WXET vs. UGL

Last updated Apr 17, 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 -12.17% vs 77.10% for UGL. At 0.07, 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 32.18% return, which is significantly higher than UGL's 15.36% return.

WXET

• 1D: 2.83%
• 1M: 2.19%
• YTD: 32.18%
• 6M: 26.37%
• 1Y: -12.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UGL

• 1D: -0.16%
• 1M: -9.76%
• YTD: 15.36%
• 6M: 12.74%
• 1Y: 77.10%
• 3Y*: 58.57%
• 5Y*: 34.52%
• 10Y*: 20.57%

*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	32.18%	-37.99%	-0.40%
UGL ProShares Ultra Gold	15.36%	137.57%	-1.70%

Correlation

The correlation between WXET and UGL is 0.06, 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	0.06
Correlation (All Time) Calculated using the full available price history since Dec 16, 2024	0.07

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: 4
WXET Sharpe Ratio Rank: 4
WXET Sortino Ratio Rank: 5
WXET Omega Ratio Rank: 5
WXET Calmar Ratio Rank: 4
WXET Martin Ratio Rank: 4

UGL

UGL Risk / Return Rank: 31
UGL Sharpe Ratio Rank: 30
UGL Sortino Ratio Rank: 26
UGL Omega Ratio Rank: 32
UGL Calmar Ratio Rank: 36
UGL Martin Ratio Rank: 33

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	-0.27	1.43	-1.70
Sortino ratio Return per unit of downside risk	-0.10	1.83	-1.93
Omega ratio Gain probability vs. loss probability	0.99	1.27	-0.28
Calmar ratio Return relative to maximum drawdown	-0.34	2.42	-2.76
Martin ratio Return relative to average drawdown	-0.52	7.41	-7.93
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 -0.27, which is lower than the UGL Sharpe Ratio of 1.43. 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	-0.27	1.43	-1.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.97	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.64	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.31	0.43	-0.74

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 (5Y) Largest decline over 5 years	—	-40.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.23%	—
Current Drawdown Current decline from peak	-31.67%	-25.19%	-6.48%
Average Drawdown Average peak-to-trough decline	-30.87%	-43.72%	+12.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.25%	12.26%	+10.99%

Volatility

WXET vs. UGL - Volatility Comparison

The current volatility for Teucrium 2x Daily Wheat ETF (WXET) is 15.43%, while ProShares Ultra Gold (UGL) has a volatility of 21.05%. This indicates that WXET 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

	WXET	UGL	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.43%	21.05%	-5.62%
Volatility (6M) Calculated over the trailing 6-month period	33.88%	48.90%	-15.02%
Volatility (1Y) Calculated over the trailing 1-year period	45.34%	54.72%	-9.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.43%	35.76%	+9.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.43%	32.20%	+13.23%

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 2.22%, while UGL has not paid dividends to shareholders.

	TTM	2025	2024
WXET Teucrium 2x Daily Wheat ETF	2.22%	3.57%	0.13%
UGL ProShares Ultra Gold	0.00%	0.00%	0.00%