USML vs. UGE
USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) and UGE (ProShares Ultra Consumer Goods) are both Leveraged Equities funds - USML tracks the MSCI USA Minimum Volatility Index while UGE tracks the Dow Jones U.S. Consumer Goods Index (200%). Both are passively managed. Over the past 5 years, USML returned 7.54%/yr vs -1.08%/yr for UGE. A 0.68 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
USML vs. UGE - Performance Comparison
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Returns By Period
In the year-to-date period, USML achieves a 1.74% return, which is significantly lower than UGE's 18.88% return.
USML
- 1D
- 0.67%
- 1M
- 2.24%
- YTD
- 1.74%
- 6M
- 1.57%
- 1Y
- 3.61%
- 3Y*
- 15.23%
- 5Y*
- 7.54%
- 10Y*
- —
UGE
- 1D
- 1.08%
- 1M
- 1.65%
- YTD
- 18.88%
- 6M
- 15.24%
- 1Y
- 9.47%
- 3Y*
- 7.90%
- 5Y*
- -1.08%
- 10Y*
- 8.80%
USML vs. UGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 1.74% | 9.33% | 23.97% | 11.37% | -22.87% | 42.12% |
UGE ProShares Ultra Consumer Goods | 18.88% | -5.21% | 16.40% | 2.38% | -46.78% | 35.36% |
Correlation
The correlation between USML and UGE is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.68 |
Over the past year, the correlation between USML and UGE has dropped to 0.46 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.
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Return for Risk
USML vs. UGE — Risk / Return Rank
USML
UGE
USML vs. UGE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) and ProShares Ultra Consumer Goods (UGE). 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.
| USML | UGE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.07 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.15 | 0.38 | -0.22 |
| Martin ratioReturn relative to average drawdown | 0.46 | 0.67 | -0.22 |
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Drawdowns
USML vs. UGE - Drawdown Comparison
The maximum USML drawdown since its inception was -35.34%, smaller than the maximum UGE drawdown of -71.36%. Use the drawdown chart below to compare losses from any high point for USML and UGE.
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Drawdown Indicators
| USML | UGE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.34% | -71.36% | +36.02% |
Max Drawdown (1Y)Largest decline over 1 year | -13.09% | -18.95% | +5.86% |
Max Drawdown (3Y)Largest decline over 3 years | -19.14% | -24.80% | +5.66% |
Max Drawdown (5Y)Largest decline over 5 years | -35.34% | -56.55% | +21.21% |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.14% | — |
Current DrawdownCurrent decline from peak | -4.83% | -32.84% | +28.01% |
Average DrawdownAverage peak-to-trough decline | -10.38% | -18.75% | +8.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.41% | 10.64% | -6.23% |
Volatility
USML vs. UGE - Volatility Comparison
The current volatility for ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) is 4.74%, while ProShares Ultra Consumer Goods (UGE) has a volatility of 8.67%. This indicates that USML experiences smaller price fluctuations and is considered to be less risky than UGE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USML | UGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.74% | 8.67% | -3.93% |
Volatility (6M)Calculated over the trailing 6-month period | 11.57% | 20.01% | -8.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.41% | 25.39% | -8.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.47% | 31.37% | -6.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.24% | 33.11% | -8.87% |
USML vs. UGE - Expense Ratio Comparison
Both USML and UGE have an expense ratio of 0.95%.
Dividends
USML vs. UGE - Dividend Comparison
USML has not paid dividends to shareholders, while UGE's dividend yield for the trailing twelve months is around 2.05%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UGE ProShares Ultra Consumer Goods | 2.05% | 2.54% | 1.43% | 1.20% | 0.74% | 0.20% | 0.41% | 0.86% | 0.76% | 0.68% | 0.76% | 0.60% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
USML and UGE have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGE has higher volatility (8.67%) compared to USML (4.74%). In terms of maximum drawdown, USML dropped -35.34% vs UGE's -71.36%.
On 5-year performance, USML leads with 7.54% vs -1.08% for UGE. Both ETFs have the same 0.95% expense ratio. On volatility, USML has been the lower-risk option at 4.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USML has performed better with a 7.54% return vs -1.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USML and UGE have the same expense ratio: 0.95% per year.
UGE has the higher dividend yield at 2.05%, compared with 0.00% for USML.
USML tracks MSCI USA Minimum Volatility Index, while UGE tracks Dow Jones U.S. Consumer Goods Index (200%). They also come from different issuers: UBS and ProShares.
UGE currently has the higher Sharpe Ratio (0.28 vs 0.12), 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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