GDXJ vs. GLL
GDXJ (VanEck Junior Gold Miners ETF) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - GDXJ is a Gold fund tracking the MVIS Global Junior Gold Miners Index, while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, GDXJ returned 8.85%/yr vs -20.82%/yr for GLL. Their -0.76 correlation means they have often moved in opposite directions in the past. GDXJ charges 0.52%/yr vs 0.95%/yr for GLL.
Performance
GDXJ vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, GDXJ achieves a -13.28% return, which is significantly lower than GLL's 1.26% return. Over the past 10 years, GDXJ has outperformed GLL with an annualized return of 8.85%, while GLL has yielded a comparatively lower -20.82% annualized return.
GDXJ
- 1D
- 3.44%
- 1M
- -4.12%
- 6M
- -20.48%
- YTD
- -13.28%
- 1Y
- 55.23%
- 3Y*
- 43.15%
- 5Y*
- 18.66%
- 10Y*
- 8.85%
- ALL TIME*
- 1.78%
GLL
- 1D
- -0.08%
- 1M
- 3.32%
- 6M
- 23.22%
- YTD
- 1.26%
- 1Y
- -39.18%
- 3Y*
- -38.64%
- 5Y*
- -27.51%
- 10Y*
- -20.82%
- ALL TIME*
- -21.77%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $470.71M | $441.62M | $622.38M | |
| $40.14M | $37.19M | $59.19M |
GDXJ vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDXJ VanEck Junior Gold Miners ETF | -13.28% | 172.28% | 15.67% | 7.12% | -14.53% | -21.25% | 30.40% | 40.44% | -11.02% | 8.22% |
GLL ProShares UltraShort Gold | 1.26% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
Correlation
The correlation between GDXJ and GLL is -0.81, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.81 |
Correlation (3Y) Balances recent behavior with more history. | -0.80 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.79 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.77 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2009 | -0.76 |
The correlation between GDXJ and GLL has been stable across timeframes, ranging from -0.81 to -0.76 - a consistent structural relationship.
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Return for Risk
GDXJ vs. GLL — Risk / Return Rank
GDXJ
GLL
GDXJ vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Junior Gold Miners ETF (GDXJ) 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.
| GDXJ | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.74 | ||
| Sortino ratioReturn per unit of downside risk | +2.47 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 0.89 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 1.34 | -0.61 | +1.96 |
| Martin ratioReturn relative to average drawdown | 2.83 | -0.89 | +3.72 |
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Drawdowns
GDXJ vs. GLL - Drawdown Comparison
The maximum GDXJ drawdown since its inception was -88.66%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for GDXJ and GLL.
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Drawdown Indicators
| GDXJ | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.66% | -99.24% | +10.58% |
Max Drawdown (1Y)Largest decline over 1 year | -41.32% | -64.23% | +22.91% |
Max Drawdown (3Y)Largest decline over 3 years | -41.32% | -87.95% | +46.63% |
Max Drawdown (5Y)Largest decline over 5 years | -48.79% | -89.76% | +40.97% |
Max Drawdown (10Y)Largest decline over 10 years | -57.77% | -95.76% | +37.99% |
Current DrawdownCurrent decline from peak | -36.83% | -98.74% | +61.91% |
Average DrawdownAverage peak-to-trough decline | -60.25% | -85.24% | +24.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.56% | 44.13% | -24.57% |
Volatility
GDXJ vs. GLL - Volatility Comparison
VanEck Junior Gold Miners ETF (GDXJ) has a higher volatility of 14.46% compared to ProShares UltraShort Gold (GLL) at 11.92%. This indicates that GDXJ'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
| GDXJ | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.46% | 11.92% | +2.54% |
Volatility (6M)Calculated over the trailing 6-month period | 42.31% | 41.51% | +0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.05% | 55.36% | -1.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.11% | 36.89% | +5.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.20% | 32.49% | +11.71% |
GDXJ vs. GLL - Expense Ratio Comparison
GDXJ has a 0.52% expense ratio, which is lower than GLL's 0.95% expense ratio.
Dividends
GDXJ vs. GLL - Dividend Comparison
GDXJ's dividend yield for the trailing twelve months is around 2.69%, while GLL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDXJ VanEck Junior Gold Miners ETF | 2.69% | 2.33% | 2.61% | 0.72% | 0.51% | 1.78% | 1.58% | 0.39% | 0.45% | 0.03% | 4.78% | 0.72% |
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
GDXJ 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.
GDXJ has higher volatility (14.46%) compared to GLL (11.92%). In terms of maximum drawdown, GDXJ dropped -88.66% vs GLL's -99.24%.
On 10-year performance, GDXJ leads with 8.85% vs -20.82% for GLL. On fees, GDXJ is cheaper at 0.52% per year. On volatility, GLL has been the lower-risk option at 11.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDXJ has performed better with a 8.85% return vs -20.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDXJ is cheaper with a 0.52% expense ratio, compared with 0.95% for GLL.
GDXJ has the higher dividend yield at 2.69%, compared with 0.00% for GLL.
GDXJ is categorized as Gold, while GLL is Leveraged Commodities. GDXJ tracks MVIS Global Junior Gold Miners Index, while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: VanEck and ProShares. Their fees differ too: 0.52% for GDXJ and 0.95% for GLL.
GDXJ currently has the higher Sharpe Ratio (1.03 vs -0.71), 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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