XLP vs. UGE

Last updated Jun 5, 2026

XLP (State Street Consumer Staples Select Sector SPDR ETF) and UGE (ProShares Ultra Consumer Goods) are both exchange-traded funds - XLP is a Consumer Staples Equities fund tracking the Consumer Staples Select Sector Index, while UGE is a Leveraged Equities fund tracking the Dow Jones U.S. Consumer Goods Index (200%). Both are passively managed. Over the past 10 years, XLP returned 7.17%/yr vs 7.73%/yr for UGE. A 0.74 correlation means they provide meaningful diversification when combined. XLP charges 0.08%/yr vs 0.95%/yr for UGE.

Performance

XLP vs. UGE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Consumer Staples Select Sector SPDR ETF (XLP) and ProShares Ultra Consumer Goods (UGE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XLP achieves a 6.21% return, which is significantly lower than UGE's 9.38% return. Over the past 10 years, XLP has underperformed UGE with an annualized return of 7.17%, while UGE has yielded a comparatively higher 7.73% annualized return.

XLP

• 1D: -0.15%
• 1M: -2.40%
• YTD: 6.21%
• 6M: 6.01%
• 1Y: 2.54%
• 3Y*: 6.67%
• 5Y*: 5.52%
• 10Y*: 7.17%

UGE

• 1D: -0.22%
• 1M: -4.94%
• YTD: 9.38%
• 6M: 8.65%
• 1Y: -2.38%
• 3Y*: 4.97%
• 5Y*: -2.89%
• 10Y*: 7.73%

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

XLP vs. UGE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLP State Street Consumer Staples Select Sector SPDR ETF	6.21%	1.52%	12.20%	-0.82%	-0.81%	17.20%	10.11%	27.43%	-8.07%	12.98%
UGE ProShares Ultra Consumer Goods	9.38%	-5.21%	16.40%	2.38%	-46.78%	42.44%	56.64%	58.28%	-30.14%	32.38%

Correlation

The correlation between XLP and UGE is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	0.74

Over the past year, XLP and UGE have become more correlated (0.99) than their long-term average of 0.74, meaning their price movements have been converging.

XLP vs. UGE - Sectors Allocation Comparison

Sectors	XLP	UGE
Consumer Defensive	99.0%	99.0%
Consumer Cyclical	1.0%	1.0%
Basic Materials	-	-
Communication Services	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

XLP vs. UGE — Risk / Return Rank

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

XLP

XLP Risk / Return Rank: 12
XLP Sharpe Ratio Rank: 12
XLP Sortino Ratio Rank: 12
XLP Omega Ratio Rank: 11
XLP Calmar Ratio Rank: 12
XLP Martin Ratio Rank: 12

UGE

UGE Risk / Return Rank: 8
UGE Sharpe Ratio Rank: 8
UGE Sortino Ratio Rank: 8
UGE Omega Ratio Rank: 8
UGE Calmar Ratio Rank: 8
UGE Martin Ratio Rank: 8

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.

XLP vs. UGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Consumer Staples Select Sector SPDR ETF (XLP) and ProShares Ultra Consumer Goods (UGE). 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.

	XLP	UGE	Difference
Sharpe ratio: Return per unit of total volatility	0.20	-0.10	+0.30
Sortino ratio: Return per unit of downside risk	0.38	0.04	+0.34
Omega ratio: Gain probability vs. loss probability	1.04	1.00	+0.04
Calmar ratio: Return relative to maximum drawdown	0.26	-0.13	+0.39
Martin ratio: Return relative to average drawdown	0.52	-0.23	+0.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XLP vs. UGE - Sharpe Ratio Comparison

The current XLP Sharpe Ratio is 0.20, which is higher than the UGE Sharpe Ratio of -0.10. The chart below compares the historical Sharpe Ratios of XLP and UGE, 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

	XLP	UGE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.20	-0.10	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	-0.09	+0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.23	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.33	+0.10

Drawdowns

XLP vs. UGE - Drawdown Comparison

The maximum XLP drawdown since its inception was -35.90%, smaller than the maximum UGE drawdown of -71.36%. Use the drawdown chart below to compare losses from any high point for XLP and UGE.

Drawdown Indicators

	XLP	UGE	Difference
Max Drawdown Largest peak-to-trough decline	-35.90%	-71.36%	+35.46%
Max Drawdown (1Y) Largest decline over 1 year	-9.69%	-18.95%	+9.26%
Max Drawdown (3Y) Largest decline over 3 years	-12.39%	-24.80%	+12.41%
Max Drawdown (5Y) Largest decline over 5 years	-16.30%	-56.55%	+40.25%
Max Drawdown (10Y) Largest decline over 10 years	-24.51%	-57.14%	+32.63%
Current Drawdown Current decline from peak	-8.34%	-38.21%	+29.87%
Average Drawdown Average peak-to-trough decline	-7.06%	-18.74%	+11.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.94%	10.46%	-5.52%

Volatility

XLP vs. UGE - Volatility Comparison

The current volatility for State Street Consumer Staples Select Sector SPDR ETF (XLP) is 3.90%, while ProShares Ultra Consumer Goods (UGE) has a volatility of 7.52%. This indicates that XLP experiences smaller price fluctuations and is considered to be less risky than UGE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLP	UGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	7.52%	-3.62%
Volatility (6M) Calculated over the trailing 6-month period	9.84%	19.44%	-9.60%
Volatility (1Y) Calculated over the trailing 1-year period	12.66%	24.97%	-12.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.29%	31.30%	-18.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.73%	33.07%	-18.34%

XLP vs. UGE - Expense Ratio Comparison

XLP has a 0.08% expense ratio, which is lower than UGE's 0.95% expense ratio.

Dividends

XLP vs. UGE - Dividend Comparison

XLP's dividend yield for the trailing twelve months is around 2.65%, more than UGE's 2.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UGE ProShares Ultra Consumer Goods	2.23%	2.54%	1.43%	1.20%	0.74%	0.20%	0.41%	0.86%	0.76%	0.68%	0.76%	0.60%
XLP State Street Consumer Staples Select Sector SPDR ETF	2.65%	2.75%	2.77%	2.63%	2.47%	2.28%	2.50%	2.57%	3.04%	2.62%	2.53%	2.52%

Frequently Asked Questions

Can I hold both XLP and UGE in my portfolio?

With a correlation of 0.99, XLP and UGE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, XLP or UGE?

UGE has higher volatility (7.52%) compared to XLP (3.90%). In terms of maximum drawdown, XLP dropped -35.90% vs UGE's -71.36%.

Which ETF is better, XLP or UGE?

On 10-year performance, UGE leads with 7.73% vs 7.17% for XLP. On fees, XLP is cheaper at 0.08% per year. On volatility, XLP has been the lower-risk option at 3.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLP or UGE?

Over the 10-year period, UGE has performed better with a 7.73% return vs 7.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLP or UGE?

XLP is cheaper with a 0.08% expense ratio, compared with 0.95% for UGE.

Which ETF pays a higher dividend yield, XLP or UGE?

XLP has the higher dividend yield at 2.65%, compared with 2.23% for UGE.

What is the main difference between XLP and UGE?

XLP is categorized as Consumer Staples Equities, while UGE is Leveraged Equities. XLP tracks Consumer Staples Select Sector Index, while UGE tracks Dow Jones U.S. Consumer Goods Index (200%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.08% for XLP and 0.95% for UGE.

Which has better risk-adjusted returns?

XLP currently has the higher Sharpe Ratio (0.20 vs -0.10), 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.