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 3 years, GLL returned -40.08%/yr vs 29.63%/yr for IAUM. At a correlation of -1.00, they often move in opposite directions. 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 -4.93% return, which is significantly lower than IAUM's -2.86% 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%
IAUM
- 1D
- -0.62%
- 1M
- -7.06%
- YTD
- -2.86%
- 6M
- -5.65%
- 1Y
- 24.40%
- 3Y*
- 29.63%
- 5Y*
- —
- 10Y*
- —
GLL vs. IAUM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | -4.93% | -62.81% | -33.33% | -14.91% | -2.12% | -7.89% |
IAUM iShares Gold Trust Micro | -2.86% | 64.27% | 27.04% | 13.12% | -0.49% | 3.87% |
Correlation
The correlation between GLL and IAUM 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 (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 | -1.68 | ||
| Sortino ratioReturn per unit of downside risk | -2.40 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.19 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 1.01 | -1.66 |
| Martin ratioReturn relative to average drawdown | -0.98 | 2.74 | -3.72 |
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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 -24.37%. 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% | -24.37% | -74.87% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -24.37% | -40.73% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -24.37% | -63.58% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | — | — |
Current DrawdownCurrent decline from peak | -98.82% | -22.36% | -76.46% |
Average DrawdownAverage peak-to-trough decline | -85.15% | -5.45% | -79.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.00% | 8.94% | +34.06% |
Volatility
GLL vs. IAUM - Volatility Comparison
ProShares UltraShort Gold (GLL) has a higher volatility of 15.88% compared to iShares Gold Trust Micro (IAUM) at 7.99%. 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 | 15.88% | 7.99% | +7.89% |
Volatility (6M)Calculated over the trailing 6-month period | 46.76% | 24.04% | +22.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.33% | 27.25% | +27.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.36% | 18.09% | +18.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.42% | 18.09% | +14.33% |
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 (15.88%) compared to IAUM (7.99%). In terms of maximum drawdown, GLL dropped -99.24% vs IAUM's -24.37%.
On 3-year performance, IAUM leads with 29.63% vs -40.08% for GLL. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 7.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IAUM has performed better with a 29.63% return vs -40.08%. 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 (0.90 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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