GLL vs. GLDW

Last updated Jun 4, 2026

GLL (ProShares UltraShort Gold) and GLDW (Roundhill Gold WeeklyPay ETF) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while GLDW is a Derivative Income fund actively managed by State Street. GLL is passively managed, while GLDW is actively managed. At a correlation of -0.99, they often move in opposite directions. GLL charges 0.95%/yr vs 0.99%/yr for GLDW.

Performance

GLL vs. GLDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Gold (GLL) and Roundhill Gold WeeklyPay ETF (GLDW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLL achieves a -14.49% return, which is significantly lower than GLDW's 1.00% return.

GLL

• 1D: 2.05%
• 1M: 3.37%
• YTD: -14.49%
• 6M: -18.72%
• 1Y: -48.24%
• 3Y*: -41.46%
• 5Y*: -28.82%
• 10Y*: -23.37%

GLDW

• 1D: -1.20%
• 1M: -2.48%
• YTD: 1.00%
• 6M: 3.47%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GLL vs. GLDW - Yearly Performance Comparison

	2026 (YTD)	2025
GLL ProShares UltraShort Gold	-14.49%	-12.83%
GLDW Roundhill Gold WeeklyPay ETF	1.00%	7.63%

Correlation

The correlation between GLL and GLDW is -0.99, 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 (All Time) Calculated using the full available price history since Oct 31, 2025	-1.00

Return for Risk

GLL vs. GLDW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GLL

GLL Risk / Return Rank: 2
GLL Sharpe Ratio Rank: 2
GLL Sortino Ratio Rank: 1
GLL Omega Ratio Rank: 2
GLL Calmar Ratio Rank: 3
GLL Martin Ratio Rank: 3

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GLL vs. GLDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and Roundhill Gold WeeklyPay ETF (GLDW). 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	GLDW	Difference
Sharpe ratio: Return per unit of total volatility	-0.92	—	—
Sortino ratio: Return per unit of downside risk	-1.50	—	—
Omega ratio: Gain probability vs. loss probability	0.83	—	—
Calmar ratio: Return relative to maximum drawdown	-0.74	—	—
Martin ratio: Return relative to average drawdown	-1.16	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	GLL	GLDW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.92	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.81	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.73	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.67	0.42	-1.09

Drawdowns

GLL vs. GLDW - Drawdown Comparison

The maximum GLL drawdown since its inception was -99.24%, which is greater than GLDW's maximum drawdown of -23.59%. Use the drawdown chart below to compare losses from any high point for GLL and GLDW.

Drawdown Indicators

	GLL	GLDW	Difference
Max Drawdown Largest peak-to-trough decline	-99.24%	-23.59%	-75.65%
Max Drawdown (1Y) Largest decline over 1 year	-65.10%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-87.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-89.76%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-95.76%	—	—
Current Drawdown Current decline from peak	-98.94%	-22.51%	-76.43%
Average Drawdown Average peak-to-trough decline	-85.13%	-8.93%	-76.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.74%	—	—

Volatility

Volatility by Period

	GLL	GLDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.07%	—	—
Volatility (6M) Calculated over the trailing 6-month period	44.43%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	52.38%	36.90%	+15.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.90%	36.90%	-1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.12%	36.90%	-4.78%

GLL vs. GLDW - Expense Ratio Comparison

GLL has a 0.95% expense ratio, which is lower than GLDW's 0.99% expense ratio.

Dividends

GLL vs. GLDW - Dividend Comparison

GLL has not paid dividends to shareholders, while GLDW's dividend yield for the trailing twelve months is around 19.48%.

Position	TTM	2025
GLDW Roundhill Gold WeeklyPay ETF	19.48%	3.75%
GLL ProShares UltraShort Gold	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLL and GLDW in my portfolio?

GLL and GLDW have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLL or GLDW?

On fees, GLL is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLL or GLDW?

GLL is cheaper with a 0.95% expense ratio, compared with 0.99% for GLDW.

Which ETF pays a higher dividend yield, GLL or GLDW?

GLDW has the higher dividend yield at 19.48%, compared with 0.00% for GLL.

What is the main difference between GLL and GLDW?

GLL is categorized as Leveraged Commodities, while GLDW is Derivative Income. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for GLL and 0.99% for GLDW.