UVXY vs. UGL
UVXY (ProShares Ultra VIX Short-Term Futures ETF) and UGL (ProShares Ultra Gold) are both exchange-traded funds - UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%), while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, UVXY returned -71.00%/yr vs 14.65%/yr for UGL. Their -0.01 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
UVXY vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, UVXY achieves a -35.49% return, which is significantly lower than UGL's -19.34% return. Over the past 10 years, UVXY has underperformed UGL with an annualized return of -71.00%, while UGL has yielded a comparatively higher 14.65% annualized return.
UVXY
- 1D
- 1.09%
- 1M
- -6.53%
- 6M
- -36.87%
- YTD
- -35.49%
- 1Y
- -70.28%
- 3Y*
- -63.63%
- 5Y*
- -67.81%
- 10Y*
- -71.00%
- ALL TIME*
- -80.16%
UGL
- 1D
- 1.31%
- 1M
- -2.97%
- 6M
- -36.38%
- YTD
- -19.34%
- 1Y
- 24.94%
- 3Y*
- 44.82%
- 5Y*
- 24.79%
- 10Y*
- 14.65%
- ALL TIME*
- 11.93%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $79.61M | $67.60M | $105.24M | |
| $189.58M | $189.56M | $234.35M |
UVXY vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.49% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
UGL ProShares Ultra Gold | -19.34% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between UVXY and UGL is -0.14, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.14 |
Correlation (3Y) Balances recent behavior with more history. | -0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.04 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.01 |
The correlation between UVXY and UGL shifts across timeframes, from -0.14 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UVXY vs. UGL — Risk / Return Rank
UVXY
UGL
UVXY vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra VIX Short-Term Futures ETF (UVXY) 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.
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.
| UVXY | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.27 | ||
| Sortino ratioReturn per unit of downside risk | -2.33 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.13 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 0.50 | -1.49 |
| Martin ratioReturn relative to average drawdown | -1.47 | 1.01 | -2.48 |
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Drawdowns
UVXY vs. UGL - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, which is greater than UGL's maximum drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for UVXY and UGL.
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Drawdown Indicators
| UVXY | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -75.93% | -24.07% |
Max Drawdown (1Y)Largest decline over 1 year | -71.36% | -50.02% | -21.34% |
Max Drawdown (3Y)Largest decline over 3 years | -95.42% | -50.02% | -45.40% |
Max Drawdown (5Y)Largest decline over 5 years | -99.68% | -50.02% | -49.66% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -50.02% | -49.98% |
Current DrawdownCurrent decline from peak | -100.00% | -47.70% | -52.30% |
Average DrawdownAverage peak-to-trough decline | -98.76% | -43.64% | -55.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.86% | 24.84% | +23.02% |
Volatility
UVXY vs. UGL - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 21.98% compared to ProShares Ultra Gold (UGL) at 11.96%. This indicates that UVXY'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
| UVXY | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.98% | 11.96% | +10.02% |
Volatility (6M)Calculated over the trailing 6-month period | 65.18% | 40.84% | +24.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 86.32% | 55.71% | +30.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.35% | 37.14% | +66.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.07% | 32.69% | +79.38% |
UVXY vs. UGL - Expense Ratio Comparison
Both UVXY and UGL have an expense ratio of 0.95%.
Dividends
UVXY vs. UGL - Dividend Comparison
Neither UVXY nor UGL has paid dividends to shareholders.
Frequently Asked Questions
UVXY and UGL have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (21.98%) compared to UGL (11.96%). In terms of maximum drawdown, UVXY dropped -100.00% vs UGL's -75.93%.
On 10-year performance, UGL leads with 14.65% vs -71.00% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UGL has been the lower-risk option at 11.96%. 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 14.65% return vs -71.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UVXY and UGL have the same expense ratio: 0.95% per year.
UVXY and UGL have nearly identical dividend yields, around 0.00%.
UVXY is categorized as Volatility, while UGL is Leveraged Commodities. UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while UGL tracks Bloomberg Gold Subindex (200%).
UGL currently has the higher Sharpe Ratio (0.45 vs -0.82), 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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