GLL vs. DGP

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares UltraShort Gold (GLL) and DB Gold Double Long Exchange Traded Notes (DGP).

GLL and DGP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GLL is a passively managed fund by ProShares that tracks the performance of the Bloomberg Gold (-200%). It was launched on Dec 1, 2008. DGP is a passively managed fund by Deutsche Bank that tracks the performance of the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%). It was launched on Feb 27, 2008. Both GLL and DGP are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

GLL vs. DGP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Gold (GLL) and DB Gold Double Long Exchange Traded Notes (DGP). The values are adjusted to include any dividend payments, if applicable.

GLL vs. DGP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLL ProShares UltraShort Gold	-22.83%	-62.81%	-33.33%	-14.91%	-2.12%	1.66%	-41.47%	-26.95%	5.39%	-23.67%
DGP DB Gold Double Long Exchange Traded Notes	13.65%	141.40%	53.16%	16.97%	-5.54%	-11.29%	45.29%	32.27%	-7.48%	24.20%

Returns By Period

In the year-to-date period, GLL achieves a -22.83% return, which is significantly lower than DGP's 13.65% return. Over the past 10 years, GLL has underperformed DGP with an annualized return of -24.50%, while DGP has yielded a comparatively higher 22.44% annualized return.

GLL

• 1D: -7.30%
• 1M: 22.90%
• YTD: -22.83%
• 6M: -39.36%
• 1Y: -60.18%
• 3Y*: -42.72%
• 5Y*: -32.85%
• 10Y*: -24.50%

DGP

• 1D: 9.12%
• 1M: -22.14%
• YTD: 13.65%
• 6M: 37.68%
• 1Y: 101.12%
• 3Y*: 63.02%
• 5Y*: 38.30%
• 10Y*: 22.44%

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

GLL vs. DGP - Expense Ratio Comparison

GLL has a 0.95% expense ratio, which is higher than DGP's 0.75% expense ratio.

GLL

ProShares UltraShort Gold

DGP

DB Gold Double Long Exchange Traded Notes

Return for Risk

GLL vs. DGP — Risk / Return Rank

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

GLL

GLL Risk / Return Rank: 1
GLL Sharpe Ratio Rank: 0
GLL Sortino Ratio Rank: 0
GLL Omega Ratio Rank: 0
GLL Calmar Ratio Rank: 1
GLL Martin Ratio Rank: 2

DGP

DGP Risk / Return Rank: 87
DGP Sharpe Ratio Rank: 89
DGP Sortino Ratio Rank: 86
DGP Omega Ratio Rank: 83
DGP Calmar Ratio Rank: 90
DGP Martin Ratio Rank: 90

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. DGP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and DB Gold Double Long Exchange Traded Notes (DGP). 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	DGP	Difference
Sharpe ratio Return per unit of total volatility	-1.10	1.84	-2.94
Sortino ratio Return per unit of downside risk	-2.03	2.24	-4.27
Omega ratio Gain probability vs. loss probability	0.78	1.32	-0.54
Calmar ratio Return relative to maximum drawdown	-0.86	2.91	-3.76
Martin ratio Return relative to average drawdown	-1.39	11.14	-12.53
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. DGP - Sharpe Ratio Comparison

The current GLL Sharpe Ratio is -1.10, which is lower than the DGP Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of GLL and DGP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GLL	DGP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.10	1.84	-2.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.93	1.01	-1.94
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.77	0.64	-1.41
Sharpe Ratio (All Time) Calculated using the full available price history	-0.69	0.30	-1.00

Correlation

The correlation between GLL and DGP is -0.96. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

GLL vs. DGP - Dividend Comparison

Neither GLL nor DGP has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

GLL vs. DGP - Drawdown Comparison

The maximum GLL drawdown since its inception was -99.24%, which is greater than DGP's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for GLL and DGP.

Drawdown Indicators

	GLL	DGP	Difference
Max Drawdown Largest peak-to-trough decline	-99.24%	-75.31%	-23.93%
Max Drawdown (1Y) Largest decline over 1 year	-71.53%	-36.58%	-34.95%
Max Drawdown (5Y) Largest decline over 5 years	-89.76%	-51.24%	-38.52%
Max Drawdown (10Y) Largest decline over 10 years	-95.76%	-51.24%	-44.52%
Current Drawdown Current decline from peak	-99.04%	-24.38%	-74.66%
Average Drawdown Average peak-to-trough decline	-84.99%	-41.24%	-43.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.01%	9.54%	+34.47%

Volatility

GLL vs. DGP - Volatility Comparison

The current volatility for ProShares UltraShort Gold (GLL) is 21.53%, while DB Gold Double Long Exchange Traded Notes (DGP) has a volatility of 25.22%. This indicates that GLL experiences smaller price fluctuations and is considered to be less risky than DGP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLL	DGP	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.53%	25.22%	-3.69%
Volatility (6M) Calculated over the trailing 6-month period	46.40%	48.02%	-1.62%
Volatility (1Y) Calculated over the trailing 1-year period	54.76%	55.31%	-0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.40%	38.32%	-2.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.98%	34.93%	-2.95%