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 -20.63%/yr vs -55.08%/yr for SQQQ. At a 0.04 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
GLL vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a 5.05% return, which is significantly higher than SQQQ's -38.86% return. Over the past 10 years, GLL has outperformed SQQQ with an annualized return of -20.63%, while SQQQ has yielded a comparatively lower -55.08% 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%
SQQQ
- 1D
- 5.01%
- 1M
- 8.33%
- 6M
- -36.79%
- YTD
- -38.86%
- 1Y
- -54.36%
- 3Y*
- -50.96%
- 5Y*
- -45.88%
- 10Y*
- -55.08%
GLL vs. SQQQ - 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% |
SQQQ ProShares UltraPro Short QQQ | -38.86% | -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 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.04 |
Over the past year, GLL and SQQQ have become more correlated (0.28) than their long-term average of 0.04, meaning their price movements have been converging.
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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.
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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.71 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.83 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.57 | -0.89 | +0.32 |
| Martin ratioReturn relative to average drawdown | -0.83 | -1.63 | +0.80 |
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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.
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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% | -61.03% | -4.07% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -92.51% | +4.56% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -97.27% | +7.51% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -99.97% | +4.21% |
Current DrawdownCurrent decline from peak | -98.70% | -100.00% | +1.30% |
Average DrawdownAverage peak-to-trough decline | -85.20% | -92.76% | +7.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.38% | 33.36% | +11.02% |
Volatility
GLL vs. SQQQ - Volatility Comparison
The current volatility for ProShares UltraShort Gold (GLL) is 12.83%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 22.32%. 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.
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Volatility by Period
| GLL | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.83% | 22.32% | -9.49% |
Volatility (6M)Calculated over the trailing 6-month period | 46.49% | 46.22% | +0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.17% | 55.87% | -0.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.73% | 67.91% | -31.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.44% | 66.57% | -34.13% |
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 9.77%.
| 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 | 9.77% | 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 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (22.32%) compared to GLL (12.83%). In terms of maximum drawdown, GLL dropped -99.24% vs SQQQ's -100.00%.
On 10-year performance, GLL leads with -20.63% vs -55.08% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, GLL has been the lower-risk option at 12.83%. 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 -20.63% return vs -55.08%. 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 9.77%, 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 (-0.67 vs -0.98), 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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