USD vs. UGL
USD (ProShares Ultra Semiconductors) and UGL (ProShares Ultra Gold) are both exchange-traded funds - USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%), while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, USD returned 59.63%/yr vs 17.24%/yr for UGL. At a 0.04 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
USD vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, USD achieves a 81.60% return, which is significantly higher than UGL's -7.46% return. Over the past 10 years, USD has outperformed UGL with an annualized return of 59.63%, while UGL has yielded a comparatively lower 17.24% annualized return.
USD
- 1D
- 7.41%
- 1M
- -0.05%
- YTD
- 81.60%
- 6M
- 69.12%
- 1Y
- 218.18%
- 3Y*
- 115.96%
- 5Y*
- 65.20%
- 10Y*
- 59.63%
UGL
- 1D
- 0.39%
- 1M
- -16.85%
- YTD
- -7.46%
- 6M
- -3.00%
- 1Y
- 46.99%
- 3Y*
- 49.89%
- 5Y*
- 25.67%
- 10Y*
- 17.24%
USD vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 81.60% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
UGL ProShares Ultra Gold | -7.46% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between USD and UGL is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | 0.04 |
The correlation between USD and UGL shifts across timeframes, from 0.03 (10 years) to 0.15 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
USD vs. UGL — Risk / Return Rank
USD
UGL
USD vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) 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.
| USD | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.54 | ||
| Sortino ratioReturn per unit of downside risk | +1.82 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.20 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 6.91 | 1.17 | +5.73 |
| Martin ratioReturn relative to average drawdown | 19.73 | 2.79 | +16.94 |
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
| USD | UGL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.43 | 0.89 | +2.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.85 | 0.71 | +0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.86 | 0.53 | +0.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 0.38 | +0.09 |
Drawdowns
USD vs. UGL - Drawdown Comparison
The maximum USD drawdown since its inception was -88.63%, which is greater than UGL's maximum drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for USD and UGL.
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Drawdown Indicators
| USD | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.63% | -75.93% | -12.70% |
Max Drawdown (1Y)Largest decline over 1 year | -31.80% | -40.22% | +8.42% |
Max Drawdown (3Y)Largest decline over 3 years | -64.46% | -40.22% | -24.24% |
Max Drawdown (5Y)Largest decline over 5 years | -77.85% | -40.23% | -37.62% |
Max Drawdown (10Y)Largest decline over 10 years | -77.85% | -46.23% | -31.62% |
Current DrawdownCurrent decline from peak | -16.10% | -39.99% | +23.89% |
Average DrawdownAverage peak-to-trough decline | -32.34% | -43.63% | +11.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.11% | 16.88% | -5.77% |
Volatility
USD vs. UGL - Volatility Comparison
ProShares Ultra Semiconductors (USD) has a higher volatility of 28.47% compared to ProShares Ultra Gold (UGL) at 11.42%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier 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
| USD | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.47% | 11.42% | +17.05% |
Volatility (6M)Calculated over the trailing 6-month period | 50.89% | 47.43% | +3.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 64.16% | 53.43% | +10.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 77.00% | 36.33% | +40.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.51% | 32.42% | +37.09% |
USD vs. UGL - Expense Ratio Comparison
Both USD and UGL have an expense ratio of 0.95%.
Dividends
USD vs. UGL - Dividend Comparison
USD's dividend yield for the trailing twelve months is around 0.25%, 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% |
USD ProShares Ultra Semiconductors | 0.25% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
USD and UGL have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (28.47%) compared to UGL (11.42%). In terms of maximum drawdown, USD dropped -88.63% vs UGL's -75.93%.
On 10-year performance, USD leads with 59.63% vs 17.24% for UGL. Both ETFs have the same 0.95% expense ratio. On volatility, UGL has been the lower-risk option at 11.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 59.63% return vs 17.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USD and UGL have the same expense ratio: 0.95% per year.
USD has the higher dividend yield at 0.25%, compared with 0.00% for UGL.
USD is categorized as Leveraged Equities, while UGL is Leveraged Commodities. USD tracks Dow Jones U.S. Semiconductors Index (200%), while UGL tracks Bloomberg Gold Subindex (200%).
USD currently has the higher Sharpe Ratio (3.43 vs 0.89), 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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