GDX vs. GLL
GDX (VanEck Gold Miners ETF) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, GDX returned 13.29%/yr vs -22.08%/yr for GLL. At a correlation of -0.77, they often move in opposite directions. GDX charges 0.51%/yr vs 0.95%/yr for GLL.
Performance
GDX vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, GDX achieves a -6.69% return, which is significantly lower than GLL's -5.47% return. Over the past 10 years, GDX has outperformed GLL with an annualized return of 13.29%, while GLL has yielded a comparatively lower -22.08% annualized return.
GDX
- 1D
- 2.97%
- 1M
- -8.38%
- YTD
- -6.69%
- 6M
- -5.89%
- 1Y
- 48.02%
- 3Y*
- 38.96%
- 5Y*
- 17.51%
- 10Y*
- 13.29%
GLL
- 1D
- 0.00%
- 1M
- 21.41%
- YTD
- -5.47%
- 6M
- -6.08%
- 1Y
- -40.15%
- 3Y*
- -39.64%
- 5Y*
- -27.61%
- 10Y*
- -22.08%
GDX vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | -6.69% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
GLL ProShares UltraShort Gold | -5.47% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
Correlation
The correlation between GDX and GLL is -0.80, 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 | -0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.78 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.77 |
The correlation between GDX and GLL has been stable across timeframes, ranging from -0.80 to -0.77 - a consistent structural relationship.
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Return for Risk
GDX vs. GLL — Risk / Return Rank
GDX
GLL
GDX vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) 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.
| GDX | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.86 | ||
| Sortino ratioReturn per unit of downside risk | +2.63 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.87 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | -0.64 | +2.04 |
| Martin ratioReturn relative to average drawdown | 3.87 | -0.98 | +4.85 |
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Drawdowns
GDX vs. GLL - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for GDX and GLL.
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Drawdown Indicators
| GDX | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -99.24% | +18.90% |
Max Drawdown (1Y)Largest decline over 1 year | -36.28% | -65.10% | +28.82% |
Max Drawdown (3Y)Largest decline over 3 years | -36.28% | -87.95% | +51.67% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -89.76% | +43.25% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | -95.76% | +45.97% |
Current DrawdownCurrent decline from peak | -30.91% | -98.83% | +67.92% |
Average DrawdownAverage peak-to-trough decline | -40.41% | -85.13% | +44.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.11% | 42.47% | -29.36% |
Volatility
GDX vs. GLL - Volatility Comparison
VanEck Gold Miners ETF (GDX) has a higher volatility of 17.20% compared to ProShares UltraShort Gold (GLL) at 15.23%. This indicates that GDX'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.
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Volatility by Period
| GDX | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.20% | 15.23% | +1.97% |
Volatility (6M)Calculated over the trailing 6-month period | 39.15% | 46.29% | -7.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.89% | 53.94% | -7.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.74% | 36.34% | +0.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.34% | 32.38% | +4.96% |
GDX vs. GLL - Expense Ratio Comparison
GDX has a 0.51% expense ratio, which is lower than GLL's 0.95% expense ratio.
Dividends
GDX vs. GLL - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.79%, while GLL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.79% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
GLL ProShares UltraShort Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GDX and GLL have a correlation of -0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (17.20%) compared to GLL (15.23%). In terms of maximum drawdown, GDX dropped -80.34% vs GLL's -99.24%.
On 10-year performance, GDX leads with 13.29% vs -22.08% for GLL. On fees, GDX is cheaper at 0.51% per year. On volatility, GLL has been the lower-risk option at 15.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDX has performed better with a 13.29% return vs -22.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 0.95% for GLL.
GDX has the higher dividend yield at 0.79%, compared with 0.00% for GLL.
GDX is categorized as Gold, while GLL is Leveraged Commodities. GDX tracks NYSE MarketVector Global Gold Miners Index, while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: VanEck and ProShares. Their fees differ too: 0.51% for GDX and 0.95% for GLL.
GDX currently has the higher Sharpe Ratio (1.09 vs -0.78), 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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