GLL vs. UVXY
GLL (ProShares UltraShort Gold) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, GLL returned -23.48%/yr vs -72.73%/yr for UVXY. At a correlation of -0.00, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
GLL vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a -15.95% return, which is significantly higher than UVXY's -23.07% return. Over the past 10 years, GLL has outperformed UVXY with an annualized return of -23.48%, while UVXY has yielded a comparatively lower -72.73% 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%
UVXY
- 1D
- -4.95%
- 1M
- -26.21%
- YTD
- -23.07%
- 6M
- -39.47%
- 1Y
- -74.10%
- 3Y*
- -64.78%
- 5Y*
- -68.23%
- 10Y*
- -72.73%
GLL vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -23.07% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between GLL and UVXY is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | -0.00 |
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Return for Risk
GLL vs. UVXY — Risk / Return Rank
GLL
UVXY
GLL vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.81 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | -0.97 | +0.23 |
| Martin ratioReturn relative to average drawdown | -1.16 | -1.33 | +0.17 |
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 | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | -0.88 | -0.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.81 | -0.66 | -0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.73 | -0.64 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | -0.68 | 0.00 |
Drawdowns
GLL vs. UVXY - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for GLL and UVXY.
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Drawdown Indicators
| GLL | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -100.00% | +0.76% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -76.19% | +11.09% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -95.25% | +7.30% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -99.69% | +9.93% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -100.00% | +4.24% |
Current DrawdownCurrent decline from peak | -98.96% | -100.00% | +1.04% |
Average DrawdownAverage peak-to-trough decline | -85.13% | -98.55% | +13.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.87% | 55.83% | -13.96% |
Volatility
GLL vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraShort Gold (GLL) is 11.07%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 12.26%. This indicates that GLL experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLL | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.07% | 12.26% | -1.19% |
Volatility (6M)Calculated over the trailing 6-month period | 44.43% | 62.79% | -18.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.37% | 84.51% | -32.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.89% | 103.82% | -67.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.12% | 113.81% | -81.69% |
GLL vs. UVXY - Expense Ratio Comparison
Both GLL and UVXY have an expense ratio of 0.95%.
Dividends
GLL vs. UVXY - Dividend Comparison
Neither GLL nor UVXY has paid dividends to shareholders.
Frequently Asked Questions
GLL and UVXY have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (12.26%) compared to GLL (11.07%). In terms of maximum drawdown, GLL dropped -99.24% vs UVXY's -100.00%.
On 10-year performance, GLL leads with -23.48% vs -72.73% for UVXY. 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, GLL has performed better with a -23.48% return vs -72.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLL and UVXY have the same expense ratio: 0.95% per year.
GLL and UVXY have nearly identical dividend yields, around 0.00%.
GLL is categorized as Leveraged Commodities, while UVXY is Volatility. GLL tracks Bloomberg Gold (-200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UVXY currently has the higher Sharpe Ratio (-0.88 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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