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 -23.48%/yr vs 20.77%/yr for SPMO. At a correlation of -0.06, 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 -15.95% return, which is significantly lower than SPMO's 28.45% return. Over the past 10 years, GLL has underperformed SPMO with an annualized return of -23.48%, while SPMO has yielded a comparatively higher 20.77% 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%
SPMO
- 1D
- -1.46%
- 1M
- 10.84%
- YTD
- 28.45%
- 6M
- 27.50%
- 1Y
- 43.92%
- 3Y*
- 42.27%
- 5Y*
- 23.92%
- 10Y*
- 20.77%
GLL vs. SPMO - 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% |
SPMO Invesco S&P 500 Momentum ETF | 28.45% | 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 -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Oct 13, 2015 | -0.06 |
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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.
| GLL | SPMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.42 | ||
| Sortino ratioReturn per unit of downside risk | -4.89 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.44 | -0.61 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 3.47 | -4.22 |
| Martin ratioReturn relative to average drawdown | -1.16 | 13.52 | -14.69 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GLL | SPMO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | 2.49 | -3.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.81 | 1.25 | -2.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.73 | 1.03 | -1.76 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | 1.00 | -1.68 |
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 | -98.96% | -1.46% | -97.50% |
Average DrawdownAverage peak-to-trough decline | -85.13% | -4.60% | -80.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.87% | 3.26% | +38.61% |
Volatility
GLL vs. SPMO - Volatility Comparison
ProShares UltraShort Gold (GLL) has a higher volatility of 11.07% compared to Invesco S&P 500 Momentum ETF (SPMO) at 7.39%. 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 | 11.07% | 7.39% | +3.68% |
Volatility (6M)Calculated over the trailing 6-month period | 44.43% | 14.49% | +29.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.37% | 17.70% | +34.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.89% | 19.30% | +16.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.12% | 20.31% | +11.81% |
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 0.66%.
| 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 | 0.66% | 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 -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (11.07%) compared to SPMO (7.39%). In terms of maximum drawdown, GLL dropped -99.24% vs SPMO's -30.95%.
On 10-year performance, SPMO leads with 20.77% vs -23.48% for GLL. On fees, SPMO is cheaper at 0.13% per year. On volatility, SPMO has been the lower-risk option at 7.39%. 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 20.77% return vs -23.48%. 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 0.66%, 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 (2.49 vs -0.93), 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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