BAR vs. GLL
BAR (GraniteShares Gold Trust) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - BAR is a Gold fund tracking the LBMA Gold Price PM ($/ozt), while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past 5 years, BAR returned 17.26%/yr vs -27.51%/yr for GLL. Their -0.99 correlation means they have often moved in opposite directions in the past. BAR charges 0.17%/yr vs 0.95%/yr for GLL.
Performance
BAR vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, BAR achieves a -6.10% return, which is significantly lower than GLL's 1.26% return.
BAR
- 1D
- 0.13%
- 1M
- -1.60%
- 6M
- -12.98%
- YTD
- -6.10%
- 1Y
- 20.54%
- 3Y*
- 27.61%
- 5Y*
- 17.26%
- 10Y*
- —
- ALL TIME*
- 13.26%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.15M | $7.49M | $9.63M | |
| $40.14M | $37.19M | $59.19M |
BAR vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BAR GraniteShares Gold Trust | -6.10% | 64.12% | 26.97% | 12.96% | -0.55% | -3.92% | 25.02% | 18.16% | -1.87% | -0.79% |
GLL ProShares UltraShort Gold | 1.26% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | 0.67% |
Correlation
The correlation between BAR and GLL is -1.00, 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. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -1.00 |
Correlation (All Time) Calculated using the full available price history since Aug 31, 2017 | -0.99 |
The correlation between BAR and GLL has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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Return for Risk
BAR vs. GLL — Risk / Return Rank
BAR
GLL
BAR vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares Gold Trust (BAR) 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.
| BAR | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.45 | ||
| Sortino ratioReturn per unit of downside risk | +2.05 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.89 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.78 | -0.61 | +1.40 |
| Martin ratioReturn relative to average drawdown | 1.68 | -0.89 | +2.57 |
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Drawdowns
BAR vs. GLL - Drawdown Comparison
The maximum BAR drawdown since its inception was -26.32%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for BAR and GLL.
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Drawdown Indicators
| BAR | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.32% | -99.24% | +72.92% |
Max Drawdown (1Y)Largest decline over 1 year | -26.32% | -64.23% | +37.91% |
Max Drawdown (3Y)Largest decline over 3 years | -26.32% | -87.95% | +61.63% |
Max Drawdown (5Y)Largest decline over 5 years | -26.32% | -89.76% | +63.44% |
Max Drawdown (10Y)Largest decline over 10 years | — | -95.76% | — |
Current DrawdownCurrent decline from peak | -24.94% | -98.74% | +73.80% |
Average DrawdownAverage peak-to-trough decline | -6.76% | -85.24% | +78.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.26% | 44.13% | -31.87% |
Volatility
BAR vs. GLL - Volatility Comparison
The current volatility for GraniteShares Gold Trust (BAR) is 5.98%, while ProShares UltraShort Gold (GLL) has a volatility of 11.92%. This indicates that BAR 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
| BAR | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.98% | 11.92% | -5.94% |
Volatility (6M)Calculated over the trailing 6-month period | 20.76% | 41.51% | -20.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.90% | 55.36% | -27.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.38% | 36.89% | -18.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.61% | 32.49% | -15.88% |
BAR vs. GLL - Expense Ratio Comparison
BAR has a 0.17% expense ratio, which is lower than GLL's 0.95% expense ratio.
Dividends
BAR vs. GLL - Dividend Comparison
Neither BAR nor GLL has paid dividends to shareholders.
Frequently Asked Questions
BAR and GLL have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (11.92%) compared to BAR (5.98%). In terms of maximum drawdown, BAR dropped -26.32% vs GLL's -99.24%.
On 5-year performance, BAR leads with 17.26% vs -27.51% for GLL. On fees, BAR is cheaper at 0.17% per year. On volatility, BAR has been the lower-risk option at 5.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BAR has performed better with a 17.26% return vs -27.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BAR is cheaper with a 0.17% expense ratio, compared with 0.95% for GLL.
BAR and GLL have nearly identical dividend yields, around 0.00%.
BAR is categorized as Gold, while GLL is Leveraged Commodities. BAR tracks LBMA Gold Price PM ($/ozt), while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: GraniteShares and ProShares. Their fees differ too: 0.17% for BAR and 0.95% for GLL.
BAR currently has the higher Sharpe Ratio (0.74 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.
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