GLL vs. GDXJ
GLL (ProShares UltraShort Gold) and GDXJ (VanEck Junior Gold Miners ETF) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while GDXJ is a Gold fund tracking the MVIS Global Junior Gold Miners Index. Both are passively managed. Over the past 10 years, GLL returned -22.08%/yr vs 12.00%/yr for GDXJ. At a correlation of -0.76, they often move in opposite directions. GLL charges 0.95%/yr vs 0.52%/yr for GDXJ.
Performance
GLL vs. GDXJ - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a -5.47% return, which is significantly higher than GDXJ's -8.37% return. Over the past 10 years, GLL has underperformed GDXJ with an annualized return of -22.08%, while GDXJ has yielded a comparatively higher 12.00% annualized return.
GLL
- 1D
- 0.00%
- 1M
- 23.29%
- YTD
- -5.47%
- 6M
- -6.08%
- 1Y
- -41.70%
- 3Y*
- -39.64%
- 5Y*
- -27.61%
- 10Y*
- -22.08%
GDXJ
- 1D
- 3.15%
- 1M
- -19.14%
- YTD
- -8.37%
- 6M
- -6.68%
- 1Y
- 51.06%
- 3Y*
- 44.17%
- 5Y*
- 16.23%
- 10Y*
- 12.00%
GLL vs. GDXJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | -5.47% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
GDXJ VanEck Junior Gold Miners ETF | -8.37% | 172.28% | 15.67% | 7.12% | -14.53% | -21.25% | 30.40% | 40.44% | -11.02% | 8.22% |
Correlation
The correlation between GLL and GDXJ 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 | -0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.77 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2009 | -0.76 |
The correlation between GLL and GDXJ has been stable across timeframes, ranging from -0.80 to -0.76 - a consistent structural relationship.
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Return for Risk
GLL vs. GDXJ — Risk / Return Rank
GLL
GDXJ
GLL vs. GDXJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and VanEck Junior Gold Miners ETF (GDXJ). 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 | GDXJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.77 | ||
| Sortino ratioReturn per unit of downside risk | -2.57 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.20 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.64 | 1.30 | -1.94 |
| Martin ratioReturn relative to average drawdown | -0.98 | 3.55 | -4.54 |
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Drawdowns
GLL vs. GDXJ - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, which is greater than GDXJ's maximum drawdown of -88.66%. Use the drawdown chart below to compare losses from any high point for GLL and GDXJ.
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Drawdown Indicators
| GLL | GDXJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -88.66% | -10.58% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -39.47% | -25.63% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -39.47% | -48.48% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -49.76% | -40.00% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -57.77% | -37.99% |
Current DrawdownCurrent decline from peak | -98.83% | -33.25% | -65.58% |
Average DrawdownAverage peak-to-trough decline | -85.13% | -60.45% | -24.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.47% | 14.41% | +28.06% |
Volatility
GLL vs. GDXJ - Volatility Comparison
The current volatility for ProShares UltraShort Gold (GLL) is 15.23%, while VanEck Junior Gold Miners ETF (GDXJ) has a volatility of 19.46%. This indicates that GLL experiences smaller price fluctuations and is considered to be less risky than GDXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLL | GDXJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.23% | 19.46% | -4.23% |
Volatility (6M)Calculated over the trailing 6-month period | 46.29% | 43.41% | +2.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 53.94% | 51.54% | +2.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.34% | 41.50% | -5.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.38% | 44.23% | -11.85% |
GLL vs. GDXJ - Expense Ratio Comparison
GLL has a 0.95% expense ratio, which is higher than GDXJ's 0.52% expense ratio.
Dividends
GLL vs. GDXJ - Dividend Comparison
GLL has not paid dividends to shareholders, while GDXJ's dividend yield for the trailing twelve months is around 2.54%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDXJ VanEck Junior Gold Miners ETF | 2.54% | 2.33% | 2.61% | 0.72% | 0.51% | 1.78% | 1.58% | 0.39% | 0.45% | 0.03% | 4.78% | 0.72% |
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 GDXJ 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.
GDXJ has higher volatility (19.46%) compared to GLL (15.23%). In terms of maximum drawdown, GLL dropped -99.24% vs GDXJ's -88.66%.
On 10-year performance, GDXJ leads with 12.00% vs -22.08% for GLL. On fees, GDXJ is cheaper at 0.52% per year. On volatility, GLL has been the lower-risk option at 15.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDXJ has performed better with a 12.00% return vs -22.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDXJ is cheaper with a 0.52% expense ratio, compared with 0.95% for GLL.
GDXJ has the higher dividend yield at 2.54%, compared with 0.00% for GLL.
GLL is categorized as Leveraged Commodities, while GDXJ is Gold. GLL tracks Bloomberg Gold (-200%), while GDXJ tracks MVIS Global Junior Gold Miners Index. They also come from different issuers: ProShares and VanEck. Their fees differ too: 0.95% for GLL and 0.52% for GDXJ.
GDXJ currently has the higher Sharpe Ratio (1.00 vs -0.78), 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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