GLL vs. DXD
GLL (ProShares UltraShort Gold) and DXD (ProShares UltraShort Dow30) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while DXD is a Leveraged Equities fund tracking the Dow Jones Industrial Average Index (-200%). Both are passively managed. Over the past 10 years, GLL returned -20.80%/yr vs -25.32%/yr for DXD. At a 0.05 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
GLL vs. DXD - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a 4.59% return, which is significantly higher than DXD's -14.35% return. Over the past 10 years, GLL has outperformed DXD with an annualized return of -20.80%, while DXD has yielded a comparatively lower -25.32% annualized return.
GLL
- 1D
- 5.97%
- 1M
- 25.98%
- YTD
- 4.59%
- 6M
- 12.64%
- 1Y
- -38.04%
- 3Y*
- -38.14%
- 5Y*
- -27.61%
- 10Y*
- -20.80%
DXD
- 1D
- -1.47%
- 1M
- -5.67%
- YTD
- -14.35%
- 6M
- -11.86%
- 1Y
- -29.25%
- 3Y*
- -22.27%
- 5Y*
- -15.77%
- 10Y*
- -25.32%
GLL vs. DXD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | 4.59% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
DXD ProShares UltraShort Dow30 | -14.35% | -21.11% | -16.07% | -18.77% | 7.09% | -35.18% | -44.57% | -35.33% | 3.07% | -38.64% |
Correlation
The correlation between GLL and DXD is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
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 Dec 3, 2008 | 0.05 |
Over the past year, GLL and DXD have become more correlated (0.25) than their long-term average of 0.05, meaning their price movements have been converging.
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Return for Risk
GLL vs. DXD — Risk / Return Rank
GLL
DXD
GLL vs. DXD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and ProShares UltraShort Dow30 (DXD). 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 | DXD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.75 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.81 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | -0.99 | +0.41 |
| Martin ratioReturn relative to average drawdown | -0.88 | -1.71 | +0.83 |
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Drawdowns
GLL vs. DXD - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, roughly equal to the maximum DXD drawdown of -99.71%. Use the drawdown chart below to compare losses from any high point for GLL and DXD.
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Drawdown Indicators
| GLL | DXD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -99.71% | +0.47% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -29.50% | -35.60% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -57.68% | -30.27% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -66.02% | -23.74% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -94.76% | -1.00% |
Current DrawdownCurrent decline from peak | -98.70% | -99.71% | +1.01% |
Average DrawdownAverage peak-to-trough decline | -85.16% | -82.34% | -2.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.16% | 17.09% | +26.07% |
Volatility
GLL vs. DXD - Volatility Comparison
ProShares UltraShort Gold (GLL) has a higher volatility of 16.87% compared to ProShares UltraShort Dow30 (DXD) at 8.35%. This indicates that GLL's price experiences larger fluctuations and is considered to be riskier than DXD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLL | DXD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.87% | 8.35% | +8.52% |
Volatility (6M)Calculated over the trailing 6-month period | 47.26% | 19.78% | +27.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.71% | 24.91% | +29.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.50% | 29.59% | +6.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.36% | 34.91% | -2.55% |
GLL vs. DXD - Expense Ratio Comparison
Both GLL and DXD have an expense ratio of 0.95%.
Dividends
GLL vs. DXD - Dividend Comparison
GLL has not paid dividends to shareholders, while DXD's dividend yield for the trailing twelve months is around 4.32%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DXD ProShares UltraShort Dow30 | 4.32% | 4.25% | 5.91% | 3.87% | 0.25% | 0.00% | 0.31% | 1.76% | 1.15% | 0.12% |
GLL ProShares UltraShort Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GLL and DXD have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (16.87%) compared to DXD (8.35%). In terms of maximum drawdown, GLL dropped -99.24% vs DXD's -99.71%.
On 10-year performance, GLL leads with -20.80% vs -25.32% for DXD. Both ETFs have the same 0.95% expense ratio. On volatility, DXD has been the lower-risk option at 8.35%. 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 -20.80% return vs -25.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLL and DXD have the same expense ratio: 0.95% per year.
DXD has the higher dividend yield at 4.32%, compared with 0.00% for GLL.
GLL is categorized as Leveraged Commodities, while DXD is Leveraged Equities. GLL tracks Bloomberg Gold (-200%), while DXD tracks Dow Jones Industrial Average Index (-200%).
GLL currently has the higher Sharpe Ratio (-0.70 vs -1.18), 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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