GLL vs. DGP

Last updated Jun 4, 2026

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 -23.37%/yr vs 20.46%/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

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.

Returns By Period

In the year-to-date period, GLL achieves a -14.49% return, which is significantly lower than DGP's 1.01% return. Over the past 10 years, GLL has underperformed DGP with an annualized return of -23.37%, while DGP has yielded a comparatively higher 20.46% annualized return.

GLL

• 1D: 2.05%
• 1M: 3.37%
• YTD: -14.49%
• 6M: -18.72%
• 1Y: -48.24%
• 3Y*: -41.46%
• 5Y*: -28.82%
• 10Y*: -23.37%

DGP

• 1D: -1.70%
• 1M: -3.55%
• YTD: 1.01%
• 6M: 5.64%
• 1Y: 57.52%
• 3Y*: 57.85%
• 5Y*: 30.49%
• 10Y*: 20.46%

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

GLL vs. DGP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLL ProShares UltraShort Gold	-14.49%	-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	1.01%	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	-0.96
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 4, 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.

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: 2
GLL Sharpe Ratio Rank: 2
GLL Sortino Ratio Rank: 1
GLL Omega Ratio Rank: 2
GLL Calmar Ratio Rank: 3
GLL Martin Ratio Rank: 3

DGP

DGP Risk / Return Rank: 30
DGP Sharpe Ratio Rank: 30
DGP Sortino Ratio Rank: 29
DGP Omega Ratio Rank: 34
DGP Calmar Ratio Rank: 32
DGP Martin Ratio Rank: 28

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	-0.92	1.10	-2.03
Sortino ratio: Return per unit of downside risk	-1.50	1.60	-3.09
Omega ratio: Gain probability vs. loss probability	0.83	1.23	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.74	1.58	-2.32
Martin ratio: Return relative to average drawdown	-1.16	4.05	-5.21
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 -0.92, which is lower than the DGP Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of GLL and DGP, 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	DGP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.92	1.10	-2.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.81	0.79	-1.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.73	0.59	-1.32
Sharpe Ratio (All Time) Calculated using the full available price history	-0.67	0.28	-0.95

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	-65.10%	-36.58%	-28.52%
Max Drawdown (3Y) Largest decline over 3 years	-87.95%	-36.58%	-51.37%
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	-98.94%	-32.78%	-66.16%
Average Drawdown Average peak-to-trough decline	-85.13%	-41.09%	-44.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.74%	14.24%	+27.50%

Volatility

GLL vs. DGP - Volatility Comparison

ProShares UltraShort Gold (GLL) has a higher volatility of 11.07% compared to DB Gold Double Long Exchange Traded Notes (DGP) at 10.48%. This indicates that GLL's price experiences larger fluctuations and is considered to be riskier 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	11.07%	10.48%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	44.43%	46.34%	-1.91%
Volatility (1Y) Calculated over the trailing 1-year period	52.38%	52.47%	-0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.90%	38.77%	-2.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.12%	35.04%	-2.92%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GLL and DGP in my portfolio?

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.

Which is riskier, GLL or DGP?

GLL has higher volatility (11.07%) compared to DGP (10.48%). In terms of maximum drawdown, GLL dropped -99.24% vs DGP's -75.31%.

Which ETF is better, GLL or DGP?

On 10-year performance, DGP leads with 20.46% vs -23.37% for GLL. On fees, DGP is cheaper at 0.75% per year. On volatility, DGP has been the lower-risk option at 10.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLL or DGP?

Over the 10-year period, DGP has performed better with a 20.46% return vs -23.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLL or DGP?

DGP is cheaper with a 0.75% expense ratio, compared with 0.95% for GLL.

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

GLL and DGP have nearly identical dividend yields, around 0.00%.

What is the main difference between GLL and DGP?

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.

Which has better risk-adjusted returns?

DGP currently has the higher Sharpe Ratio (1.10 vs -0.92), 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.