GLL vs. SIL
GLL (ProShares UltraShort Gold) and SIL (Global X Silver Miners ETF) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while SIL is a Silver fund tracking the Solactive Global Silver Miners Total Return Index. Both are passively managed. Over the past 10 years, GLL returned -22.08%/yr vs 9.80%/yr for SIL. At a correlation of -0.72, they often move in opposite directions. GLL charges 0.95%/yr vs 0.65%/yr for SIL.
Performance
GLL vs. SIL - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a -5.47% return, which is significantly lower than SIL's -2.20% return. Over the past 10 years, GLL has underperformed SIL with an annualized return of -22.08%, while SIL has yielded a comparatively higher 9.80% annualized return.
GLL
- 1D
- 0.00%
- 1M
- 21.41%
- YTD
- -5.47%
- 6M
- -6.08%
- 1Y
- -40.15%
- 3Y*
- -39.64%
- 5Y*
- -27.61%
- 10Y*
- -22.08%
SIL
- 1D
- 3.27%
- 1M
- -10.83%
- YTD
- -2.20%
- 6M
- 0.10%
- 1Y
- 69.43%
- 3Y*
- 46.50%
- 5Y*
- 12.56%
- 10Y*
- 9.80%
GLL vs. SIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | -5.47% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
SIL Global X Silver Miners ETF | -2.20% | 166.16% | 14.62% | 1.31% | -22.83% | -18.35% | 40.30% | 34.78% | -22.42% | 1.67% |
Correlation
The correlation between GLL and SIL is -0.77, 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 | -0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.73 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2010 | -0.72 |
The correlation between GLL and SIL has been stable across timeframes, ranging from -0.77 to -0.72 - a consistent structural relationship.
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Return for Risk
GLL vs. SIL — Risk / Return Rank
GLL
SIL
GLL vs. SIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and Global X Silver Miners ETF (SIL). 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 | SIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.15 | ||
| Sortino ratioReturn per unit of downside risk | -2.91 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.25 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.64 | 1.91 | -2.56 |
| Martin ratioReturn relative to average drawdown | -0.98 | 5.09 | -6.07 |
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Drawdowns
GLL vs. SIL - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, which is greater than SIL's maximum drawdown of -82.99%. Use the drawdown chart below to compare losses from any high point for GLL and SIL.
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Drawdown Indicators
| GLL | SIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -82.99% | -16.25% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -37.08% | -28.02% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -37.08% | -50.87% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -52.77% | -36.99% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -63.04% | -32.72% |
Current DrawdownCurrent decline from peak | -98.83% | -30.80% | -68.03% |
Average DrawdownAverage peak-to-trough decline | -85.13% | -51.40% | -33.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.47% | 13.90% | +28.57% |
Volatility
GLL vs. SIL - Volatility Comparison
The current volatility for ProShares UltraShort Gold (GLL) is 15.23%, while Global X Silver Miners ETF (SIL) has a volatility of 19.29%. This indicates that GLL experiences smaller price fluctuations and is considered to be less risky than SIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLL | SIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.23% | 19.29% | -4.06% |
Volatility (6M)Calculated over the trailing 6-month period | 46.29% | 43.57% | +2.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 53.94% | 51.69% | +2.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.34% | 39.64% | -3.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.38% | 39.81% | -7.43% |
GLL vs. SIL - Expense Ratio Comparison
GLL has a 0.95% expense ratio, which is higher than SIL's 0.65% expense ratio.
Dividends
GLL vs. SIL - Dividend Comparison
GLL has not paid dividends to shareholders, while SIL's dividend yield for the trailing twelve months is around 1.21%.
| 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% |
SIL Global X Silver Miners ETF | 1.21% | 1.18% | 2.40% | 0.59% | 0.48% | 1.59% | 1.92% | 1.53% | 1.21% | 0.02% | 3.34% | 0.38% |
Frequently Asked Questions
GLL and SIL have a correlation of -0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SIL has higher volatility (19.29%) compared to GLL (15.23%). In terms of maximum drawdown, GLL dropped -99.24% vs SIL's -82.99%.
On 10-year performance, SIL leads with 9.80% vs -22.08% for GLL. On fees, SIL is cheaper at 0.65% per year. On volatility, GLL has been the lower-risk option at 15.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SIL has performed better with a 9.80% return vs -22.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SIL is cheaper with a 0.65% expense ratio, compared with 0.95% for GLL.
SIL has the higher dividend yield at 1.21%, compared with 0.00% for GLL.
GLL is categorized as Leveraged Commodities, while SIL is Silver. GLL tracks Bloomberg Gold (-200%), while SIL tracks Solactive Global Silver Miners Total Return Index. They also come from different issuers: ProShares and Global X. Their fees differ too: 0.95% for GLL and 0.65% for SIL.
SIL currently has the higher Sharpe Ratio (1.37 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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