GLL vs. SPMO
GLL (ProShares UltraShort Gold) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, GLL returned -20.80%/yr vs 20.99%/yr for SPMO. At a correlation of -0.07, they often move in opposite directions. GLL charges 0.95%/yr vs 0.13%/yr for SPMO.
Performance
GLL vs. SPMO - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a 4.59% return, which is significantly lower than SPMO's 29.45% return. Over the past 10 years, GLL has underperformed SPMO with an annualized return of -20.80%, while SPMO has yielded a comparatively higher 20.99% 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%
SPMO
- 1D
- -0.36%
- 1M
- 6.27%
- YTD
- 29.45%
- 6M
- 27.18%
- 1Y
- 41.07%
- 3Y*
- 42.30%
- 5Y*
- 22.83%
- 10Y*
- 20.99%
GLL vs. SPMO - 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% |
SPMO Invesco S&P 500 Momentum ETF | 29.45% | 26.58% | 45.82% | 17.56% | -10.45% | 22.64% | 28.25% | 25.93% | -0.92% | 27.76% |
Correlation
The correlation between GLL and SPMO is -0.21, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015 | -0.07 |
The correlation between GLL and SPMO shifts across timeframes, from -0.21 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GLL vs. SPMO — Risk / Return Rank
GLL
SPMO
GLL vs. SPMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and Invesco S&P 500 Momentum ETF (SPMO). 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 | SPMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.71 | ||
| Sortino ratioReturn per unit of downside risk | -3.61 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.37 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 3.25 | -3.84 |
| Martin ratioReturn relative to average drawdown | -0.88 | 12.18 | -13.06 |
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Drawdowns
GLL vs. SPMO - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for GLL and SPMO.
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Drawdown Indicators
| GLL | SPMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -30.95% | -68.29% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -12.70% | -52.40% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -20.13% | -67.82% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -22.74% | -67.02% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -30.95% | -64.81% |
Current DrawdownCurrent decline from peak | -98.70% | -4.87% | -93.83% |
Average DrawdownAverage peak-to-trough decline | -85.16% | -4.59% | -80.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.16% | 3.38% | +39.78% |
Volatility
GLL vs. SPMO - Volatility Comparison
ProShares UltraShort Gold (GLL) has a higher volatility of 16.87% compared to Invesco S&P 500 Momentum ETF (SPMO) at 11.77%. This indicates that GLL's price experiences larger fluctuations and is considered to be riskier than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLL | SPMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.87% | 11.77% | +5.10% |
Volatility (6M)Calculated over the trailing 6-month period | 47.26% | 17.74% | +29.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.71% | 20.51% | +34.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.50% | 19.87% | +16.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.36% | 20.60% | +11.76% |
GLL vs. SPMO - Expense Ratio Comparison
GLL has a 0.95% expense ratio, which is higher than SPMO's 0.13% expense ratio.
Dividends
GLL vs. SPMO - Dividend Comparison
GLL has not paid dividends to shareholders, while SPMO's dividend yield for the trailing twelve months is around 0.68%.
| 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% |
SPMO Invesco S&P 500 Momentum ETF | 0.68% | 0.73% | 0.48% | 1.63% | 1.66% | 0.52% | 1.27% | 1.39% | 1.05% | 0.77% | 1.94% | 0.36% |
Frequently Asked Questions
GLL and SPMO have a correlation of -0.21, 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 SPMO (11.77%). In terms of maximum drawdown, GLL dropped -99.24% vs SPMO's -30.95%.
On 10-year performance, SPMO leads with 20.99% vs -20.80% for GLL. On fees, SPMO is cheaper at 0.13% per year. On volatility, SPMO has been the lower-risk option at 11.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPMO has performed better with a 20.99% return vs -20.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMO is cheaper with a 0.13% expense ratio, compared with 0.95% for GLL.
SPMO has the higher dividend yield at 0.68%, compared with 0.00% for GLL.
GLL is categorized as Leveraged Commodities, while SPMO is Momentum. GLL tracks Bloomberg Gold (-200%), while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for GLL and 0.13% for SPMO.
SPMO currently has the higher Sharpe Ratio (2.02 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.
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