GLL vs. GC=F

Last updated Jun 24, 2026

GLL (ProShares UltraShort Gold) is Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while GC=F (Gold Futures) is an asset. At a correlation of -0.19, they often move in opposite directions.

Performance

GLL vs. GC=F - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Gold (GLL) and Gold Futures (GC=F). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GLL

• 1D: 3.82%
• 1M: 18.89%
• YTD: -1.30%
• 6M: 7.14%
• 1Y: -39.64%
• 3Y*: -39.33%
• 5Y*: -28.52%
• 10Y*: -21.26%

GC=F

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GLL vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GLL ProShares UltraShort Gold	-1.30%	-62.81%	-33.33%	-14.91%	-6.09%
GC=F Gold Futures	0.00%	0.00%	0.00%	0.00%	5.84%

Correlation

The correlation between GLL and GC=F is -0.19, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 31, 2022	-0.19

Return for Risk

GLL vs. GC=F — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GLL

GLL Risk / Return Rank: 4
GLL Sharpe Ratio Rank: 3
GLL Sortino Ratio Rank: 3
GLL Omega Ratio Rank: 3
GLL Calmar Ratio Rank: 4
GLL Martin Ratio Rank: 5

GC=F

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and Gold Futures (GC=F). 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	GC=F	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	—	—
Sortino ratio: Return per unit of downside risk	-1.01	—	—
Omega ratio: Gain probability vs. loss probability	0.89	—	—
Calmar ratio: Return relative to maximum drawdown	-0.61	—	—
Martin ratio: Return relative to average drawdown	-0.92	—	—

Drawdowns

Drawdown Indicators

	GLL	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-99.24%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-65.10%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-87.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-89.76%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-95.76%	—	—
Current Drawdown Current decline from peak	-98.77%	—	—
Average Drawdown Average peak-to-trough decline	-85.15%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	43.09%	—	—

Volatility

Volatility by Period

	GLL	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.15%	—	—
Volatility (6M) Calculated over the trailing 6-month period	46.91%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	54.37%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.40%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.31%	—	—

Frequently Asked Questions

Can I hold both GLL and GC=F in my portfolio?

GLL and GC=F 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.