UXI vs. GSG
UXI (ProShares Ultra Industrials) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - UXI is a Leveraged Equities fund tracking the Dow Jones U.S. Industrials Index (200%), while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, UXI returned 19.05%/yr vs 7.40%/yr for GSG. At a 0.29 correlation, their price movements are largely independent. UXI charges 0.95%/yr vs 0.75%/yr for GSG.
Performance
UXI vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, UXI achieves a 29.38% return, which is significantly lower than GSG's 32.35% return. Over the past 10 years, UXI has outperformed GSG with an annualized return of 19.05%, while GSG has yielded a comparatively lower 7.40% annualized return.
UXI
- 1D
- -2.22%
- 1M
- 4.49%
- 6M
- 17.45%
- YTD
- 29.38%
- 1Y
- 35.35%
- 3Y*
- 31.49%
- 5Y*
- 13.00%
- 10Y*
- 19.05%
GSG
- 1D
- 3.60%
- 1M
- -0.20%
- 6M
- 28.24%
- YTD
- 32.35%
- 1Y
- 34.57%
- 3Y*
- 14.41%
- 5Y*
- 13.83%
- 10Y*
- 7.40%
UXI vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UXI ProShares Ultra Industrials | 29.38% | 28.84% | 26.48% | 27.34% | -32.90% | 34.64% | 16.37% | 67.44% | -28.13% | 51.81% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.35% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between UXI and GSG is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | 0.29 |
The correlation between UXI and GSG shifts across timeframes, from -0.14 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UXI vs. GSG — Risk / Return Rank
UXI
GSG
UXI vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Industrials (UXI) and iShares S&P GSCI Commodity-Indexed Trust (GSG). 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.
| UXI | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.27 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.51 | 1.85 | -0.34 |
| Martin ratioReturn relative to average drawdown | 5.28 | 6.29 | -1.01 |
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Drawdowns
UXI vs. GSG - Drawdown Comparison
The maximum UXI drawdown since its inception was -89.01%, roughly equal to the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for UXI and GSG.
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Drawdown Indicators
| UXI | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.01% | -89.62% | +0.61% |
Max Drawdown (1Y)Largest decline over 1 year | -23.59% | -18.81% | -4.78% |
Max Drawdown (3Y)Largest decline over 3 years | -36.42% | -18.81% | -17.61% |
Max Drawdown (5Y)Largest decline over 5 years | -48.25% | -29.12% | -19.13% |
Max Drawdown (10Y)Largest decline over 10 years | -66.48% | -57.64% | -8.84% |
Current DrawdownCurrent decline from peak | -5.82% | -60.04% | +54.22% |
Average DrawdownAverage peak-to-trough decline | -22.51% | -63.69% | +41.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.71% | 5.51% | +1.20% |
Volatility
UXI vs. GSG - Volatility Comparison
ProShares Ultra Industrials (UXI) has a higher volatility of 11.55% compared to iShares S&P GSCI Commodity-Indexed Trust (GSG) at 7.35%. This indicates that UXI's price experiences larger fluctuations and is considered to be riskier than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UXI | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.55% | 7.35% | +4.20% |
Volatility (6M)Calculated over the trailing 6-month period | 27.49% | 21.50% | +5.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.25% | 23.48% | +9.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.22% | 22.80% | +13.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.45% | 22.00% | +17.45% |
UXI vs. GSG - Expense Ratio Comparison
UXI has a 0.95% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
UXI vs. GSG - Dividend Comparison
UXI's dividend yield for the trailing twelve months is around 0.50%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UXI ProShares Ultra Industrials | 0.50% | 0.90% | 0.18% | 0.21% | 0.24% | 0.03% | 0.29% | 0.58% | 0.37% | 0.24% | 0.38% | 0.41% |
Frequently Asked Questions
UXI and GSG 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.
UXI has higher volatility (11.55%) compared to GSG (7.35%). In terms of maximum drawdown, UXI dropped -89.01% vs GSG's -89.62%.
On 10-year performance, UXI leads with 19.05% vs 7.40% for GSG. On fees, GSG is cheaper at 0.75% per year. On volatility, GSG has been the lower-risk option at 7.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UXI has performed better with a 19.05% return vs 7.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSG is cheaper with a 0.75% expense ratio, compared with 0.95% for UXI.
UXI has the higher dividend yield at 0.50%, compared with 0.00% for GSG.
UXI is categorized as Leveraged Equities, while GSG is Commodities. UXI tracks Dow Jones U.S. Industrials Index (200%), while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for UXI and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.48 vs 1.07), 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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