GDE vs. GLL

Last updated Jun 25, 2026

GDE (WisdomTree Efficient Gold Plus Equity Strategy Fund) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - GDE is a Gold fund actively managed by WisdomTree, while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). GDE is actively managed, while GLL is passively managed. Over the past 3 years, GDE returned 39.47%/yr vs -38.14%/yr for GLL. At a correlation of -0.73, they often move in opposite directions. GDE charges 0.20%/yr vs 0.95%/yr for GLL.

Performance

GDE vs. GLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE) 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, GDE achieves a -3.38% return, which is significantly lower than GLL's 4.59% return.

GDE

• 1D: -2.89%
• 1M: -12.63%
• YTD: -3.38%
• 6M: -7.83%
• 1Y: 34.32%
• 3Y*: 39.47%
• 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)

GDE vs. GLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund	-3.38%	73.76%	44.79%	33.85%	-8.58%
GLL ProShares UltraShort Gold	4.59%	-62.81%	-33.33%	-14.91%	10.92%

Correlation

The correlation between GDE and GLL is -0.87, 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	-0.87
Correlation (3Y) Calculated over the trailing 3-year period	-0.77
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022	-0.73

The correlation between GDE and GLL shifts across timeframes, from -0.87 (1 year) to -0.73 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GDE vs. GLL — Risk / Return Rank

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

GDE

GDE Risk / Return Rank: 33
GDE Sharpe Ratio Rank: 34
GDE Sortino Ratio Rank: 30
GDE Omega Ratio Rank: 35
GDE Calmar Ratio Rank: 33
GDE Martin Ratio Rank: 31

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.

GDE vs. GLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE) 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.

	GDE	GLL	Difference
Sharpe ratio: Return per unit of total volatility	1.13	-0.70	+1.83
Sortino ratio: Return per unit of downside risk	1.54	-0.93	+2.47
Omega ratio: Gain probability vs. loss probability	1.22	0.90	+0.32
Calmar ratio: Return relative to maximum drawdown	1.52	-0.59	+2.11
Martin ratio: Return relative to average drawdown	4.18	-0.88	+5.06

GDE vs. GLL - Sharpe Ratio Comparison

The current GDE Sharpe Ratio is 1.13, which is higher than the GLL Sharpe Ratio of -0.70. The chart below compares the historical Sharpe Ratios of GDE 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

GDE vs. GLL - Drawdown Comparison

The maximum GDE drawdown since its inception was -32.01%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for GDE and GLL.

Drawdown Indicators

	GDE	GLL	Difference
Max Drawdown Largest peak-to-trough decline	-32.01%	-99.24%	+67.23%
Max Drawdown (1Y) Largest decline over 1 year	-22.66%	-65.10%	+42.44%
Max Drawdown (3Y) Largest decline over 3 years	-22.66%	-87.95%	+65.29%
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	-21.82%	-98.70%	+76.88%
Average Drawdown Average peak-to-trough decline	-7.99%	-85.16%	+77.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.23%	43.16%	-34.93%

Volatility

GDE vs. GLL - Volatility Comparison

The current volatility for WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE) is 11.66%, while ProShares UltraShort Gold (GLL) has a volatility of 16.87%. This indicates that GDE 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.

Volatility by Period

	GDE	GLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.66%	16.87%	-5.21%
Volatility (6M) Calculated over the trailing 6-month period	26.64%	47.26%	-20.62%
Volatility (1Y) Calculated over the trailing 1-year period	30.45%	54.71%	-24.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.18%	36.50%	-9.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.18%	32.36%	-5.18%

GDE vs. GLL - Expense Ratio Comparison

GDE has a 0.20% expense ratio, which is lower than GLL's 0.95% expense ratio.

Dividends

GDE vs. GLL - Dividend Comparison

GDE's dividend yield for the trailing twelve months is around 4.47%, while GLL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund	4.47%	4.32%	7.14%	2.22%	0.81%
GLL ProShares UltraShort Gold	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDE and GLL in my portfolio?

GDE and GLL have a correlation of -0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDE or GLL?

GLL has higher volatility (16.87%) compared to GDE (11.66%). In terms of maximum drawdown, GDE dropped -32.01% vs GLL's -99.24%.

Which ETF is better, GDE or GLL?

On 3-year performance, GDE leads with 39.47% vs -38.14% for GLL. On fees, GDE is cheaper at 0.20% per year. On volatility, GDE has been the lower-risk option at 11.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDE or GLL?

Over the 3-year period, GDE has performed better with a 39.47% return vs -38.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDE or GLL?

GDE is cheaper with a 0.20% expense ratio, compared with 0.95% for GLL.

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

GDE has the higher dividend yield at 4.47%, compared with 0.00% for GLL.

What is the main difference between GDE and GLL?

GDE is categorized as Gold, while GLL is Leveraged Commodities. They also come from different issuers: WisdomTree and ProShares. Their fees differ too: 0.20% for GDE and 0.95% for GLL.

Which has better risk-adjusted returns?

GDE currently has the higher Sharpe Ratio (1.13 vs -0.70), 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.