GLL vs. YANG
GLL (ProShares UltraShort Gold) and YANG (Direxion Daily China 3x Bear Shares) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while YANG is a China Equities fund tracking the FTSE China 50 Index (-300%). Both are passively managed. Over the past 10 years, GLL returned -20.49%/yr vs -38.18%/yr for YANG. Their 0.11 correlation means their historical movements had little consistent relationship. GLL charges 0.95%/yr vs 1.07%/yr for YANG.
Performance
GLL vs. YANG - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a 1.34% return, which is significantly lower than YANG's 5.40% return. Over the past 10 years, GLL has outperformed YANG with an annualized return of -20.49%, while YANG has yielded a comparatively lower -38.18% annualized return.
GLL
- 1D
- 3.15%
- 1M
- 3.39%
- 6M
- 33.97%
- YTD
- 1.34%
- 1Y
- -39.14%
- 3Y*
- -38.51%
- 5Y*
- -27.47%
- 10Y*
- -20.49%
- ALL TIME*
- -21.77%
YANG
- 1D
- -0.08%
- 1M
- -34.03%
- 6M
- 19.25%
- YTD
- 5.40%
- 1Y
- -11.44%
- 3Y*
- -43.40%
- 5Y*
- -39.47%
- 10Y*
- -38.18%
- ALL TIME*
- -38.42%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $38.26M | $37.47M | $59.93M | |
| $20.61M | $22.59M | $28.35M |
GLL vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | 1.34% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
YANG Direxion Daily China 3x Bear Shares | 5.40% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
Correlation
The correlation between GLL and YANG is 0.32, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.32 |
Correlation (3Y) Balances recent behavior with more history. | 0.23 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.21 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.14 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2009 | 0.11 |
Over the past year, GLL and YANG have become more correlated (0.32) than their long-term average of 0.11, meaning their price movements have been converging.
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Return for Risk
GLL vs. YANG — Risk / Return Rank
GLL
YANG
GLL vs. YANG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) and Direxion Daily China 3x Bear Shares (YANG). 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 | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -1.32 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.03 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | -0.20 | -0.45 |
| Martin ratioReturn relative to average drawdown | -0.94 | -0.37 | -0.57 |
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Drawdowns
GLL vs. YANG - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, roughly equal to the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for GLL and YANG.
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Drawdown Indicators
| GLL | YANG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -99.98% | +0.74% |
Max Drawdown (1Y)Largest decline over 1 year | -64.23% | -35.83% | -28.40% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -94.02% | +6.07% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -97.38% | +7.62% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -99.35% | +3.59% |
Current DrawdownCurrent decline from peak | -98.74% | -99.98% | +1.24% |
Average DrawdownAverage peak-to-trough decline | -85.23% | -90.59% | +5.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.60% | 19.03% | +25.57% |
Volatility
GLL vs. YANG - Volatility Comparison
The current volatility for ProShares UltraShort Gold (GLL) is 12.63%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 15.88%. This indicates that GLL experiences smaller price fluctuations and is considered to be less risky than YANG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLL | YANG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.63% | 15.88% | -3.25% |
Volatility (6M)Calculated over the trailing 6-month period | 45.01% | 43.30% | +1.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.39% | 60.16% | -4.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.88% | 93.73% | -56.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.48% | 81.91% | -49.43% |
GLL vs. YANG - Expense Ratio Comparison
GLL has a 0.95% expense ratio, which is lower than YANG's 1.07% expense ratio.
Dividends
GLL vs. YANG - Dividend Comparison
GLL has not paid dividends to shareholders, while YANG's dividend yield for the trailing twelve months is around 3.50%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
YANG Direxion Daily China 3x Bear Shares | 3.50% | 4.03% | 9.42% | 3.66% | 0.00% | 0.00% | 0.67% | 1.54% | 0.56% |
Frequently Asked Questions
GLL and YANG have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (15.88%) compared to GLL (12.63%). In terms of maximum drawdown, GLL dropped -99.24% vs YANG's -99.98%.
On 10-year performance, GLL leads with -20.49% vs -38.18% for YANG. On fees, GLL is cheaper at 0.95% per year. On volatility, GLL has been the lower-risk option at 12.63%. 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 -20.49% return vs -38.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLL is cheaper with a 0.95% expense ratio, compared with 1.07% for YANG.
YANG has the higher dividend yield at 3.50%, compared with 0.00% for GLL.
GLL is categorized as Leveraged Commodities, while YANG is China Equities. GLL tracks Bloomberg Gold (-200%), while YANG tracks FTSE China 50 Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for GLL and 1.07% for YANG.
YANG currently has the higher Sharpe Ratio (-0.12 vs -0.75), 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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