GLL vs. CPXR

Last updated Jun 5, 2026

GLL (ProShares UltraShort Gold) and CPXR (USCF Daily Target 2X Copper Index ETF) are both Leveraged Commodities funds - GLL tracks the Bloomberg Gold (-200%) while CPXR tracks the SummerHaven Copper Index. Both are passively managed. Over the past year, GLL returned -48.55% vs 37.76% for CPXR. At a correlation of -0.42, they often move in opposite directions. GLL charges 0.95%/yr vs 1.20%/yr for CPXR.

Performance

GLL vs. CPXR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Gold (GLL) and USCF Daily Target 2X Copper Index ETF (CPXR). 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 lower than CPXR's 23.00% 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%

CPXR

• 1D: 1.15%
• 1M: 18.64%
• YTD: 23.00%
• 6M: 37.84%
• 1Y: 37.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GLL vs. CPXR - Yearly Performance Comparison

	2026 (YTD)	2025
GLL ProShares UltraShort Gold	-15.95%	-59.13%
CPXR USCF Daily Target 2X Copper Index ETF	23.00%	36.03%

Correlation

The correlation between GLL and CPXR is -0.39, 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	-0.39
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025	-0.42

Return for Risk

GLL vs. CPXR — 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

CPXR

CPXR Risk / Return Rank: 20
CPXR Sharpe Ratio Rank: 18
CPXR Sortino Ratio Rank: 21
CPXR Omega Ratio Rank: 28
CPXR Calmar Ratio Rank: 19
CPXR Martin Ratio Rank: 16

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. CPXR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and USCF Daily Target 2X Copper Index ETF (CPXR). 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	CPXR	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	0.55	-1.48
Sortino ratio: Return per unit of downside risk	-1.51	1.10	-2.62
Omega ratio: Gain probability vs. loss probability	0.83	1.18	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.75	0.79	-1.54
Martin ratio: Return relative to average drawdown	-1.16	1.46	-2.62
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. CPXR - Sharpe Ratio Comparison

The current GLL Sharpe Ratio is -0.93, which is lower than the CPXR Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of GLL and CPXR, 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	CPXR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.93	0.55	-1.48
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	0.67	-1.35

Drawdowns

GLL vs. CPXR - Drawdown Comparison

The maximum GLL drawdown since its inception was -99.24%, which is greater than CPXR's maximum drawdown of -47.87%. Use the drawdown chart below to compare losses from any high point for GLL and CPXR.

Drawdown Indicators

	GLL	CPXR	Difference
Max Drawdown Largest peak-to-trough decline	-99.24%	-47.87%	-51.37%
Max Drawdown (1Y) Largest decline over 1 year	-65.10%	-47.87%	-17.23%
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%	-4.01%	-94.95%
Average Drawdown Average peak-to-trough decline	-85.13%	-19.83%	-65.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.87%	25.94%	+15.93%

Volatility

GLL vs. CPXR - Volatility Comparison

The current volatility for ProShares UltraShort Gold (GLL) is 11.07%, while USCF Daily Target 2X Copper Index ETF (CPXR) has a volatility of 18.49%. This indicates that GLL experiences smaller price fluctuations and is considered to be less risky than CPXR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLL	CPXR	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.07%	18.49%	-7.42%
Volatility (6M) Calculated over the trailing 6-month period	44.43%	45.25%	-0.82%
Volatility (1Y) Calculated over the trailing 1-year period	52.37%	68.77%	-16.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.89%	68.51%	-32.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.12%	68.51%	-36.39%

GLL vs. CPXR - Expense Ratio Comparison

GLL has a 0.95% expense ratio, which is lower than CPXR's 1.20% expense ratio.

Dividends

GLL vs. CPXR - Dividend Comparison

GLL has not paid dividends to shareholders, while CPXR's dividend yield for the trailing twelve months is around 0.57%.

Position	TTM	2025
CPXR USCF Daily Target 2X Copper Index ETF	0.57%	0.70%
GLL ProShares UltraShort Gold	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLL and CPXR in my portfolio?

GLL and CPXR have a correlation of -0.39, 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 CPXR?

CPXR has higher volatility (18.49%) compared to GLL (11.07%). In terms of maximum drawdown, GLL dropped -99.24% vs CPXR's -47.87%.

Which ETF is better, GLL or CPXR?

On 1-year performance, CPXR leads with 37.76% vs -48.55% for GLL. 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.

Which ETF has performed better, GLL or CPXR?

Over the 1-year period, CPXR has performed better with a 37.76% return vs -48.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLL or CPXR?

GLL is cheaper with a 0.95% expense ratio, compared with 1.20% for CPXR.

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

CPXR has the higher dividend yield at 0.57%, compared with 0.00% for GLL.

What is the main difference between GLL and CPXR?

GLL tracks Bloomberg Gold (-200%), while CPXR tracks SummerHaven Copper Index. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.95% for GLL and 1.20% for CPXR.

Which has better risk-adjusted returns?

CPXR currently has the higher Sharpe Ratio (0.55 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.