GLL vs. IBIT
GLL (ProShares UltraShort Gold) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, GLL returned -37.98% vs -44.68% for IBIT. At a correlation of -0.17, they often move in opposite directions. GLL charges 0.95%/yr vs 0.25%/yr for IBIT.
Performance
GLL vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a 3.56% return, which is significantly higher than IBIT's -25.70% return.
GLL
- 1D
- 0.33%
- 1M
- 10.35%
- 6M
- 17.03%
- YTD
- 3.56%
- 1Y
- -37.98%
- 3Y*
- -37.61%
- 5Y*
- -27.32%
- 10Y*
- -20.81%
- ALL TIME*
- -21.71%
IBIT
- 1D
- 1.49%
- 1M
- 3.57%
- 6M
- -31.99%
- YTD
- -25.70%
- 1Y
- -44.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.65%
GLL vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GLL ProShares UltraShort Gold | 3.56% | -62.81% | -36.07% |
IBIT iShares Bitcoin Trust ETF | -25.70% | -6.41% | 89.87% |
Correlation
The correlation between GLL and IBIT is -0.27, 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 | -0.27 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | -0.17 |
The correlation between GLL and IBIT shifts across timeframes, from -0.27 (1 year) to -0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GLL vs. IBIT — Risk / Return Rank
GLL
IBIT
GLL vs. IBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and iShares Bitcoin Trust ETF (IBIT). 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 | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.59 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.83 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | -0.84 | +0.26 |
| Martin ratioReturn relative to average drawdown | -0.85 | -1.34 | +0.48 |
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Drawdowns
GLL vs. IBIT - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, which is greater than IBIT's maximum drawdown of -53.30%. Use the drawdown chart below to compare losses from any high point for GLL and IBIT.
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Drawdown Indicators
| GLL | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -53.30% | -45.94% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -53.30% | -11.80% |
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 DrawdownCurrent decline from peak | -98.71% | -48.25% | -50.46% |
Average DrawdownAverage peak-to-trough decline | -85.21% | -17.81% | -67.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.53% | 33.42% | +11.11% |
Volatility
GLL vs. IBIT - Volatility Comparison
ProShares UltraShort Gold (GLL) has a higher volatility of 12.38% compared to iShares Bitcoin Trust ETF (IBIT) at 10.67%. This indicates that GLL's price experiences larger fluctuations and is considered to be riskier than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLL | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.38% | 10.67% | +1.71% |
Volatility (6M)Calculated over the trailing 6-month period | 46.47% | 34.60% | +11.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.29% | 44.40% | +10.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.74% | 49.85% | -13.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.43% | 49.85% | -17.42% |
GLL vs. IBIT - Expense Ratio Comparison
GLL has a 0.95% expense ratio, which is higher than IBIT's 0.25% expense ratio.
Dividends
GLL vs. IBIT - Dividend Comparison
Neither GLL nor IBIT has paid dividends to shareholders.
Frequently Asked Questions
GLL and IBIT have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (12.38%) compared to IBIT (10.67%). In terms of maximum drawdown, GLL dropped -99.24% vs IBIT's -53.30%.
On 1-year performance, GLL leads with -37.98% vs -44.68% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 10.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GLL has performed better with a -37.98% return vs -44.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.95% for GLL.
GLL and IBIT have nearly identical dividend yields, around 0.00%.
GLL is categorized as Leveraged Commodities, while IBIT is Cryptocurrency. GLL tracks Bloomberg Gold (-200%), while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for GLL and 0.25% for IBIT.
GLL currently has the higher Sharpe Ratio (-0.69 vs -1.01), 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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