GLL vs. UCO
GLL (ProShares UltraShort Gold) and UCO (ProShares Ultra Bloomberg Crude Oil) are both Leveraged Commodities funds from ProShares - GLL tracks the Bloomberg Gold (-200%) while UCO tracks the Dow Jones-UBS Crude Oil Sub-Index (200%). Both are passively managed. Over the past 10 years, GLL returned -23.48%/yr vs -11.98%/yr for UCO. At a correlation of -0.15, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
GLL vs. UCO - 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 UCO's 139.34% return. Over the past 10 years, GLL has underperformed UCO with an annualized return of -23.48%, while UCO has yielded a comparatively higher -11.98% 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%
UCO
- 1D
- -3.93%
- 1M
- -5.57%
- YTD
- 139.34%
- 6M
- 124.58%
- 1Y
- 115.57%
- 3Y*
- 24.38%
- 5Y*
- 21.18%
- 10Y*
- -11.98%
GLL vs. UCO - 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% |
UCO ProShares Ultra Bloomberg Crude Oil | 139.34% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | -92.91% | 53.83% | -43.26% | 0.34% |
Correlation
The correlation between GLL and UCO is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | -0.15 |
The correlation between GLL and UCO shifts across timeframes, from -0.15 (all time) to 0.05 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GLL vs. UCO — Risk / Return Rank
GLL
UCO
GLL vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and ProShares Ultra Bloomberg Crude Oil (UCO). 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 | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.96 | ||
| Sortino ratioReturn per unit of downside risk | -3.91 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.31 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 3.34 | -4.09 |
| Martin ratioReturn relative to average drawdown | -1.16 | 6.32 | -7.48 |
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 | UCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | 2.03 | -2.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.81 | 0.36 | -1.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.73 | -0.17 | -0.56 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | -0.34 | -0.33 |
Drawdowns
GLL vs. UCO - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, roughly equal to the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for GLL and UCO.
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Drawdown Indicators
| GLL | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -99.95% | +0.71% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -34.77% | -30.33% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -50.38% | -37.57% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -67.24% | -22.52% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -98.75% | +2.99% |
Current DrawdownCurrent decline from peak | -98.96% | -99.26% | +0.30% |
Average DrawdownAverage peak-to-trough decline | -85.13% | -85.49% | +0.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.87% | 18.34% | +23.53% |
Volatility
GLL vs. UCO - Volatility Comparison
The current volatility for ProShares UltraShort Gold (GLL) is 11.07%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 20.99%. This indicates that GLL experiences smaller price fluctuations and is considered to be less risky than UCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLL | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.07% | 20.99% | -9.92% |
Volatility (6M)Calculated over the trailing 6-month period | 44.43% | 46.57% | -2.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.37% | 57.26% | -4.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.89% | 59.81% | -23.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.12% | 71.35% | -39.23% |
GLL vs. UCO - Expense Ratio Comparison
Both GLL and UCO have an expense ratio of 0.95%.
Dividends
GLL vs. UCO - Dividend Comparison
Neither GLL nor UCO has paid dividends to shareholders.
Frequently Asked Questions
GLL and UCO have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (20.99%) compared to GLL (11.07%). In terms of maximum drawdown, GLL dropped -99.24% vs UCO's -99.95%.
On 10-year performance, UCO leads with -11.98% 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, UCO has performed better with a -11.98% return vs -23.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLL and UCO have the same expense ratio: 0.95% per year.
GLL and UCO have nearly identical dividend yields, around 0.00%.
GLL tracks Bloomberg Gold (-200%), while UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%).
UCO currently has the higher Sharpe Ratio (2.03 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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