GLL vs. GDX
GLL (ProShares UltraShort Gold) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, GLL returned -23.48%/yr vs 14.11%/yr for GDX. At a correlation of -0.77, they often move in opposite directions. GLL charges 0.95%/yr vs 0.51%/yr for GDX.
Performance
GLL vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a -15.95% return, which is significantly lower than GDX's 0.73% return. Over the past 10 years, GLL has underperformed GDX with an annualized return of -23.48%, while GDX has yielded a comparatively higher 14.11% annualized return.
GLL
- 1D
- -1.70%
- 1M
- 3.39%
- YTD
- -15.95%
- 6M
- -19.96%
- 1Y
- -48.55%
- 3Y*
- -41.54%
- 5Y*
- -29.06%
- 10Y*
- -23.48%
GDX
- 1D
- 1.65%
- 1M
- 0.69%
- YTD
- 0.73%
- 6M
- 6.93%
- 1Y
- 63.55%
- 3Y*
- 41.54%
- 5Y*
- 19.08%
- 10Y*
- 14.11%
GLL vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | -15.95% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
GDX VanEck Gold Miners ETF | 0.73% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between GLL and GDX is -0.80, 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 (1Y) Calculated over the trailing 1-year period | -0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.78 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | -0.77 |
The correlation between GLL and GDX has been stable across timeframes, ranging from -0.80 to -0.77 - a consistent structural relationship.
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Return for Risk
GLL vs. GDX — Risk / Return Rank
GLL
GDX
GLL vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and VanEck Gold Miners ETF (GDX). 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 | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.33 | ||
| Sortino ratioReturn per unit of downside risk | -3.32 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.25 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 2.07 | -2.82 |
| Martin ratioReturn relative to average drawdown | -1.16 | 5.27 | -6.43 |
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 | GDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | 1.40 | -2.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.81 | 0.53 | -1.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.73 | 0.38 | -1.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | 0.13 | -0.80 |
Drawdowns
GLL vs. GDX - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, which is greater than GDX's maximum drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for GLL and GDX.
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Drawdown Indicators
| GLL | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -80.34% | -18.90% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -30.84% | -34.26% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -30.84% | -57.11% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -46.51% | -43.25% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -49.79% | -45.97% |
Current DrawdownCurrent decline from peak | -98.96% | -25.41% | -73.55% |
Average DrawdownAverage peak-to-trough decline | -85.13% | -40.43% | -44.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.87% | 12.09% | +29.78% |
Volatility
GLL vs. GDX - Volatility Comparison
The current volatility for ProShares UltraShort Gold (GLL) is 11.07%, while VanEck Gold Miners ETF (GDX) has a volatility of 15.49%. This indicates that GLL experiences smaller price fluctuations and is considered to be less risky than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLL | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.07% | 15.49% | -4.42% |
Volatility (6M)Calculated over the trailing 6-month period | 44.43% | 37.51% | +6.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.37% | 45.49% | +6.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.89% | 36.40% | -0.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.12% | 37.17% | -5.05% |
GLL vs. GDX - Expense Ratio Comparison
GLL has a 0.95% expense ratio, which is higher than GDX's 0.51% expense ratio.
Dividends
GLL vs. GDX - Dividend Comparison
GLL has not paid dividends to shareholders, while GDX's dividend yield for the trailing twelve months is around 0.73%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.73% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
GLL ProShares UltraShort Gold | 0.00% | 0.00% | 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 GDX have a correlation of -0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (15.49%) compared to GLL (11.07%). In terms of maximum drawdown, GLL dropped -99.24% vs GDX's -80.34%.
On 10-year performance, GDX leads with 14.11% vs -23.48% for GLL. On fees, GDX is cheaper at 0.51% per year. On volatility, GLL has been the lower-risk option at 11.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDX has performed better with a 14.11% return vs -23.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 0.95% for GLL.
GDX has the higher dividend yield at 0.73%, compared with 0.00% for GLL.
GLL is categorized as Leveraged Commodities, while GDX is Gold. GLL tracks Bloomberg Gold (-200%), while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: ProShares and VanEck. Their fees differ too: 0.95% for GLL and 0.51% for GDX.
GDX currently has the higher Sharpe Ratio (1.40 vs -0.93), 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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