WXET vs. UGL

Last updated Jun 4, 2026

WXET (Teucrium 2x Daily Wheat ETF) and UGL (ProShares Ultra Gold) are both Leveraged Commodities funds. WXET is actively managed, while UGL is passively managed. Over the past year, WXET returned -11.24% vs 51.67% for UGL. At a 0.03 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

WXET vs. UGL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Teucrium 2x Daily Wheat ETF (WXET) 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, WXET achieves a 21.04% return, which is significantly higher than UGL's -2.16% return.

WXET

• 1D: -5.28%
• 1M: -17.12%
• YTD: 21.04%
• 6M: 7.24%
• 1Y: -11.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

WXET vs. UGL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
WXET Teucrium 2x Daily Wheat ETF	21.04%	-37.99%	-0.40%
UGL ProShares Ultra Gold	-2.16%	137.57%	-1.70%

Correlation

The correlation between WXET and UGL is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Dec 16, 2024	0.03

Return for Risk

WXET vs. UGL — Risk / Return Rank

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

WXET

WXET Risk / Return Rank: 7
WXET Sharpe Ratio Rank: 7
WXET Sortino Ratio Rank: 8
WXET Omega Ratio Rank: 8
WXET Calmar Ratio Rank: 6
WXET Martin Ratio Rank: 7

UGL

UGL Risk / Return Rank: 27
UGL Sharpe Ratio Rank: 26
UGL Sortino Ratio Rank: 26
UGL Omega Ratio Rank: 31
UGL Calmar Ratio Rank: 28
UGL Martin Ratio Rank: 24

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.

WXET vs. UGL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Teucrium 2x Daily Wheat ETF (WXET) 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.

	WXET	UGL	Difference
Sharpe ratio Return per unit of total volatility	-0.23	0.98	-1.21
Sortino ratio Return per unit of downside risk	0.01	1.43	-1.42
Omega ratio Gain probability vs. loss probability	1.00	1.21	-0.21
Calmar ratio Return relative to maximum drawdown	-0.32	1.38	-1.70
Martin ratio Return relative to average drawdown	-0.48	3.17	-3.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WXET vs. UGL - Sharpe Ratio Comparison

The current WXET Sharpe Ratio is -0.23, which is lower than the UGL Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of WXET 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.

Sharpe Ratios by Period

	WXET	UGL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.23	0.98	-1.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.75	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.37	0.39	-0.76

Drawdowns

WXET vs. UGL - Drawdown Comparison

The maximum WXET drawdown since its inception was -48.31%, smaller than the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for WXET and UGL.

Drawdown Indicators

	WXET	UGL	Difference
Max Drawdown Largest peak-to-trough decline	-48.31%	-75.93%	+27.62%
Max Drawdown (1Y) Largest decline over 1 year	-35.64%	-37.56%	+1.92%
Max Drawdown (3Y) Largest decline over 3 years	—	-37.56%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-40.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.23%	—
Current Drawdown Current decline from peak	-37.43%	-36.56%	-0.87%
Average Drawdown Average peak-to-trough decline	-30.50%	-43.63%	+13.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.40%	16.35%	+7.05%

Volatility

WXET vs. UGL - Volatility Comparison

Teucrium 2x Daily Wheat ETF (WXET) has a higher volatility of 22.01% compared to ProShares Ultra Gold (UGL) at 11.03%. This indicates that WXET'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.

Volatility by Period

	WXET	UGL	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.01%	11.03%	+10.98%
Volatility (6M) Calculated over the trailing 6-month period	39.70%	46.81%	-7.11%
Volatility (1Y) Calculated over the trailing 1-year period	50.13%	52.91%	-2.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.57%	36.18%	+12.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.57%	32.34%	+16.23%

WXET vs. UGL - Expense Ratio Comparison

Both WXET and UGL have an expense ratio of 0.95%.

Dividends

WXET vs. UGL - Dividend Comparison

WXET's dividend yield for the trailing twelve months is around 2.08%, while UGL has not paid dividends to shareholders.

Position	TTM	2025	2024
UGL ProShares Ultra Gold	0.00%	0.00%	0.00%
WXET Teucrium 2x Daily Wheat ETF	2.08%	3.57%	0.13%

Frequently Asked Questions

Can I hold both WXET and UGL in my portfolio?

WXET and UGL have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WXET or UGL?

WXET has higher volatility (22.01%) compared to UGL (11.03%). In terms of maximum drawdown, WXET dropped -48.31% vs UGL's -75.93%.

Which ETF is better, WXET or UGL?

On 1-year performance, UGL leads with 51.67% vs -11.24% for WXET. Both ETFs have the same 0.95% expense ratio. On volatility, UGL has been the lower-risk option at 11.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WXET or UGL?

Over the 1-year period, UGL has performed better with a 51.67% return vs -11.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WXET or UGL?

WXET and UGL have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, WXET or UGL?

WXET has the higher dividend yield at 2.08%, compared with 0.00% for UGL.

What is the main difference between WXET and UGL?

They also come from different issuers: Teucrium and ProShares.

Which has better risk-adjusted returns?

UGL currently has the higher Sharpe Ratio (0.98 vs -0.23), 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.