GLL vs. QQQ
GLL (ProShares UltraShort Gold) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, GLL returned -22.59%/yr vs 21.59%/yr for QQQ. At a correlation of -0.05, they often move in opposite directions. GLL charges 0.95%/yr vs 0.18%/yr for QQQ.
Performance
GLL vs. QQQ - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a -9.94% return, which is significantly lower than QQQ's 16.71% return. Over the past 10 years, GLL has underperformed QQQ with an annualized return of -22.59%, while QQQ has yielded a comparatively higher 21.59% 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%
QQQ
- 1D
- 1.56%
- 1M
- 0.68%
- YTD
- 16.71%
- 6M
- 15.00%
- 1Y
- 35.78%
- 3Y*
- 27.15%
- 5Y*
- 16.98%
- 10Y*
- 21.59%
GLL vs. QQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | -9.94% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
QQQ Invesco QQQ ETF | 16.71% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 48.62% | 38.96% | -0.13% | 32.66% |
Correlation
The correlation between GLL and QQQ is -0.20, 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 | -0.20 |
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 QQQ shifts across timeframes, from -0.20 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GLL vs. QQQ — Risk / Return Rank
GLL
QQQ
GLL vs. QQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and Invesco QQQ ETF (QQQ). 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 | QQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.04 | ||
| Sortino ratioReturn per unit of downside risk | -4.18 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.38 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 3.00 | -3.73 |
| Martin ratioReturn relative to average drawdown | -1.11 | 11.43 | -12.55 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GLL | QQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.89 | 2.15 | -3.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.78 | 0.76 | -1.54 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.70 | 0.97 | -1.67 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | 0.40 | -1.07 |
Drawdowns
GLL vs. QQQ - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, which is greater than QQQ's maximum drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for GLL and QQQ.
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Drawdown Indicators
| GLL | QQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -82.97% | -16.27% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -11.96% | -53.14% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -22.77% | -65.18% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -35.12% | -54.64% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -35.12% | -60.64% |
Current DrawdownCurrent decline from peak | -98.88% | -4.03% | -94.85% |
Average DrawdownAverage peak-to-trough decline | -85.14% | -32.77% | -52.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.09% | 3.14% | +38.95% |
Volatility
GLL vs. QQQ - Volatility Comparison
ProShares UltraShort Gold (GLL) has a higher volatility of 11.12% compared to Invesco QQQ ETF (QQQ) at 6.84%. This indicates that GLL's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLL | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.12% | 6.84% | +4.28% |
Volatility (6M)Calculated over the trailing 6-month period | 45.04% | 13.20% | +31.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.94% | 16.74% | +36.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.05% | 22.49% | +13.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.21% | 22.36% | +9.85% |
GLL vs. QQQ - Expense Ratio Comparison
GLL has a 0.95% expense ratio, which is higher than QQQ's 0.18% expense ratio.
Dividends
GLL vs. QQQ - Dividend Comparison
GLL has not paid dividends to shareholders, while QQQ's dividend yield for the trailing twelve months is around 0.39%.
| 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% |
QQQ Invesco QQQ ETF | 0.39% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
Frequently Asked Questions
GLL and QQQ have a correlation of -0.20, 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 QQQ (6.84%). In terms of maximum drawdown, GLL dropped -99.24% vs QQQ's -82.97%.
On 10-year performance, QQQ leads with 21.59% vs -22.59% for GLL. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 6.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QQQ has performed better with a 21.59% return vs -22.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQ is cheaper with a 0.18% expense ratio, compared with 0.95% for GLL.
QQQ has the higher dividend yield at 0.39%, compared with 0.00% for GLL.
GLL is categorized as Leveraged Commodities, while QQQ is Nasdaq-100. GLL tracks Bloomberg Gold (-200%), while QQQ tracks NASDAQ-100 Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for GLL and 0.18% for QQQ.
QQQ currently has the higher Sharpe Ratio (2.15 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.
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