GDXW vs. GLL

Last updated Jun 24, 2026

GDXW (Roundhill Gold Miners Weeklypay ETF) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - GDXW is a Gold fund actively managed by Roundhill, while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). GDXW is actively managed, while GLL is passively managed. At a correlation of -0.83, they often move in opposite directions. GDXW charges 0.99%/yr vs 0.95%/yr for GLL.

Performance

GDXW vs. GLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Gold Miners Weeklypay ETF (GDXW) 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, GDXW achieves a -15.08% return, which is significantly lower than GLL's -1.30% return.

GDXW

• 1D: -5.53%
• 1M: -11.11%
• YTD: -15.08%
• 6M: -20.16%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLL

• 1D: 3.82%
• 1M: 18.89%
• YTD: -1.30%
• 6M: 7.14%
• 1Y: -39.64%
• 3Y*: -39.33%
• 5Y*: -28.52%
• 10Y*: -21.26%

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

GDXW vs. GLL - Yearly Performance Comparison

	2026 (YTD)	2025
GDXW Roundhill Gold Miners Weeklypay ETF	-15.08%	25.26%
GLL ProShares UltraShort Gold	-1.30%	-16.08%

Correlation

The correlation between GDXW and GLL is -0.83, 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 Oct 30, 2025	-0.83

Return for Risk

GDXW vs. GLL — Risk / Return Rank

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

GDXW

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: 3
GLL Sortino Ratio Rank: 3
GLL Omega Ratio Rank: 3
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.

GDXW vs. GLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Gold Miners Weeklypay ETF (GDXW) 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.

	GDXW	GLL	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.73	—
Sortino ratio: Return per unit of downside risk	—	-1.01	—
Omega ratio: Gain probability vs. loss probability	—	0.89	—
Calmar ratio: Return relative to maximum drawdown	—	-0.61	—
Martin ratio: Return relative to average drawdown	—	-0.92	—

Drawdowns

GDXW vs. GLL - Drawdown Comparison

The maximum GDXW drawdown since its inception was -43.76%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for GDXW and GLL.

Drawdown Indicators

	GDXW	GLL	Difference
Max Drawdown Largest peak-to-trough decline	-43.76%	-99.24%	+55.48%
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	-40.18%	-98.77%	+58.59%
Average Drawdown Average peak-to-trough decline	-15.28%	-85.15%	+69.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	43.09%	—

Volatility

Volatility by Period

	GDXW	GLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	16.15%	—
Volatility (6M) Calculated over the trailing 6-month period	—	46.91%	—
Volatility (1Y) Calculated over the trailing 1-year period	63.03%	54.37%	+8.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.03%	36.40%	+26.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.03%	32.31%	+30.72%

GDXW vs. GLL - Expense Ratio Comparison

GDXW has a 0.99% expense ratio, which is higher than GLL's 0.95% expense ratio.

Dividends

GDXW vs. GLL - Dividend Comparison

GDXW's dividend yield for the trailing twelve months is around 48.83%, while GLL has not paid dividends to shareholders.

Position	TTM	2025
GDXW Roundhill Gold Miners Weeklypay ETF	48.83%	7.48%
GLL ProShares UltraShort Gold	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDXW and GLL in my portfolio?

GDXW and GLL have a correlation of -0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GDXW or GLL?

On fees, GLL is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GDXW or GLL?

GLL is cheaper with a 0.95% expense ratio, compared with 0.99% for GDXW.

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

GDXW has the higher dividend yield at 48.83%, compared with 0.00% for GLL.

What is the main difference between GDXW and GLL?

GDXW is categorized as Gold, while GLL is Leveraged Commodities. They also come from different issuers: Roundhill and ProShares. Their fees differ too: 0.99% for GDXW and 0.95% for GLL.