GLL vs. UGLD

Last updated Jul 17, 2026

GLL (ProShares UltraShort Gold) and UGLD (Direxion Daily Gold Bull 2X ETF) are both Leveraged Commodities funds. GLL is passively managed, while UGLD is actively managed. At a correlation of -0.99, they often move in opposite directions. GLL charges 0.95%/yr vs 1.07%/yr for UGLD.

Performance

GLL vs. UGLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Gold (GLL) and Direxion Daily Gold Bull 2X ETF (UGLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GLL

• 1D: 3.90%
• 1M: 18.00%
• 6M: 19.80%
• YTD: 5.05%
• 1Y: -37.00%
• 3Y*: -37.43%
• 5Y*: -27.00%
• 10Y*: -20.63%

UGLD

• 1D: -3.49%
• 1M: -16.56%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GLL vs. UGLD - Yearly Performance Comparison

	2026 (YTD)
GLL ProShares UltraShort Gold	23.24%
UGLD Direxion Daily Gold Bull 2X ETF	-21.26%

Correlation

The correlation between GLL and UGLD is -0.99, 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 (All Time) Calculated using the full available price history since May 28, 2026	-0.99

Return for Risk

GLL vs. UGLD — Risk / Return Rank

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

GLL

GLL Risk / Return Rank: 4
GLL Sharpe Ratio Rank: 4
GLL Sortino Ratio Rank: 4
GLL Omega Ratio Rank: 4
GLL Calmar Ratio Rank: 5
GLL Martin Ratio Rank: 5

UGLD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. UGLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and Direxion Daily Gold Bull 2X ETF (UGLD). 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	UGLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	—	—
Sortino ratio: Return per unit of downside risk	-0.87	—	—
Omega ratio: Gain probability vs. loss probability	0.90	—	—
Calmar ratio: Return relative to maximum drawdown	-0.57	—	—
Martin ratio: Return relative to average drawdown	-0.83	—	—

Drawdowns

GLL vs. UGLD - Drawdown Comparison

The maximum GLL drawdown since its inception was -99.24%, which is greater than UGLD's maximum drawdown of -24.99%. Use the drawdown chart below to compare losses from any high point for GLL and UGLD.

Drawdown Indicators

	GLL	UGLD	Difference
Max Drawdown Largest peak-to-trough decline	-99.24%	-24.99%	-74.25%
Max Drawdown (1Y) Largest decline over 1 year	-65.10%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-87.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-89.76%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-95.76%	—	—
Current Drawdown Current decline from peak	-98.70%	-24.99%	-73.71%
Average Drawdown Average peak-to-trough decline	-85.20%	-15.55%	-69.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.38%	—	—

Volatility

Volatility by Period

	GLL	UGLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.83%	—	—
Volatility (6M) Calculated over the trailing 6-month period	46.49%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	55.17%	53.50%	+1.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.73%	53.50%	-16.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.44%	53.50%	-21.06%

GLL vs. UGLD - Expense Ratio Comparison

GLL has a 0.95% expense ratio, which is lower than UGLD's 1.07% expense ratio.

Dividends

GLL vs. UGLD - Dividend Comparison

GLL has not paid dividends to shareholders, while UGLD's dividend yield for the trailing twelve months is around 0.24%.

Position	TTM
GLL ProShares UltraShort Gold	0.00%
UGLD Direxion Daily Gold Bull 2X ETF	0.24%

Frequently Asked Questions

Can I hold both GLL and UGLD in my portfolio?

GLL and UGLD have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLL or UGLD?

On fees, GLL is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLL or UGLD?

GLL is cheaper with a 0.95% expense ratio, compared with 1.07% for UGLD.

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

UGLD has the higher dividend yield at 0.24%, compared with 0.00% for GLL.

What is the main difference between GLL and UGLD?

They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for GLL and 1.07% for UGLD.