DBP vs. GLL
DBP (Invesco DB Precious Metals Fund) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return, while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, DBP returned 10.50%/yr vs -21.26%/yr for GLL. At a correlation of -0.96, they often move in opposite directions. DBP charges 0.78%/yr vs 0.95%/yr for GLL.
Performance
DBP vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, DBP achieves a -7.35% return, which is significantly lower than GLL's -1.30% return. Over the past 10 years, DBP has outperformed GLL with an annualized return of 10.50%, while GLL has yielded a comparatively lower -21.26% annualized return.
DBP
- 1D
- -2.46%
- 1M
- -11.00%
- YTD
- -7.35%
- 6M
- -11.28%
- 1Y
- 27.61%
- 3Y*
- 29.27%
- 5Y*
- 16.74%
- 10Y*
- 10.50%
GLL
- 1D
- 3.82%
- 1M
- 18.89%
- YTD
- -1.30%
- 6M
- 7.14%
- 1Y
- -39.64%
- 3Y*
- -39.33%
- 5Y*
- -28.52%
- 10Y*
- -21.26%
DBP vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | -7.35% | 73.43% | 26.71% | 8.68% | -1.51% | -7.10% | 26.79% | 15.89% | -4.31% | 10.58% |
GLL ProShares UltraShort Gold | -1.30% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
Correlation
The correlation between DBP and GLL is -0.96, 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 | -0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.96 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.96 |
The correlation between DBP and GLL has been stable across timeframes, ranging from -0.97 to -0.96 - a consistent structural relationship.
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Return for Risk
DBP vs. GLL — Risk / Return Rank
DBP
GLL
DBP vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) 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.
| DBP | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.56 | ||
| Sortino ratioReturn per unit of downside risk | +2.18 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.89 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | -0.61 | +1.53 |
| Martin ratioReturn relative to average drawdown | 2.25 | -0.92 | +3.17 |
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Drawdowns
DBP vs. GLL - Drawdown Comparison
The maximum DBP drawdown since its inception was -53.89%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for DBP and GLL.
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Drawdown Indicators
| DBP | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.89% | -99.24% | +45.35% |
Max Drawdown (1Y)Largest decline over 1 year | -30.18% | -65.10% | +34.92% |
Max Drawdown (3Y)Largest decline over 3 years | -30.18% | -87.95% | +57.77% |
Max Drawdown (5Y)Largest decline over 5 years | -30.18% | -89.76% | +59.58% |
Max Drawdown (10Y)Largest decline over 10 years | -30.18% | -95.76% | +65.58% |
Current DrawdownCurrent decline from peak | -30.18% | -98.77% | +68.59% |
Average DrawdownAverage peak-to-trough decline | -25.42% | -85.15% | +59.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.30% | 43.09% | -30.79% |
Volatility
DBP vs. GLL - Volatility Comparison
The current volatility for Invesco DB Precious Metals Fund (DBP) is 8.93%, while ProShares UltraShort Gold (GLL) has a volatility of 16.15%. This indicates that DBP 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
| DBP | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.93% | 16.15% | -7.22% |
Volatility (6M)Calculated over the trailing 6-month period | 30.96% | 46.91% | -15.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.62% | 54.37% | -20.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.18% | 36.40% | -15.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.83% | 32.31% | -13.48% |
DBP vs. GLL - Expense Ratio Comparison
DBP has a 0.78% expense ratio, which is lower than GLL's 0.95% expense ratio.
Dividends
DBP vs. GLL - Dividend Comparison
DBP's dividend yield for the trailing twelve months is around 2.63%, while GLL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | 2.63% | 2.44% | 4.21% | 4.47% | 0.45% | 0.00% | 0.00% | 1.26% | 1.24% | 0.12% |
GLL ProShares UltraShort Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DBP and GLL have a correlation of -0.96, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (16.15%) compared to DBP (8.93%). In terms of maximum drawdown, DBP dropped -53.89% vs GLL's -99.24%.
On 10-year performance, DBP leads with 10.50% vs -21.26% for GLL. On fees, DBP is cheaper at 0.78% per year. On volatility, DBP has been the lower-risk option at 8.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBP has performed better with a 10.50% return vs -21.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBP is cheaper with a 0.78% expense ratio, compared with 0.95% for GLL.
DBP has the higher dividend yield at 2.63%, compared with 0.00% for GLL.
DBP is categorized as Precious Metals, while GLL is Leveraged Commodities. DBP tracks DBIQ Optimum Yield Precious Metals Index Excess Return, while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.78% for DBP and 0.95% for GLL.
DBP currently has the higher Sharpe Ratio (0.82 vs -0.73), 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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