GLL vs. DGP
GLL (ProShares UltraShort Gold) and DGP (DB Gold Double Long Exchange Traded Notes) are both Leveraged Commodities funds - GLL tracks the Bloomberg Gold (-200%) while DGP tracks the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%). Both are passively managed. Over the past 10 years, GLL returned -20.63%/yr vs 16.10%/yr for DGP. At a correlation of -0.96, they often move in opposite directions. GLL charges 0.95%/yr vs 0.75%/yr for DGP.
Performance
GLL vs. DGP - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a 5.05% return, which is significantly higher than DGP's -21.23% return. Over the past 10 years, GLL has underperformed DGP with an annualized return of -20.63%, while DGP has yielded a comparatively higher 16.10% annualized return.
GLL
- 1D
- 3.90%
- 1M
- 18.00%
- 6M
- 19.80%
- YTD
- 5.05%
- 1Y
- -37.00%
- 3Y*
- -37.43%
- 5Y*
- -27.00%
- 10Y*
- -20.63%
DGP
- 1D
- -3.76%
- 1M
- -18.10%
- 6M
- -30.72%
- YTD
- -21.23%
- 1Y
- 23.97%
- 3Y*
- 45.80%
- 5Y*
- 26.55%
- 10Y*
- 16.10%
GLL vs. DGP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | 5.05% | -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 | -21.23% | 141.40% | 53.16% | 16.97% | -5.54% | -11.29% | 45.29% | 32.27% | -7.48% | 24.20% |
Correlation
The correlation between GLL and DGP is -0.97, 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 | -0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.94 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.96 |
The correlation between GLL and DGP has been stable across timeframes, ranging from -0.97 to -0.94 - a consistent structural relationship.
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Return for Risk
GLL vs. DGP — Risk / Return Rank
GLL
DGP
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.
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 | DGP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.11 | ||
| Sortino ratioReturn per unit of downside risk | -1.79 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.13 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.57 | 0.51 | -1.08 |
| Martin ratioReturn relative to average drawdown | -0.83 | 1.19 | -2.02 |
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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.
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Drawdown Indicators
| GLL | DGP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -75.31% | -23.93% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -47.59% | -17.51% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -47.59% | -40.36% |
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 DrawdownCurrent decline from peak | -98.70% | -47.59% | -51.11% |
Average DrawdownAverage peak-to-trough decline | -85.20% | -41.09% | -44.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.38% | 20.20% | +24.18% |
Volatility
GLL vs. DGP - Volatility Comparison
The current volatility for ProShares UltraShort Gold (GLL) is 12.83%, while DB Gold Double Long Exchange Traded Notes (DGP) has a volatility of 13.74%. 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.
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Volatility by Period
| GLL | DGP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.83% | 13.74% | -0.91% |
Volatility (6M)Calculated over the trailing 6-month period | 46.49% | 48.55% | -2.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.17% | 55.52% | -0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.73% | 39.59% | -2.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.44% | 35.43% | -2.99% |
GLL vs. DGP - Expense Ratio Comparison
GLL has a 0.95% expense ratio, which is higher than DGP's 0.75% expense ratio.
Dividends
GLL vs. DGP - Dividend Comparison
Neither GLL nor DGP has paid dividends to shareholders.
Frequently Asked Questions
GLL and DGP have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGP has higher volatility (13.74%) compared to GLL (12.83%). In terms of maximum drawdown, GLL dropped -99.24% vs DGP's -75.31%.
On 10-year performance, DGP leads with 16.10% vs -20.63% for GLL. On fees, DGP is cheaper at 0.75% per year. On volatility, GLL has been the lower-risk option at 12.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DGP has performed better with a 16.10% return vs -20.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DGP is cheaper with a 0.75% expense ratio, compared with 0.95% for GLL.
GLL and DGP have nearly identical dividend yields, around 0.00%.
GLL tracks Bloomberg Gold (-200%), while DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%). They also come from different issuers: ProShares and Deutsche Bank. Their fees differ too: 0.95% for GLL and 0.75% for DGP.
DGP currently has the higher Sharpe Ratio (0.43 vs -0.67), 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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