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 -23.37%/yr vs 30.09%/yr for UPRO. At a correlation of -0.06, they often move in opposite directions. GLL charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
GLL vs. UPRO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GLL achieves a -14.49% return, which is significantly lower than UPRO's 27.90% return. Over the past 10 years, GLL has underperformed UPRO with an annualized return of -23.37%, while UPRO has yielded a comparatively higher 30.09% annualized return.
GLL
- 1D
- 2.05%
- 1M
- 3.37%
- YTD
- -14.49%
- 6M
- -18.72%
- 1Y
- -48.24%
- 3Y*
- -41.46%
- 5Y*
- -28.82%
- 10Y*
- -23.37%
UPRO
- 1D
- -2.09%
- 1M
- 14.64%
- YTD
- 27.90%
- 6M
- 26.67%
- 1Y
- 80.84%
- 3Y*
- 52.58%
- 5Y*
- 23.13%
- 10Y*
- 30.09%
GLL vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | -14.49% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
UPRO ProShares UltraPro S&P 500 | 27.90% | 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 -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009 | -0.06 |
The correlation between GLL and UPRO shifts across timeframes, from -0.20 (1 year) to -0.05 (10 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
| GLL | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.23 | ||
| Sortino ratioReturn per unit of downside risk | -4.26 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.36 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 3.03 | -3.78 |
| Martin ratioReturn relative to average drawdown | -1.16 | 12.80 | -13.96 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GLL | UPRO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.92 | 2.30 | -3.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.81 | 0.46 | -1.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.73 | 0.56 | -1.29 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | 0.65 | -1.33 |
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.
Loading charts...
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 | -98.94% | -2.09% | -96.85% |
Average DrawdownAverage peak-to-trough decline | -85.13% | -14.42% | -70.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.74% | 6.33% | +35.41% |
Volatility
GLL vs. UPRO - Volatility Comparison
ProShares UltraShort Gold (GLL) has a higher volatility of 11.07% compared to ProShares UltraPro S&P 500 (UPRO) at 8.45%. 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.
Loading charts...
Volatility by Period
| GLL | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.07% | 8.45% | +2.62% |
Volatility (6M)Calculated over the trailing 6-month period | 44.43% | 26.60% | +17.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.38% | 35.35% | +17.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.90% | 50.32% | -14.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.12% | 53.74% | -21.62% |
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 0.68%.
| 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 | 0.68% | 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 -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (11.07%) compared to UPRO (8.45%). In terms of maximum drawdown, GLL dropped -99.24% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 30.09% vs -23.37% for GLL. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 8.45%. 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 30.09% return vs -23.37%. 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 0.68%, 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 (2.30 vs -0.92), 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.
Find the right allocation for GLL and UPRO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer