GLL vs. ARP

Last updated Jul 14, 2026

GLL (ProShares UltraShort Gold) and ARP (Pmv Adaptive Risk Parity ETF) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while ARP is a Tactical Allocation fund actively managed by PMV. GLL is passively managed, while ARP is actively managed. Over the past 3 years, GLL returned -37.68%/yr vs 13.20%/yr for ARP. At a correlation of -0.58, they often move in opposite directions. GLL charges 0.95%/yr vs 1.42%/yr for ARP.

Performance

GLL vs. ARP - Performance Comparison

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

Returns By Period

In the year-to-date period, GLL achieves a 3.86% return, which is significantly lower than ARP's 7.88% return.

GLL

• 1D: 5.23%
• 1M: 9.87%
• 6M: 18.09%
• YTD: 3.86%
• 1Y: -37.13%
• 3Y*: -37.68%
• 5Y*: -26.90%
• 10Y*: -20.73%

ARP

• 1D: -0.69%
• 1M: 0.03%
• 6M: 4.15%
• YTD: 7.88%
• 1Y: 21.19%
• 3Y*: 13.20%
• 5Y*: —
• 10Y*: —

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

GLL vs. ARP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GLL ProShares UltraShort Gold	3.86%	-62.81%	-33.33%	-14.91%	-0.70%
ARP Pmv Adaptive Risk Parity ETF	7.88%	18.33%	13.79%	3.66%	-0.82%

Correlation

The correlation between GLL and ARP is -0.69, 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	-0.69
Correlation (3Y) Calculated over the trailing 3-year period	-0.60
Correlation (All Time) Calculated using the full available price history since Dec 22, 2022	-0.58

The correlation between GLL and ARP shifts across timeframes, from -0.69 (1 year) to -0.58 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GLL vs. ARP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GLL

GLL Risk / Return Rank: 4
GLL Sharpe Ratio Rank: 4
GLL Sortino Ratio Rank: 4
GLL Omega Ratio Rank: 4
GLL Calmar Ratio Rank: 4
GLL Martin Ratio Rank: 5

ARP

ARP Risk / Return Rank: 52
ARP Sharpe Ratio Rank: 53
ARP Sortino Ratio Rank: 46
ARP Omega Ratio Rank: 57
ARP Calmar Ratio Rank: 53
ARP Martin Ratio Rank: 53

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GLL vs. ARP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and Pmv Adaptive Risk Parity ETF (ARP). 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.

	GLL	ARP	Difference
Sharpe ratio: Return per unit of total volatility	-0.68	1.43	-2.11
Sortino ratio: Return per unit of downside risk	-0.88	1.85	-2.73
Omega ratio: Gain probability vs. loss probability	0.90	1.28	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.57	2.10	-2.67
Martin ratio: Return relative to average drawdown	-0.84	7.16	-8.00

GLL vs. ARP - Sharpe Ratio Comparison

The current GLL Sharpe Ratio is -0.68, which is lower than the ARP Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of GLL and ARP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GLL vs. ARP - Drawdown Comparison

The maximum GLL drawdown since its inception was -99.24%, which is greater than ARP's maximum drawdown of -10.13%. Use the drawdown chart below to compare losses from any high point for GLL and ARP.

Drawdown Indicators

	GLL	ARP	Difference
Max Drawdown Largest peak-to-trough decline	-99.24%	-10.13%	-89.11%
Max Drawdown (1Y) Largest decline over 1 year	-65.10%	-10.13%	-54.97%
Max Drawdown (3Y) Largest decline over 3 years	-87.95%	-10.13%	-77.82%
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	-98.71%	-3.61%	-95.10%
Average Drawdown Average peak-to-trough decline	-85.19%	-1.88%	-83.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.14%	2.97%	+41.17%

Volatility

GLL vs. ARP - Volatility Comparison

ProShares UltraShort Gold (GLL) has a higher volatility of 15.04% compared to Pmv Adaptive Risk Parity ETF (ARP) at 5.03%. This indicates that GLL's price experiences larger fluctuations and is considered to be riskier than ARP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLL	ARP	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.04%	5.03%	+10.01%
Volatility (6M) Calculated over the trailing 6-month period	46.46%	12.98%	+33.48%
Volatility (1Y) Calculated over the trailing 1-year period	55.09%	14.90%	+40.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.69%	10.47%	+26.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.42%	10.47%	+21.95%

GLL vs. ARP - Expense Ratio Comparison

GLL has a 0.95% expense ratio, which is lower than ARP's 1.42% expense ratio.

Dividends

GLL vs. ARP - Dividend Comparison

GLL has not paid dividends to shareholders, while ARP's dividend yield for the trailing twelve months is around 6.06%.

Position	TTM	2025	2024	2023	2022
ARP Pmv Adaptive Risk Parity ETF	6.06%	6.54%	5.29%	2.67%	0.06%
GLL ProShares UltraShort Gold	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLL and ARP in my portfolio?

GLL and ARP have a correlation of -0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLL or ARP?

GLL has higher volatility (15.04%) compared to ARP (5.03%). In terms of maximum drawdown, GLL dropped -99.24% vs ARP's -10.13%.

Which ETF is better, GLL or ARP?

On 3-year performance, ARP leads with 13.20% vs -37.68% for GLL. On fees, GLL is cheaper at 0.95% per year. On volatility, ARP has been the lower-risk option at 5.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLL or ARP?

Over the 3-year period, ARP has performed better with a 13.20% return vs -37.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLL or ARP?

GLL is cheaper with a 0.95% expense ratio, compared with 1.42% for ARP.

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

ARP has the higher dividend yield at 6.06%, compared with 0.00% for GLL.

What is the main difference between GLL and ARP?

GLL is categorized as Leveraged Commodities, while ARP is Tactical Allocation. They also come from different issuers: ProShares and PMV. Their fees differ too: 0.95% for GLL and 1.42% for ARP.

Which has better risk-adjusted returns?

ARP currently has the higher Sharpe Ratio (1.43 vs -0.68), 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.