GLL vs. UVIX
Compare and contrast key facts about ProShares UltraShort Gold (GLL) and Volatility Shares 2x Long VIX Futures ETF (UVIX).
GLL and UVIX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GLL is a passively managed fund by ProShares that tracks the performance of the Bloomberg Gold (-200%). It was launched on Dec 1, 2008. UVIX is a passively managed fund by Volatility Shares that tracks the performance of the Long VIX Futures Index – Benchmark TR Gross (200%). It was launched on Mar 28, 2022. Both GLL and UVIX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
GLL vs. UVIX - Performance Comparison
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GLL vs. UVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | -22.83% | -62.81% | -33.33% | -14.91% | 11.84% |
UVIX Volatility Shares 2x Long VIX Futures ETF | 51.66% | -83.21% | -75.24% | -95.28% | -62.08% |
Returns By Period
In the year-to-date period, GLL achieves a -22.83% return, which is significantly lower than UVIX's 51.66% return.
GLL
- 1D
- -7.30%
- 1M
- 22.90%
- YTD
- -22.83%
- 6M
- -39.36%
- 1Y
- -60.18%
- 3Y*
- -42.72%
- 5Y*
- -32.85%
- 10Y*
- -24.50%
UVIX
- 1D
- -18.99%
- 1M
- 37.90%
- YTD
- 51.66%
- 6M
- -12.79%
- 1Y
- -76.74%
- 3Y*
- -82.44%
- 5Y*
- —
- 10Y*
- —
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GLL vs. UVIX - Expense Ratio Comparison
GLL has a 0.95% expense ratio, which is lower than UVIX's 2.78% expense ratio.
Return for Risk
GLL vs. UVIX — Risk / Return Rank
GLL
UVIX
GLL vs. UVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and Volatility Shares 2x Long VIX Futures ETF (UVIX). 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 | UVIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.10 | -0.51 | -0.59 |
Sortino ratioReturn per unit of downside risk | -2.03 | -0.36 | -1.67 |
Omega ratioGain probability vs. loss probability | 0.78 | 0.95 | -0.18 |
Calmar ratioReturn relative to maximum drawdown | -0.86 | -0.82 | -0.04 |
Martin ratioReturn relative to average drawdown | -1.39 | -0.93 | -0.46 |
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 | UVIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.10 | -0.51 | -0.59 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.93 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.77 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.69 | -0.59 | -0.10 |
Correlation
The correlation between GLL and UVIX is 0.02, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
GLL vs. UVIX - Dividend Comparison
Neither GLL nor UVIX has paid dividends to shareholders.
Drawdowns
GLL vs. UVIX - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, roughly equal to the maximum UVIX drawdown of -99.96%. Use the drawdown chart below to compare losses from any high point for GLL and UVIX.
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Drawdown Indicators
| GLL | UVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -99.96% | +0.72% |
Max Drawdown (1Y)Largest decline over 1 year | -71.53% | -94.23% | +22.70% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | — | — |
Current DrawdownCurrent decline from peak | -99.04% | -99.93% | +0.89% |
Average DrawdownAverage peak-to-trough decline | -84.99% | -88.02% | +3.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.01% | 82.45% | -38.44% |
Volatility
GLL vs. UVIX - Volatility Comparison
The current volatility for ProShares UltraShort Gold (GLL) is 21.53%, while Volatility Shares 2x Long VIX Futures ETF (UVIX) has a volatility of 59.07%. This indicates that GLL experiences smaller price fluctuations and is considered to be less risky than UVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLL | UVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.53% | 59.07% | -37.54% |
Volatility (6M)Calculated over the trailing 6-month period | 46.40% | 94.37% | -47.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.76% | 149.63% | -94.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.40% | 138.22% | -102.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.98% | 138.22% | -106.24% |