GLL vs. UPRO
GLL (ProShares UltraShort Gold) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, GLL returned -21.26%/yr vs 30.18%/yr for UPRO. At a correlation of -0.07, they often move in opposite directions. GLL charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
GLL vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a -1.30% return, which is significantly lower than UPRO's 17.21% return. Over the past 10 years, GLL has underperformed UPRO with an annualized return of -21.26%, while UPRO has yielded a comparatively higher 30.18% annualized return.
GLL
- 1D
- 3.82%
- 1M
- 18.89%
- YTD
- -1.30%
- 6M
- 7.14%
- 1Y
- -39.64%
- 3Y*
- -39.33%
- 5Y*
- -28.52%
- 10Y*
- -21.26%
UPRO
- 1D
- -4.27%
- 1M
- -5.38%
- YTD
- 17.21%
- 6M
- 13.86%
- 1Y
- 62.29%
- 3Y*
- 46.23%
- 5Y*
- 20.37%
- 10Y*
- 30.18%
GLL vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | -1.30% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
UPRO ProShares UltraPro S&P 500 | 17.21% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between GLL and UPRO is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009 | -0.07 |
Over the past year, the inverse relationship between GLL and UPRO has strengthened: their correlation has moved from -0.07 to -0.27, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
GLL vs. UPRO — Risk / Return Rank
GLL
UPRO
GLL vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and ProShares UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.41 | ||
| Sortino ratioReturn per unit of downside risk | -3.16 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.28 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.61 | 2.34 | -2.95 |
| Martin ratioReturn relative to average drawdown | -0.92 | 9.52 | -10.44 |
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Drawdowns
GLL vs. UPRO - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for GLL and UPRO.
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Drawdown Indicators
| GLL | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -76.82% | -22.42% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -26.78% | -38.32% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -48.87% | -39.08% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -63.94% | -25.82% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -76.82% | -18.94% |
Current DrawdownCurrent decline from peak | -98.77% | -10.27% | -88.50% |
Average DrawdownAverage peak-to-trough decline | -85.15% | -14.39% | -70.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.09% | 6.57% | +36.52% |
Volatility
GLL vs. UPRO - Volatility Comparison
ProShares UltraShort Gold (GLL) has a higher volatility of 16.15% compared to ProShares UltraPro S&P 500 (UPRO) at 14.68%. This indicates that GLL's price experiences larger fluctuations and is considered to be riskier than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLL | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.15% | 14.68% | +1.47% |
Volatility (6M)Calculated over the trailing 6-month period | 46.91% | 29.49% | +17.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.37% | 37.35% | +17.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.40% | 50.62% | -14.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.31% | 53.79% | -21.48% |
GLL vs. UPRO - Expense Ratio Comparison
GLL has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
GLL vs. UPRO - Dividend Comparison
GLL has not paid dividends to shareholders, while UPRO's dividend yield for the trailing twelve months is around 0.74%.
| 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% |
UPRO ProShares UltraPro S&P 500 | 0.74% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
GLL and UPRO have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (16.15%) compared to UPRO (14.68%). In terms of maximum drawdown, GLL dropped -99.24% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 30.18% vs -21.26% for GLL. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 14.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 30.18% return vs -21.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for GLL.
UPRO has the higher dividend yield at 0.74%, compared with 0.00% for GLL.
GLL is categorized as Leveraged Commodities, while UPRO is Leveraged Equities. GLL tracks Bloomberg Gold (-200%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for GLL and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.68 vs -0.73), 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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