GLL vs. SCO
GLL (ProShares UltraShort Gold) and SCO (ProShares UltraShort Bloomberg Crude Oil) are both Leveraged Commodities funds from ProShares - GLL tracks the Bloomberg Gold (-200%) while SCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%). Both are passively managed. Over the past 10 years, GLL returned -23.48%/yr vs -38.21%/yr for SCO. At a 0.15 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
GLL vs. SCO - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a -15.95% return, which is significantly higher than SCO's -67.25% return. Over the past 10 years, GLL has outperformed SCO with an annualized return of -23.48%, while SCO has yielded a comparatively lower -38.21% 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%
SCO
- 1D
- 4.05%
- 1M
- 1.14%
- YTD
- -67.25%
- 6M
- -65.49%
- 1Y
- -67.35%
- 3Y*
- -37.24%
- 5Y*
- -42.35%
- 10Y*
- -38.21%
GLL vs. SCO - 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% |
SCO ProShares UltraShort Bloomberg Crude Oil | -67.25% | 15.90% | -19.00% | -12.41% | -62.59% | -72.62% | -4.20% | -58.50% | 19.22% | -22.40% |
Correlation
The correlation between GLL and SCO is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | 0.15 |
The correlation between GLL and SCO shifts across timeframes, from -0.05 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GLL vs. SCO — Risk / Return Rank
GLL
SCO
GLL vs. SCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and ProShares UltraShort Bloomberg Crude Oil (SCO). 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 | SCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.76 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | -0.93 | +0.19 |
| Martin ratioReturn relative to average drawdown | -1.16 | -1.94 | +0.78 |
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 | SCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | -1.19 | +0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.81 | -0.71 | -0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.73 | -0.53 | -0.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | -0.38 | -0.30 |
Drawdowns
GLL vs. SCO - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, roughly equal to the maximum SCO drawdown of -99.80%. Use the drawdown chart below to compare losses from any high point for GLL and SCO.
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Drawdown Indicators
| GLL | SCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -99.80% | +0.56% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -72.24% | +7.14% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -79.85% | -8.10% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -94.80% | +5.04% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -99.51% | +3.75% |
Current DrawdownCurrent decline from peak | -98.96% | -99.78% | +0.82% |
Average DrawdownAverage peak-to-trough decline | -85.13% | -85.18% | +0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.87% | 34.87% | +7.00% |
Volatility
GLL vs. SCO - Volatility Comparison
The current volatility for ProShares UltraShort Gold (GLL) is 11.07%, while ProShares UltraShort Bloomberg Crude Oil (SCO) has a volatility of 20.24%. This indicates that GLL experiences smaller price fluctuations and is considered to be less risky than SCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLL | SCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.07% | 20.24% | -9.17% |
Volatility (6M)Calculated over the trailing 6-month period | 44.43% | 45.73% | -1.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.37% | 56.81% | -4.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.89% | 59.76% | -23.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.12% | 71.95% | -39.83% |
GLL vs. SCO - Expense Ratio Comparison
Both GLL and SCO have an expense ratio of 0.95%.
Dividends
GLL vs. SCO - Dividend Comparison
Neither GLL nor SCO has paid dividends to shareholders.
Frequently Asked Questions
GLL and SCO have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCO has higher volatility (20.24%) compared to GLL (11.07%). In terms of maximum drawdown, GLL dropped -99.24% vs SCO's -99.80%.
On 10-year performance, GLL leads with -23.48% vs -38.21% for SCO. Both ETFs have the same 0.95% expense ratio. On volatility, GLL has been the lower-risk option at 11.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLL has performed better with a -23.48% return vs -38.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLL and SCO have the same expense ratio: 0.95% per year.
GLL and SCO have nearly identical dividend yields, around 0.00%.
GLL tracks Bloomberg Gold (-200%), while SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%).
GLL currently has the higher Sharpe Ratio (-0.93 vs -1.19), 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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