GOEX vs. GLL
GOEX (Global X Gold Explorers ETF) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - GOEX is a Gold fund tracking the Solactive Global Gold Explorers & Developers Total Return, while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, GOEX returned 11.97%/yr vs -21.26%/yr for GLL. At a correlation of -0.74, they often move in opposite directions. GOEX charges 0.65%/yr vs 0.95%/yr for GLL.
Performance
GOEX vs. GLL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GOEX achieves a -10.87% return, which is significantly lower than GLL's -1.30% return. Over the past 10 years, GOEX has outperformed GLL with an annualized return of 11.97%, while GLL has yielded a comparatively lower -21.26% annualized return.
GOEX
- 1D
- -4.76%
- 1M
- -7.11%
- YTD
- -10.87%
- 6M
- -15.49%
- 1Y
- 57.11%
- 3Y*
- 46.70%
- 5Y*
- 19.54%
- 10Y*
- 11.97%
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%
GOEX vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GOEX Global X Gold Explorers ETF | -10.87% | 179.50% | 19.38% | 1.99% | -14.63% | -14.45% | 34.98% | 36.73% | -14.84% | 12.61% |
GLL ProShares UltraShort Gold | -1.30% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
Correlation
The correlation between GOEX and GLL is -0.80, 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 | -0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.75 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2010 | -0.74 |
The correlation between GOEX and GLL has been stable across timeframes, ranging from -0.80 to -0.74 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GOEX vs. GLL — Risk / Return Rank
GOEX
GLL
GOEX vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Gold Explorers ETF (GOEX) and ProShares UltraShort Gold (GLL). 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.
| GOEX | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.85 | ||
| Sortino ratioReturn per unit of downside risk | +2.58 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.89 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 1.45 | -0.61 | +2.06 |
| Martin ratioReturn relative to average drawdown | 3.84 | -0.92 | +4.76 |
Loading charts...
Drawdowns
GOEX vs. GLL - Drawdown Comparison
The maximum GOEX drawdown since its inception was -88.83%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for GOEX and GLL.
Loading charts...
Drawdown Indicators
| GOEX | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.83% | -99.24% | +10.41% |
Max Drawdown (1Y)Largest decline over 1 year | -39.64% | -65.10% | +25.46% |
Max Drawdown (3Y)Largest decline over 3 years | -39.64% | -87.95% | +48.31% |
Max Drawdown (5Y)Largest decline over 5 years | -47.16% | -89.76% | +42.60% |
Max Drawdown (10Y)Largest decline over 10 years | -53.66% | -95.76% | +42.10% |
Current DrawdownCurrent decline from peak | -34.22% | -98.77% | +64.55% |
Average DrawdownAverage peak-to-trough decline | -63.47% | -85.15% | +21.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.92% | 43.09% | -28.17% |
Volatility
GOEX vs. GLL - Volatility Comparison
Global X Gold Explorers ETF (GOEX) has a higher volatility of 18.46% compared to ProShares UltraShort Gold (GLL) at 16.15%. This indicates that GOEX's price experiences larger fluctuations and is considered to be riskier than GLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GOEX | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.46% | 16.15% | +2.31% |
Volatility (6M)Calculated over the trailing 6-month period | 42.70% | 46.91% | -4.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.52% | 54.37% | -2.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.57% | 36.40% | +3.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.17% | 32.31% | +7.86% |
GOEX vs. GLL - Expense Ratio Comparison
GOEX has a 0.65% expense ratio, which is lower than GLL's 0.95% expense ratio.
Dividends
GOEX vs. GLL - Dividend Comparison
GOEX's dividend yield for the trailing twelve months is around 2.33%, while GLL has not paid dividends to shareholders.
| 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% |
GOEX Global X Gold Explorers ETF | 2.33% | 2.08% | 2.46% | 0.05% | 1.04% | 2.35% | 2.62% | 1.60% | 0.00% | 0.00% | 38.91% | 11.70% |
Frequently Asked Questions
GOEX and GLL have a correlation of -0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GOEX has higher volatility (18.46%) compared to GLL (16.15%). In terms of maximum drawdown, GOEX dropped -88.83% vs GLL's -99.24%.
On 10-year performance, GOEX leads with 11.97% vs -21.26% for GLL. On fees, GOEX is cheaper at 0.65% 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, GOEX has performed better with a 11.97% return vs -21.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOEX is cheaper with a 0.65% expense ratio, compared with 0.95% for GLL.
GOEX has the higher dividend yield at 2.33%, compared with 0.00% for GLL.
GOEX is categorized as Gold, while GLL is Leveraged Commodities. GOEX tracks Solactive Global Gold Explorers & Developers Total Return, while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: Global X and ProShares. Their fees differ too: 0.65% for GOEX and 0.95% for GLL.
GOEX currently has the higher Sharpe Ratio (1.11 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.
Find the right allocation for GOEX and GLL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer