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 -20.49%/yr vs -43.88%/yr for DRIP. Their 0.04 correlation means their historical movements had little consistent relationship. 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 1.34% return, which is significantly higher than DRIP's -55.32% return. Over the past 10 years, GLL has outperformed DRIP with an annualized return of -20.49%, while DRIP has yielded a comparatively lower -43.88% annualized return.
GLL
- 1D
- 3.15%
- 1M
- 3.39%
- 6M
- 33.97%
- YTD
- 1.34%
- 1Y
- -39.14%
- 3Y*
- -38.51%
- 5Y*
- -27.47%
- 10Y*
- -20.49%
- ALL TIME*
- -21.77%
DRIP
- 1D
- -2.95%
- 1M
- -25.11%
- 6M
- -44.52%
- YTD
- -55.32%
- 1Y
- -59.32%
- 3Y*
- -26.17%
- 5Y*
- -45.26%
- 10Y*
- -43.88%
- ALL TIME*
- -42.20%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.97M | $70.63M | $133.34M | |
| $38.26M | $37.47M | $59.93M |
GLL vs. DRIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | 1.34% | -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 | -55.32% | -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 -0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.01 |
Correlation (3Y) Balances recent behavior with more history. | 0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.12 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.05 |
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 -0.01 (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 | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.59 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 0.83 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | -0.91 | +0.26 |
| Martin ratioReturn relative to average drawdown | -0.94 | -1.49 | +0.54 |
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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 | -64.23% | -62.18% | -2.05% |
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 | -98.74% | -99.94% | +1.20% |
Average DrawdownAverage peak-to-trough decline | -85.23% | -90.56% | +5.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.60% | 37.99% | +6.61% |
Volatility
GLL vs. DRIP - Volatility Comparison
The current volatility for ProShares UltraShort Gold (GLL) is 12.63%, while Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a volatility of 16.75%. 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 | 12.63% | 16.75% | -4.12% |
Volatility (6M)Calculated over the trailing 6-month period | 45.01% | 44.83% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.39% | 57.15% | -1.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.88% | 67.64% | -30.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.48% | 95.75% | -63.27% |
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 3.98%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | 3.98% | 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 -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRIP has higher volatility (16.75%) compared to GLL (12.63%). In terms of maximum drawdown, GLL dropped -99.24% vs DRIP's -99.95%.
On 10-year performance, GLL leads with -20.49% vs -43.88% for DRIP. On fees, GLL is cheaper at 0.95% per year. On volatility, GLL has been the lower-risk option at 12.63%. 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 -20.49% return vs -43.88%. 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 3.98%, 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.
GLL currently has the higher Sharpe Ratio (-0.75 vs -0.99), 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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