GLL vs. SLV
GLL (ProShares UltraShort Gold) and SLV (iShares Silver Trust) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, GLL returned -20.80%/yr vs 11.85%/yr for SLV. At a correlation of -0.79, they often move in opposite directions. GLL charges 0.95%/yr vs 0.50%/yr for SLV.
Performance
GLL vs. SLV - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GLL achieves a 4.59% return, which is significantly higher than SLV's -19.62% return. Over the past 10 years, GLL has underperformed SLV with an annualized return of -20.80%, while SLV has yielded a comparatively higher 11.85% annualized return.
GLL
- 1D
- 5.97%
- 1M
- 25.98%
- YTD
- 4.59%
- 6M
- 12.64%
- 1Y
- -38.04%
- 3Y*
- -38.14%
- 5Y*
- -27.61%
- 10Y*
- -20.80%
SLV
- 1D
- -7.09%
- 1M
- -24.25%
- YTD
- -19.62%
- 6M
- -20.61%
- 1Y
- 58.79%
- 3Y*
- 36.01%
- 5Y*
- 16.45%
- 10Y*
- 11.85%
GLL vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | 4.59% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
SLV iShares Silver Trust | -19.62% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between GLL and SLV is -0.80, 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 | -0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.77 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.79 |
The correlation between GLL and SLV has been stable across timeframes, ranging from -0.80 to -0.76 - a consistent structural relationship.
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. SLV — Risk / Return Rank
GLL
SLV
GLL vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and iShares Silver Trust (SLV). 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 | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.67 | ||
| Sortino ratioReturn per unit of downside risk | -2.33 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.22 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 1.16 | -1.75 |
| Martin ratioReturn relative to average drawdown | -0.88 | 2.66 | -3.55 |
Loading charts...
Drawdowns
GLL vs. SLV - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, which is greater than SLV's maximum drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for GLL and SLV.
Loading charts...
Drawdown Indicators
| GLL | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -76.28% | -22.96% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -50.97% | -14.13% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -50.97% | -36.98% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -50.97% | -38.79% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -50.97% | -44.79% |
Current DrawdownCurrent decline from peak | -98.70% | -50.97% | -47.73% |
Average DrawdownAverage peak-to-trough decline | -85.16% | -44.66% | -40.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.16% | 22.14% | +21.02% |
Volatility
GLL vs. SLV - Volatility Comparison
ProShares UltraShort Gold (GLL) has a higher volatility of 16.87% compared to iShares Silver Trust (SLV) at 15.67%. This indicates that GLL's price experiences larger fluctuations and is considered to be riskier than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GLL | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.87% | 15.67% | +1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 47.26% | 59.65% | -12.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.71% | 60.78% | -6.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.50% | 36.73% | -0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.36% | 32.16% | +0.20% |
GLL vs. SLV - Expense Ratio Comparison
GLL has a 0.95% expense ratio, which is higher than SLV's 0.50% expense ratio.
Dividends
GLL vs. SLV - Dividend Comparison
Neither GLL nor SLV has paid dividends to shareholders.
Frequently Asked Questions
GLL and SLV have a correlation of -0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (16.87%) compared to SLV (15.67%). In terms of maximum drawdown, GLL dropped -99.24% vs SLV's -76.28%.
On 10-year performance, SLV leads with 11.85% vs -20.80% for GLL. On fees, SLV is cheaper at 0.50% per year. On volatility, SLV has been the lower-risk option at 15.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SLV has performed better with a 11.85% return vs -20.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLV is cheaper with a 0.50% expense ratio, compared with 0.95% for GLL.
GLL and SLV have nearly identical dividend yields, around 0.00%.
GLL is categorized as Leveraged Commodities, while SLV is Silver. GLL tracks Bloomberg Gold (-200%), while SLV tracks LBMA Silver Price. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for GLL and 0.50% for SLV.
SLV currently has the higher Sharpe Ratio (0.97 vs -0.70), 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 SLV
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