XAUUSD=X vs. UGL

Last updated Jun 6, 2026

XAUUSD=X (Gold Spot Price US Dollar) is a currency, while UGL (ProShares Ultra Gold) is Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Over the past 10 years, XAUUSD=X returned 13.28%/yr vs 17.75%/yr for UGL. With a 0.96 correlation, they move nearly in lockstep.

Performance

XAUUSD=X vs. UGL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gold Spot Price US Dollar (XAUUSD=X) 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, XAUUSD=X achieves a 0.12% return, which is significantly higher than UGL's -7.82% return. Over the past 10 years, XAUUSD=X has underperformed UGL with an annualized return of 13.28%, while UGL has yielded a comparatively higher 17.75% annualized return.

XAUUSD=X

• 1D: -3.29%
• 1M: -7.74%
• YTD: 0.12%
• 6M: 3.08%
• 1Y: 29.08%
• 3Y*: 30.14%
• 5Y*: 18.01%
• 10Y*: 13.28%

UGL

• 1D: -7.30%
• 1M: -16.13%
• YTD: -7.82%
• 6M: -3.83%
• 1Y: 42.59%
• 3Y*: 49.47%
• 5Y*: 25.50%
• 10Y*: 17.75%

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

XAUUSD=X vs. UGL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XAUUSD=X Gold Spot Price US Dollar	0.12%	64.75%	27.24%	13.14%	-0.25%	-3.50%	24.55%	18.77%	-1.71%	13.14%
UGL ProShares Ultra Gold	-7.82%	137.57%	46.36%	15.56%	-7.59%	-12.30%	39.04%	31.11%	-8.02%	22.50%

Correlation

The correlation between XAUUSD=X and UGL is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008	0.96

The correlation between XAUUSD=X and UGL shifts across timeframes, from 0.83 (1 year) to 0.96 (all time), reflecting how their relationship changes across market environments.

Return for Risk

XAUUSD=X vs. UGL — Risk / Return Rank

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

XAUUSD=X

XAUUSD=X Risk / Return Rank: 78
XAUUSD=X Sharpe Ratio Rank: 81
XAUUSD=X Sortino Ratio Rank: 77
XAUUSD=X Omega Ratio Rank: 82
XAUUSD=X Calmar Ratio Rank: 75
XAUUSD=X Martin Ratio Rank: 74

UGL

UGL Risk / Return Rank: 24
UGL Sharpe Ratio Rank: 24
UGL Sortino Ratio Rank: 24
UGL Omega Ratio Rank: 28
UGL Calmar Ratio Rank: 23
UGL Martin Ratio Rank: 21

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.

XAUUSD=X vs. UGL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gold Spot Price US Dollar (XAUUSD=X) 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.

	XAUUSD=X	UGL	Difference
Sharpe ratio: Return per unit of total volatility	1.00	0.80	+0.20
Sortino ratio: Return per unit of downside risk	1.37	1.26	+0.11
Omega ratio: Gain probability vs. loss probability	1.21	1.19	+0.02
Calmar ratio: Return relative to maximum drawdown	1.14	1.06	+0.07
Martin ratio: Return relative to average drawdown	2.87	2.56	+0.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XAUUSD=X vs. UGL - Sharpe Ratio Comparison

The current XAUUSD=X Sharpe Ratio is 1.00, which is comparable to the UGL Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of XAUUSD=X 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

	XAUUSD=X	UGL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	0.80	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.70	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	0.55	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.38	+0.21

Drawdowns

XAUUSD=X vs. UGL - Drawdown Comparison

The maximum XAUUSD=X drawdown since its inception was -44.69%, smaller than the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for XAUUSD=X and UGL.

Drawdown Indicators

	XAUUSD=X	UGL	Difference
Max Drawdown Largest peak-to-trough decline	-44.69%	-75.93%	+31.24%
Max Drawdown (1Y) Largest decline over 1 year	-20.13%	-40.22%	+20.09%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	-40.22%	+20.09%
Max Drawdown (5Y) Largest decline over 5 years	-20.81%	-40.23%	+19.42%
Max Drawdown (10Y) Largest decline over 10 years	-21.35%	-46.23%	+24.88%
Current Drawdown Current decline from peak	-20.13%	-40.22%	+20.09%
Average Drawdown Average peak-to-trough decline	-16.42%	-43.63%	+27.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.77%	16.70%	-7.93%

Volatility

XAUUSD=X vs. UGL - Volatility Comparison

The current volatility for Gold Spot Price US Dollar (XAUUSD=X) is 5.61%, while ProShares Ultra Gold (UGL) has a volatility of 11.42%. This indicates that XAUUSD=X 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

	XAUUSD=X	UGL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.61%	11.42%	-5.81%
Volatility (6M) Calculated over the trailing 6-month period	21.67%	47.43%	-25.76%
Volatility (1Y) Calculated over the trailing 1-year period	22.90%	53.42%	-30.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.58%	36.32%	-19.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.11%	32.42%	-17.31%

Frequently Asked Questions

Can I hold both XAUUSD=X and UGL in my portfolio?

XAUUSD=X and UGL have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XAUUSD=X or UGL?

UGL has higher volatility (11.42%) compared to XAUUSD=X (5.61%). In terms of maximum drawdown, XAUUSD=X dropped -44.69% vs UGL's -75.93%.

Which has better risk-adjusted returns?

XAUUSD=X currently has the higher Sharpe Ratio (1.00 vs 0.80), 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.