UST vs. UGL
UST (ProShares Ultra 7-10 Year Treasury) and UGL (ProShares Ultra Gold) are both exchange-traded funds - UST is a Leveraged Bonds fund tracking the Barclays Capital U.S. 7-10 Year Treasury Index (200%), while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, UST returned -2.13%/yr vs 18.45%/yr for UGL. At a 0.28 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
UST vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, UST achieves a -2.88% return, which is significantly lower than UGL's -2.16% return. Over the past 10 years, UST has underperformed UGL with an annualized return of -2.13%, while UGL has yielded a comparatively higher 18.45% annualized return.
UST
- 1D
- -0.56%
- 1M
- -0.51%
- YTD
- -2.88%
- 6M
- -4.24%
- 1Y
- 3.81%
- 3Y*
- -0.51%
- 5Y*
- -6.75%
- 10Y*
- -2.13%
UGL
- 1D
- -2.00%
- 1M
- -3.96%
- YTD
- -2.16%
- 6M
- 1.78%
- 1Y
- 51.67%
- 3Y*
- 53.18%
- 5Y*
- 27.00%
- 10Y*
- 18.45%
UST vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UST ProShares Ultra 7-10 Year Treasury | -2.88% | 10.26% | -6.19% | 0.16% | -30.19% | -7.81% | 18.83% | 13.34% | -1.09% | 3.21% |
UGL ProShares Ultra Gold | -2.16% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between UST and UGL is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2010 | 0.28 |
The correlation between UST and UGL shifts across timeframes, from 0.24 (3 years) to 0.36 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
UST vs. UGL — Risk / Return Rank
UST
UGL
UST vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 7-10 Year Treasury (UST) 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.
| UST | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | -0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.21 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.44 | 1.38 | -0.95 |
| Martin ratioReturn relative to average drawdown | 1.26 | 3.17 | -1.91 |
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
| UST | UGL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.40 | 0.98 | -0.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.44 | 0.75 | -1.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.16 | 0.57 | -0.73 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 0.39 | -0.20 |
Drawdowns
UST vs. UGL - Drawdown Comparison
The maximum UST drawdown since its inception was -47.99%, smaller than the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for UST and UGL.
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Drawdown Indicators
| UST | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.99% | -75.93% | +27.94% |
Max Drawdown (1Y)Largest decline over 1 year | -8.75% | -37.56% | +28.81% |
Max Drawdown (3Y)Largest decline over 3 years | -16.87% | -37.56% | +20.69% |
Max Drawdown (5Y)Largest decline over 5 years | -43.97% | -40.23% | -3.74% |
Max Drawdown (10Y)Largest decline over 10 years | -47.99% | -46.23% | -1.76% |
Current DrawdownCurrent decline from peak | -38.33% | -36.56% | -1.77% |
Average DrawdownAverage peak-to-trough decline | -15.13% | -43.63% | +28.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.03% | 16.35% | -13.32% |
Volatility
UST vs. UGL - Volatility Comparison
The current volatility for ProShares Ultra 7-10 Year Treasury (UST) is 3.10%, while ProShares Ultra Gold (UGL) has a volatility of 11.03%. This indicates that UST 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
| UST | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.10% | 11.03% | -7.93% |
Volatility (6M)Calculated over the trailing 6-month period | 6.58% | 46.81% | -40.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.50% | 52.91% | -43.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.47% | 36.18% | -20.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.18% | 32.34% | -19.16% |
UST vs. UGL - Expense Ratio Comparison
Both UST and UGL have an expense ratio of 0.95%.
Dividends
UST vs. UGL - Dividend Comparison
UST's dividend yield for the trailing twelve months is around 3.49%, 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% |
UST ProShares Ultra 7-10 Year Treasury | 3.49% | 3.65% | 4.09% | 3.49% | 0.47% | 0.27% | 0.53% | 1.42% | 1.71% | 0.84% | 0.64% | 0.75% |
Frequently Asked Questions
UST and UGL have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (11.03%) compared to UST (3.10%). In terms of maximum drawdown, UST dropped -47.99% vs UGL's -75.93%.
On 10-year performance, UGL leads with 18.45% vs -2.13% for UST. Both ETFs have the same 0.95% expense ratio. On volatility, UST has been the lower-risk option at 3.10%. 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 18.45% return vs -2.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UST and UGL have the same expense ratio: 0.95% per year.
UST has the higher dividend yield at 3.49%, compared with 0.00% for UGL.
UST is categorized as Leveraged Bonds, while UGL is Leveraged Commodities. UST tracks Barclays Capital U.S. 7-10 Year Treasury Index (200%), while UGL tracks Bloomberg Gold Subindex (200%).
UGL currently has the higher Sharpe Ratio (0.98 vs 0.40), 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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