GLDN vs. GLL

Last updated Aug 6, 2026

GLDN (Nicholas Gold Income ETF) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - GLDN is a Gold fund actively managed by Nicholas, while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). GLDN is actively managed, while GLL is passively managed. Their -0.90 correlation means they have often moved in opposite directions in the past. GLDN charges 1.07%/yr vs 0.95%/yr for GLL.

Performance

GLDN vs. GLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Gold Income ETF (GLDN) and ProShares UltraShort Gold (GLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GLDN

• 1D: 6.18%
• 1M: 3.13%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

GLL

• 1D: -8.23%
• 1M: -4.58%
• 6M: 27.03%
• YTD: -8.34%
• 1Y: -44.18%
• 3Y*: -40.64%
• 5Y*: -29.76%
• 10Y*: -21.60%
• ALL TIME*: -22.20%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GLDN Nicholas Gold Income ETF	$89.38K	$105.25K	$99.21K
GLL ProShares UltraShort Gold	$51.72M	$42.12M	$59.98M

GLDN vs. GLL - Yearly Performance Comparison

	2026 (YTD)
GLDN Nicholas Gold Income ETF	-20.08%
GLL ProShares UltraShort Gold	24.71%

Correlation

The correlation between GLDN and GLL is -0.90, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 18, 2026	-0.90

Return for Risk

GLDN vs. GLL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GLDN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

GLL

GLL Risk / Return Rank: 3
GLL Sharpe Ratio Rank: 3
GLL Sortino Ratio Rank: 3
GLL Omega Ratio Rank: 3
GLL Calmar Ratio Rank: 4
GLL Martin Ratio Rank: 4

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GLDN vs. GLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Gold Income ETF (GLDN) 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.

	GLDN	GLL	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.79	—
Sortino ratio: Return per unit of downside risk	—	-1.16	—
Omega ratio: Gain probability vs. loss probability	—	0.87	—
Calmar ratio: Return relative to maximum drawdown	—	-0.69	—
Martin ratio: Return relative to average drawdown	—	-1.00	—

Drawdowns

GLDN vs. GLL - Drawdown Comparison

The maximum GLDN drawdown since its inception was -36.20%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for GLDN and GLL.

Drawdown Indicators

	GLDN	GLL	Difference
Max Drawdown Largest peak-to-trough decline	-36.20%	-99.24%	+63.04%
Max Drawdown (1Y) Largest decline over 1 year	—	-64.23%	—
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	-27.23%	-98.86%	+71.63%
Average Drawdown Average peak-to-trough decline	-21.05%	-85.24%	+64.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	44.30%	—

Volatility

Volatility by Period

	GLDN	GLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	14.46%	—
Volatility (6M) Calculated over the trailing 6-month period	—	39.46%	—
Volatility (1Y) Calculated over the trailing 1-year period	42.00%	55.85%	-13.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.00%	37.07%	+4.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.00%	32.57%	+9.43%

GLDN vs. GLL - Expense Ratio Comparison

GLDN has a 1.07% expense ratio, which is higher than GLL's 0.95% expense ratio.

Dividends

GLDN vs. GLL - Dividend Comparison

GLDN's dividend yield for the trailing twelve months is around 6.99%, while GLL has not paid dividends to shareholders.

Position	TTM
GLDN Nicholas Gold Income ETF	6.99%
GLL ProShares UltraShort Gold	0.00%

Frequently Asked Questions

Can I hold both GLDN and GLL in my portfolio?

GLDN and GLL have a correlation of -0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLDN 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, GLDN or GLL?

GLL is cheaper with a 0.95% expense ratio, compared with 1.07% for GLDN.

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

GLDN has the higher dividend yield at 6.99%, compared with 0.00% for GLL.

What is the main difference between GLDN and GLL?

GLDN is categorized as Gold, while GLL is Leveraged Commodities. They also come from different issuers: Nicholas and ProShares. Their fees differ too: 1.07% for GLDN and 0.95% for GLL.