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 -20.49%/yr vs 11.05%/yr for GLD. Their -0.99 correlation means they have often moved in opposite directions in the past. 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 1.34% return, which is significantly higher than GLD's -6.25% return. Over the past 10 years, GLL has underperformed GLD with an annualized return of -20.49%, while GLD has yielded a comparatively higher 11.05% annualized return.
GLL
- 1D
- 3.15%
- 1M
- 3.39%
- 6M
- 33.97%
- YTD
- 1.34%
- 1Y
- -39.14%
- 3Y*
- -38.51%
- 5Y*
- -27.47%
- 10Y*
- -20.49%
- ALL TIME*
- -21.77%
GLD
- 1D
- -1.49%
- 1M
- -1.74%
- 6M
- -16.50%
- YTD
- -6.25%
- 1Y
- 20.20%
- 3Y*
- 27.22%
- 5Y*
- 16.95%
- 10Y*
- 11.05%
- ALL TIME*
- 10.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.38B | $2.40B | $2.72B | |
| $38.26M | $37.47M | $59.93M |
GLL vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | 1.34% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
GLD SPDR Gold Shares | -6.25% | 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 have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 | -1.56 | ||
| Sortino ratioReturn per unit of downside risk | -2.22 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.17 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 0.86 | -1.51 |
| Martin ratioReturn relative to average drawdown | -0.94 | 1.86 | -2.80 |
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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 | -64.23% | -26.40% | -37.83% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -26.40% | -61.55% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -26.40% | -63.36% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -26.40% | -69.36% |
Current DrawdownCurrent decline from peak | -98.74% | -25.08% | -73.66% |
Average DrawdownAverage peak-to-trough decline | -85.23% | -16.21% | -69.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.60% | 12.18% | +32.42% |
Volatility
GLL vs. GLD - Volatility Comparison
ProShares UltraShort Gold (GLL) has a higher volatility of 12.63% compared to SPDR Gold Shares (GLD) at 6.40%. 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 | 12.63% | 6.40% | +6.23% |
Volatility (6M)Calculated over the trailing 6-month period | 45.01% | 23.52% | +21.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.39% | 28.13% | +27.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.88% | 18.49% | +18.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.48% | 16.14% | +16.34% |
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 (12.63%) compared to GLD (6.40%). In terms of maximum drawdown, GLL dropped -99.24% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.05% vs -20.49% for GLL. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 6.40%. 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 11.05% return vs -20.49%. 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 (0.81 vs -0.75), 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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