GLL vs. SQQQ
GLL (ProShares UltraShort Gold) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, GLL returned -23.37%/yr vs -56.01%/yr for SQQQ. At a 0.03 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
GLL vs. SQQQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GLL achieves a -14.49% return, which is significantly higher than SQQQ's -45.27% return. Over the past 10 years, GLL has outperformed SQQQ with an annualized return of -23.37%, while SQQQ has yielded a comparatively lower -56.01% 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%
SQQQ
- 1D
- 0.76%
- 1M
- -26.37%
- YTD
- -45.27%
- 6M
- -42.79%
- 1Y
- -65.16%
- 3Y*
- -56.19%
- 5Y*
- -49.17%
- 10Y*
- -56.01%
GLL vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | -14.49% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
SQQQ ProShares UltraPro Short QQQ | -45.27% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between GLL and SQQQ is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010 | 0.03 |
The correlation between GLL and SQQQ shifts across timeframes, from 0.03 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.
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. SQQQ — Risk / Return Rank
GLL
SQQQ
GLL vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and ProShares UltraPro Short QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +1.13 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.72 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | -0.99 | +0.25 |
| Martin ratioReturn relative to average drawdown | -1.16 | -1.82 | +0.67 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GLL | SQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.92 | -1.37 | +0.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.81 | -0.74 | -0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.73 | -0.85 | +0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | -0.88 | +0.20 |
Drawdowns
GLL vs. SQQQ - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for GLL and SQQQ.
Loading charts...
Drawdown Indicators
| GLL | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -100.00% | +0.76% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -65.95% | +0.85% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -92.38% | +4.43% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -97.23% | +7.47% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -99.98% | +4.22% |
Current DrawdownCurrent decline from peak | -98.94% | -100.00% | +1.06% |
Average DrawdownAverage peak-to-trough decline | -85.13% | -92.40% | +7.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.74% | 35.73% | +6.01% |
Volatility
GLL vs. SQQQ - Volatility Comparison
The current volatility for ProShares UltraShort Gold (GLL) is 11.07%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 13.75%. This indicates that GLL experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GLL | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.07% | 13.75% | -2.68% |
Volatility (6M)Calculated over the trailing 6-month period | 44.43% | 36.45% | +7.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.38% | 47.79% | +4.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.90% | 66.64% | -30.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.12% | 66.11% | -33.99% |
GLL vs. SQQQ - Expense Ratio Comparison
Both GLL and SQQQ have an expense ratio of 0.95%.
Dividends
GLL vs. SQQQ - Dividend Comparison
GLL has not paid dividends to shareholders, while SQQQ's dividend yield for the trailing twelve months is around 12.48%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 12.48% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
GLL and SQQQ have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (13.75%) compared to GLL (11.07%). In terms of maximum drawdown, GLL dropped -99.24% vs SQQQ's -100.00%.
On 10-year performance, GLL leads with -23.37% vs -56.01% for SQQQ. Both ETFs have the same 0.95% expense ratio. 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, GLL has performed better with a -23.37% return vs -56.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLL and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 12.48%, compared with 0.00% for GLL.
GLL is categorized as Leveraged Commodities, while SQQQ is Leveraged Equities. GLL tracks Bloomberg Gold (-200%), while SQQQ tracks NASDAQ-100 Index (-300%).
GLL currently has the higher Sharpe Ratio (-0.92 vs -1.37), 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 SQQQ
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