GC=F vs. GLL

Last updated Jun 25, 2026

GC=F (Gold Futures) is an asset, while GLL (ProShares UltraShort Gold) is Leveraged Commodities fund tracking the Bloomberg Gold (-200%). At a correlation of -0.19, they often move in opposite directions.

Performance

GC=F vs. GLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gold Futures (GC=F) and ProShares UltraShort Gold (GLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GC=F

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLL

• 1D: 5.97%
• 1M: 25.98%
• YTD: 4.59%
• 6M: 12.64%
• 1Y: -38.04%
• 3Y*: -38.14%
• 5Y*: -27.61%
• 10Y*: -20.80%

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

GC=F vs. GLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GC=F Gold Futures	0.00%	0.00%	0.00%	0.00%	5.84%
GLL ProShares UltraShort Gold	4.59%	-62.81%	-33.33%	-14.91%	-6.09%

Correlation

The correlation between GC=F and GLL is -0.19, 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 (All Time) Calculated using the full available price history since Jan 31, 2022	-0.19

Return for Risk

GC=F vs. GLL — Risk / Return Rank

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

GC=F

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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: 4
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.

GC=F vs. GLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gold Futures (GC=F) 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.

	GC=F	GLL	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.70	—
Sortino ratio: Return per unit of downside risk	—	-0.93	—
Omega ratio: Gain probability vs. loss probability	—	0.90	—
Calmar ratio: Return relative to maximum drawdown	—	-0.59	—
Martin ratio: Return relative to average drawdown	—	-0.88	—

Drawdowns

Drawdown Indicators

	GC=F	GLL	Difference
Max Drawdown Largest peak-to-trough decline	—	-99.24%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-65.10%	—
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	—	-98.70%	—
Average Drawdown Average peak-to-trough decline	—	-85.16%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	43.16%	—

Volatility

Volatility by Period

	GC=F	GLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	16.87%	—
Volatility (6M) Calculated over the trailing 6-month period	—	47.26%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	54.71%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	36.50%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	32.36%	—

Frequently Asked Questions

Can I hold both GC=F and GLL in my portfolio?

GC=F and GLL have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.