GLL vs. GLD
GLL (ProShares UltraShort Gold) and GLD (SPDR Gold Shares) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, GLL returned -20.73%/yr vs 11.21%/yr for GLD. At a correlation of -0.99, they often move in opposite directions. GLL charges 0.95%/yr vs 0.40%/yr for GLD.
Performance
GLL vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a 3.86% return, which is significantly higher than GLD's -7.36% return. Over the past 10 years, GLL has underperformed GLD with an annualized return of -20.73%, while GLD has yielded a comparatively higher 11.21% annualized return.
GLL
- 1D
- 5.23%
- 1M
- 9.87%
- 6M
- 18.09%
- YTD
- 3.86%
- 1Y
- -37.13%
- 3Y*
- -37.68%
- 5Y*
- -26.90%
- 10Y*
- -20.73%
GLD
- 1D
- -2.62%
- 1M
- -5.02%
- 6M
- -13.05%
- YTD
- -7.36%
- 1Y
- 18.76%
- 3Y*
- 26.48%
- 5Y*
- 16.50%
- 10Y*
- 11.21%
GLL vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | 3.86% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
GLD SPDR Gold Shares | -7.36% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between GLL and GLD is -1.00, 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 | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.99 |
The correlation between GLL and GLD has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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Return for Risk
GLL vs. GLD — Risk / Return Rank
GLL
GLD
GLL vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.35 | ||
| Sortino ratioReturn per unit of downside risk | -1.89 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.15 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.57 | 0.72 | -1.29 |
| Martin ratioReturn relative to average drawdown | -0.84 | 1.76 | -2.60 |
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Drawdowns
GLL vs. GLD - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for GLL and GLD.
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Drawdown Indicators
| GLL | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -45.56% | -53.68% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -26.21% | -38.89% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -26.21% | -61.74% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -26.21% | -63.55% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -26.21% | -69.55% |
Current DrawdownCurrent decline from peak | -98.71% | -25.97% | -72.74% |
Average DrawdownAverage peak-to-trough decline | -85.19% | -16.19% | -69.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.14% | 10.69% | +33.45% |
Volatility
GLL vs. GLD - Volatility Comparison
ProShares UltraShort Gold (GLL) has a higher volatility of 15.04% compared to SPDR Gold Shares (GLD) at 7.58%. This indicates that GLL's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLL | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.04% | 7.58% | +7.46% |
Volatility (6M)Calculated over the trailing 6-month period | 46.46% | 24.18% | +22.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.09% | 27.96% | +27.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.69% | 18.39% | +18.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.42% | 16.10% | +16.32% |
GLL vs. GLD - Expense Ratio Comparison
GLL has a 0.95% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
GLL vs. GLD - Dividend Comparison
Neither GLL nor GLD has paid dividends to shareholders.
Frequently Asked Questions
GLL and GLD have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (15.04%) compared to GLD (7.58%). In terms of maximum drawdown, GLL dropped -99.24% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.21% vs -20.73% for GLL. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 7.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 11.21% return vs -20.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.95% for GLL.
GLL and GLD have nearly identical dividend yields, around 0.00%.
GLL is categorized as Leveraged Commodities, while GLD is Gold. GLL tracks Bloomberg Gold (-200%), while GLD tracks LBMA Gold Price PM. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for GLL and 0.40% for GLD.
GLD currently has the higher Sharpe Ratio (0.68 vs -0.68), 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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