GLD vs. SSG
GLD (SPDR Gold Shares) and SSG (Proshares Ultrashort Semiconductors) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while SSG is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (-200%). Both are passively managed. Over the past 10 years, GLD returned 12.15%/yr vs -61.87%/yr for SSG. At a correlation of -0.05, they often move in opposite directions. GLD charges 0.40%/yr vs 0.95%/yr for SSG.
Performance
GLD vs. SSG - Performance Comparison
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Returns By Period
In the year-to-date period, GLD achieves a -2.47% return, which is significantly higher than SSG's -57.62% return. Over the past 10 years, GLD has outperformed SSG with an annualized return of 12.15%, while SSG has yielded a comparatively lower -61.87% annualized return.
GLD
- 1D
- 0.06%
- 1M
- -7.37%
- YTD
- -2.47%
- 6M
- -2.25%
- 1Y
- 22.21%
- 3Y*
- 28.89%
- 5Y*
- 17.08%
- 10Y*
- 12.15%
SSG
- 1D
- -2.05%
- 1M
- -8.96%
- YTD
- -57.62%
- 6M
- -60.52%
- 1Y
- -79.15%
- 3Y*
- -73.33%
- 5Y*
- -66.38%
- 10Y*
- -61.87%
GLD vs. SSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | -2.47% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
SSG Proshares Ultrashort Semiconductors | -57.62% | -70.03% | -77.59% | -78.69% | 37.90% | -67.46% | -76.50% | -63.33% | -0.79% | -51.60% |
Correlation
The correlation between GLD and SSG is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | -0.05 |
The correlation between GLD and SSG shifts across timeframes, from -0.17 (1 year) to -0.04 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
GLD vs. SSG — Risk / Return Rank
GLD
SSG
GLD vs. SSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and Proshares Ultrashort Semiconductors (SSG). 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 | SSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.06 | ||
| Sortino ratioReturn per unit of downside risk | +3.89 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.72 | +0.47 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | -0.97 | +1.94 |
| Martin ratioReturn relative to average drawdown | 2.81 | -1.52 | +4.33 |
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Drawdowns
GLD vs. SSG - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum SSG drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for GLD and SSG.
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Drawdown Indicators
| GLD | SSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -100.00% | +54.44% |
Max Drawdown (1Y)Largest decline over 1 year | -24.46% | -81.04% | +56.58% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -98.49% | +74.03% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -99.64% | +75.18% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -99.99% | +75.53% |
Current DrawdownCurrent decline from peak | -22.05% | -100.00% | +77.95% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -88.59% | +72.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.49% | 51.46% | -42.97% |
Volatility
GLD vs. SSG - Volatility Comparison
The current volatility for SPDR Gold Shares (GLD) is 7.79%, while Proshares Ultrashort Semiconductors (SSG) has a volatility of 28.87%. This indicates that GLD experiences smaller price fluctuations and is considered to be less risky than SSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLD | SSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.79% | 28.87% | -21.08% |
Volatility (6M)Calculated over the trailing 6-month period | 24.10% | 52.78% | -28.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.37% | 65.95% | -38.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.22% | 78.00% | -59.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 69.35% | -53.27% |
GLD vs. SSG - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is lower than SSG's 0.95% expense ratio.
Dividends
GLD vs. SSG - Dividend Comparison
GLD has not paid dividends to shareholders, while SSG's dividend yield for the trailing twelve months is around 12.32%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SSG Proshares Ultrashort Semiconductors | 12.32% | 9.19% | 7.67% | 6.73% | 0.75% | 0.00% | 0.34% | 1.81% | 0.62% |
Frequently Asked Questions
GLD and SSG have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SSG has higher volatility (28.87%) compared to GLD (7.79%). In terms of maximum drawdown, GLD dropped -45.56% vs SSG's -100.00%.
On 10-year performance, GLD leads with 12.15% vs -61.87% for SSG. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 7.79%. 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 12.15% return vs -61.87%. 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 SSG.
SSG has the higher dividend yield at 12.32%, compared with 0.00% for GLD.
GLD is categorized as Gold, while SSG is Leveraged Equities. GLD tracks LBMA Gold Price PM, while SSG tracks Dow Jones U.S. Semiconductors Index (-200%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.40% for GLD and 0.95% for SSG.
GLD currently has the higher Sharpe Ratio (0.87 vs -1.19), 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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