GLL vs. UGL

Last updated Jun 23, 2026

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 -21.56%/yr vs 15.67%/yr for UGL. At a correlation of -0.99, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

GLL vs. UGL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Gold (GLL) and ProShares Ultra Gold (UGL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLL achieves a -4.93% return, which is significantly higher than UGL's -13.71% return. Over the past 10 years, GLL has underperformed UGL with an annualized return of -21.56%, while UGL has yielded a comparatively higher 15.67% annualized return.

GLL

• 1D: 1.30%
• 1M: 14.51%
• YTD: -4.93%
• 6M: 0.89%
• 1Y: -42.21%
• 3Y*: -40.08%
• 5Y*: -29.04%
• 10Y*: -21.56%

UGL

• 1D: -1.26%
• 1M: -14.52%
• YTD: -13.71%
• 6M: -19.44%
• 1Y: 33.27%
• 3Y*: 48.67%
• 5Y*: 27.21%
• 10Y*: 15.67%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GLL vs. UGL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLL ProShares UltraShort Gold	-4.93%	-62.81%	-33.33%	-14.91%	-2.12%	1.66%	-41.47%	-26.95%	5.39%	-23.67%
UGL ProShares Ultra Gold	-13.71%	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 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	-1.00
Correlation (3Y) Calculated over the trailing 3-year period	-1.00
Correlation (5Y) Calculated over the trailing 5-year period	-1.00
Correlation (10Y) Calculated over the trailing 10-year period	-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.

Return for Risk

GLL vs. UGL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GLL

GLL Risk / Return Rank: 3
GLL Sharpe Ratio Rank: 3
GLL Sortino Ratio Rank: 3
GLL Omega Ratio Rank: 3
GLL Calmar Ratio Rank: 3
GLL Martin Ratio Rank: 4

UGL

UGL Risk / Return Rank: 19
UGL Sharpe Ratio Rank: 18
UGL Sortino Ratio Rank: 20
UGL Omega Ratio Rank: 23
UGL Calmar Ratio Rank: 17
UGL Martin Ratio Rank: 17

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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 ratio: Return per unit of total volatility	-0.78	0.61	-1.39
Sortino ratio: Return per unit of downside risk	-1.13	1.08	-2.21
Omega ratio: Gain probability vs. loss probability	0.87	1.16	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.65	0.72	-1.37
Martin ratio: Return relative to average drawdown	-0.98	1.79	-2.77

GLL vs. UGL - Sharpe Ratio Comparison

The current GLL Sharpe Ratio is -0.78, which is lower than the UGL Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of GLL and UGL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	GLL	UGL	Difference
Max Drawdown Largest peak-to-trough decline	-99.24%	-75.93%	-23.31%
Max Drawdown (1Y) Largest decline over 1 year	-65.10%	-46.64%	-18.46%
Max Drawdown (3Y) Largest decline over 3 years	-87.95%	-46.64%	-41.31%
Max Drawdown (5Y) Largest decline over 5 years	-89.76%	-46.64%	-43.12%
Max Drawdown (10Y) Largest decline over 10 years	-95.76%	-46.64%	-49.12%
Current Drawdown Current decline from peak	-98.82%	-44.04%	-54.78%
Average Drawdown Average peak-to-trough decline	-85.15%	-43.62%	-41.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.00%	18.65%	+24.35%

Volatility

GLL vs. UGL - Volatility Comparison

ProShares UltraShort Gold (GLL) and ProShares Ultra Gold (UGL) have volatilities of 15.88% and 16.05%, 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.

Volatility by Period

	GLL	UGL	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.88%	16.05%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	46.76%	49.06%	-2.30%
Volatility (1Y) Calculated over the trailing 1-year period	54.33%	54.78%	-0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.36%	36.61%	-0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.42%	32.63%	-0.21%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GLL and UGL in my portfolio?

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.

Which is riskier, GLL or UGL?

UGL has higher volatility (16.05%) compared to GLL (15.88%). In terms of maximum drawdown, GLL dropped -99.24% vs UGL's -75.93%.

Which ETF is better, GLL or UGL?

On 10-year performance, UGL leads with 15.67% vs -21.56% for GLL. Both ETFs have the same 0.95% expense ratio. On volatility, GLL has been the lower-risk option at 15.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLL or UGL?

Over the 10-year period, UGL has performed better with a 15.67% return vs -21.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLL or UGL?

GLL and UGL have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, GLL or UGL?

GLL and UGL have nearly identical dividend yields, around 0.00%.

What is the main difference between GLL and UGL?

GLL tracks Bloomberg Gold (-200%), while UGL tracks Bloomberg Gold Subindex (200%).

Which has better risk-adjusted returns?

UGL currently has the higher Sharpe Ratio (0.61 vs -0.78), 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.