AUAU vs. GLL

Last updated Jun 26, 2026

AUAU (Global X Gold Miners ETF) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - AUAU is a Gold fund tracking the NYSE Arca Gold Miners Index, while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. At a correlation of -0.83, they often move in opposite directions. AUAU charges 0.35%/yr vs 0.95%/yr for GLL.

Performance

AUAU vs. GLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Gold Miners ETF (AUAU) and ProShares UltraShort Gold (GLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AUAU achieves a -11.09% return, which is significantly lower than GLL's 2.68% return.

AUAU

• 1D: 1.41%
• 1M: -14.50%
• YTD: -11.09%
• 6M: -14.39%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLL

• 1D: -1.83%
• 1M: 23.59%
• YTD: 2.68%
• 6M: 10.58%
• 1Y: -38.75%
• 3Y*: -38.45%
• 5Y*: -27.87%
• 10Y*: -20.87%

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

AUAU vs. GLL - Yearly Performance Comparison

	2026 (YTD)	2025
AUAU Global X Gold Miners ETF	-11.09%	4.18%
GLL ProShares UltraShort Gold	2.68%	-4.77%

Correlation

The correlation between AUAU and GLL is -0.83, 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 (All Time) Calculated using the full available price history since Dec 10, 2025	-0.83

Return for Risk

AUAU vs. GLL — Risk / Return Rank

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

AUAU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

GLL

GLL Risk / Return Rank: 4
GLL Sharpe Ratio Rank: 4
GLL Sortino Ratio Rank: 4
GLL Omega Ratio Rank: 4
GLL Calmar Ratio Rank: 4
GLL Martin Ratio Rank: 5

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.

AUAU vs. GLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Gold Miners ETF (AUAU) 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.

	AUAU	GLL	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.71	—
Sortino ratio: Return per unit of downside risk	—	-0.96	—
Omega ratio: Gain probability vs. loss probability	—	0.89	—
Calmar ratio: Return relative to maximum drawdown	—	-0.60	—
Martin ratio: Return relative to average drawdown	—	-0.90	—

Drawdowns

AUAU vs. GLL - Drawdown Comparison

The maximum AUAU drawdown since its inception was -35.86%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for AUAU and GLL.

Drawdown Indicators

	AUAU	GLL	Difference
Max Drawdown Largest peak-to-trough decline	-35.86%	-99.24%	+63.38%
Max Drawdown (1Y) Largest decline over 1 year	—	-65.10%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-87.95%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-89.76%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-95.76%	—
Current Drawdown Current decline from peak	-34.32%	-98.73%	+64.41%
Average Drawdown Average peak-to-trough decline	-14.51%	-85.16%	+70.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	43.24%	—

Volatility

Volatility by Period

	AUAU	GLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	17.10%	—
Volatility (6M) Calculated over the trailing 6-month period	—	47.06%	—
Volatility (1Y) Calculated over the trailing 1-year period	52.21%	54.63%	-2.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.21%	36.51%	+15.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.21%	32.35%	+19.86%

AUAU vs. GLL - Expense Ratio Comparison

AUAU has a 0.35% expense ratio, which is lower than GLL's 0.95% expense ratio.

Dividends

AUAU vs. GLL - Dividend Comparison

Neither AUAU nor GLL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AUAU and GLL in my portfolio?

AUAU and GLL have a correlation of -0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AUAU or GLL?

On fees, AUAU is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AUAU or GLL?

AUAU is cheaper with a 0.35% expense ratio, compared with 0.95% for GLL.

Which ETF pays a higher dividend yield, AUAU or GLL?

AUAU and GLL have nearly identical dividend yields, around 0.00%.

What is the main difference between AUAU and GLL?

AUAU is categorized as Gold, while GLL is Leveraged Commodities. AUAU tracks NYSE Arca Gold Miners Index, while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: Global X and ProShares. Their fees differ too: 0.35% for AUAU and 0.95% for GLL.