8PSG.DE vs. GLL
8PSG.DE (Invesco Physical Gold ETC) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - 8PSG.DE is a Gold fund tracking the LBMA Gold Price PM, while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, 8PSG.DE returned 11.21%/yr vs -21.11%/yr for GLL. At a correlation of -0.47, they often move in opposite directions. 8PSG.DE charges 0.12%/yr vs 0.95%/yr for GLL.
Performance
8PSG.DE vs. GLL - Performance Comparison
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Different Trading Currencies
8PSG.DE is traded in EUR, while GLL is traded in USD. To make them comparable, the GLL values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, 8PSG.DE achieves a -5.74% return, which is significantly lower than GLL's 6.12% return. Over the past 10 years, 8PSG.DE has outperformed GLL with an annualized return of 11.21%, while GLL has yielded a comparatively lower -21.11% annualized return.
8PSG.DE
- 1D
- 0.00%
- 1M
- -8.94%
- YTD
- -5.74%
- 6M
- -6.86%
- 1Y
- 23.34%
- 3Y*
- 26.68%
- 5Y*
- 18.68%
- 10Y*
- 11.21%
GLL
- 1D
- -1.90%
- 1M
- 26.47%
- YTD
- 6.12%
- 6M
- 14.60%
- 1Y
- -37.19%
- 3Y*
- -39.30%
- 5Y*
- -27.16%
- 10Y*
- -21.11%
8PSG.DE vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
8PSG.DE Invesco Physical Gold ETC | -5.74% | 48.98% | 44.76% | 0.00% | 8.62% | 3.81% | 12.94% | 20.91% | 2.90% | -1.90% |
GLL ProShares UltraShort Gold | 6.12% | -67.23% | -28.93% | -17.46% | 3.95% | 9.26% | -46.30% | -25.30% | 10.34% | -33.05% |
Correlation
The correlation between 8PSG.DE and GLL is -0.70, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.49 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009 | -0.47 |
Over the past year, the inverse relationship between 8PSG.DE and GLL has strengthened: their correlation has moved from -0.47 to -0.70, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
8PSG.DE vs. GLL — Risk / Return Rank
8PSG.DE
GLL
8PSG.DE vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold ETC (8PSG.DE) and ProShares UltraShort Gold (GLL). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| 8PSG.DE | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.36 | ||
| Sortino ratioReturn per unit of downside risk | +1.93 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.91 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 1.06 | -0.57 | +1.63 |
| Martin ratioReturn relative to average drawdown | 2.46 | -0.84 | +3.30 |
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Drawdowns
8PSG.DE vs. GLL - Drawdown Comparison
The maximum 8PSG.DE drawdown since its inception was -54.21%, smaller than the maximum GLL drawdown of -99.17%. Use the drawdown chart below to compare losses from any high point for 8PSG.DE and GLL.
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Drawdown Indicators
| 8PSG.DE | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.21% | -99.17% | +44.96% |
Max Drawdown (1Y)Largest decline over 1 year | -22.00% | -65.97% | +43.97% |
Max Drawdown (3Y)Largest decline over 3 years | -22.00% | -89.17% | +67.17% |
Max Drawdown (5Y)Largest decline over 5 years | -22.00% | -91.59% | +69.59% |
Max Drawdown (10Y)Largest decline over 10 years | -22.00% | -96.23% | +74.23% |
Current DrawdownCurrent decline from peak | -22.00% | -98.57% | +76.57% |
Average DrawdownAverage peak-to-trough decline | -23.97% | -84.83% | +60.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.48% | 44.27% | -34.79% |
Volatility
8PSG.DE vs. GLL - Volatility Comparison
The current volatility for Invesco Physical Gold ETC (8PSG.DE) is 7.99%, while ProShares UltraShort Gold (GLL) has a volatility of 18.14%. This indicates that 8PSG.DE experiences smaller price fluctuations and is considered to be less risky than GLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 8PSG.DE | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.99% | 18.14% | -10.15% |
Volatility (6M)Calculated over the trailing 6-month period | 21.34% | 49.15% | -27.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.08% | 57.40% | -24.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.49% | 40.02% | -21.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.84% | 35.83% | -13.99% |
8PSG.DE vs. GLL - Expense Ratio Comparison
8PSG.DE has a 0.12% expense ratio, which is lower than GLL's 0.95% expense ratio.
Dividends
8PSG.DE vs. GLL - Dividend Comparison
Neither 8PSG.DE nor GLL has paid dividends to shareholders.
Frequently Asked Questions
8PSG.DE and GLL have a correlation of -0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, 8PSG.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
8PSG.DE is cheaper with a 0.12% expense ratio, compared with 0.95% for GLL.
8PSG.DE is categorized as Gold, while GLL is Leveraged Commodities. 8PSG.DE tracks LBMA Gold Price PM, while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.12% for 8PSG.DE and 0.95% for GLL.
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