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GLL vs. SLVP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GLL vs. SLVP

Last updated Jun 4, 2026

GLL (ProShares UltraShort Gold) and SLVP (iShares MSCI Global Silver and Metals Miners ETF) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while SLVP is a Silver fund tracking the MSCI ACWI Select Silver Miners Investable Market Index. Both are passively managed. Over the past 10 years, GLL returned -23.37%/yr vs 13.67%/yr for SLVP. At a correlation of -0.69, they often move in opposite directions. GLL charges 0.95%/yr vs 0.39%/yr for SLVP.

Performance

GLL vs. SLVP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Gold (GLL) and iShares MSCI Global Silver and Metals Miners ETF (SLVP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GLL achieves a -14.49% return, which is significantly lower than SLVP's 2.25% return. Over the past 10 years, GLL has underperformed SLVP with an annualized return of -23.37%, while SLVP has yielded a comparatively higher 13.67% annualized return.

GLL

1D
2.05%
1M
3.37%
YTD
-14.49%
6M
-18.72%
1Y
-48.24%
3Y*
-41.46%
5Y*
-28.82%
10Y*
-23.37%

SLVP

1D
-5.14%
1M
1.42%
YTD
2.25%
6M
13.09%
1Y
112.07%
3Y*
52.07%
5Y*
15.97%
10Y*
13.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GLL vs. SLVP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GLL
ProShares UltraShort Gold		-14.49%-62.81%-33.33%-14.91%-2.12%1.66%-41.47%-26.95%5.39%-23.67%
SLVP
iShares MSCI Global Silver and Metals Miners ETF		2.25%202.84%14.47%-2.31%-18.06%-23.53%56.45%37.71%-22.10%4.53%

Correlation

The correlation between GLL and SLVP is -0.75, 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

-0.75

Correlation (3Y)
Calculated over the trailing 3-year period

-0.72

Correlation (5Y)
Calculated over the trailing 5-year period

-0.72

Correlation (10Y)
Calculated over the trailing 10-year period

-0.72

Correlation (All Time)
Calculated using the full available price history since Feb 3, 2012

-0.69

The correlation between GLL and SLVP has been stable across timeframes, ranging from -0.75 to -0.69 - 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.

ProShares UltraShort Gold

iShares MSCI Global Silver and Metals Miners ETF

Often compared with GLL:
GLL vs. UGLGLL vs. GLDGLL vs. GC=FGLL vs. AGQGLL vs. FNGDGLL vs. DRIPGLL vs. YANG
Often compared with SLVP:
SLVP vs. SLVSLVP vs. SILSLVP vs. SSLN.LSLVP vs. PSLVSLVP vs. SIVRSLVP vs. RINGSLVP vs. SLVR.DE

Return for Risk

GLL vs. SLVP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GLL
GLL Risk / Return Rank: 22
Overall Rank
GLL Sharpe Ratio Rank: 22
Sharpe Ratio Rank
GLL Sortino Ratio Rank: 11
Sortino Ratio Rank
GLL Omega Ratio Rank: 22
Omega Ratio Rank
GLL Calmar Ratio Rank: 33
Calmar Ratio Rank
GLL Martin Ratio Rank: 33
Martin Ratio Rank
SLVP
SLVP Risk / Return Rank: 5555
Overall Rank
SLVP Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
SLVP Sortino Ratio Rank: 4848
Sortino Ratio Rank
SLVP Omega Ratio Rank: 5151
Omega Ratio Rank
SLVP Calmar Ratio Rank: 6666
Calmar Ratio Rank
SLVP Martin Ratio Rank: 5050
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GLL vs. SLVP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and iShares MSCI Global Silver and Metals Miners ETF (SLVP). 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.

GLLSLVPDifference
Sharpe ratioReturn per unit of total volatility
-0.92
2.12

-3.05

Sortino ratioReturn per unit of downside risk
-1.50
2.40

-3.90

Omega ratioGain probability vs. loss probability

0.83

1.33

-0.49

Calmar ratioReturn relative to maximum drawdown

-0.74

3.36

-4.10

Martin ratioReturn relative to average drawdown

-1.16

8.53

-9.69

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLL vs. SLVP - Sharpe Ratio Comparison

The current GLL Sharpe Ratio is -0.92, which is lower than the SLVP Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of GLL and SLVP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

GLLSLVPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.92

2.12

-3.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.81

0.38

-1.18

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.73

0.32

-1.05

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.67

0.09

-0.76

Drawdowns

GLL vs. SLVP - Drawdown Comparison

The maximum GLL drawdown since its inception was -99.24%, which is greater than SLVP's maximum drawdown of -80.47%. Use the drawdown chart below to compare losses from any high point for GLL and SLVP.

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Drawdown Indicators

GLLSLVPDifference

Max Drawdown

Largest peak-to-trough decline

-99.24%

-80.47%

-18.77%

Max Drawdown (1Y)

Largest decline over 1 year

-65.10%

-33.57%

-31.53%

Max Drawdown (3Y)

Largest decline over 3 years

-87.95%

-33.57%

-54.38%

Max Drawdown (5Y)

Largest decline over 5 years

-89.76%

-54.78%

-34.98%

Max Drawdown (10Y)

Largest decline over 10 years

-95.76%

-62.03%

-33.73%

Current Drawdown

Current decline from peak

-98.94%

-26.25%

-72.69%

Average Drawdown

Average peak-to-trough decline

-85.13%

-46.82%

-38.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

41.74%

13.18%

+28.56%

Volatility

GLL vs. SLVP - Volatility Comparison

The current volatility for ProShares UltraShort Gold (GLL) is 11.07%, while iShares MSCI Global Silver and Metals Miners ETF (SLVP) has a volatility of 17.59%. This indicates that GLL experiences smaller price fluctuations and is considered to be less risky than SLVP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GLLSLVPDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.07%

17.59%

-6.52%

Volatility (6M)

Calculated over the trailing 6-month period

44.43%

43.22%

+1.21%

Volatility (1Y)

Calculated over the trailing 1-year period

52.38%

53.06%

-0.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

35.90%

42.76%

-6.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.12%

42.24%

-10.12%

GLL vs. SLVP - Expense Ratio Comparison

GLL has a 0.95% expense ratio, which is higher than SLVP's 0.39% expense ratio.

Dividends

GLL vs. SLVP - Dividend Comparison

GLL has not paid dividends to shareholders, while SLVP's dividend yield for the trailing twelve months is around 1.74%.

PositionTTM20252024202320222021202020192018201720162015
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%
SLVP
iShares MSCI Global Silver and Metals Miners ETF		1.74%1.78%1.05%0.88%0.63%1.63%2.39%2.03%1.28%0.85%2.32%0.72%

Frequently Asked Questions

GLL and SLVP have a correlation of -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SLVP has higher volatility (17.59%) compared to GLL (11.07%). In terms of maximum drawdown, GLL dropped -99.24% vs SLVP's -80.47%.

On 10-year performance, SLVP leads with 13.67% vs -23.37% for GLL. On fees, SLVP is cheaper at 0.39% per year. 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, SLVP has performed better with a 13.67% return vs -23.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SLVP is cheaper with a 0.39% expense ratio, compared with 0.95% for GLL.

SLVP has the higher dividend yield at 1.74%, compared with 0.00% for GLL.

GLL is categorized as Leveraged Commodities, while SLVP is Silver. GLL tracks Bloomberg Gold (-200%), while SLVP tracks MSCI ACWI Select Silver Miners Investable Market Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for GLL and 0.39% for SLVP.

SLVP currently has the higher Sharpe Ratio (2.12 vs -0.92), 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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