GLL vs. SPY
GLL (ProShares UltraShort Gold) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, GLL returned -20.63%/yr vs 15.08%/yr for SPY. At a correlation of -0.07, they often move in opposite directions. GLL charges 0.95%/yr vs 0.09%/yr for SPY.
Performance
GLL vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a 5.05% return, which is significantly lower than SPY's 10.67% return. Over the past 10 years, GLL has underperformed SPY with an annualized return of -20.63%, while SPY has yielded a comparatively higher 15.08% annualized return.
GLL
- 1D
- 3.90%
- 1M
- 18.00%
- 6M
- 19.80%
- YTD
- 5.05%
- 1Y
- -37.00%
- 3Y*
- -37.43%
- 5Y*
- -27.00%
- 10Y*
- -20.63%
SPY
- 1D
- -0.54%
- 1M
- 0.31%
- 6M
- 9.02%
- YTD
- 10.67%
- 1Y
- 21.60%
- 3Y*
- 20.01%
- 5Y*
- 13.24%
- 10Y*
- 15.08%
GLL vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | 5.05% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
SPY State Street SPDR S&P 500 ETF | 10.67% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between GLL and SPY is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.07 |
Over the past year, the inverse relationship between GLL and SPY has strengthened: their correlation has moved from -0.07 to -0.30, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
GLL vs. SPY — Risk / Return Rank
GLL
SPY
GLL vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.40 | ||
| Sortino ratioReturn per unit of downside risk | -3.25 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.31 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.57 | 2.44 | -3.01 |
| Martin ratioReturn relative to average drawdown | -0.83 | 10.63 | -11.47 |
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Drawdowns
GLL vs. SPY - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GLL and SPY.
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Drawdown Indicators
| GLL | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -55.19% | -44.05% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -8.88% | -56.22% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -18.76% | -69.19% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -24.50% | -65.26% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -33.72% | -62.04% |
Current DrawdownCurrent decline from peak | -98.70% | -0.91% | -97.79% |
Average DrawdownAverage peak-to-trough decline | -85.20% | -9.02% | -76.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.38% | 2.04% | +42.34% |
Volatility
GLL vs. SPY - Volatility Comparison
ProShares UltraShort Gold (GLL) has a higher volatility of 12.83% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that GLL's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLL | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.83% | 3.58% | +9.25% |
Volatility (6M)Calculated over the trailing 6-month period | 46.49% | 10.02% | +36.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.17% | 12.58% | +42.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.73% | 17.17% | +19.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.44% | 17.93% | +14.51% |
GLL vs. SPY - Expense Ratio Comparison
GLL has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
GLL vs. SPY - Dividend Comparison
GLL has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.00%.
| 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% |
SPY State Street SPDR S&P 500 ETF | 1.00% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
GLL and SPY have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (12.83%) compared to SPY (3.58%). In terms of maximum drawdown, GLL dropped -99.24% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.08% vs -20.63% for GLL. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.08% return vs -20.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for GLL.
SPY has the higher dividend yield at 1.00%, compared with 0.00% for GLL.
GLL is categorized as Leveraged Commodities, while SPY is S&P 500. GLL tracks Bloomberg Gold (-200%), while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for GLL and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.72 vs -0.67), 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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