GLD vs. GLL
GLD (SPDR Gold Shares) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, GLD returned 11.29%/yr vs -20.82%/yr for GLL. Their -0.99 correlation means they have often moved in opposite directions in the past. GLD charges 0.40%/yr vs 0.95%/yr for GLL.
Performance
GLD vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, GLD achieves a -6.21% return, which is significantly lower than GLL's 1.26% return. Over the past 10 years, GLD has outperformed GLL with an annualized return of 11.29%, while GLL has yielded a comparatively lower -20.82% annualized return.
GLD
- 1D
- 0.05%
- 1M
- -1.70%
- 6M
- -12.97%
- YTD
- -6.21%
- 1Y
- 20.25%
- 3Y*
- 27.30%
- 5Y*
- 17.00%
- 10Y*
- 11.29%
- ALL TIME*
- 10.28%
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) |
|---|---|---|---|
| $2.42B | $2.35B | $2.72B | |
| $40.14M | $37.19M | $59.19M |
GLD vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | -6.21% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
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 GLD and GLL is -1.00, 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. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.99 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.99 |
The correlation between GLD and GLL has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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Return for Risk
GLD vs. GLL — Risk / Return Rank
GLD
GLL
GLD vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) 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.
| GLD | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.44 | ||
| Sortino ratioReturn per unit of downside risk | +2.03 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.89 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | -0.61 | +1.38 |
| Martin ratioReturn relative to average drawdown | 1.65 | -0.89 | +2.54 |
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Drawdowns
GLD vs. GLL - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for GLD and GLL.
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Drawdown Indicators
| GLD | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -99.24% | +53.68% |
Max Drawdown (1Y)Largest decline over 1 year | -26.40% | -64.23% | +37.83% |
Max Drawdown (3Y)Largest decline over 3 years | -26.40% | -87.95% | +61.55% |
Max Drawdown (5Y)Largest decline over 5 years | -26.40% | -89.76% | +63.36% |
Max Drawdown (10Y)Largest decline over 10 years | -26.40% | -95.76% | +69.36% |
Current DrawdownCurrent decline from peak | -25.04% | -98.74% | +73.70% |
Average DrawdownAverage peak-to-trough decline | -16.21% | -85.24% | +69.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.29% | 44.13% | -31.84% |
Volatility
GLD vs. GLL - Volatility Comparison
The current volatility for SPDR Gold Shares (GLD) is 6.05%, while ProShares UltraShort Gold (GLL) has a volatility of 11.92%. This indicates that GLD 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.
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Volatility by Period
| GLD | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.05% | 11.92% | -5.87% |
Volatility (6M)Calculated over the trailing 6-month period | 20.95% | 41.51% | -20.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.11% | 55.36% | -27.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.49% | 36.89% | -18.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.14% | 32.49% | -16.35% |
GLD vs. GLL - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is lower than GLL's 0.95% expense ratio.
Dividends
GLD vs. GLL - Dividend Comparison
Neither GLD nor GLL has paid dividends to shareholders.
Frequently Asked Questions
GLD and GLL have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (11.92%) compared to GLD (6.05%). In terms of maximum drawdown, GLD dropped -45.56% vs GLL's -99.24%.
On 10-year performance, GLD leads with 11.29% vs -20.82% for GLL. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 6.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 11.29% return vs -20.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.95% for GLL.
GLD and GLL have nearly identical dividend yields, around 0.00%.
GLD is categorized as Gold, while GLL is Leveraged Commodities. GLD tracks LBMA Gold Price PM, while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.40% for GLD and 0.95% for GLL.
GLD currently has the higher Sharpe Ratio (0.72 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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