GLL vs. UGL
GLL (ProShares UltraShort Gold) and UGL (ProShares Ultra Gold) are both Leveraged Commodities funds from ProShares - GLL tracks the Bloomberg Gold (-200%) while UGL tracks the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, GLL returned -20.49%/yr vs 14.00%/yr for UGL. Their -0.99 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
GLL vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a 1.34% return, which is significantly higher than UGL's -20.41% return. Over the past 10 years, GLL has underperformed UGL with an annualized return of -20.49%, while UGL has yielded a comparatively higher 14.00% annualized return.
GLL
- 1D
- 3.15%
- 1M
- 3.39%
- 6M
- 33.97%
- YTD
- 1.34%
- 1Y
- -39.14%
- 3Y*
- -38.51%
- 5Y*
- -27.47%
- 10Y*
- -20.49%
- ALL TIME*
- -21.77%
UGL
- 1D
- -2.99%
- 1M
- -4.25%
- 6M
- -34.89%
- YTD
- -20.41%
- 1Y
- 24.87%
- 3Y*
- 43.93%
- 5Y*
- 24.15%
- 10Y*
- 14.00%
- ALL TIME*
- 11.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $38.26M | $37.47M | $59.93M | |
| $72.32M | $67.11M | $108.24M |
GLL vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | 1.34% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
UGL ProShares Ultra Gold | -20.41% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between GLL and UGL is -1.00, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -1.00 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.99 |
The correlation between GLL and UGL has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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Return for Risk
GLL vs. UGL — Risk / Return Rank
GLL
UGL
GLL vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and ProShares Ultra Gold (UGL). 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 | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.29 | ||
| Sortino ratioReturn per unit of downside risk | -2.06 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.14 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 0.60 | -1.25 |
| Martin ratioReturn relative to average drawdown | -0.94 | 1.22 | -2.16 |
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Drawdowns
GLL vs. UGL - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, which is greater than UGL's maximum drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for GLL and UGL.
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Drawdown Indicators
| GLL | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -75.93% | -23.31% |
Max Drawdown (1Y)Largest decline over 1 year | -64.23% | -50.02% | -14.21% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -50.02% | -37.93% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -50.02% | -39.74% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -50.02% | -45.74% |
Current DrawdownCurrent decline from peak | -98.74% | -48.39% | -50.35% |
Average DrawdownAverage peak-to-trough decline | -85.23% | -43.64% | -41.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.60% | 24.47% | +20.13% |
Volatility
GLL vs. UGL - Volatility Comparison
ProShares UltraShort Gold (GLL) and ProShares Ultra Gold (UGL) have volatilities of 12.63% and 12.79%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLL | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.63% | 12.79% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 45.01% | 47.42% | -2.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.39% | 55.84% | -0.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.88% | 37.12% | -0.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.48% | 32.70% | -0.22% |
GLL vs. UGL - Expense Ratio Comparison
Both GLL and UGL have an expense ratio of 0.95%.
Dividends
GLL vs. UGL - Dividend Comparison
Neither GLL nor UGL has paid dividends to shareholders.
Frequently Asked Questions
GLL and UGL have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (12.79%) compared to GLL (12.63%). In terms of maximum drawdown, GLL dropped -99.24% vs UGL's -75.93%.
On 10-year performance, UGL leads with 14.00% vs -20.49% for GLL. Both ETFs have the same 0.95% expense ratio. On volatility, GLL has been the lower-risk option at 12.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGL has performed better with a 14.00% return vs -20.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLL and UGL have the same expense ratio: 0.95% per year.
GLL and UGL have nearly identical dividend yields, around 0.00%.
GLL tracks Bloomberg Gold (-200%), while UGL tracks Bloomberg Gold Subindex (200%).
UGL currently has the higher Sharpe Ratio (0.54 vs -0.75), 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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