GLL vs. RAAX
GLL (ProShares UltraShort Gold) and RAAX (VanEck Inflation Allocation ETF) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while RAAX is a Diversified Portfolio fund actively managed by VanEck. GLL is passively managed, while RAAX is actively managed. Over the past 5 years, GLL returned -29.04%/yr vs 13.22%/yr for RAAX. At a correlation of -0.51, they often move in opposite directions. GLL charges 0.95%/yr vs 0.78%/yr for RAAX.
Performance
GLL vs. RAAX - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a -4.93% return, which is significantly lower than RAAX's 15.23% return.
GLL
- 1D
- 1.30%
- 1M
- 14.51%
- YTD
- -4.93%
- 6M
- 0.89%
- 1Y
- -42.21%
- 3Y*
- -40.08%
- 5Y*
- -29.04%
- 10Y*
- -21.56%
RAAX
- 1D
- 0.55%
- 1M
- -3.36%
- YTD
- 15.23%
- 6M
- 13.95%
- 1Y
- 29.98%
- 3Y*
- 21.10%
- 5Y*
- 13.22%
- 10Y*
- —
GLL vs. RAAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | -4.93% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 10.81% |
RAAX VanEck Inflation Allocation ETF | 15.23% | 26.74% | 12.50% | 6.71% | 1.51% | 21.56% | -8.27% | 6.14% | -2.41% |
Correlation
The correlation between GLL and RAAX is -0.70, 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 | -0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.55 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2018 | -0.51 |
The correlation between GLL and RAAX shifts across timeframes, from -0.70 (1 year) to -0.51 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GLL vs. RAAX — Risk / Return Rank
GLL
RAAX
GLL vs. RAAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and VanEck Inflation Allocation ETF (RAAX). 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 | RAAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.89 | ||
| Sortino ratioReturn per unit of downside risk | -3.93 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.38 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 4.20 | -4.85 |
| Martin ratioReturn relative to average drawdown | -0.98 | 14.15 | -15.13 |
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Drawdowns
GLL vs. RAAX - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, which is greater than RAAX's maximum drawdown of -33.91%. Use the drawdown chart below to compare losses from any high point for GLL and RAAX.
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Drawdown Indicators
| GLL | RAAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -33.91% | -65.33% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -7.17% | -57.93% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -11.59% | -76.36% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -23.55% | -66.21% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | — | — |
Current DrawdownCurrent decline from peak | -98.82% | -5.74% | -93.08% |
Average DrawdownAverage peak-to-trough decline | -85.15% | -6.77% | -78.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.00% | 2.13% | +40.87% |
Volatility
GLL vs. RAAX - Volatility Comparison
ProShares UltraShort Gold (GLL) has a higher volatility of 15.88% compared to VanEck Inflation Allocation ETF (RAAX) at 4.69%. This indicates that GLL's price experiences larger fluctuations and is considered to be riskier than RAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLL | RAAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.88% | 4.69% | +11.19% |
Volatility (6M)Calculated over the trailing 6-month period | 46.76% | 12.28% | +34.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.33% | 14.28% | +40.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.36% | 15.66% | +20.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.42% | 15.78% | +16.64% |
GLL vs. RAAX - Expense Ratio Comparison
GLL has a 0.95% expense ratio, which is higher than RAAX's 0.78% expense ratio.
Dividends
GLL vs. RAAX - Dividend Comparison
GLL has not paid dividends to shareholders, while RAAX's dividend yield for the trailing twelve months is around 2.03%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
RAAX VanEck Inflation Allocation ETF | 2.03% | 2.34% | 1.91% | 3.66% | 1.53% | 8.72% | 6.27% | 2.37% | 0.56% |
Frequently Asked Questions
GLL and RAAX have a correlation of -0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (15.88%) compared to RAAX (4.69%). In terms of maximum drawdown, GLL dropped -99.24% vs RAAX's -33.91%.
On 5-year performance, RAAX leads with 13.22% vs -29.04% for GLL. On fees, RAAX is cheaper at 0.78% per year. On volatility, RAAX has been the lower-risk option at 4.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, RAAX has performed better with a 13.22% return vs -29.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RAAX is cheaper with a 0.78% expense ratio, compared with 0.95% for GLL.
RAAX has the higher dividend yield at 2.03%, compared with 0.00% for GLL.
GLL is categorized as Leveraged Commodities, while RAAX is Diversified Portfolio. They also come from different issuers: ProShares and VanEck. Their fees differ too: 0.95% for GLL and 0.78% for RAAX.
RAAX currently has the higher Sharpe Ratio (2.11 vs -0.78), 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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