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 -23.37%/yr vs -24.63%/yr for DXD. At a 0.04 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 -14.49% return, which is significantly lower than DXD's -9.74% return. Over the past 10 years, GLL has outperformed DXD with an annualized return of -23.37%, while DXD has yielded a comparatively lower -24.63% 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%
DXD
- 1D
- 2.28%
- 1M
- -6.78%
- YTD
- -9.74%
- 6M
- -9.98%
- 1Y
- -27.07%
- 3Y*
- -20.70%
- 5Y*
- -14.66%
- 10Y*
- -24.63%
GLL vs. DXD - 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% |
DXD ProShares UltraShort Dow30 | -9.74% | -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 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | 0.04 |
The correlation between GLL and DXD shifts across timeframes, from 0.03 (10 years) to 0.19 (1 year), reflecting how their relationship changes across market environments.
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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.
| GLL | DXD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.82 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | -0.90 | +0.16 |
| Martin ratioReturn relative to average drawdown | -1.16 | -1.45 | +0.30 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GLL | DXD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.92 | -1.12 | +0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.81 | -0.50 | -0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.73 | -0.71 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | -0.64 | -0.03 |
Drawdowns
GLL vs. DXD - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, roughly equal to the maximum DXD drawdown of -99.70%. 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% | -99.70% | +0.46% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -30.09% | -35.01% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -56.40% | -31.55% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -64.99% | -24.77% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -94.60% | -1.16% |
Current DrawdownCurrent decline from peak | -98.94% | -99.70% | +0.76% |
Average DrawdownAverage peak-to-trough decline | -85.13% | -82.30% | -2.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.74% | 18.64% | +23.10% |
Volatility
GLL vs. DXD - Volatility Comparison
ProShares UltraShort Gold (GLL) has a higher volatility of 11.07% compared to ProShares UltraShort Dow30 (DXD) at 5.98%. 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 | 11.07% | 5.98% | +5.09% |
Volatility (6M)Calculated over the trailing 6-month period | 44.43% | 18.80% | +25.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.38% | 24.30% | +28.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.90% | 29.49% | +6.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.12% | 34.91% | -2.79% |
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 4.10%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DXD ProShares UltraShort Dow30 | 4.10% | 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 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (11.07%) compared to DXD (5.98%). In terms of maximum drawdown, GLL dropped -99.24% vs DXD's -99.70%.
On 10-year performance, GLL leads with -23.37% vs -24.63% for DXD. Both ETFs have the same 0.95% expense ratio. On volatility, DXD has been the lower-risk option at 5.98%. 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 -23.37% return vs -24.63%. 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 4.10%, 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 (-0.92 vs -1.12), 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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