VIPSX vs. UGL

Last updated Jun 16, 2026

VIPSX (Vanguard Inflation-Protected Securities Fund Investor Shares) and UGL (ProShares Ultra Gold) are both funds - VIPSX is a Inflation-Protected Bonds fund managed by Vanguard, while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Over the past 10 years, VIPSX returned 2.47%/yr vs 16.73%/yr for UGL. At a 0.31 correlation, their price movements are largely independent. VIPSX charges 0.20%/yr vs 0.95%/yr for UGL.

Performance

VIPSX vs. UGL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Inflation-Protected Securities Fund Investor Shares (VIPSX) and ProShares Ultra Gold (UGL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIPSX achieves a 1.17% return, which is significantly higher than UGL's -8.09% return. Over the past 10 years, VIPSX has underperformed UGL with an annualized return of 2.47%, while UGL has yielded a comparatively higher 16.73% annualized return.

VIPSX

• 1D: -0.17%
• 1M: 0.34%
• YTD: 1.17%
• 6M: 1.28%
• 1Y: 4.66%
• 3Y*: 3.93%
• 5Y*: 0.88%
• 10Y*: 2.47%

UGL

• 1D: 5.24%
• 1M: -10.54%
• YTD: -8.09%
• 6M: -8.60%
• 1Y: 36.19%
• 3Y*: 49.85%
• 5Y*: 27.24%
• 10Y*: 16.73%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VIPSX vs. UGL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIPSX Vanguard Inflation-Protected Securities Fund Investor Shares	1.17%	6.77%	1.74%	3.73%	-12.04%	5.57%	10.90%	8.06%	-1.48%	2.81%
UGL ProShares Ultra Gold	-8.09%	137.57%	46.36%	15.56%	-7.59%	-12.30%	39.04%	31.11%	-8.02%	22.50%

Correlation

The correlation between VIPSX and UGL is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008	0.31

The correlation between VIPSX and UGL shifts across timeframes, from 0.24 (1 year) to 0.41 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

VIPSX vs. UGL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VIPSX

VIPSX Risk / Return Rank: 33
VIPSX Sharpe Ratio Rank: 29
VIPSX Sortino Ratio Rank: 31
VIPSX Omega Ratio Rank: 27
VIPSX Calmar Ratio Rank: 43
VIPSX Martin Ratio Rank: 34

UGL

UGL Risk / Return Rank: 22
UGL Sharpe Ratio Rank: 21
UGL Sortino Ratio Rank: 23
UGL Omega Ratio Rank: 27
UGL Calmar Ratio Rank: 19
UGL Martin Ratio Rank: 20

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VIPSX vs. UGL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Inflation-Protected Securities Fund Investor Shares (VIPSX) 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.

	VIPSX	UGL	Difference
Sharpe ratio: Return per unit of total volatility	1.34	0.67	+0.67
Sortino ratio: Return per unit of downside risk	2.03	1.13	+0.89
Omega ratio: Gain probability vs. loss probability	1.23	1.17	+0.07
Calmar ratio: Return relative to maximum drawdown	2.23	0.78	+1.45
Martin ratio: Return relative to average drawdown	6.81	2.03	+4.78

VIPSX vs. UGL - Sharpe Ratio Comparison

The current VIPSX Sharpe Ratio is 1.34, which is higher than the UGL Sharpe Ratio of 0.67. The chart below compares the historical Sharpe Ratios of VIPSX and UGL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VIPSX vs. UGL - Drawdown Comparison

The maximum VIPSX drawdown since its inception was -15.13%, smaller than the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for VIPSX and UGL.

Drawdown Indicators

	VIPSX	UGL	Difference
Max Drawdown Largest peak-to-trough decline	-15.13%	-75.93%	+60.80%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-46.64%	+44.62%
Max Drawdown (3Y) Largest decline over 3 years	-4.57%	-46.64%	+42.07%
Max Drawdown (5Y) Largest decline over 5 years	-14.55%	-46.64%	+32.09%
Max Drawdown (10Y) Largest decline over 10 years	-14.55%	-46.64%	+32.09%
Current Drawdown Current decline from peak	-0.53%	-40.40%	+39.87%
Average Drawdown Average peak-to-trough decline	-3.24%	-43.62%	+40.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	17.95%	-17.29%

Volatility

VIPSX vs. UGL - Volatility Comparison

The current volatility for Vanguard Inflation-Protected Securities Fund Investor Shares (VIPSX) is 1.20%, while ProShares Ultra Gold (UGL) has a volatility of 16.68%. This indicates that VIPSX 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.

Volatility by Period

	VIPSX	UGL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	16.68%	-15.48%
Volatility (6M) Calculated over the trailing 6-month period	2.40%	48.87%	-46.47%
Volatility (1Y) Calculated over the trailing 1-year period	3.37%	54.64%	-51.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.99%	36.69%	-30.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.33%	32.62%	-27.29%

VIPSX vs. UGL - Expense Ratio Comparison

VIPSX has a 0.20% expense ratio, which is lower than UGL's 0.95% expense ratio.

Dividends

VIPSX vs. UGL - Dividend Comparison

VIPSX's dividend yield for the trailing twelve months is around 4.41%, 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%
VIPSX Vanguard Inflation-Protected Securities Fund Investor Shares	4.41%	4.64%	4.07%	4.20%	8.34%	5.03%	1.28%	2.22%	3.03%	2.32%	3.38%	0.77%

Frequently Asked Questions

Can I hold both VIPSX and UGL in my portfolio?

VIPSX and UGL have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIPSX or UGL?

UGL has higher volatility (16.68%) compared to VIPSX (1.20%). In terms of maximum drawdown, VIPSX dropped -15.13% vs UGL's -75.93%.

Which has better risk-adjusted returns?

VIPSX currently has the higher Sharpe Ratio (1.34 vs 0.67), 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.