AUMI vs. GLL

Last updated Aug 4, 2026

AUMI (Themes Gold Miners ETF) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - AUMI is a Gold fund tracking the Solactive Global Pure Gold Miners Index, while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past year, AUMI returned 49.50% vs -39.18% for GLL. Their -0.79 correlation means they have often moved in opposite directions in the past. AUMI charges 0.35%/yr vs 0.95%/yr for GLL.

Performance

AUMI vs. GLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Gold Miners ETF (AUMI) 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, AUMI achieves a -14.59% return, which is significantly lower than GLL's 1.26% return.

AUMI

• 1D: 2.21%
• 1M: -2.81%
• 6M: -20.10%
• YTD: -14.59%
• 1Y: 49.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 56.27%

GLL

• 1D: -0.08%
• 1M: 3.32%
• 6M: 23.22%
• YTD: 1.26%
• 1Y: -39.18%
• 3Y*: -38.64%
• 5Y*: -27.51%
• 10Y*: -20.82%
• ALL TIME*: -21.77%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AUMI Themes Gold Miners ETF	$205.67K	$204.64K	$383.88K
GLL ProShares UltraShort Gold	$40.14M	$37.19M	$59.19M

AUMI vs. GLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AUMI Themes Gold Miners ETF	-14.59%	164.18%	30.61%	10.23%
GLL ProShares UltraShort Gold	1.26%	-62.81%	-33.33%	-7.47%

Correlation

The correlation between AUMI and GLL is -0.81, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.81
Correlation (All Time) Calculated using the full available price history since Dec 13, 2023	-0.79

The correlation between AUMI and GLL has been stable across timeframes, ranging from -0.81 to -0.79 - a consistent structural relationship.

Return for Risk

AUMI vs. GLL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AUMI

AUMI Risk / Return Rank: 36
AUMI Sharpe Ratio Rank: 39
AUMI Sortino Ratio Rank: 38
AUMI Omega Ratio Rank: 39
AUMI Calmar Ratio Rank: 36
AUMI Martin Ratio Rank: 30

GLL

GLL Risk / Return Rank: 4
GLL Sharpe Ratio Rank: 3
GLL Sortino Ratio Rank: 4
GLL Omega Ratio Rank: 4
GLL Calmar Ratio Rank: 4
GLL Martin Ratio Rank: 5

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AUMI vs. GLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Gold Miners ETF (AUMI) 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.

	AUMI	GLL	Difference
Sharpe ratio: Return per unit of total volatility	0.98	-0.71	+1.69
Sortino ratio: Return per unit of downside risk	1.44	-0.96	+2.41
Omega ratio: Gain probability vs. loss probability	1.19	0.89	+0.30
Calmar ratio: Return relative to maximum drawdown	1.25	-0.61	+1.86
Martin ratio: Return relative to average drawdown	2.65	-0.89	+3.54

AUMI vs. GLL - Sharpe Ratio Comparison

The current AUMI Sharpe Ratio is 0.98, which is higher than the GLL Sharpe Ratio of -0.71. The chart below compares the historical Sharpe Ratios of AUMI and GLL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AUMI vs. GLL - Drawdown Comparison

The maximum AUMI drawdown since its inception was -39.84%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for AUMI and GLL.

Drawdown Indicators

	AUMI	GLL	Difference
Max Drawdown Largest peak-to-trough decline	-39.84%	-99.24%	+59.40%
Max Drawdown (1Y) Largest decline over 1 year	-39.84%	-64.23%	+24.39%
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	-35.74%	-98.74%	+63.00%
Average Drawdown Average peak-to-trough decline	-8.80%	-85.24%	+76.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.71%	44.13%	-25.42%

Volatility

AUMI vs. GLL - Volatility Comparison

Themes Gold Miners ETF (AUMI) and ProShares UltraShort Gold (GLL) have volatilities of 12.11% and 11.92%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AUMI	GLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.11%	11.92%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	38.23%	41.51%	-3.28%
Volatility (1Y) Calculated over the trailing 1-year period	50.92%	55.36%	-4.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.43%	36.89%	+5.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.43%	32.49%	+9.94%

AUMI vs. GLL - Expense Ratio Comparison

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

Dividends

AUMI vs. GLL - Dividend Comparison

AUMI's dividend yield for the trailing twelve months is around 1.01%, while GLL has not paid dividends to shareholders.

Position	TTM	2025	2024
AUMI Themes Gold Miners ETF	1.01%	0.86%	1.84%
GLL ProShares UltraShort Gold	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AUMI and GLL in my portfolio?

AUMI and GLL have a correlation of -0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AUMI or GLL?

AUMI has higher volatility (12.11%) compared to GLL (11.92%). In terms of maximum drawdown, AUMI dropped -39.84% vs GLL's -99.24%.

Which ETF is better, AUMI or GLL?

On 1-year performance, AUMI leads with 49.50% vs -39.18% for GLL. On fees, AUMI is cheaper at 0.35% per year. On volatility, GLL has been the lower-risk option at 11.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AUMI or GLL?

Over the 1-year period, AUMI has performed better with a 49.50% return vs -39.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AUMI or GLL?

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

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

AUMI has the higher dividend yield at 1.01%, compared with 0.00% for GLL.

What is the main difference between AUMI and GLL?

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

Which has better risk-adjusted returns?

AUMI currently has the higher Sharpe Ratio (0.98 vs -0.71), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.