GLDI vs. GLL
GLDI (UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - GLDI is a Gold fund tracking the Credit Suisse NASDAQ Gold FLOWS 103 Index, while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, GLDI returned 7.56%/yr vs -20.49%/yr for GLL. Their -0.85 correlation means they have often moved in opposite directions in the past. GLDI charges 0.65%/yr vs 0.95%/yr for GLL.
Performance
GLDI vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, GLDI achieves a -4.75% return, which is significantly lower than GLL's 1.34% return. Over the past 10 years, GLDI has outperformed GLL with an annualized return of 7.56%, while GLL has yielded a comparatively lower -20.49% annualized return.
GLDI
- 1D
- -0.61%
- 1M
- -0.08%
- 6M
- -7.85%
- YTD
- -4.75%
- 1Y
- 11.07%
- 3Y*
- 16.54%
- 5Y*
- 10.37%
- 10Y*
- 7.56%
- ALL TIME*
- 3.85%
GLL
- 1D
- 3.15%
- 1M
- 3.39%
- 6M
- 33.97%
- YTD
- 1.34%
- 1Y
- -39.14%
- 3Y*
- -38.51%
- 5Y*
- -27.47%
- 10Y*
- -20.49%
- ALL TIME*
- -21.77%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $9.09M | $8.22M | $7.58M | |
| $38.26M | $37.47M | $59.93M |
GLDI vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | -4.75% | 34.25% | 17.76% | 8.93% | -1.11% | -3.42% | 23.50% | 14.40% | -0.54% | 8.94% |
GLL ProShares UltraShort Gold | 1.34% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
Correlation
The correlation between GLDI and GLL is -0.87, 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. | -0.87 |
Correlation (3Y) Balances recent behavior with more history. | -0.85 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.87 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.83 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2013 | -0.85 |
The correlation between GLDI and GLL has been stable across timeframes, ranging from -0.87 to -0.83 - a consistent structural relationship.
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Return for Risk
GLDI vs. GLL — Risk / Return Rank
GLDI
GLL
GLDI vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) 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.
| GLDI | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.52 | ||
| Sortino ratioReturn per unit of downside risk | +2.11 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.88 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 0.81 | -0.65 | +1.46 |
| Martin ratioReturn relative to average drawdown | 2.04 | -0.94 | +2.99 |
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Drawdowns
GLDI vs. GLL - Drawdown Comparison
The maximum GLDI drawdown since its inception was -32.26%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for GLDI and GLL.
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Drawdown Indicators
| GLDI | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.26% | -99.24% | +66.98% |
Max Drawdown (1Y)Largest decline over 1 year | -15.81% | -64.23% | +48.42% |
Max Drawdown (3Y)Largest decline over 3 years | -15.81% | -87.95% | +72.14% |
Max Drawdown (5Y)Largest decline over 5 years | -15.81% | -89.76% | +73.95% |
Max Drawdown (10Y)Largest decline over 10 years | -15.81% | -95.76% | +79.95% |
Current DrawdownCurrent decline from peak | -13.54% | -98.74% | +85.20% |
Average DrawdownAverage peak-to-trough decline | -13.99% | -85.23% | +71.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.26% | 44.60% | -38.34% |
Volatility
GLDI vs. GLL - Volatility Comparison
The current volatility for UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) is 5.26%, while ProShares UltraShort Gold (GLL) has a volatility of 12.63%. This indicates that GLDI 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
| GLDI | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.26% | 12.63% | -7.37% |
Volatility (6M)Calculated over the trailing 6-month period | 15.59% | 45.01% | -29.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.78% | 55.39% | -38.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.85% | 36.88% | -25.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.65% | 32.48% | -20.83% |
GLDI vs. GLL - Expense Ratio Comparison
GLDI has a 0.65% expense ratio, which is lower than GLL's 0.95% expense ratio.
Dividends
GLDI vs. GLL - Dividend Comparison
GLDI's dividend yield for the trailing twelve months is around 26.14%, while GLL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | 26.14% | 16.15% | 10.45% | 10.02% | 13.73% | 10.65% | 14.25% | 7.25% | 5.33% | 7.77% | 17.26% | 10.07% |
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
GLDI and GLL have a correlation of -0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (12.63%) compared to GLDI (5.26%). In terms of maximum drawdown, GLDI dropped -32.26% vs GLL's -99.24%.
On 10-year performance, GLDI leads with 7.56% vs -20.49% for GLL. On fees, GLDI is cheaper at 0.65% per year. On volatility, GLDI has been the lower-risk option at 5.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLDI has performed better with a 7.56% return vs -20.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDI is cheaper with a 0.65% expense ratio, compared with 0.95% for GLL.
GLDI has the higher dividend yield at 26.14%, compared with 0.00% for GLL.
GLDI is categorized as Gold, while GLL is Leveraged Commodities. GLDI tracks Credit Suisse NASDAQ Gold FLOWS 103 Index, while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: UBS and ProShares. Their fees differ too: 0.65% for GLDI and 0.95% for GLL.
GLDI currently has the higher Sharpe Ratio (0.76 vs -0.75), 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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