PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
GLL vs. ITA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GLL vs. ITA

Last updated Jun 9, 2026

GLL (ProShares UltraShort Gold) and ITA (iShares U.S. Aerospace & Defense ETF) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while ITA is a Aerospace & Defense fund tracking the Dow Jones U.S. Select Aerospace & Defense Index. Both are passively managed. Over the past 10 years, GLL returned -22.59%/yr vs 14.86%/yr for ITA. At a correlation of -0.05, they often move in opposite directions. GLL charges 0.95%/yr vs 0.38%/yr for ITA.

Performance

GLL vs. ITA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Gold (GLL) and iShares U.S. Aerospace & Defense ETF (ITA). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, GLL achieves a -9.94% return, which is significantly lower than ITA's 5.92% return. Over the past 10 years, GLL has underperformed ITA with an annualized return of -22.59%, while ITA has yielded a comparatively higher 14.86% annualized return.

GLL

1D
-0.34%
1M
19.36%
YTD
-9.94%
6M
-15.04%
1Y
-46.82%
3Y*
-40.24%
5Y*
-28.10%
10Y*
-22.59%

ITA

1D
-0.95%
1M
1.69%
YTD
5.92%
6M
11.28%
1Y
25.56%
3Y*
26.35%
5Y*
16.26%
10Y*
14.86%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GLL vs. ITA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GLL
ProShares UltraShort Gold		-9.94%-62.81%-33.33%-14.91%-2.12%1.66%-41.47%-26.95%5.39%-23.67%
ITA
iShares U.S. Aerospace & Defense ETF		5.92%48.64%15.81%14.33%9.96%9.39%-13.57%30.51%-7.22%35.24%

Correlation

The correlation between GLL and ITA 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 (3Y)
Calculated over the trailing 3-year period

-0.18

Correlation (5Y)
Calculated over the trailing 5-year period

-0.15

Correlation (10Y)
Calculated over the trailing 10-year period

-0.06

Correlation (All Time)
Calculated using the full available price history since Dec 4, 2008

-0.05

Over the past year, the inverse relationship between GLL and ITA has strengthened: their correlation has moved from -0.05 to -0.27, meaning they now move in opposite directions more often than their long-term average.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraShort Gold

iShares U.S. Aerospace & Defense ETF

Often compared with GLL:
GLL vs. UGLGLL vs. GLDGLL vs. GC=FGLL vs. AGQGLL vs. FNGDGLL vs. DRIPGLL vs. YANG
Often compared with ITA:
ITA vs. XARITA vs. PPAITA vs. SHLDITA vs. ARKXITA vs. VOOITA vs. FSDAXITA vs. DFEN

Return for Risk

GLL vs. ITA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GLL
GLL Risk / Return Rank: 33
Overall Rank
GLL Sharpe Ratio Rank: 22
Sharpe Ratio Rank
GLL Sortino Ratio Rank: 22
Sortino Ratio Rank
GLL Omega Ratio Rank: 22
Omega Ratio Rank
GLL Calmar Ratio Rank: 33
Calmar Ratio Rank
GLL Martin Ratio Rank: 44
Martin Ratio Rank
ITA
ITA Risk / Return Rank: 3636
Overall Rank
ITA Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
ITA Sortino Ratio Rank: 3838
Sortino Ratio Rank
ITA Omega Ratio Rank: 3535
Omega Ratio Rank
ITA Calmar Ratio Rank: 3636
Calmar Ratio Rank
ITA Martin Ratio Rank: 3232
Martin Ratio Rank
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. ITA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and iShares U.S. Aerospace & Defense ETF (ITA). 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.

GLLITADifference
Sharpe ratioReturn per unit of total volatility
-0.89
1.22

-2.11

Sortino ratioReturn per unit of downside risk
-1.41
1.81

-3.22

Omega ratioGain probability vs. loss probability

0.84

1.21

-0.37

Calmar ratioReturn relative to maximum drawdown

-0.72

1.62

-2.34

Martin ratioReturn relative to average drawdown

-1.11

4.35

-5.46

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLL vs. ITA - Sharpe Ratio Comparison

The current GLL Sharpe Ratio is -0.89, which is lower than the ITA Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of GLL and ITA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

GLLITADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.89

1.22

-2.11

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.78

0.81

-1.60

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.70

0.64

-1.35

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.67

0.51

-1.17

Drawdowns

GLL vs. ITA - Drawdown Comparison

The maximum GLL drawdown since its inception was -99.24%, which is greater than ITA's maximum drawdown of -59.72%. Use the drawdown chart below to compare losses from any high point for GLL and ITA.

Loading charts...

Drawdown Indicators

GLLITADifference

Max Drawdown

Largest peak-to-trough decline

-99.24%

-59.72%

-39.52%

Max Drawdown (1Y)

Largest decline over 1 year

-65.10%

-15.82%

-49.28%

Max Drawdown (3Y)

Largest decline over 3 years

-87.95%

-15.82%

-72.13%

Max Drawdown (5Y)

Largest decline over 5 years

-89.76%

-18.72%

-71.04%

Max Drawdown (10Y)

Largest decline over 10 years

-95.76%

-51.00%

-44.76%

Current Drawdown

Current decline from peak

-98.88%

-9.25%

-89.63%

Average Drawdown

Average peak-to-trough decline

-85.14%

-9.46%

-75.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

42.09%

5.89%

+36.20%

Volatility

GLL vs. ITA - Volatility Comparison

ProShares UltraShort Gold (GLL) has a higher volatility of 11.12% compared to iShares U.S. Aerospace & Defense ETF (ITA) at 7.09%. This indicates that GLL's price experiences larger fluctuations and is considered to be riskier than ITA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

GLLITADifference

Volatility (1M)

Calculated over the trailing 1-month period

11.12%

7.09%

+4.03%

Volatility (6M)

Calculated over the trailing 6-month period

45.04%

17.68%

+27.36%

Volatility (1Y)

Calculated over the trailing 1-year period

52.94%

21.12%

+31.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.05%

20.07%

+15.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.21%

23.17%

+9.04%

GLL vs. ITA - Expense Ratio Comparison

GLL has a 0.95% expense ratio, which is higher than ITA's 0.38% expense ratio.

Dividends

GLL vs. ITA - Dividend Comparison

GLL has not paid dividends to shareholders, while ITA's dividend yield for the trailing twelve months is around 0.47%.

PositionTTM20252024202320222021202020192018201720162015
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%
ITA
iShares U.S. Aerospace & Defense ETF		0.47%0.55%0.85%0.93%0.95%0.82%1.07%1.54%1.13%0.91%1.07%1.04%

Frequently Asked Questions

GLL and ITA 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 (11.12%) compared to ITA (7.09%). In terms of maximum drawdown, GLL dropped -99.24% vs ITA's -59.72%.

On 10-year performance, ITA leads with 14.86% vs -22.59% for GLL. On fees, ITA is cheaper at 0.38% per year. On volatility, ITA has been the lower-risk option at 7.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ITA has performed better with a 14.86% return vs -22.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ITA is cheaper with a 0.38% expense ratio, compared with 0.95% for GLL.

ITA has the higher dividend yield at 0.47%, compared with 0.00% for GLL.

GLL is categorized as Leveraged Commodities, while ITA is Aerospace & Defense. GLL tracks Bloomberg Gold (-200%), while ITA tracks Dow Jones U.S. Select Aerospace & Defense Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for GLL and 0.38% for ITA.

ITA currently has the higher Sharpe Ratio (1.22 vs -0.89), 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.

Portfolio Optimizer

Find the right allocation for GLL and ITA

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer