GLL vs. TQQQ
GLL (ProShares UltraShort Gold) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, GLL returned -20.80%/yr vs 45.25%/yr for TQQQ. At a correlation of -0.04, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
GLL vs. TQQQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GLL achieves a 4.59% return, which is significantly lower than TQQQ's 39.27% return. Over the past 10 years, GLL has underperformed TQQQ with an annualized return of -20.80%, while TQQQ has yielded a comparatively higher 45.25% 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%
TQQQ
- 1D
- -1.53%
- 1M
- -5.83%
- YTD
- 39.27%
- 6M
- 32.62%
- 1Y
- 89.02%
- 3Y*
- 57.21%
- 5Y*
- 21.17%
- 10Y*
- 45.25%
GLL vs. TQQQ - 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% |
TQQQ ProShares UltraPro QQQ | 39.27% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between GLL and TQQQ is -0.27, 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 | -0.27 |
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 | -0.06 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.04 |
Over the past year, the inverse relationship between GLL and TQQQ has strengthened: their correlation has moved from -0.04 to -0.27, meaning they now move in opposite directions more often than their long-term average.
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. TQQQ — Risk / Return Rank
GLL
TQQQ
GLL vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and ProShares UltraPro QQQ (TQQQ). 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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.38 | ||
| Sortino ratioReturn per unit of downside risk | -3.04 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.28 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 2.42 | -3.01 |
| Martin ratioReturn relative to average drawdown | -0.88 | 7.68 | -8.56 |
Loading charts...
Drawdowns
GLL vs. TQQQ - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for GLL and TQQQ.
Loading charts...
Drawdown Indicators
| GLL | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -81.66% | -17.58% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -36.97% | -28.13% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -58.04% | -29.91% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -81.66% | -8.10% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -81.66% | -14.10% |
Current DrawdownCurrent decline from peak | -98.70% | -15.96% | -82.74% |
Average DrawdownAverage peak-to-trough decline | -85.16% | -18.49% | -66.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.16% | 11.64% | +31.52% |
Volatility
GLL vs. TQQQ - Volatility Comparison
The current volatility for ProShares UltraShort Gold (GLL) is 16.87%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 27.27%. This indicates that GLL experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GLL | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.87% | 27.27% | -10.40% |
Volatility (6M)Calculated over the trailing 6-month period | 47.26% | 43.24% | +4.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.71% | 53.35% | +1.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.50% | 67.41% | -30.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.36% | 66.31% | -33.95% |
GLL vs. TQQQ - Expense Ratio Comparison
Both GLL and TQQQ have an expense ratio of 0.95%.
Dividends
GLL vs. TQQQ - Dividend Comparison
GLL has not paid dividends to shareholders, while TQQQ's dividend yield for the trailing twelve months is around 0.43%.
| 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% |
TQQQ ProShares UltraPro QQQ | 0.43% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
Frequently Asked Questions
GLL and TQQQ have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (27.27%) compared to GLL (16.87%). In terms of maximum drawdown, GLL dropped -99.24% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 45.25% vs -20.80% for GLL. Both ETFs have the same 0.95% expense ratio. On volatility, GLL has been the lower-risk option at 16.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TQQQ has performed better with a 45.25% return vs -20.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLL and TQQQ have the same expense ratio: 0.95% per year.
TQQQ has the higher dividend yield at 0.43%, compared with 0.00% for GLL.
GLL is categorized as Leveraged Commodities, while TQQQ is Leveraged Equities. GLL tracks Bloomberg Gold (-200%), while TQQQ tracks NASDAQ-100 Index (300%).
TQQQ currently has the higher Sharpe Ratio (1.68 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.
Find the right allocation for GLL and TQQQ
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