GLL vs. BND
GLL (ProShares UltraShort Gold) and BND (Vanguard Total Bond Market ETF) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Both are passively managed. Over the past 10 years, GLL returned -22.08%/yr vs 1.58%/yr for BND. At a correlation of -0.28, they often move in opposite directions. GLL charges 0.95%/yr vs 0.03%/yr for BND.
Performance
GLL vs. BND - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a -5.47% return, which is significantly lower than BND's 0.52% return. Over the past 10 years, GLL has underperformed BND with an annualized return of -22.08%, while BND has yielded a comparatively higher 1.58% annualized return.
GLL
- 1D
- 0.00%
- 1M
- 23.29%
- YTD
- -5.47%
- 6M
- -6.08%
- 1Y
- -41.70%
- 3Y*
- -39.64%
- 5Y*
- -27.61%
- 10Y*
- -22.08%
BND
- 1D
- -0.12%
- 1M
- 0.42%
- YTD
- 0.52%
- 6M
- 0.91%
- 1Y
- 4.40%
- 3Y*
- 4.17%
- 5Y*
- 0.03%
- 10Y*
- 1.58%
GLL vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | -5.47% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
BND Vanguard Total Bond Market ETF | 0.52% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
Correlation
The correlation between GLL and BND is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.37 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.28 |
The correlation between GLL and BND shifts across timeframes, from -0.37 (10 years) to -0.25 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
GLL vs. BND — Risk / Return Rank
GLL
BND
GLL vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and Vanguard Total Bond Market ETF (BND). 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 | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.96 | ||
| Sortino ratioReturn per unit of downside risk | -2.89 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.21 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.64 | 1.65 | -2.29 |
| Martin ratioReturn relative to average drawdown | -0.98 | 4.81 | -5.79 |
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Drawdowns
GLL vs. BND - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, which is greater than BND's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for GLL and BND.
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Drawdown Indicators
| GLL | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -18.58% | -80.66% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -2.68% | -62.42% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -5.92% | -82.03% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -17.91% | -71.85% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -18.58% | -77.18% |
Current DrawdownCurrent decline from peak | -98.83% | -2.12% | -96.71% |
Average DrawdownAverage peak-to-trough decline | -85.13% | -3.06% | -82.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.47% | 0.92% | +41.55% |
Volatility
GLL vs. BND - Volatility Comparison
ProShares UltraShort Gold (GLL) has a higher volatility of 15.23% compared to Vanguard Total Bond Market ETF (BND) at 1.28%. This indicates that GLL's price experiences larger fluctuations and is considered to be riskier than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLL | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.23% | 1.28% | +13.95% |
Volatility (6M)Calculated over the trailing 6-month period | 46.29% | 2.74% | +43.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 53.94% | 3.75% | +50.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.34% | 6.03% | +30.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.38% | 5.53% | +26.85% |
GLL vs. BND - Expense Ratio Comparison
GLL has a 0.95% expense ratio, which is higher than BND's 0.03% expense ratio.
Dividends
GLL vs. BND - Dividend Comparison
GLL has not paid dividends to shareholders, while BND's dividend yield for the trailing twelve months is around 3.96%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 3.96% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
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
GLL and BND have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (15.23%) compared to BND (1.28%). In terms of maximum drawdown, GLL dropped -99.24% vs BND's -18.58%.
On 10-year performance, BND leads with 1.58% vs -22.08% for GLL. On fees, BND is cheaper at 0.03% per year. On volatility, BND has been the lower-risk option at 1.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BND has performed better with a 1.58% return vs -22.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BND is cheaper with a 0.03% expense ratio, compared with 0.95% for GLL.
BND has the higher dividend yield at 3.96%, compared with 0.00% for GLL.
GLL is categorized as Leveraged Commodities, while BND is Total Bond Market. GLL tracks Bloomberg Gold (-200%), while BND tracks Bloomberg U.S. Aggregate Float Adjusted Index. They also come from different issuers: ProShares and Vanguard. Their fees differ too: 0.95% for GLL and 0.03% for BND.
BND currently has the higher Sharpe Ratio (1.18 vs -0.78), 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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