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 -20.63%/yr vs -24.44%/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 5.05% return, which is significantly higher than DXD's -15.57% return. Over the past 10 years, GLL has outperformed DXD with an annualized return of -20.63%, while DXD has yielded a comparatively lower -24.44% annualized return.
GLL
- 1D
- 3.90%
- 1M
- 18.00%
- 6M
- 19.80%
- YTD
- 5.05%
- 1Y
- -37.00%
- 3Y*
- -37.43%
- 5Y*
- -27.00%
- 10Y*
- -20.63%
DXD
- 1D
- 0.47%
- 1M
- -1.43%
- 6M
- -10.83%
- YTD
- -15.57%
- 1Y
- -26.79%
- 3Y*
- -21.47%
- 5Y*
- -15.76%
- 10Y*
- -24.44%
GLL vs. DXD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | 5.05% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
DXD ProShares UltraShort Dow30 | -15.57% | -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 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
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 (0.27) 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 | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +0.66 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.83 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.57 | -0.88 | +0.31 |
| Martin ratioReturn relative to average drawdown | -0.83 | -1.56 | +0.72 |
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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 -99.72%. 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% | -99.72% | +0.48% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -30.71% | -34.39% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -59.14% | -28.81% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -67.19% | -22.57% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -94.35% | -1.41% |
Current DrawdownCurrent decline from peak | -98.70% | -99.72% | +1.02% |
Average DrawdownAverage peak-to-trough decline | -85.20% | -82.39% | -2.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.38% | 17.24% | +27.14% |
Volatility
GLL vs. DXD - Volatility Comparison
ProShares UltraShort Gold (GLL) has a higher volatility of 12.83% compared to ProShares UltraShort Dow30 (DXD) at 4.67%. 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 | 12.83% | 4.67% | +8.16% |
Volatility (6M)Calculated over the trailing 6-month period | 46.49% | 19.46% | +27.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.17% | 24.59% | +30.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.73% | 29.57% | +7.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.44% | 34.85% | -2.41% |
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 4.03%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DXD ProShares UltraShort Dow30 | 4.03% | 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 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (12.83%) compared to DXD (4.67%). In terms of maximum drawdown, GLL dropped -99.24% vs DXD's -99.72%.
On 10-year performance, GLL leads with -20.63% vs -24.44% for DXD. Both ETFs have the same 0.95% expense ratio. On volatility, DXD has been the lower-risk option at 4.67%. 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 -20.63% return vs -24.44%. 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 4.03%, 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 (-0.67 vs -1.09), 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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