GLL vs. BOIL
GLL (ProShares UltraShort Gold) and BOIL (ProShares Ultra Bloomberg Natural Gas) are both Leveraged Commodities funds from ProShares - GLL tracks the Bloomberg Gold (-200%) while BOIL tracks the Bloomberg Natural Gas Subindex. Both are passively managed. Over the past 10 years, GLL returned -23.48%/yr vs -56.88%/yr for BOIL. At a 0.00 correlation, their price movements are largely independent. GLL charges 0.95%/yr vs 1.31%/yr for BOIL.
Performance
GLL vs. BOIL - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a -15.95% return, which is significantly higher than BOIL's -32.49% return. Over the past 10 years, GLL has outperformed BOIL with an annualized return of -23.48%, while BOIL has yielded a comparatively lower -56.88% annualized 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%
BOIL
- 1D
- 6.77%
- 1M
- 18.20%
- YTD
- -32.49%
- 6M
- -61.46%
- 1Y
- -72.39%
- 3Y*
- -60.66%
- 5Y*
- -64.16%
- 10Y*
- -56.88%
GLL vs. BOIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | -15.95% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
BOIL ProShares Ultra Bloomberg Natural Gas | -32.49% | -58.98% | -60.75% | -92.00% | -31.85% | 23.84% | -74.74% | -67.70% | -20.55% | -65.72% |
Correlation
The correlation between GLL and BOIL is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Oct 7, 2011 | 0.00 |
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Return for Risk
GLL vs. BOIL — Risk / Return Rank
GLL
BOIL
GLL vs. BOIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and ProShares Ultra Bloomberg Natural Gas (BOIL). 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 | BOIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.82 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.91 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | -0.90 | +0.15 |
| Martin ratioReturn relative to average drawdown | -1.16 | -1.22 | +0.06 |
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 | BOIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | -0.64 | -0.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.81 | -0.54 | -0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.73 | -0.56 | -0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | -0.61 | -0.07 |
Drawdowns
GLL vs. BOIL - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, roughly equal to the maximum BOIL drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for GLL and BOIL.
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Drawdown Indicators
| GLL | BOIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -100.00% | +0.76% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -80.85% | +15.75% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -96.86% | +8.91% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -99.91% | +10.15% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -99.99% | +4.23% |
Current DrawdownCurrent decline from peak | -98.96% | -100.00% | +1.04% |
Average DrawdownAverage peak-to-trough decline | -85.13% | -93.59% | +8.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.87% | 59.39% | -17.52% |
Volatility
GLL vs. BOIL - Volatility Comparison
The current volatility for ProShares UltraShort Gold (GLL) is 11.07%, while ProShares Ultra Bloomberg Natural Gas (BOIL) has a volatility of 23.92%. This indicates that GLL experiences smaller price fluctuations and is considered to be less risky than BOIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLL | BOIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.07% | 23.92% | -12.85% |
Volatility (6M)Calculated over the trailing 6-month period | 44.43% | 107.82% | -63.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.37% | 113.86% | -61.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.89% | 118.93% | -83.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.12% | 101.81% | -69.69% |
GLL vs. BOIL - Expense Ratio Comparison
GLL has a 0.95% expense ratio, which is lower than BOIL's 1.31% expense ratio.
Dividends
GLL vs. BOIL - Dividend Comparison
Neither GLL nor BOIL has paid dividends to shareholders.
Frequently Asked Questions
GLL and BOIL have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BOIL has higher volatility (23.92%) compared to GLL (11.07%). In terms of maximum drawdown, GLL dropped -99.24% vs BOIL's -100.00%.
On 10-year performance, GLL leads with -23.48% vs -56.88% for BOIL. On fees, GLL is cheaper at 0.95% 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 10-year period, GLL has performed better with a -23.48% return vs -56.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLL is cheaper with a 0.95% expense ratio, compared with 1.31% for BOIL.
GLL and BOIL have nearly identical dividend yields, around 0.00%.
GLL tracks Bloomberg Gold (-200%), while BOIL tracks Bloomberg Natural Gas Subindex. Their fees differ too: 0.95% for GLL and 1.31% for BOIL.
BOIL currently has the higher Sharpe Ratio (-0.64 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.
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