.75% annualized return.
UPRO
- 1D
- -7.90%
- 1M
- -1.21%
- YTD
- 19.07%
- 6M
- 17.12%
- 1Y
- 66.25%
- 3Y*
- 49.00%
- 5Y*
- 21.38%
- 10Y*
- 28.93%
UGL
- 1D
- -7.30%
- 1M
- -17.17%
- YTD
- -7.82%
- 6M
- -3.83%
- 1Y
- 46.42%
- 3Y*
- 49.47%
- 5Y*
- 25.50%
- 10Y*
- 17.75%
UPRO vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 19.07% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
UGL ProShares Ultra Gold | -7.82% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between UPRO and UGL is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009 | 0.07 |
The correlation between UPRO and UGL shifts across timeframes, from 0.05 (10 years) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UPRO vs. UGL — Risk / Return Rank
UPRO
UGL
UPRO vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) 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.
| UPRO | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.18 | ||
| Sortino ratioReturn per unit of downside risk | +1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.19 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.67 | 1.06 | +1.61 |
| Martin ratioReturn relative to average drawdown | 11.23 | 2.56 | +8.68 |
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
| UPRO | UGL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.98 | 0.80 | +1.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.43 | 0.70 | -0.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.54 | 0.55 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 0.38 | +0.26 |
Drawdowns
UPRO vs. UGL - Drawdown Comparison
The maximum UPRO drawdown since its inception was -76.82%, roughly equal to the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for UPRO and UGL.
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Drawdown Indicators
| UPRO | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.82% | -75.93% | -0.89% |
Max Drawdown (1Y)Largest decline over 1 year | -26.78% | -40.22% | +13.44% |
Max Drawdown (3Y)Largest decline over 3 years | -48.87% | -40.22% | -8.65% |
Max Drawdown (5Y)Largest decline over 5 years | -63.94% | -40.23% | -23.71% |
Max Drawdown (10Y)Largest decline over 10 years | -76.82% | -46.23% | -30.59% |
Current DrawdownCurrent decline from peak | -8.84% | -40.22% | +31.38% |
Average DrawdownAverage peak-to-trough decline | -14.41% | -43.63% | +29.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.36% | 16.70% | -10.34% |
Volatility
UPRO vs. UGL - Volatility Comparison
ProShares UltraPro S&P 500 (UPRO) and ProShares Ultra Gold (UGL) have volatilities of 11.42% and 11.42%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UPRO | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.42% | 11.42% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 27.90% | 47.43% | -19.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.26% | 53.42% | -17.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.42% | 36.32% | +14.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.79% | 32.42% | +21.37% |
UPRO vs. UGL - Expense Ratio Comparison
UPRO has a 0.89% expense ratio, which is lower than UGL's 0.95% expense ratio.
Dividends
UPRO vs. UGL - Dividend Comparison
UPRO's dividend yield for the trailing twelve months is around 0.73%, while UGL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UPRO ProShares UltraPro S&P 500 | 0.73% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
UPRO and UGL have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (11.42%) compared to UPRO (11.42%). In terms of maximum drawdown, UPRO dropped -76.82% vs UGL's -75.93%.
On 10-year performance, UPRO leads with 28.93% vs 17.75% for UGL. On fees, UPRO is cheaper at 0.89% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 28.93% return vs 17.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for UGL.
UPRO has the higher dividend yield at 0.73%, compared with 0.00% for UGL.
UPRO is categorized as Leveraged Equities, while UGL is Leveraged Commodities. UPRO tracks S&P 500, while UGL tracks Bloomberg Gold Subindex (200%). Their fees differ too: 0.89% for UPRO and 0.95% for UGL.
UPRO currently has the higher Sharpe Ratio (1.98 vs 0.80), 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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