UPV vs. UGL
UPV (ProShares Ultra Europe) and UGL (ProShares Ultra Gold) are both exchange-traded funds - UPV is a Leveraged Equities fund tracking the MSCI Europe Index (200%), while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, UPV returned 11.00%/yr vs 15.87%/yr for UGL. At a 0.15 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
UPV vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, UPV achieves a 3.97% return, which is significantly higher than UGL's -17.71% return. Over the past 10 years, UPV has underperformed UGL with an annualized return of 11.00%, while UGL has yielded a comparatively higher 15.87% annualized return.
UPV
- 1D
- -2.62%
- 1M
- -3.09%
- YTD
- 3.97%
- 6M
- 8.23%
- 1Y
- 21.77%
- 3Y*
- 22.85%
- 5Y*
- 6.67%
- 10Y*
- 11.00%
UGL
- 1D
- -8.18%
- 1M
- -26.39%
- YTD
- -17.71%
- 6M
- -15.29%
- 1Y
- 29.54%
- 3Y*
- 44.14%
- 5Y*
- 23.12%
- 10Y*
- 15.87%
UPV vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UPV ProShares Ultra Europe | 3.97% | 68.63% | -4.51% | 32.16% | -36.58% | 32.38% | -3.15% | 47.04% | -32.64% | 57.44% |
UGL ProShares Ultra Gold | -17.71% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between UPV and UGL is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since May 7, 2010 | 0.15 |
Over the past year, UPV and UGL have become more correlated (0.36) than their long-term average of 0.15, meaning their price movements have been converging.
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Return for Risk
UPV vs. UGL — Risk / Return Rank
UPV
UGL
UPV vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Europe (UPV) 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.
| UPV | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.15 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.93 | 0.64 | +0.30 |
| Martin ratioReturn relative to average drawdown | 3.14 | 1.71 | +1.43 |
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
| UPV | UGL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.70 | 0.55 | +0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 0.64 | -0.45 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.30 | 0.49 | -0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | 0.36 | -0.12 |
Drawdowns
UPV vs. UGL - Drawdown Comparison
The maximum UPV drawdown since its inception was -67.25%, smaller than the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for UPV and UGL.
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Drawdown Indicators
| UPV | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.25% | -75.93% | +8.68% |
Max Drawdown (1Y)Largest decline over 1 year | -23.41% | -46.64% | +23.23% |
Max Drawdown (3Y)Largest decline over 3 years | -27.54% | -46.64% | +19.10% |
Max Drawdown (5Y)Largest decline over 5 years | -58.33% | -46.64% | -11.69% |
Max Drawdown (10Y)Largest decline over 10 years | -67.25% | -46.64% | -20.61% |
Current DrawdownCurrent decline from peak | -10.33% | -46.64% | +36.31% |
Average DrawdownAverage peak-to-trough decline | -20.81% | -43.62% | +22.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.96% | 17.34% | -10.38% |
Volatility
UPV vs. UGL - Volatility Comparison
The current volatility for ProShares Ultra Europe (UPV) is 9.99%, while ProShares Ultra Gold (UGL) has a volatility of 13.61%. This indicates that UPV 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
| UPV | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.99% | 13.61% | -3.62% |
Volatility (6M)Calculated over the trailing 6-month period | 26.19% | 48.29% | -22.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.18% | 54.08% | -22.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.46% | 36.54% | -1.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.10% | 32.53% | +4.57% |
UPV vs. UGL - Expense Ratio Comparison
Both UPV and UGL have an expense ratio of 0.95%.
Dividends
UPV vs. UGL - Dividend Comparison
UPV's dividend yield for the trailing twelve months is around 2.20%, while UGL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UPV ProShares Ultra Europe | 2.20% | 2.11% | 2.70% | 1.57% | 0.00% | 0.00% | 0.00% | 0.65% | 3.80% |
Frequently Asked Questions
UPV and UGL have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (13.61%) compared to UPV (9.99%). In terms of maximum drawdown, UPV dropped -67.25% vs UGL's -75.93%.
On 10-year performance, UGL leads with 15.87% vs 11.00% for UPV. Both ETFs have the same 0.95% expense ratio. On volatility, UPV has been the lower-risk option at 9.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGL has performed better with a 15.87% return vs 11.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPV and UGL have the same expense ratio: 0.95% per year.
UPV has the higher dividend yield at 2.20%, compared with 0.00% for UGL.
UPV is categorized as Leveraged Equities, while UGL is Leveraged Commodities. UPV tracks MSCI Europe Index (200%), while UGL tracks Bloomberg Gold Subindex (200%).
UPV currently has the higher Sharpe Ratio (0.70 vs 0.55), 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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