GLL vs. SSO
GLL (ProShares UltraShort Gold) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, GLL returned -23.48%/yr vs 24.16%/yr for SSO. At a correlation of -0.06, they often move in opposite directions. GLL charges 0.95%/yr vs 0.87%/yr for SSO.
Performance
GLL vs. SSO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GLL achieves a -15.95% return, which is significantly lower than SSO's 20.20% return. Over the past 10 years, GLL has underperformed SSO with an annualized return of -23.48%, while SSO has yielded a comparatively higher 24.16% 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%
SSO
- 1D
- 0.70%
- 1M
- 8.84%
- YTD
- 20.20%
- 6M
- 19.43%
- 1Y
- 53.91%
- 3Y*
- 38.10%
- 5Y*
- 19.79%
- 10Y*
- 24.16%
GLL vs. SSO - 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% |
SSO ProShares Ultra S&P500 | 20.20% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Correlation
The correlation between GLL and SSO is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | -0.06 |
The correlation between GLL and SSO shifts across timeframes, from -0.20 (1 year) to -0.05 (10 years), 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. SSO — Risk / Return Rank
GLL
SSO
GLL vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and ProShares Ultra S&P500 (SSO). 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 | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.23 | ||
| Sortino ratioReturn per unit of downside risk | -4.42 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.38 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 2.98 | -3.73 |
| Martin ratioReturn relative to average drawdown | -1.16 | 13.10 | -14.26 |
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 | SSO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | 2.30 | -3.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.81 | 0.59 | -1.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.73 | 0.68 | -1.41 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | 0.42 | -1.09 |
Drawdowns
GLL vs. SSO - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for GLL and SSO.
Loading charts...
Drawdown Indicators
| GLL | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -84.67% | -14.57% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -18.17% | -46.93% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -35.21% | -52.74% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -46.73% | -43.03% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -59.34% | -36.42% |
Current DrawdownCurrent decline from peak | -98.96% | -0.71% | -98.25% |
Average DrawdownAverage peak-to-trough decline | -85.13% | -19.57% | -65.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.87% | 4.13% | +37.74% |
Volatility
GLL vs. SSO - Volatility Comparison
ProShares UltraShort Gold (GLL) has a higher volatility of 11.07% compared to ProShares Ultra S&P500 (SSO) at 5.56%. This indicates that GLL's price experiences larger fluctuations and is considered to be riskier than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GLL | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.07% | 5.56% | +5.51% |
Volatility (6M)Calculated over the trailing 6-month period | 44.43% | 17.78% | +26.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.37% | 23.59% | +28.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.89% | 33.64% | +2.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.12% | 35.89% | -3.77% |
GLL vs. SSO - Expense Ratio Comparison
GLL has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.
Dividends
GLL vs. SSO - Dividend Comparison
GLL has not paid dividends to shareholders, while SSO's dividend yield for the trailing twelve months is around 0.61%.
| 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% |
SSO ProShares Ultra S&P500 | 0.61% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
Frequently Asked Questions
GLL and SSO have a correlation of -0.20, 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 SSO (5.56%). In terms of maximum drawdown, GLL dropped -99.24% vs SSO's -84.67%.
On 10-year performance, SSO leads with 24.16% vs -23.48% for GLL. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 5.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SSO has performed better with a 24.16% return vs -23.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for GLL.
SSO has the higher dividend yield at 0.61%, compared with 0.00% for GLL.
GLL is categorized as Leveraged Commodities, while SSO is Leveraged Equities. GLL tracks Bloomberg Gold (-200%), while SSO tracks S&P 500. Their fees differ too: 0.95% for GLL and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (2.30 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.
Find the right allocation for GLL and SSO
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