GLL vs. DRIP
GLL (ProShares UltraShort Gold) and DRIP (Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while DRIP is a Leveraged Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry Index (-300%). Both are passively managed. Over the past 10 years, GLL returned -21.56%/yr vs -42.00%/yr for DRIP. At a 0.04 correlation, their price movements are largely independent. GLL charges 0.95%/yr vs 1.07%/yr for DRIP.
Performance
GLL vs. DRIP - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a -4.93% return, which is significantly higher than DRIP's -40.65% return. Over the past 10 years, GLL has outperformed DRIP with an annualized return of -21.56%, while DRIP has yielded a comparatively lower -42.00% annualized return.
GLL
- 1D
- 1.30%
- 1M
- 14.51%
- YTD
- -4.93%
- 6M
- 0.89%
- 1Y
- -42.21%
- 3Y*
- -40.08%
- 5Y*
- -29.04%
- 10Y*
- -21.56%
DRIP
- 1D
- -3.09%
- 1M
- 20.05%
- YTD
- -40.65%
- 6M
- -41.35%
- 1Y
- -37.54%
- 3Y*
- -27.03%
- 5Y*
- -38.96%
- 10Y*
- -42.00%
GLL vs. DRIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | -4.93% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | -40.65% | -14.81% | 1.27% | -17.24% | -73.57% | -79.74% | -42.76% | -36.11% | 49.62% | -9.05% |
Correlation
The correlation between GLL and DRIP is -0.03, 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 | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | 0.04 |
The correlation between GLL and DRIP shifts across timeframes, from -0.03 (1 year) to 0.12 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GLL vs. DRIP — Risk / Return Rank
GLL
DRIP
GLL vs. DRIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP). 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 | DRIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.92 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | -0.61 | -0.04 |
| Martin ratioReturn relative to average drawdown | -0.98 | -1.12 | +0.14 |
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Drawdowns
GLL vs. DRIP - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, roughly equal to the maximum DRIP drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for GLL and DRIP.
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Drawdown Indicators
| GLL | DRIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -99.95% | +0.71% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -62.18% | -2.92% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -76.02% | -11.93% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -96.24% | +6.48% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -99.92% | +4.16% |
Current DrawdownCurrent decline from peak | -98.82% | -99.93% | +1.11% |
Average DrawdownAverage peak-to-trough decline | -85.15% | -90.46% | +5.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.00% | 33.61% | +9.39% |
Volatility
GLL vs. DRIP - Volatility Comparison
The current volatility for ProShares UltraShort Gold (GLL) is 15.88%, while Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a volatility of 18.24%. This indicates that GLL experiences smaller price fluctuations and is considered to be less risky than DRIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLL | DRIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.88% | 18.24% | -2.36% |
Volatility (6M)Calculated over the trailing 6-month period | 46.76% | 43.95% | +2.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.33% | 56.86% | -2.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.36% | 68.37% | -32.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.42% | 96.46% | -64.04% |
GLL vs. DRIP - Expense Ratio Comparison
GLL has a 0.95% expense ratio, which is lower than DRIP's 1.07% expense ratio.
Dividends
GLL vs. DRIP - Dividend Comparison
GLL has not paid dividends to shareholders, while DRIP's dividend yield for the trailing twelve months is around 3.33%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | 3.33% | 2.86% | 4.38% | 5.09% | 0.00% | 0.00% | 0.01% | 0.96% | 0.58% |
GLL ProShares UltraShort Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GLL and DRIP have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRIP has higher volatility (18.24%) compared to GLL (15.88%). In terms of maximum drawdown, GLL dropped -99.24% vs DRIP's -99.95%.
On 10-year performance, GLL leads with -21.56% vs -42.00% for DRIP. On fees, GLL is cheaper at 0.95% per year. On volatility, GLL has been the lower-risk option at 15.88%. 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 -21.56% return vs -42.00%. 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 1.07% for DRIP.
DRIP has the higher dividend yield at 3.33%, compared with 0.00% for GLL.
GLL is categorized as Leveraged Commodities, while DRIP is Leveraged Equities. GLL tracks Bloomberg Gold (-200%), while DRIP tracks S&P Oil & Gas Exploration & Production Select Industry Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for GLL and 1.07% for DRIP.
DRIP currently has the higher Sharpe Ratio (-0.66 vs -0.78), 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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