CPXR vs. GLL

Last updated Jun 4, 2026

CPXR (USCF Daily Target 2X Copper Index ETF) and GLL (ProShares UltraShort Gold) are both Leveraged Commodities funds - CPXR tracks the SummerHaven Copper Index while GLL tracks the Bloomberg Gold (-200%). Both are passively managed. Over the past year, CPXR returned 37.97% vs -48.24% for GLL. At a correlation of -0.42, they often move in opposite directions. CPXR charges 1.20%/yr vs 0.95%/yr for GLL.

Performance

CPXR vs. GLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF Daily Target 2X Copper Index ETF (CPXR) 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, CPXR achieves a 21.61% return, which is significantly higher than GLL's -14.49% return.

CPXR

• 1D: -5.10%
• 1M: 21.98%
• YTD: 21.61%
• 6M: 34.31%
• 1Y: 37.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLL

• 1D: 2.05%
• 1M: 3.37%
• YTD: -14.49%
• 6M: -18.72%
• 1Y: -48.24%
• 3Y*: -41.46%
• 5Y*: -28.82%
• 10Y*: -23.37%

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

CPXR vs. GLL - Yearly Performance Comparison

	2026 (YTD)	2025
CPXR USCF Daily Target 2X Copper Index ETF	21.61%	36.03%
GLL ProShares UltraShort Gold	-14.49%	-59.13%

Correlation

The correlation between CPXR and GLL is -0.39, 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	-0.39
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025	-0.42

Return for Risk

CPXR vs. GLL — Risk / Return Rank

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

CPXR

CPXR Risk / Return Rank: 20
CPXR Sharpe Ratio Rank: 18
CPXR Sortino Ratio Rank: 21
CPXR Omega Ratio Rank: 27
CPXR Calmar Ratio Rank: 19
CPXR Martin Ratio Rank: 16

GLL

GLL Risk / Return Rank: 2
GLL Sharpe Ratio Rank: 2
GLL Sortino Ratio Rank: 1
GLL Omega Ratio Rank: 2
GLL Calmar Ratio Rank: 3
GLL Martin Ratio Rank: 3

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.

CPXR vs. GLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Daily Target 2X Copper Index ETF (CPXR) 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.

	CPXR	GLL	Difference
Sharpe ratio: Return per unit of total volatility	0.55	-0.92	+1.48
Sortino ratio: Return per unit of downside risk	1.11	-1.50	+2.60
Omega ratio: Gain probability vs. loss probability	1.18	0.83	+0.35
Calmar ratio: Return relative to maximum drawdown	0.80	-0.74	+1.54
Martin ratio: Return relative to average drawdown	1.47	-1.16	+2.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPXR vs. GLL - Sharpe Ratio Comparison

The current CPXR Sharpe Ratio is 0.55, which is higher than the GLL Sharpe Ratio of -0.92. The chart below compares the historical Sharpe Ratios of CPXR 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.

Sharpe Ratios by Period

	CPXR	GLL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.55	-0.92	+1.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.81	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	-0.67	+1.33

Drawdowns

CPXR vs. GLL - Drawdown Comparison

The maximum CPXR drawdown since its inception was -47.87%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for CPXR and GLL.

Drawdown Indicators

	CPXR	GLL	Difference
Max Drawdown Largest peak-to-trough decline	-47.87%	-99.24%	+51.37%
Max Drawdown (1Y) Largest decline over 1 year	-47.87%	-65.10%	+17.23%
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	-5.10%	-98.94%	+93.84%
Average Drawdown Average peak-to-trough decline	-19.88%	-85.13%	+65.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.94%	41.74%	-15.80%

Volatility

CPXR vs. GLL - Volatility Comparison

USCF Daily Target 2X Copper Index ETF (CPXR) has a higher volatility of 18.75% compared to ProShares UltraShort Gold (GLL) at 11.07%. This indicates that CPXR's price experiences larger fluctuations and is considered to be riskier than GLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPXR	GLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.75%	11.07%	+7.68%
Volatility (6M) Calculated over the trailing 6-month period	45.26%	44.43%	+0.83%
Volatility (1Y) Calculated over the trailing 1-year period	68.77%	52.38%	+16.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.61%	35.90%	+32.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.61%	32.12%	+36.49%

CPXR vs. GLL - Expense Ratio Comparison

CPXR has a 1.20% expense ratio, which is higher than GLL's 0.95% expense ratio.

Dividends

CPXR vs. GLL - Dividend Comparison

CPXR's dividend yield for the trailing twelve months is around 0.58%, while GLL has not paid dividends to shareholders.

Position	TTM	2025
CPXR USCF Daily Target 2X Copper Index ETF	0.58%	0.70%
GLL ProShares UltraShort Gold	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPXR and GLL in my portfolio?

CPXR and GLL have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPXR or GLL?

CPXR has higher volatility (18.75%) compared to GLL (11.07%). In terms of maximum drawdown, CPXR dropped -47.87% vs GLL's -99.24%.

Which ETF is better, CPXR or GLL?

On 1-year performance, CPXR leads with 37.97% vs -48.24% for GLL. On fees, GLL is cheaper at 0.95% per year. On volatility, GLL has been the lower-risk option at 11.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPXR or GLL?

Over the 1-year period, CPXR has performed better with a 37.97% return vs -48.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPXR or GLL?

GLL is cheaper with a 0.95% expense ratio, compared with 1.20% for CPXR.

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

CPXR has the higher dividend yield at 0.58%, compared with 0.00% for GLL.

What is the main difference between CPXR and GLL?

CPXR tracks SummerHaven Copper Index, while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: USCF and ProShares. Their fees differ too: 1.20% for CPXR and 0.95% for GLL.

Which has better risk-adjusted returns?

CPXR currently has the higher Sharpe Ratio (0.55 vs -0.92), 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.