GLL vs. ITA
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 -20.81%/yr vs 14.73%/yr for ITA. At a correlation of -0.06, they often move in opposite directions. GLL charges 0.95%/yr vs 0.38%/yr for ITA.
Performance
GLL vs. ITA - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a 3.56% return, which is significantly lower than ITA's 6.94% return. Over the past 10 years, GLL has underperformed ITA with an annualized return of -20.81%, while ITA has yielded a comparatively higher 14.73% annualized 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%
ITA
- 1D
- -0.63%
- 1M
- -4.07%
- 6M
- -5.82%
- YTD
- 6.94%
- 1Y
- 17.50%
- 3Y*
- 26.28%
- 5Y*
- 17.28%
- 10Y*
- 14.73%
- ALL TIME*
- 12.59%
GLL vs. ITA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | 3.56% | -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 | 6.94% | 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 -0.32, 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 | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.06 |
Over the past year, the inverse relationship between GLL and ITA has strengthened: their correlation has moved from -0.06 to -0.32, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
GLL vs. ITA — Risk / Return Rank
GLL
ITA
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.
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 | ITA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.49 | ||
| Sortino ratioReturn per unit of downside risk | -2.18 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.15 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 1.11 | -1.70 |
| Martin ratioReturn relative to average drawdown | -0.85 | 2.84 | -3.70 |
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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.
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Drawdown Indicators
| GLL | ITA | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -98.71% | -8.58% | -90.13% |
Average DrawdownAverage peak-to-trough decline | -85.21% | -9.43% | -75.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.53% | 6.17% | +38.36% |
Volatility
GLL vs. ITA - Volatility Comparison
ProShares UltraShort Gold (GLL) has a higher volatility of 12.38% compared to iShares U.S. Aerospace & Defense ETF (ITA) at 5.64%. 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.
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Volatility by Period
| GLL | ITA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.38% | 5.64% | +6.74% |
Volatility (6M)Calculated over the trailing 6-month period | 46.47% | 18.00% | +28.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.29% | 22.15% | +33.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.74% | 20.16% | +16.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.43% | 23.25% | +9.18% |
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 0.46%.
| 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% |
ITA iShares U.S. Aerospace & Defense ETF | 0.46% | 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 -0.32, 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 ITA (5.64%). In terms of maximum drawdown, GLL dropped -99.24% vs ITA's -59.72%.
On 10-year performance, ITA leads with 14.73% vs -20.81% for GLL. On fees, ITA is cheaper at 0.38% per year. On volatility, ITA has been the lower-risk option at 5.64%. 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 14.73% return vs -20.81%. 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 0.46%, 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 (0.80 vs -0.69), 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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