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 -20.80%/yr vs 11.91%/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 4.59% return, which is significantly higher than GDX's -13.03% return. Over the past 10 years, GLL has underperformed GDX with an annualized return of -20.80%, while GDX has yielded a comparatively higher 11.91% annualized return.
GLL
- 1D
- 5.97%
- 1M
- 25.98%
- YTD
- 4.59%
- 6M
- 12.64%
- 1Y
- -38.04%
- 3Y*
- -38.14%
- 5Y*
- -27.61%
- 10Y*
- -20.80%
GDX
- 1D
- -3.95%
- 1M
- -12.27%
- YTD
- -13.03%
- 6M
- -16.85%
- 1Y
- 44.87%
- 3Y*
- 37.39%
- 5Y*
- 18.40%
- 10Y*
- 11.91%
GLL vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | 4.59% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
GDX VanEck Gold Miners ETF | -13.03% | 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 -0.81, 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 | -0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.78 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.77 |
The correlation between GLL and GDX has been stable across timeframes, ranging from -0.81 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.
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 | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.64 | ||
| Sortino ratioReturn per unit of downside risk | -2.32 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.19 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 1.24 | -1.83 |
| Martin ratioReturn relative to average drawdown | -0.88 | 3.22 | -4.11 |
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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% | -36.28% | -28.82% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -36.28% | -51.67% |
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 | -98.70% | -35.61% | -63.09% |
Average DrawdownAverage peak-to-trough decline | -85.16% | -40.40% | -44.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.16% | 13.95% | +29.21% |
Volatility
GLL vs. GDX - Volatility Comparison
The current volatility for ProShares UltraShort Gold (GLL) is 16.87%, while VanEck Gold Miners ETF (GDX) has a volatility of 17.96%. 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 | 16.87% | 17.96% | -1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 47.26% | 40.17% | +7.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.71% | 47.80% | +6.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.50% | 36.93% | -0.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.36% | 37.39% | -5.03% |
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 0.85%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.85% | 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 -0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (17.96%) compared to GLL (16.87%). In terms of maximum drawdown, GLL dropped -99.24% vs GDX's -80.34%.
On 10-year performance, GDX leads with 11.91% vs -20.80% for GLL. On fees, GDX is cheaper at 0.51% per year. On volatility, GLL has been the lower-risk option at 16.87%. 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 11.91% return vs -20.80%. 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 0.85%, 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 (0.94 vs -0.70), 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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