GLL vs. IAUM
GLL (ProShares UltraShort Gold) and IAUM (iShares Gold Trust Micro) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while IAUM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, GLL returned -27.47%/yr vs 17.35%/yr for IAUM. Their -1.00 correlation means they have often moved in opposite directions in the past. GLL charges 0.95%/yr vs 0.09%/yr for IAUM.
Performance
GLL vs. IAUM - 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 IAUM's -6.09% 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%
IAUM
- 1D
- -1.46%
- 1M
- -1.68%
- 6M
- -16.73%
- YTD
- -6.09%
- 1Y
- 20.58%
- 3Y*
- 27.63%
- 5Y*
- 17.35%
- 10Y*
- —
- ALL TIME*
- 17.70%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $38.26M | $37.47M | $59.93M | |
| $77.48M | $77.88M | $93.44M |
GLL vs. IAUM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | 1.34% | -62.81% | -33.33% | -14.91% | -2.12% | -7.89% |
IAUM iShares Gold Trust Micro | -6.09% | 64.27% | 27.04% | 13.12% | -0.49% | 3.87% |
Correlation
The correlation between GLL and IAUM 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 (All Time) Calculated using the full available price history since Jun 29, 2021 | -1.00 |
The correlation between GLL and IAUM has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
GLL vs. IAUM — Risk / Return Rank
GLL
IAUM
GLL vs. IAUM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and iShares Gold Trust Micro (IAUM). 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 | IAUM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.58 | ||
| Sortino ratioReturn per unit of downside risk | -2.25 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.17 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 0.88 | -1.53 |
| Martin ratioReturn relative to average drawdown | -0.94 | 1.90 | -2.84 |
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Drawdowns
GLL vs. IAUM - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, which is greater than IAUM's maximum drawdown of -26.31%. Use the drawdown chart below to compare losses from any high point for GLL and IAUM.
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Drawdown Indicators
| GLL | IAUM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -26.31% | -72.93% |
Max Drawdown (1Y)Largest decline over 1 year | -64.23% | -26.31% | -37.92% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -26.31% | -61.64% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -26.31% | -63.45% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | — | — |
Current DrawdownCurrent decline from peak | -98.74% | -24.95% | -73.79% |
Average DrawdownAverage peak-to-trough decline | -85.23% | -5.87% | -79.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.60% | 12.14% | +32.46% |
Volatility
GLL vs. IAUM - Volatility Comparison
ProShares UltraShort Gold (GLL) has a higher volatility of 12.63% compared to iShares Gold Trust Micro (IAUM) at 6.29%. This indicates that GLL's price experiences larger fluctuations and is considered to be riskier than IAUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLL | IAUM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.63% | 6.29% | +6.34% |
Volatility (6M)Calculated over the trailing 6-month period | 45.01% | 23.21% | +21.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.39% | 27.81% | +27.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.88% | 18.33% | +18.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.48% | 18.19% | +14.29% |
GLL vs. IAUM - Expense Ratio Comparison
GLL has a 0.95% expense ratio, which is higher than IAUM's 0.09% expense ratio.
Dividends
GLL vs. IAUM - Dividend Comparison
Neither GLL nor IAUM has paid dividends to shareholders.
Frequently Asked Questions
GLL and IAUM 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 IAUM (6.29%). In terms of maximum drawdown, GLL dropped -99.24% vs IAUM's -26.31%.
On 5-year performance, IAUM leads with 17.35% vs -27.47% for GLL. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 6.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IAUM has performed better with a 17.35% return vs -27.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAUM is cheaper with a 0.09% expense ratio, compared with 0.95% for GLL.
GLL and IAUM have nearly identical dividend yields, around 0.00%.
GLL is categorized as Leveraged Commodities, while IAUM is Gold. GLL tracks Bloomberg Gold (-200%), while IAUM tracks LBMA Gold Price PM. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for GLL and 0.09% for IAUM.
IAUM currently has the higher Sharpe Ratio (0.83 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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