GLL vs. BITU

Last updated Jun 5, 2026

GLL (ProShares UltraShort Gold) and BITU (Proshares Ultra Bitcoin ETF) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while BITU is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index - Benchmark TR Gross. Both are passively managed. Over the past year, GLL returned -48.55% vs -73.89% for BITU. At a correlation of -0.14, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

GLL vs. BITU - Performance Comparison

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

Returns By Period

In the year-to-date period, GLL achieves a -15.95% return, which is significantly higher than BITU's -55.56% return.

GLL

• 1D: -1.70%
• 1M: 3.39%
• YTD: -15.95%
• 6M: -19.96%
• 1Y: -48.55%
• 3Y*: -41.54%
• 5Y*: -29.06%
• 10Y*: -23.48%

BITU

• 1D: -5.61%
• 1M: -40.78%
• YTD: -55.56%
• 6M: -61.06%
• 1Y: -73.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GLL vs. BITU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GLL ProShares UltraShort Gold	-15.95%	-62.81%	-20.88%
BITU Proshares Ultra Bitcoin ETF	-55.56%	-37.07%	37.90%

Correlation

The correlation between GLL and BITU is -0.18, 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	-0.18
Correlation (All Time) Calculated using the full available price history since Apr 3, 2024	-0.14

Return for Risk

GLL vs. BITU — Risk / Return Rank

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

GLL

GLL Risk / Return Rank: 2
GLL Sharpe Ratio Rank: 2
GLL Sortino Ratio Rank: 2
GLL Omega Ratio Rank: 2
GLL Calmar Ratio Rank: 3
GLL Martin Ratio Rank: 4

BITU

BITU Risk / Return Rank: 2
BITU Sharpe Ratio Rank: 3
BITU Sortino Ratio Rank: 2
BITU Omega Ratio Rank: 2
BITU Calmar Ratio Rank: 1
BITU Martin Ratio Rank: 1

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. BITU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and Proshares Ultra Bitcoin ETF (BITU). 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	BITU	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	-0.85	-0.08
Sortino ratio: Return per unit of downside risk	-1.51	-1.48	-0.03
Omega ratio: Gain probability vs. loss probability	0.83	0.84	0.00
Calmar ratio: Return relative to maximum drawdown	-0.75	-0.92	+0.18
Martin ratio: Return relative to average drawdown	-1.16	-1.48	+0.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLL vs. BITU - Sharpe Ratio Comparison

The current GLL Sharpe Ratio is -0.93, which is comparable to the BITU Sharpe Ratio of -0.85. The chart below compares the historical Sharpe Ratios of GLL and BITU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GLL	BITU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.93	-0.85	-0.08
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	-0.68	-0.37	-0.31

Drawdowns

GLL vs. BITU - Drawdown Comparison

The maximum GLL drawdown since its inception was -99.24%, which is greater than BITU's maximum drawdown of -80.13%. Use the drawdown chart below to compare losses from any high point for GLL and BITU.

Drawdown Indicators

	GLL	BITU	Difference
Max Drawdown Largest peak-to-trough decline	-99.24%	-80.13%	-19.11%
Max Drawdown (1Y) Largest decline over 1 year	-65.10%	-80.13%	+15.03%
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	-98.96%	-80.13%	-18.83%
Average Drawdown Average peak-to-trough decline	-85.13%	-34.58%	-50.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.87%	50.09%	-8.22%

Volatility

GLL vs. BITU - Volatility Comparison

The current volatility for ProShares UltraShort Gold (GLL) is 11.07%, while Proshares Ultra Bitcoin ETF (BITU) has a volatility of 18.31%. This indicates that GLL experiences smaller price fluctuations and is considered to be less risky than BITU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLL	BITU	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.07%	18.31%	-7.24%
Volatility (6M) Calculated over the trailing 6-month period	44.43%	68.43%	-24.00%
Volatility (1Y) Calculated over the trailing 1-year period	52.37%	87.07%	-34.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.89%	97.43%	-61.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.12%	97.43%	-65.31%

GLL vs. BITU - Expense Ratio Comparison

Both GLL and BITU have an expense ratio of 0.95%.

Dividends

GLL vs. BITU - Dividend Comparison

GLL has not paid dividends to shareholders, while BITU's dividend yield for the trailing twelve months is around 88.31%.

Position	TTM	2025	2024
BITU Proshares Ultra Bitcoin ETF	88.31%	50.23%	0.12%
GLL ProShares UltraShort Gold	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLL and BITU in my portfolio?

GLL and BITU have a correlation of -0.18, 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 BITU?

BITU has higher volatility (18.31%) compared to GLL (11.07%). In terms of maximum drawdown, GLL dropped -99.24% vs BITU's -80.13%.

Which ETF is better, GLL or BITU?

On 1-year performance, GLL leads with -48.55% vs -73.89% for BITU. Both ETFs have the same 0.95% expense ratio. 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.

Which ETF has performed better, GLL or BITU?

Over the 1-year period, GLL has performed better with a -48.55% return vs -73.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLL or BITU?

GLL and BITU have the same expense ratio: 0.95% per year.

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

BITU has the higher dividend yield at 88.31%, compared with 0.00% for GLL.

What is the main difference between GLL and BITU?

GLL is categorized as Leveraged Commodities, while BITU is Cryptocurrency. GLL tracks Bloomberg Gold (-200%), while BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross.

Which has better risk-adjusted returns?

BITU currently has the higher Sharpe Ratio (-0.85 vs -0.93), 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.