GLL vs. DRIP

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares UltraShort Gold (GLL) and Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP).

GLL and DRIP 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. DRIP is a passively managed fund by Direxion that tracks the performance of the S&P Oil & Gas Exploration & Production Select Industry Index (-300%). It was launched on Apr 1, 2020. Both GLL and DRIP 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. DRIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Gold (GLL) and Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP). The values are adjusted to include any dividend payments, if applicable.

GLL vs. DRIP - 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%
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares	-53.90%	-14.81%	1.27%	-17.24%	-73.57%	-79.74%	-42.76%	-36.11%	49.62%	-9.05%

Returns By Period

In the year-to-date period, GLL achieves a -22.83% return, which is significantly higher than DRIP's -53.90% return. Over the past 10 years, GLL has outperformed DRIP with an annualized return of -24.50%, while DRIP has yielded a comparatively lower -47.04% 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%

DRIP

• 1D: 4.02%
• 1M: -30.07%
• YTD: -53.90%
• 6M: -51.15%
• 1Y: -60.00%
• 3Y*: -31.92%
• 5Y*: -46.13%
• 10Y*: -47.04%

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

GLL vs. DRIP - Expense Ratio Comparison

GLL has a 0.95% expense ratio, which is lower than DRIP's 1.07% expense ratio.

DRIP

Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares

GLL

ProShares UltraShort Gold

Return for Risk

GLL vs. DRIP — 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

DRIP

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

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. 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.

	GLL	DRIP	Difference
Sharpe ratio Return per unit of total volatility	-1.10	-0.90	-0.20
Sortino ratio Return per unit of downside risk	-2.03	-1.52	-0.51
Omega ratio Gain probability vs. loss probability	0.78	0.83	-0.05
Calmar ratio Return relative to maximum drawdown	-0.86	-0.80	-0.06
Martin ratio Return relative to average drawdown	-1.39	-1.30	-0.09
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. DRIP - Sharpe Ratio Comparison

The current GLL Sharpe Ratio is -1.10, which is comparable to the DRIP Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of GLL and DRIP, 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	DRIP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.10	-0.90	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.93	-0.67	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.77	-0.49	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	-0.69	-0.43	-0.27

Correlation

The correlation between GLL and DRIP is 0.05, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

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 4.28%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
GLL ProShares UltraShort Gold	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares	4.28%	2.86%	4.38%	5.09%	0.00%	0.00%	0.01%	0.96%	0.58%

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.

Drawdown Indicators

	GLL	DRIP	Difference
Max Drawdown Largest peak-to-trough decline	-99.24%	-99.95%	+0.71%
Max Drawdown (1Y) Largest decline over 1 year	-71.53%	-76.02%	+4.49%
Max Drawdown (5Y) Largest decline over 5 years	-89.76%	-96.75%	+6.99%
Max Drawdown (10Y) Largest decline over 10 years	-95.76%	-99.92%	+4.16%
Current Drawdown Current decline from peak	-99.04%	-99.94%	+0.90%
Average Drawdown Average peak-to-trough decline	-84.99%	-90.30%	+5.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.01%	46.55%	-2.54%

Volatility

GLL vs. DRIP - Volatility Comparison

ProShares UltraShort Gold (GLL) has a higher volatility of 21.53% compared to Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) at 14.57%. This indicates that GLL's price experiences larger fluctuations and is considered to be riskier than DRIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLL	DRIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.53%	14.57%	+6.96%
Volatility (6M) Calculated over the trailing 6-month period	46.40%	38.68%	+7.72%
Volatility (1Y) Calculated over the trailing 1-year period	54.76%	66.53%	-11.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.40%	68.89%	-33.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.98%	97.12%	-65.14%