GLL vs. GC=F

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares UltraShort Gold (GLL) and Gold (GC=F).

GLL is a passively managed fund by ProShares that tracks the performance of the Bloomberg Gold (-200%). It was launched on Dec 1, 2008.

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 (GC=F). The values are adjusted to include any dividend payments, if applicable.

GLL vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLL ProShares UltraShort Gold	-25.47%	-62.81%	-33.33%	-14.91%	-2.12%	1.66%	-41.47%	-26.95%	5.39%	-23.67%
GC=F Gold	10.61%	64.52%	27.48%	13.34%	-0.43%	-3.47%	24.59%	18.87%	-2.14%	13.59%

Returns By Period

In the year-to-date period, GLL achieves a -25.47% return, which is significantly lower than GC=F's 10.61% return. Over the past 10 years, GLL has underperformed GC=F with an annualized return of -24.76%, while GC=F has yielded a comparatively higher 14.62% annualized return.

GLL

• 1D: -3.42%
• 1M: 21.74%
• YTD: -25.47%
• 6M: -41.15%
• 1Y: -61.72%
• 3Y*: -43.38%
• 5Y*: -33.32%
• 10Y*: -24.76%

GC=F

• 1D: 2.95%
• 1M: -9.63%
• YTD: 10.61%
• 6M: 23.71%
• 1Y: 53.41%
• 3Y*: 34.44%
• 5Y*: 22.61%
• 10Y*: 14.62%

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

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: 1
GLL Sharpe Ratio Rank: 0
GLL Sortino Ratio Rank: 0
GLL Omega Ratio Rank: 0
GLL Calmar Ratio Rank: 1
GLL Martin Ratio Rank: 2

GC=F

GC=F Risk / Return Rank: 91
GC=F Sharpe Ratio Rank: 100
GC=F Sortino Ratio Rank: 100
GC=F Omega Ratio Rank: 94
GC=F Calmar Ratio Rank: 71
GC=F Martin Ratio Rank: 92

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 (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.

	GLL	GC=F	Difference
Sharpe ratio Return per unit of total volatility	-1.13	1.85	-2.98
Sortino ratio Return per unit of downside risk	-2.13	2.26	-4.38
Omega ratio Gain probability vs. loss probability	0.77	1.34	-0.58
Calmar ratio Return relative to maximum drawdown	-0.86	2.74	-3.60
Martin ratio Return relative to average drawdown	-1.39	10.15	-11.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLL vs. GC=F - Sharpe Ratio Comparison

The current GLL Sharpe Ratio is -1.13, which is lower than the GC=F Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of GLL and GC=F, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GLL	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.13	1.85	-2.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.94	1.25	-2.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.78	0.89	-1.67
Sharpe Ratio (All Time) Calculated using the full available price history	-0.70	0.64	-1.34

Correlation

The correlation between GLL and GC=F is -0.85. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Drawdowns

GLL vs. GC=F - Drawdown Comparison

The maximum GLL drawdown since its inception was -99.24%, which is greater than GC=F's maximum drawdown of -44.36%. Use the drawdown chart below to compare losses from any high point for GLL and GC=F.

Drawdown Indicators

	GLL	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-99.24%	-44.36%	-54.88%
Max Drawdown (1Y) Largest decline over 1 year	-71.53%	-17.73%	-53.80%
Max Drawdown (5Y) Largest decline over 5 years	-89.76%	-20.43%	-69.33%
Max Drawdown (10Y) Largest decline over 10 years	-95.76%	-20.87%	-74.89%
Current Drawdown Current decline from peak	-99.07%	-10.04%	-89.03%
Average Drawdown Average peak-to-trough decline	-84.99%	-13.03%	-71.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.20%	4.78%	+39.42%

Volatility

GLL vs. GC=F - Volatility Comparison

ProShares UltraShort Gold (GLL) has a higher volatility of 20.37% compared to Gold (GC=F) at 11.29%. This indicates that GLL's price experiences larger fluctuations and is considered to be riskier than GC=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLL	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.37%	11.29%	+9.08%
Volatility (6M) Calculated over the trailing 6-month period	46.49%	24.59%	+21.90%
Volatility (1Y) Calculated over the trailing 1-year period	54.80%	27.77%	+27.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.41%	17.96%	+17.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.99%	16.36%	+15.63%