ProShares Ultra Gold (UGL) Performance
UGL total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −24.4% since Dec 31, 2025
- 1 year
- −18.8% total return
- 5 years
- +23.7% a year
- 10 years
- +15.2% a year
- Since first price
- +11.3% a year since 2008
UGL trailing returns vs SPY, QQQ, AGG
| Period | UGL total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −13.8% | −13.8% | −1.0% | −5.0% | +0.9% |
| 3 months | −5.1% | −5.1% | +3.2% | +1.9% | −0.4% |
| 6 months | −31.6% | −31.6% | +7.8% | +8.4% | −1.5% |
| YTD | −24.4% | −24.4% | +12.3% | +15.1% | −1.0% |
| 1 year | −18.8% | −18.8% | +14.4% | +15.9% | −1.1% |
| 3 years | +181.6%+41.2%/yr | +181.6% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +189.7%+23.7%/yr | +189.7% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +313.0%+15.2%/yr | +313.0% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +89.7%+4.4%/yr | +89.7% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionDec 3, 2008 | +576.6%+11.3%/yr | +576.6% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: UGL vs SPY
From Dec 3, 2008: UGL grew to $67,655, SPY to $120,589.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
UGL returns by calendar year
11 of 17 full years positive. Best 2025 (+137.6%), worst 2013 (−51.6%). 2026 is year to date.
UGL annual returns table
| Year | UGL | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −24.4% | −51.0% | +12.3% | +15.1% | −1.0% |
| 2025 | +137.6% | −19.6% | +17.7% | +20.8% | +7.2% |
| 2024 | +46.4% | −16.0% | +24.9% | +25.6% | +1.3% |
| 2023 | +15.6% | −24.4% | +26.2% | +54.9% | +5.7% |
| 2022 | −7.6% | −40.2% | −18.2% | −32.6% | −13.0% |
| 2021 | −12.3% | −27.3% | +28.7% | +27.4% | −1.8% |
| 2020 | +39.0% | −28.2% | +18.3% | +48.6% | +7.5% |
| 2019 | +31.1% | −13.7% | +31.2% | +39.0% | +8.5% |
| 2018 | −8.0% | −27.3% | −4.6% | −0.1% | +0.1% |
| 2017 | +22.5% | −16.1% | +21.7% | +32.7% | +3.6% |
| 2016 | +11.7% | −33.3% | +12.0% | +7.1% | +2.4% |
| 2015 | −22.6% | −37.2% | +1.2% | +9.4% | +0.5% |
| 2014 | −6.9% | −33.0% | +13.5% | +19.2% | +6.0% |
| 2013 | −51.6% | −53.6% | +32.3% | +36.6% | −2.0% |
| 2012 | +8.0% | −26.8% | +16.0% | +18.1% | +3.8% |
| 2011 | +11.7% | −36.4% | +1.9% | +3.4% | +7.7% |
| 2010 | +58.3% | −15.4% | +15.1% | +19.9% | +6.4% |
| 2009 | +41.4% | −25.7% | +26.4% | +54.7% | +3.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
UGL largest drawdowns
Now 51.0% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Aug 22, 2011 | −75.9% | Dec 17, 2015 | Mar 18, 2025 | 4.3 years | 13.6 years |
| Jan 29, 2026 | −51.0% | Oct 23, 2026 | not yet | 9 months | 9 months so far |
| Feb 20, 2009 | −25.7% | Apr 17, 2009 | Oct 6, 2009 | 56 days | 7 months |
| Dec 2, 2009 | −24.8% | Feb 8, 2010 | May 12, 2010 | 2 months | 5 months |
| Oct 20, 2025 | −19.6% | Nov 4, 2025 | Dec 22, 2025 | 15 days | 2 months |
| Dec 6, 2010 | −16.2% | Jan 27, 2011 | Mar 1, 2011 | 52 days | 3 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
UGL risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2008 |
|---|---|---|---|---|
| Annualized return | +51.5% | +26.9% | +15.3% | +10.4% |
| Volatility (annualized) | 37.4% | 34.1% | 30.6% | 33.5% |
| Sharpe ratio | 1.20 | 0.77 | 0.55 | 0.42 |
| Sortino ratio | 2.09 | 1.34 | 0.92 | 0.69 |
| Best month | +22.2% | +22.2% | +22.2% | +26.8% |
| Worst month | −22.9% | −22.9% | −22.9% | −22.9% |
| Best 12 months | +193.8% | +193.8% | +193.8% | +193.8% |
| Worst 12 months | −0.7% | −21.4% | −22.0% | −51.6% |
| Positive months | 69% | 58% | 52% | 51% |
| Beta vs S&P 500 | -0.09 | 0.34 | 0.25 | — |
| Correlation with S&P 500 | -0.03 | 0.16 | 0.13 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
UGL rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 203 | −51.6% | +9.5% | +193.8% | 60% |
| 3-year (a year) | 179 | −30.6% | +4.2% | +79.7% | 61% |
| 5-year (a year) | 155 | −19.1% | +5.8% | +41.8% | 63% |
| 10-year (a year) | 95 | −7.0% | +1.7% | +23.5% | 68% |
Every holding period starting at a month-end since 2008. Returns for 3 years and longer are annualized.
UGL performance overview
ProShares Ultra Gold (UGL) returned −18.8% over the past year and +15.2% a year over ten years, with distributions reinvested. Since its first recorded price in 2008 it has returned +11.3% a year, turning $10,000 into about $67,655. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −75.9%, from Aug 22, 2011 to Dec 17, 2015, and it took 9.3 years to get back to the old high. UGL finished 11 of its 17 full calendar years with a gain; the best year was 2025 (+137.6%) and the worst 2013 (−51.6%). Volatility has been 33.5% a year.
Related: UGL chart. See the UGL overview for the latest quote and fund facts.
UGL performance FAQ
What is the UGL return over the past year?
UGL returned −18.8% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 18.8%.
What is the average annual return of UGL?
UGL has returned +23.7% a year over 5 years, +15.2% a year over 10 years, +11.3% a year since December 3, 2008 (total return, distributions reinvested).
How much would $10,000 invested in UGL be worth?
$10,000 invested in UGL at its first recorded close on December 3, 2008 would be worth about $67,655 on October 23, 2026 with distributions reinvested.
What was the worst year for UGL?
The worst calendar year was 2013, with a total return of −51.6%. The best was 2025 at +137.6%.
What is the biggest drawdown of UGL?
The largest peak-to-trough decline was −75.9% between August 22, 2011 and December 17, 2015. It recovered to the old high on March 18, 2025, 9.3 years after the bottom.
How volatile is UGL?
Over the past 3 years UGL had an annualized volatility of 37.4% and a Sharpe ratio of 1.20 (excess return over 1–3 month T-bills per unit of risk).