GLL vs. VNO

Last updated Jul 21, 2026

GLL (ProShares UltraShort Gold) is Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while VNO (Vornado Realty Trust) is a stock. Over the past 10 years, GLL returned -20.81%/yr vs -3.48%/yr for VNO. At a correlation of -0.05, they often move in opposite directions.

Performance

GLL vs. VNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Gold (GLL) and Vornado Realty Trust (VNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLL achieves a 3.56% return, which is significantly lower than VNO's 19.41% return. Over the past 10 years, GLL has underperformed VNO with an annualized return of -20.81%, while VNO has yielded a comparatively higher -3.48% annualized return.

GLL

• 1D: 0.33%
• 1M: 10.35%
• 6M: 17.03%
• YTD: 3.56%
• 1Y: -37.98%
• 3Y*: -37.61%
• 5Y*: -27.32%
• 10Y*: -20.81%
• ALL TIME*: -21.71%

VNO

• 1D: -1.49%
• 1M: 5.10%
• 6M: 18.10%
• YTD: 19.41%
• 1Y: 5.89%
• 3Y*: 27.13%
• 5Y*: 0.50%
• 10Y*: -3.48%
• ALL TIME*: 9.75%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GLL vs. VNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLL ProShares UltraShort Gold	3.56%	-62.81%	-33.33%	-14.91%	-2.12%	1.66%	-41.47%	-26.95%	5.39%	-23.67%
VNO Vornado Realty Trust	19.41%	-19.09%	51.32%	39.50%	-46.66%	17.78%	-40.43%	14.93%	-17.75%	-4.53%

Correlation

The correlation between GLL and VNO is -0.12, 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	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	-0.11
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	-0.05

Return for Risk

GLL vs. VNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GLL

GLL Risk / Return Rank: 5
GLL Sharpe Ratio Rank: 4
GLL Sortino Ratio Rank: 4
GLL Omega Ratio Rank: 4
GLL Calmar Ratio Rank: 5
GLL Martin Ratio Rank: 6

VNO

VNO Risk / Return Rank: 49
VNO Sharpe Ratio Rank: 53
VNO Sortino Ratio Rank: 47
VNO Omega Ratio Rank: 45
VNO Calmar Ratio Rank: 50
VNO Martin Ratio Rank: 49

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GLL vs. VNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and Vornado Realty Trust (VNO). 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	VNO	Difference
Sharpe ratio: Return per unit of total volatility	-0.69	0.18	-0.87
Sortino ratio: Return per unit of downside risk	-0.91	0.49	-1.40
Omega ratio: Gain probability vs. loss probability	0.90	1.06	-0.16
Calmar ratio: Return relative to maximum drawdown	-0.59	0.14	-0.73
Martin ratio: Return relative to average drawdown	-0.85	0.28	-1.13

GLL vs. VNO - Sharpe Ratio Comparison

The current GLL Sharpe Ratio is -0.69, which is lower than the VNO Sharpe Ratio of 0.18. The chart below compares the historical Sharpe Ratios of GLL and VNO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GLL vs. VNO - Drawdown Comparison

The maximum GLL drawdown since its inception was -99.24%, which is greater than VNO's maximum drawdown of -80.89%. Use the drawdown chart below to compare losses from any high point for GLL and VNO.

Drawdown Indicators

	GLL	VNO	Difference
Max Drawdown Largest peak-to-trough decline	-99.24%	-80.89%	-18.35%
Max Drawdown (1Y) Largest decline over 1 year	-65.10%	-41.22%	-23.88%
Max Drawdown (3Y) Largest decline over 3 years	-87.95%	-43.88%	-44.07%
Max Drawdown (5Y) Largest decline over 5 years	-89.76%	-71.63%	-18.13%
Max Drawdown (10Y) Largest decline over 10 years	-95.76%	-80.89%	-14.87%
Current Drawdown Current decline from peak	-98.71%	-35.57%	-63.14%
Average Drawdown Average peak-to-trough decline	-85.21%	-20.64%	-64.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.53%	21.21%	+23.32%

Volatility

GLL vs. VNO - Volatility Comparison

ProShares UltraShort Gold (GLL) has a higher volatility of 12.38% compared to Vornado Realty Trust (VNO) at 8.20%. This indicates that GLL's price experiences larger fluctuations and is considered to be riskier than VNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLL	VNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.38%	8.20%	+4.18%
Volatility (6M) Calculated over the trailing 6-month period	46.47%	24.65%	+21.82%
Volatility (1Y) Calculated over the trailing 1-year period	55.29%	33.18%	+22.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.74%	41.65%	-4.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.43%	39.24%	-6.81%

Dividends

GLL vs. VNO - Dividend Comparison

GLL has not paid dividends to shareholders, while VNO's dividend yield for the trailing twelve months is around 1.86%.

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%
VNO Vornado Realty Trust	1.86%	2.22%	1.76%	2.39%	10.19%	5.06%	6.37%	6.90%	4.06%	3.00%	2.41%	14.41%

Frequently Asked Questions

Can I hold both GLL and VNO in my portfolio?

GLL and VNO have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLL or VNO?

GLL has higher volatility (12.38%) compared to VNO (8.20%). In terms of maximum drawdown, GLL dropped -99.24% vs VNO's -80.89%.

Which has better risk-adjusted returns?

VNO currently has the higher Sharpe Ratio (0.18 vs -0.69), 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.