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 -20.63%/yr vs 56.23%/yr for USD. At a correlation of -0.04, 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 5.05% return, which is significantly lower than USD's 63.25% return. Over the past 10 years, GLL has underperformed USD with an annualized return of -20.63%, while USD has yielded a comparatively higher 56.23% annualized return.
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%
USD
- 1D
- -7.37%
- 1M
- -12.52%
- 6M
- 51.62%
- YTD
- 63.25%
- 1Y
- 108.17%
- 3Y*
- 94.08%
- 5Y*
- 61.69%
- 10Y*
- 56.23%
GLL vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | 5.05% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
USD ProShares Ultra Semiconductors | 63.25% | 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 -0.21, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.04 |
The correlation between GLL and USD shifts across timeframes, from -0.21 (1 year) to -0.04 (all time), 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.
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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.20 | ||
| Sortino ratioReturn per unit of downside risk | -2.86 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.26 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.57 | 3.42 | -3.99 |
| Martin ratioReturn relative to average drawdown | -0.83 | 8.81 | -9.64 |
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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 | -98.70% | -24.58% | -74.12% |
Average DrawdownAverage peak-to-trough decline | -85.20% | -32.25% | -52.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.38% | 12.32% | +32.06% |
Volatility
GLL vs. USD - Volatility Comparison
The current volatility for ProShares UltraShort Gold (GLL) is 12.83%, while ProShares Ultra Semiconductors (USD) has a volatility of 30.75%. 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 | 12.83% | 30.75% | -17.92% |
Volatility (6M)Calculated over the trailing 6-month period | 46.49% | 58.47% | -11.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.17% | 71.05% | -15.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.73% | 78.28% | -41.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.44% | 70.10% | -37.66% |
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 0.35%.
| 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 | 0.35% | 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 -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (30.75%) compared to GLL (12.83%). In terms of maximum drawdown, GLL dropped -99.24% vs USD's -88.63%.
On 10-year performance, USD leads with 56.23% vs -20.63% for GLL. Both ETFs have the same 0.95% expense ratio. On volatility, GLL has been the lower-risk option at 12.83%. 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 56.23% return vs -20.63%. 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 0.35%, 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 (1.53 vs -0.67), 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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