Which came closer to its stated multiple, UGL or UGLD?

Over the window to Sep 30, 2026, UGL finished 2.4 points from what its multiple implies and UGLD finished 3.9 points from its own, so UGL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are UGL and UGLD levered on the same thing?

Yes. Both are levered on gold, UGL at +2 times and UGLD at +2 times the daily move.

Which one decays faster, UGL or UGLD?

Decay follows how much the underlying moves about. Over this window UGL’s moved at 25% annualized and UGLD’s at 25%, so UGL has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold UGL or UGLD 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.

Which is cheaper, UGL or UGLD?

UGL charges 0.95% a year and UGLD charges 1.07%, so UGL is cheaper. Fees come from each fund's prospectus.

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UGL vs UGLD: which held to its multiple?

Over the days both have traded, UGL finished 2.4 points from its stated multiple and UGLD 3.9. ProShares Ultra Gold and Direxion Daily Gold Bull 2X ETF.

+3.1%

UGL returned, 3 months

+1.6%

UGLD returned, 3 months

−2.4 pts

UGL from its stated multiple

−3.9 pts

UGLD from its stated multiple

UGL · 3 months to Sep 30, 20262.4 pts short of its stated multiple

UGL returned +3.1% while 2 times GLD's move would have been +5.5%

UGLD · 3 months to Sep 30, 20263.9 pts short of its stated multiple

UGLD returned +1.6% while 2 times GLD's move would have been +5.5%

ETFIQ Decay Resistance Score · UGL scores higherDid it keep up with its own daily multiple, compounded day by day?

UGL 96.3

UGLD 57

0.1, the lowest in this set99.9, the highest

A percentile among the 470 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

	Total return		Multiple would give		Difference
Window	UGL	UGLD	UGL	UGLD	UGL	UGLD
1 month	−13.6%	−14.0%	−13.5%	−13.5%	−0.1 pts	−0.5 pts
3 months	+3.1%	+1.6%	+5.5%	+5.5%	−2.4 pts	−3.9 pts
6 months	−28.0%	not published	−26.0%	not published	−1.9 pts	not published
1 year	−0.7%	not published	+14.3%	not published	−15.0 pts	not published
3 years	+247.8%	not published	not meaningful	not published	not meaningful	not published
Since launch UGL Jan 2010 · UGLD May 2026	+291.6%	−19.6%	not meaningful	−15.5%	not meaningful	−4.2 pts

UGL and UGLD over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

UGL

ProShares Ultra Gold · Aims to return twice the daily move of gold (GLD)

UGLD

Direxion Daily Gold Bull 2X ETF · Aims to return twice the daily move of gold (GLD)

Issuer ProShares Direxion

Sets out to return +2x +2x

Underlying asset GLD GLD

Segment metal metal

Fund returned, 3 months or since launch +3.1% +1.6%

Underlying returned, over that window +2.8% +2.8%

What the stated multiple implies, over that window +5.5% +5.5%

Difference from stated, over that window −2.4 pts −3.9 pts

Fund returned, 1 year or since launch −0.7% −19.6%

Difference from stated, over that window −15.0 pts −4.2 pts

Underlying volatility 25% 25%

Difference over the days both have traded −2.4 pts −3.9 pts

Expense ratio 0.95% 1.07%

Launched Jan 4, 2010 May 28, 2026

Net assets $765m $10m

UGL and UGLD on the same fields, as of Sep 30, 2026. Source: ETFIQ.

UGL in plain words

Three months to Sep 30, 2026: UGL returned +3.1% where its own daily promise gave +4.0%, 0.9 points short. Read the multiple against the whole window instead and 2 times GLD's 2.8% implies +5.5%, which makes UGL look 2.4 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 one day it does that. 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. 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.

UGLD in plain words

Three months to Sep 30, 2026: UGLD returned +1.6% where its own daily promise gave +4.0%, 2.4 points short. Read the multiple against the whole window instead and 2 times GLD's 2.8% implies +5.5%, which makes UGLD look 3.9 points short. UGLD aims to return +2 times GLD's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, UGL or UGLD?: Over the window to Sep 30, 2026, UGL finished 2.4 points from what its multiple implies and UGLD finished 3.9 points from its own, so UGL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are UGL and UGLD levered on the same thing?: Yes. Both are levered on gold, UGL at +2 times and UGLD at +2 times the daily move.
Which one decays faster, UGL or UGLD?: Decay follows how much the underlying moves about. Over this window UGL’s moved at 25% annualized and UGLD’s at 25%, so UGL has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold UGL or UGLD 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.
Which is cheaper, UGL or UGLD?: UGL charges 0.95% a year and UGLD charges 1.07%, so UGL is cheaper. Fees come from each fund's prospectus.

Other comparisons

UGL vs DULL UGL vs GLL UGL vs SHNY UGLD vs DULL UGLD vs GLL UGLD vs SHNY

GLD →UGL on its own →UGLD on its own →How every figure is computed →Standards and sources →

Where these figures came from

ProShares page for UGL ↗UGLD filings on SEC EDGAR ↗UGLD prospectus with the expense ratio (SEC) ↗Direxion website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, UGL against UGLD, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/ugl-vs-ugld

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.