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 -20.80%/yr vs 24.22%/yr for SSO. At a correlation of -0.07, they often move in opposite directions. GLL charges 0.95%/yr vs 0.87%/yr for SSO.
Performance
GLL vs. SSO - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a 4.59% return, which is significantly lower than SSO's 12.57% return. Over the past 10 years, GLL has underperformed SSO with an annualized return of -20.80%, while SSO has yielded a comparatively higher 24.22% annualized return.
GLL
- 1D
- 5.97%
- 1M
- 25.98%
- YTD
- 4.59%
- 6M
- 12.64%
- 1Y
- -38.04%
- 3Y*
- -38.14%
- 5Y*
- -27.61%
- 10Y*
- -20.80%
SSO
- 1D
- -0.34%
- 1M
- -3.63%
- YTD
- 12.57%
- 6M
- 9.73%
- 1Y
- 38.74%
- 3Y*
- 33.68%
- 5Y*
- 17.67%
- 10Y*
- 24.22%
GLL vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | 4.59% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
SSO ProShares Ultra S&P500 | 12.57% | 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 -0.29, 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 | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.17 |
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 SSO has strengthened: their correlation has moved from -0.07 to -0.29, meaning they now move in opposite directions more often than their long-term average.
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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.
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 | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.27 | ||
| Sortino ratioReturn per unit of downside risk | -3.02 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.28 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 2.14 | -2.73 |
| Martin ratioReturn relative to average drawdown | -0.88 | 9.02 | -9.91 |
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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.
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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 | -98.70% | -7.02% | -91.68% |
Average DrawdownAverage peak-to-trough decline | -85.16% | -19.52% | -65.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.16% | 4.30% | +38.86% |
Volatility
GLL vs. SSO - Volatility Comparison
ProShares UltraShort Gold (GLL) has a higher volatility of 16.87% compared to ProShares Ultra S&P500 (SSO) at 9.66%. 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.
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Volatility by Period
| GLL | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.87% | 9.66% | +7.21% |
Volatility (6M)Calculated over the trailing 6-month period | 47.26% | 19.58% | +27.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.71% | 24.86% | +29.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.50% | 33.84% | +2.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.36% | 35.92% | -3.56% |
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 0.66%.
| 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% |
SSO ProShares Ultra S&P500 | 0.66% | 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 -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (16.87%) compared to SSO (9.66%). In terms of maximum drawdown, GLL dropped -99.24% vs SSO's -84.67%.
On 10-year performance, SSO leads with 24.22% vs -20.80% for GLL. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 9.66%. 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 24.22% return vs -20.80%. 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 0.66%, 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 (1.57 vs -0.70), 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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