Data as of .
SHNY vs UGL: which held to its multiple?
Over three months against its own daily promise, SHNY finished 5.4 points short and UGL 1.1 points short.
ETFIQ Decay Resistance Score: UGL scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 391 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| SHNY | UGL | SHNY | UGL | SHNY | UGL | |
| 1 month | −7.8% | −3.9% | −4.6% | −3.0% | −3.3 pts | −0.9 pts |
| 3 months | −0.5% | +3.8% | +9.5% | +6.3% | −10.0 pts | −2.6 pts |
| 6 months | −47.5% | −29.6% | −40.4% | −26.9% | −7.1 pts | −2.7 pts |
| 1 year | +5.4% | +22.3% | +57.4% | +38.2% | −52.0 pts | −15.9 pts |
| 3 years | +286.1% | +254.7% | not meaningful | not meaningful | not meaningful | not meaningful |
| Since launch | +278.9% | +330.8% | not meaningful | not meaningful | not meaningful | not meaningful |
| SHNY MicroSectors Gold 3X Leveraged ETNs due January 29, 2043 Aims to return three times the daily move of gold (GLD) | UGL ProShares Ultra Gold Aims to return twice the daily move of gold (GLD) | |
|---|---|---|
| Issuer | MicroSectors | ProShares |
| Sets out to return | +3x | +2x |
| On | GLD | GLD |
| Segment | index | metal |
| Fund returned, 3 months | −0.5% | +3.8% |
| Underlying returned, 3 months | +3.2% | +3.2% |
| What the stated multiple implies, 3 months | +9.5% | +6.3% |
| Difference from stated, 3 months | −10.0 pts | −2.6 pts |
| Fund returned, 1 year or since launch | +5.4% | +22.3% |
| Difference from stated, over that window | −52.0 pts | −15.9 pts |
| Underlying volatility | 25% | 25% |
| Difference over the days both have traded | no shared window | −2.6 pts |
| Expense ratio | not published | not published |
| Launched | Feb 22, 2023 | Jan 4, 2010 |
SHNY in plain words
Three months to Sep 11, 2026: SHNY returned −0.5% where its own daily promise gave +4.8%, 5.4 points short. Read the multiple against the whole window instead and +3 times GLD's 3.2% implies +9.5%, which makes SHNY look 10.0 points short. 4.6 of that is daily compounding, which happens to any +3 times fund over the same path, and the rest is the fund. SHNY aims to return +3 times GLD's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. GLD moved at 25% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
UGL in plain words
Three months to Sep 11, 2026: UGL returned +3.8% where its own daily promise gave +4.8%, 1.1 points short. Read the multiple against the whole window instead and +2 times GLD's 3.2% implies +6.3%, which makes UGL look 2.6 points short. 1.5 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. UGL aims to return +2 times GLD's move each day, then resets. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, SHNY or UGL?
- Over the window to Sep 11, 2026, SHNY finished 10.0 points from what its multiple implies and UGL finished 2.6 points from its own, so UGL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are SHNY and UGL levered on the same thing?
- Yes. Both are levered on gold, SHNY at +3 times and UGL at +2 times the daily move.
- Which one decays faster, SHNY or UGL?
- Decay follows how much the underlying moves about. Over this window SHNY’s moved at 25% annualized and UGL’s at 25%, so SHNY has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold SHNY or UGL for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, SHNY against UGL, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/SHNY-UGL Free to use with attribution; the underlying files are at Open data.