GLL vs. VOO
GLL (ProShares UltraShort Gold) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, GLL returned -20.81%/yr vs 14.98%/yr for VOO. At a correlation of -0.05, they often move in opposite directions. GLL charges 0.95%/yr vs 0.03%/yr for VOO.
Performance
GLL vs. VOO - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a 3.56% return, which is significantly lower than VOO's 9.44% return. Over the past 10 years, GLL has underperformed VOO with an annualized return of -20.81%, while VOO has yielded a comparatively higher 14.98% 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%
VOO
- 1D
- -0.14%
- 1M
- -0.57%
- 6M
- 7.90%
- YTD
- 9.44%
- 1Y
- 19.65%
- 3Y*
- 19.52%
- 5Y*
- 12.88%
- 10Y*
- 14.98%
- ALL TIME*
- 14.77%
GLL vs. VOO - 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% |
VOO Vanguard S&P 500 ETF | 9.44% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -4.50% | 21.77% |
Correlation
The correlation between GLL and VOO is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010 | -0.05 |
Over the past year, the inverse relationship between GLL and VOO has strengthened: their correlation has moved from -0.05 to -0.30, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
GLL vs. VOO — Risk / Return Rank
GLL
VOO
GLL vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.26 | ||
| Sortino ratioReturn per unit of downside risk | -3.10 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.28 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 2.22 | -2.80 |
| Martin ratioReturn relative to average drawdown | -0.85 | 9.63 | -10.48 |
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Drawdowns
GLL vs. VOO - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for GLL and VOO.
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Drawdown Indicators
| GLL | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -33.99% | -65.25% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -8.90% | -56.20% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -18.69% | -69.26% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -24.52% | -65.24% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -33.99% | -61.77% |
Current DrawdownCurrent decline from peak | -98.71% | -2.01% | -96.70% |
Average DrawdownAverage peak-to-trough decline | -85.21% | -3.67% | -81.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.53% | 2.04% | +42.49% |
Volatility
GLL vs. VOO - Volatility Comparison
ProShares UltraShort Gold (GLL) has a higher volatility of 12.38% compared to Vanguard S&P 500 ETF (VOO) at 3.36%. This indicates that GLL's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLL | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.38% | 3.36% | +9.02% |
Volatility (6M)Calculated over the trailing 6-month period | 46.47% | 10.02% | +36.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.29% | 12.58% | +42.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.74% | 16.91% | +19.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.43% | 18.00% | +14.43% |
GLL vs. VOO - Expense Ratio Comparison
GLL has a 0.95% expense ratio, which is higher than VOO's 0.03% expense ratio.
Dividends
GLL vs. VOO - Dividend Comparison
GLL has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.08%.
| 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% |
VOO Vanguard S&P 500 ETF | 1.08% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
GLL and VOO have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (12.38%) compared to VOO (3.36%). In terms of maximum drawdown, GLL dropped -99.24% vs VOO's -33.99%.
On 10-year performance, VOO leads with 14.98% vs -20.81% for GLL. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VOO has performed better with a 14.98% return vs -20.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 0.95% for GLL.
VOO has the higher dividend yield at 1.08%, compared with 0.00% for GLL.
GLL is categorized as Leveraged Commodities, while VOO is S&P 500. GLL tracks Bloomberg Gold (-200%), while VOO tracks S&P 500 Index. They also come from different issuers: ProShares and Vanguard. Their fees differ too: 0.95% for GLL and 0.03% for VOO.
VOO currently has the higher Sharpe Ratio (1.57 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.
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