GLL vs. GMOM
GLL (ProShares UltraShort Gold) and GMOM (Cambria Global Momentum ETF) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while GMOM is a Momentum fund actively managed by Cambria. GLL is passively managed, while GMOM is actively managed. Over the past 10 years, GLL returned -21.56%/yr vs 7.33%/yr for GMOM. At a correlation of -0.30, they often move in opposite directions. GLL charges 0.95%/yr vs 0.96%/yr for GMOM.
Performance
GLL vs. GMOM - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a -4.93% return, which is significantly lower than GMOM's 9.01% return. Over the past 10 years, GLL has underperformed GMOM with an annualized return of -21.56%, while GMOM has yielded a comparatively higher 7.33% annualized return.
GLL
- 1D
- 1.30%
- 1M
- 14.51%
- YTD
- -4.93%
- 6M
- 0.89%
- 1Y
- -42.21%
- 3Y*
- -40.08%
- 5Y*
- -29.04%
- 10Y*
- -21.56%
GMOM
- 1D
- -0.04%
- 1M
- -1.78%
- YTD
- 9.01%
- 6M
- 8.58%
- 1Y
- 26.62%
- 3Y*
- 12.91%
- 5Y*
- 7.06%
- 10Y*
- 7.33%
GLL vs. GMOM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | -4.93% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
GMOM Cambria Global Momentum ETF | 9.01% | 20.63% | 6.75% | 0.65% | -2.82% | 19.13% | 2.42% | 8.24% | -9.61% | 20.67% |
Correlation
The correlation between GLL and GMOM is -0.66, 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 | -0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.34 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2014 | -0.30 |
Over the past year, the inverse relationship between GLL and GMOM has strengthened: their correlation has moved from -0.30 to -0.66, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
GLL vs. GMOM — Risk / Return Rank
GLL
GMOM
GLL vs. GMOM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and Cambria Global Momentum ETF (GMOM). 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 | GMOM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.66 | ||
| Sortino ratioReturn per unit of downside risk | -3.62 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.34 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 2.79 | -3.44 |
| Martin ratioReturn relative to average drawdown | -0.98 | 10.26 | -11.24 |
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Drawdowns
GLL vs. GMOM - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, which is greater than GMOM's maximum drawdown of -25.03%. Use the drawdown chart below to compare losses from any high point for GLL and GMOM.
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Drawdown Indicators
| GLL | GMOM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -25.03% | -74.21% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -9.57% | -55.53% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -13.73% | -74.22% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -19.16% | -70.60% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -25.03% | -70.73% |
Current DrawdownCurrent decline from peak | -98.82% | -4.32% | -94.50% |
Average DrawdownAverage peak-to-trough decline | -85.15% | -7.80% | -77.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.00% | 2.60% | +40.40% |
Volatility
GLL vs. GMOM - Volatility Comparison
ProShares UltraShort Gold (GLL) has a higher volatility of 15.88% compared to Cambria Global Momentum ETF (GMOM) at 4.71%. This indicates that GLL's price experiences larger fluctuations and is considered to be riskier than GMOM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLL | GMOM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.88% | 4.71% | +11.17% |
Volatility (6M)Calculated over the trailing 6-month period | 46.76% | 11.90% | +34.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.33% | 14.29% | +40.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.36% | 14.46% | +21.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.42% | 12.90% | +19.52% |
GLL vs. GMOM - Expense Ratio Comparison
GLL has a 0.95% expense ratio, which is lower than GMOM's 0.96% expense ratio.
Dividends
GLL vs. GMOM - Dividend Comparison
GLL has not paid dividends to shareholders, while GMOM's dividend yield for the trailing twelve months is around 1.62%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
GMOM Cambria Global Momentum ETF | 1.62% | 3.01% | 2.16% | 3.63% | 2.52% | 3.42% | 1.24% | 2.60% | 1.90% | 2.05% | 1.77% | 1.88% |
Frequently Asked Questions
GLL and GMOM have a correlation of -0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (15.88%) compared to GMOM (4.71%). In terms of maximum drawdown, GLL dropped -99.24% vs GMOM's -25.03%.
On 10-year performance, GMOM leads with 7.33% vs -21.56% for GLL. On fees, GLL is cheaper at 0.95% per year. On volatility, GMOM has been the lower-risk option at 4.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GMOM has performed better with a 7.33% return vs -21.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLL is cheaper with a 0.95% expense ratio, compared with 0.96% for GMOM.
GMOM has the higher dividend yield at 1.62%, compared with 0.00% for GLL.
GLL is categorized as Leveraged Commodities, while GMOM is Momentum. They also come from different issuers: ProShares and Cambria. Their fees differ too: 0.95% for GLL and 0.96% for GMOM.
GMOM currently has the higher Sharpe Ratio (1.88 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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