GLL vs. USD
GLL (ProShares UltraShort Gold) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, GLL returned -23.48%/yr vs 61.24%/yr for USD. At a correlation of -0.03, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
GLL vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a -15.95% return, which is significantly lower than USD's 103.32% return. Over the past 10 years, GLL has underperformed USD with an annualized return of -23.48%, while USD has yielded a comparatively higher 61.24% annualized return.
GLL
- 1D
- -1.70%
- 1M
- 3.39%
- YTD
- -15.95%
- 6M
- -19.96%
- 1Y
- -48.55%
- 3Y*
- -41.54%
- 5Y*
- -29.06%
- 10Y*
- -23.48%
USD
- 1D
- -4.99%
- 1M
- 31.62%
- YTD
- 103.32%
- 6M
- 97.79%
- 1Y
- 250.81%
- 3Y*
- 125.78%
- 5Y*
- 67.80%
- 10Y*
- 61.24%
GLL vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | -15.95% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
USD ProShares Ultra Semiconductors | 103.32% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between GLL and USD is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | -0.03 |
The correlation between GLL and USD shifts across timeframes, from -0.14 (1 year) to -0.03 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
GLL vs. USD — Risk / Return Rank
GLL
USD
GLL vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.05 | ||
| Sortino ratioReturn per unit of downside risk | -5.13 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.48 | -0.65 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 7.94 | -8.69 |
| Martin ratioReturn relative to average drawdown | -1.16 | 22.96 | -24.12 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GLL | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | 4.12 | -5.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.81 | 0.89 | -1.70 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.73 | 0.89 | -1.62 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | 0.49 | -1.16 |
Drawdowns
GLL vs. USD - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for GLL and USD.
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Drawdown Indicators
| GLL | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -88.63% | -10.61% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -31.80% | -33.30% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -64.46% | -23.49% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -77.85% | -11.91% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -77.85% | -17.91% |
Current DrawdownCurrent decline from peak | -98.96% | -6.07% | -92.89% |
Average DrawdownAverage peak-to-trough decline | -85.13% | -32.35% | -52.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.87% | 10.98% | +30.89% |
Volatility
GLL vs. USD - Volatility Comparison
The current volatility for ProShares UltraShort Gold (GLL) is 11.07%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.29%. This indicates that GLL experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLL | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.07% | 21.29% | -10.22% |
Volatility (6M)Calculated over the trailing 6-month period | 44.43% | 46.74% | -2.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.37% | 61.28% | -8.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.89% | 76.56% | -40.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.12% | 69.24% | -37.12% |
GLL vs. USD - Expense Ratio Comparison
Both GLL and USD have an expense ratio of 0.95%.
Dividends
GLL vs. USD - Dividend Comparison
GLL has not paid dividends to shareholders, while USD's dividend yield for the trailing twelve months is around 0.23%.
| 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% |
USD ProShares Ultra Semiconductors | 0.23% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
GLL and USD have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (21.29%) compared to GLL (11.07%). In terms of maximum drawdown, GLL dropped -99.24% vs USD's -88.63%.
On 10-year performance, USD leads with 61.24% vs -23.48% for GLL. Both ETFs have the same 0.95% expense ratio. On volatility, GLL has been the lower-risk option at 11.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 61.24% return vs -23.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLL and USD have the same expense ratio: 0.95% per year.
USD has the higher dividend yield at 0.23%, compared with 0.00% for GLL.
GLL is categorized as Leveraged Commodities, while USD is Leveraged Equities. GLL tracks Bloomberg Gold (-200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (4.12 vs -0.93), 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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