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 Leveraged Equities fund tracking the FTSE China 50 Index (-300%). Both are passively managed. Over the past 10 years, GLL returned -21.26%/yr vs -37.83%/yr for YANG. At a 0.11 correlation, their price movements are largely independent. 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 -1.30% return, which is significantly lower than YANG's 45.69% return. Over the past 10 years, GLL has outperformed YANG with an annualized return of -21.26%, while YANG has yielded a comparatively lower -37.83% annualized return.
GLL
- 1D
- 3.82%
- 1M
- 18.89%
- YTD
- -1.30%
- 6M
- 7.14%
- 1Y
- -39.64%
- 3Y*
- -39.33%
- 5Y*
- -28.52%
- 10Y*
- -21.26%
YANG
- 1D
- 4.97%
- 1M
- 21.92%
- YTD
- 45.69%
- 6M
- 48.59%
- 1Y
- 15.02%
- 3Y*
- -43.76%
- 5Y*
- -31.21%
- 10Y*
- -37.83%
GLL vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | -1.30% | -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 | 45.69% | -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 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 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 (0.34) 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 | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.78 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.09 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.61 | 0.43 | -1.04 |
| Martin ratioReturn relative to average drawdown | -0.92 | 0.72 | -1.64 |
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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 | -65.10% | -35.33% | -29.77% |
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% | -99.53% | +3.77% |
Current DrawdownCurrent decline from peak | -98.77% | -99.97% | +1.20% |
Average DrawdownAverage peak-to-trough decline | -85.15% | -90.53% | +5.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.09% | 21.47% | +21.62% |
Volatility
GLL vs. YANG - Volatility Comparison
The current volatility for ProShares UltraShort Gold (GLL) is 16.15%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 17.73%. 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 | 16.15% | 17.73% | -1.58% |
Volatility (6M)Calculated over the trailing 6-month period | 46.91% | 43.44% | +3.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.37% | 59.03% | -4.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.40% | 94.55% | -58.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.31% | 81.91% | -49.60% |
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 2.80%.
| 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 | 2.80% | 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 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (17.73%) compared to GLL (16.15%). In terms of maximum drawdown, GLL dropped -99.24% vs YANG's -99.98%.
On 10-year performance, GLL leads with -21.26% vs -37.83% for YANG. On fees, GLL is cheaper at 0.95% per year. On volatility, GLL has been the lower-risk option at 16.15%. 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 -21.26% return vs -37.83%. 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 2.80%, compared with 0.00% for GLL.
GLL is categorized as Leveraged Commodities, while YANG is Leveraged 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 (0.26 vs -0.73), 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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