GLL vs. QLD
GLL (ProShares UltraShort Gold) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, GLL returned -23.48%/yr vs 35.87%/yr for QLD. At a correlation of -0.05, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
GLL vs. QLD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GLL achieves a -15.95% return, which is significantly lower than QLD's 40.66% return. Over the past 10 years, GLL has underperformed QLD with an annualized return of -23.48%, while QLD has yielded a comparatively higher 35.87% annualized return.
GLL
- 1D
- -1.70%
- 1M
- 3.39%
- YTD
- -15.95%
- 6M
- -19.96%
- 1Y
- -48.55%
- 3Y*
- -41.54%
- 5Y*
- -29.06%
- 10Y*
- -23.48%
QLD
- 1D
- -0.98%
- 1M
- 17.34%
- YTD
- 40.66%
- 6M
- 36.42%
- 1Y
- 82.72%
- 3Y*
- 49.60%
- 5Y*
- 25.50%
- 10Y*
- 35.87%
GLL vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | -15.95% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
QLD ProShares Ultra QQQ | 40.66% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
Correlation
The correlation between GLL and QLD is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | -0.05 |
The correlation between GLL and QLD shifts across timeframes, from -0.18 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GLL vs. QLD — Risk / Return Rank
GLL
QLD
GLL vs. QLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and ProShares Ultra QQQ (QLD). 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.
| GLL | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.54 | ||
| Sortino ratioReturn per unit of downside risk | -4.60 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.40 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 3.31 | -4.06 |
| Martin ratioReturn relative to average drawdown | -1.16 | 11.53 | -12.69 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GLL | QLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | 2.61 | -3.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.81 | 0.57 | -1.39 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.73 | 0.81 | -1.54 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | 0.59 | -1.27 |
Drawdowns
GLL vs. QLD - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for GLL and QLD.
Loading charts...
Drawdown Indicators
| GLL | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -83.13% | -16.11% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -25.13% | -39.97% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -42.29% | -45.66% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -63.68% | -26.08% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -63.68% | -32.08% |
Current DrawdownCurrent decline from peak | -98.96% | -1.50% | -97.46% |
Average DrawdownAverage peak-to-trough decline | -85.13% | -18.17% | -66.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.87% | 7.20% | +34.67% |
Volatility
GLL vs. QLD - Volatility Comparison
ProShares UltraShort Gold (GLL) has a higher volatility of 11.07% compared to ProShares Ultra QQQ (QLD) at 8.93%. This indicates that GLL's price experiences larger fluctuations and is considered to be riskier than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GLL | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.07% | 8.93% | +2.14% |
Volatility (6M)Calculated over the trailing 6-month period | 44.43% | 24.08% | +20.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.37% | 31.84% | +20.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.89% | 44.72% | -8.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.12% | 44.55% | -12.43% |
GLL vs. QLD - Expense Ratio Comparison
Both GLL and QLD have an expense ratio of 0.95%.
Dividends
GLL vs. QLD - Dividend Comparison
GLL has not paid dividends to shareholders, while QLD's dividend yield for the trailing twelve months is around 0.12%.
| 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% |
QLD ProShares Ultra QQQ | 0.12% | 0.17% | 0.25% | 0.33% | 0.31% | 0.00% | 0.00% | 0.13% | 0.06% | 0.02% | 0.21% | 0.11% |
Frequently Asked Questions
GLL and QLD have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (11.07%) compared to QLD (8.93%). In terms of maximum drawdown, GLL dropped -99.24% vs QLD's -83.13%.
On 10-year performance, QLD leads with 35.87% vs -23.48% for GLL. Both ETFs have the same 0.95% expense ratio. On volatility, QLD has been the lower-risk option at 8.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QLD has performed better with a 35.87% return vs -23.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLL and QLD have the same expense ratio: 0.95% per year.
QLD has the higher dividend yield at 0.12%, compared with 0.00% for GLL.
GLL is categorized as Leveraged Commodities, while QLD is Leveraged Equities. GLL tracks Bloomberg Gold (-200%), while QLD tracks NASDAQ-100 Index (200%).
QLD currently has the higher Sharpe Ratio (2.61 vs -0.93), 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.
Find the right allocation for GLL and QLD
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