GBUG vs. GLL

Last updated Jul 17, 2026

GBUG (Sprott Active Gold & Silver Miners ETF) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - GBUG is a Gold fund actively managed by Sprott, while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). GBUG is actively managed, while GLL is passively managed. Over the past year, GBUG returned 48.23% vs -37.00% for GLL. At a correlation of -0.80, they often move in opposite directions. GBUG charges 0.89%/yr vs 0.95%/yr for GLL.

Performance

GBUG vs. GLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Active Gold & Silver Miners ETF (GBUG) 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, GBUG achieves a -15.80% return, which is significantly lower than GLL's 5.05% return.

GBUG

• 1D: -3.97%
• 1M: -16.73%
• 6M: -23.26%
• YTD: -15.80%
• 1Y: 48.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLL

• 1D: 3.90%
• 1M: 18.00%
• 6M: 19.80%
• YTD: 5.05%
• 1Y: -37.00%
• 3Y*: -37.43%
• 5Y*: -27.00%
• 10Y*: -20.63%

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

GBUG vs. GLL - Yearly Performance Comparison

	2026 (YTD)	2025
GBUG Sprott Active Gold & Silver Miners ETF	-15.80%	122.37%
GLL ProShares UltraShort Gold	5.05%	-54.15%

Correlation

The correlation between GBUG and GLL is -0.81, 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	-0.81
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	-0.80

The correlation between GBUG and GLL has been stable across timeframes, ranging from -0.81 to -0.80 - a consistent structural relationship.

Return for Risk

GBUG vs. GLL — Risk / Return Rank

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

GBUG

GBUG Risk / Return Rank: 31
GBUG Sharpe Ratio Rank: 32
GBUG Sortino Ratio Rank: 31
GBUG Omega Ratio Rank: 33
GBUG Calmar Ratio Rank: 31
GBUG Martin Ratio Rank: 27

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: 5
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.

GBUG vs. GLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Active Gold & Silver Miners ETF (GBUG) 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.

	GBUG	GLL	Difference
Sharpe ratio: Return per unit of total volatility	0.95	-0.67	+1.62
Sortino ratio: Return per unit of downside risk	1.41	-0.87	+2.27
Omega ratio: Gain probability vs. loss probability	1.19	0.90	+0.29
Calmar ratio: Return relative to maximum drawdown	1.31	-0.57	+1.88
Martin ratio: Return relative to average drawdown	2.96	-0.83	+3.80

GBUG vs. GLL - Sharpe Ratio Comparison

The current GBUG Sharpe Ratio is 0.95, which is higher than the GLL Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of GBUG 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

GBUG vs. GLL - Drawdown Comparison

The maximum GBUG drawdown since its inception was -36.90%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for GBUG and GLL.

Drawdown Indicators

	GBUG	GLL	Difference
Max Drawdown Largest peak-to-trough decline	-36.90%	-99.24%	+62.34%
Max Drawdown (1Y) Largest decline over 1 year	-36.90%	-65.10%	+28.20%
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	-36.76%	-98.70%	+61.94%
Average Drawdown Average peak-to-trough decline	-9.58%	-85.20%	+75.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.32%	44.38%	-28.06%

Volatility

GBUG vs. GLL - Volatility Comparison

Sprott Active Gold & Silver Miners ETF (GBUG) and ProShares UltraShort Gold (GLL) have volatilities of 13.33% and 12.83%, 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

	GBUG	GLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.33%	12.83%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	42.67%	46.49%	-3.82%
Volatility (1Y) Calculated over the trailing 1-year period	50.96%	55.17%	-4.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.49%	36.73%	+11.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.49%	32.44%	+16.05%

GBUG vs. GLL - Expense Ratio Comparison

GBUG has a 0.89% expense ratio, which is lower than GLL's 0.95% expense ratio.

Dividends

GBUG vs. GLL - Dividend Comparison

GBUG's dividend yield for the trailing twelve months is around 1.85%, while GLL has not paid dividends to shareholders.

Position	TTM	2025
GBUG Sprott Active Gold & Silver Miners ETF	1.85%	1.56%
GLL ProShares UltraShort Gold	0.00%	0.00%

Frequently Asked Questions

Can I hold both GBUG and GLL in my portfolio?

GBUG 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, GBUG or GLL?

GBUG has higher volatility (13.33%) compared to GLL (12.83%). In terms of maximum drawdown, GBUG dropped -36.90% vs GLL's -99.24%.

Which ETF is better, GBUG or GLL?

On 1-year performance, GBUG leads with 48.23% vs -37.00% for GLL. On fees, GBUG is cheaper at 0.89% per year. On volatility, GLL has been the lower-risk option at 12.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GBUG or GLL?

Over the 1-year period, GBUG has performed better with a 48.23% return vs -37.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GBUG or GLL?

GBUG is cheaper with a 0.89% expense ratio, compared with 0.95% for GLL.

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

GBUG has the higher dividend yield at 1.85%, compared with 0.00% for GLL.

What is the main difference between GBUG and GLL?

GBUG is categorized as Gold, while GLL is Leveraged Commodities. They also come from different issuers: Sprott and ProShares. Their fees differ too: 0.89% for GBUG and 0.95% for GLL.

Which has better risk-adjusted returns?

GBUG currently has the higher Sharpe Ratio (0.95 vs -0.67), 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.