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 -23.48%/yr vs 44.95%/yr for TQQQ. At a correlation of -0.03, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
GLL vs. TQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a -15.95% return, which is significantly lower than TQQQ's 61.91% return. Over the past 10 years, GLL has underperformed TQQQ with an annualized return of -23.48%, while TQQQ has yielded a comparatively higher 44.95% 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%
TQQQ
- 1D
- -1.55%
- 1M
- 26.46%
- YTD
- 61.91%
- 6M
- 54.01%
- 1Y
- 132.34%
- 3Y*
- 68.49%
- 5Y*
- 27.97%
- 10Y*
- 44.95%
GLL vs. TQQQ - 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% |
TQQQ ProShares UltraPro QQQ | 61.91% | 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 -0.18, 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 | -0.18 |
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 TQQQ shifts across timeframes, from -0.18 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.
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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.
| GLL | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.73 | ||
| Sortino ratioReturn per unit of downside risk | -4.52 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.39 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 3.60 | -4.35 |
| Martin ratioReturn relative to average drawdown | -1.16 | 11.77 | -12.93 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GLL | TQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | 2.80 | -3.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.81 | 0.42 | -1.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.73 | 0.68 | -1.42 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | 0.74 | -1.41 |
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.
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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 | -98.96% | -2.29% | -96.67% |
Average DrawdownAverage peak-to-trough decline | -85.13% | -18.52% | -66.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.87% | 11.28% | +30.59% |
Volatility
GLL vs. TQQQ - Volatility Comparison
The current volatility for ProShares UltraShort Gold (GLL) is 11.07%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 13.35%. 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.
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Volatility by Period
| GLL | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.07% | 13.35% | -2.28% |
Volatility (6M)Calculated over the trailing 6-month period | 44.43% | 36.04% | +8.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.37% | 47.60% | +4.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.89% | 66.50% | -30.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.12% | 65.95% | -33.83% |
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 0.37%.
| 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 | 0.37% | 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 -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (13.35%) compared to GLL (11.07%). In terms of maximum drawdown, GLL dropped -99.24% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 44.95% vs -23.48% for GLL. 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, TQQQ has performed better with a 44.95% return vs -23.48%. 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 0.37%, 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 (2.80 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.
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