GLL vs. AGMI
GLL (ProShares UltraShort Gold) and AGMI (Themes Silver Miners ETF) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while AGMI is a Silver fund tracking the STOXX Global Silver Mining Index. Both are passively managed. Over the past year, GLL returned -48.24% vs 112.77% for AGMI. At a correlation of -0.71, they often move in opposite directions. GLL charges 0.95%/yr vs 0.35%/yr for AGMI.
Performance
GLL vs. AGMI - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a -14.49% return, which is significantly lower than AGMI's 7.60% return.
GLL
- 1D
- 2.05%
- 1M
- 3.37%
- YTD
- -14.49%
- 6M
- -18.72%
- 1Y
- -48.24%
- 3Y*
- -41.46%
- 5Y*
- -28.82%
- 10Y*
- -23.37%
AGMI
- 1D
- -4.74%
- 1M
- 3.77%
- YTD
- 7.60%
- 6M
- 20.09%
- 1Y
- 112.77%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GLL vs. AGMI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GLL ProShares UltraShort Gold | -14.49% | -62.81% | -19.78% |
AGMI Themes Silver Miners ETF | 7.60% | 176.11% | -0.74% |
Correlation
The correlation between GLL and AGMI is -0.76, 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 | -0.76 |
Correlation (All Time) Calculated using the full available price history since May 6, 2024 | -0.71 |
The correlation between GLL and AGMI has been stable across timeframes, ranging from -0.76 to -0.71 - a consistent structural relationship.
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Return for Risk
GLL vs. AGMI — Risk / Return Rank
GLL
AGMI
GLL vs. AGMI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and Themes Silver Miners ETF (AGMI). 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.
| GLL | AGMI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.24 | ||
| Sortino ratioReturn per unit of downside risk | -4.02 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.35 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 3.41 | -4.15 |
| Martin ratioReturn relative to average drawdown | -1.16 | 9.21 | -10.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GLL | AGMI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.92 | 2.32 | -3.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.81 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.73 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | 1.56 | -2.24 |
Drawdowns
GLL vs. AGMI - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, which is greater than AGMI's maximum drawdown of -33.26%. Use the drawdown chart below to compare losses from any high point for GLL and AGMI.
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Drawdown Indicators
| GLL | AGMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -33.26% | -65.98% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -33.26% | -31.84% |
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 DrawdownCurrent decline from peak | -98.94% | -22.35% | -76.59% |
Average DrawdownAverage peak-to-trough decline | -85.13% | -9.14% | -75.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.74% | 12.29% | +29.45% |
Volatility
GLL vs. AGMI - Volatility Comparison
The current volatility for ProShares UltraShort Gold (GLL) is 11.07%, while Themes Silver Miners ETF (AGMI) has a volatility of 17.62%. This indicates that GLL experiences smaller price fluctuations and is considered to be less risky than AGMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLL | AGMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.07% | 17.62% | -6.55% |
Volatility (6M)Calculated over the trailing 6-month period | 44.43% | 40.98% | +3.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.38% | 48.95% | +3.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.90% | 44.04% | -8.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.12% | 44.04% | -11.92% |
GLL vs. AGMI - Expense Ratio Comparison
GLL has a 0.95% expense ratio, which is higher than AGMI's 0.35% expense ratio.
Dividends
GLL vs. AGMI - Dividend Comparison
GLL has not paid dividends to shareholders, while AGMI's dividend yield for the trailing twelve months is around 4.12%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
AGMI Themes Silver Miners ETF | 4.12% | 4.43% | 1.81% |
GLL ProShares UltraShort Gold | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GLL and AGMI have a correlation of -0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGMI has higher volatility (17.62%) compared to GLL (11.07%). In terms of maximum drawdown, GLL dropped -99.24% vs AGMI's -33.26%.
On 1-year performance, AGMI leads with 112.77% vs -48.24% for GLL. On fees, AGMI is cheaper at 0.35% per year. On volatility, GLL has been the lower-risk option at 11.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, AGMI has performed better with a 112.77% return vs -48.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGMI is cheaper with a 0.35% expense ratio, compared with 0.95% for GLL.
AGMI has the higher dividend yield at 4.12%, compared with 0.00% for GLL.
GLL is categorized as Leveraged Commodities, while AGMI is Silver. GLL tracks Bloomberg Gold (-200%), while AGMI tracks STOXX Global Silver Mining Index. They also come from different issuers: ProShares and Themes. Their fees differ too: 0.95% for GLL and 0.35% for AGMI.
AGMI currently has the higher Sharpe Ratio (2.32 vs -0.92), 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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