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 -72.24%/yr vs 14.68%/yr for UGL. At a correlation of -0.00, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UVXY vs. UGL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UVXY achieves a -36.79% return, which is significantly lower than UGL's -19.85% return. Over the past 10 years, UVXY has underperformed UGL with an annualized return of -72.24%, while UGL has yielded a comparatively higher 14.68% annualized return.
UVXY
- 1D
- -4.58%
- 1M
- -11.87%
- 6M
- -38.65%
- YTD
- -36.79%
- 1Y
- -73.68%
- 3Y*
- -62.59%
- 5Y*
- -68.51%
- 10Y*
- -72.24%
UGL
- 1D
- 0.00%
- 1M
- -12.80%
- 6M
- -30.23%
- YTD
- -19.85%
- 1Y
- 27.03%
- 3Y*
- 43.53%
- 5Y*
- 24.38%
- 10Y*
- 14.68%
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 | -36.79% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
UGL ProShares Ultra Gold | -19.85% | 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 -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.00 |
The correlation between UVXY and UGL shifts across timeframes, from -0.12 (1 year) to -0.00 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -1.35 | ||
| Sortino ratioReturn per unit of downside risk | -2.58 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.14 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 0.55 | -1.55 |
| Martin ratioReturn relative to average drawdown | -1.49 | 1.22 | -2.72 |
Loading charts...
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.
Loading charts...
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 | -73.96% | -49.38% | -24.58% |
Max Drawdown (3Y)Largest decline over 3 years | -95.42% | -49.38% | -46.04% |
Max Drawdown (5Y)Largest decline over 5 years | -99.75% | -49.38% | -50.37% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -49.38% | -50.62% |
Current DrawdownCurrent decline from peak | -100.00% | -48.03% | -51.97% |
Average DrawdownAverage peak-to-trough decline | -98.76% | -43.63% | -55.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 49.34% | 22.15% | +27.19% |
Volatility
UVXY vs. UGL - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 19.67% compared to ProShares Ultra Gold (UGL) at 14.05%. 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.
Loading charts...
Volatility by Period
| UVXY | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.67% | 14.05% | +5.62% |
Volatility (6M)Calculated over the trailing 6-month period | 66.82% | 48.59% | +18.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 85.40% | 55.49% | +29.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.84% | 36.95% | +66.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.02% | 32.63% | +79.39% |
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 -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (19.67%) compared to UGL (14.05%). In terms of maximum drawdown, UVXY dropped -100.00% vs UGL's -75.93%.
On 10-year performance, UGL leads with 14.68% vs -72.24% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UGL has been the lower-risk option at 14.05%. 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 14.68% return vs -72.24%. 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 (0.49 vs -0.86), 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.
Find the right allocation for UVXY and UGL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer