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 9.40%/yr vs -20.63%/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
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Returns By Period
In the year-to-date period, GOEX achieves a -17.79% return, which is significantly lower than GLL's 5.05% return. Over the past 10 years, GOEX has outperformed GLL with an annualized return of 9.40%, while GLL has yielded a comparatively lower -20.63% annualized return.
GOEX
- 1D
- -3.86%
- 1M
- -17.60%
- 6M
- -27.20%
- YTD
- -17.79%
- 1Y
- 49.00%
- 3Y*
- 37.49%
- 5Y*
- 18.44%
- 10Y*
- 9.40%
GLL
- 1D
- 3.90%
- 1M
- 18.00%
- 6M
- 19.80%
- YTD
- 5.05%
- 1Y
- -37.00%
- 3Y*
- -37.43%
- 5Y*
- -27.00%
- 10Y*
- -20.63%
GOEX vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GOEX Global X Gold Explorers ETF | -17.79% | 179.50% | 19.38% | 1.99% | -14.63% | -14.45% | 34.98% | 36.73% | -14.84% | 12.61% |
GLL ProShares UltraShort Gold | 5.05% | -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 -0.81, 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 | -0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.79 |
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 -0.81 to -0.74 - a consistent structural relationship.
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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 | +1.61 | ||
| Sortino ratioReturn per unit of downside risk | +2.28 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.90 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 1.24 | -0.57 | +1.81 |
| Martin ratioReturn relative to average drawdown | 2.82 | -0.83 | +3.65 |
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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.
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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 | -39.33% | -98.70% | +59.37% |
Average DrawdownAverage peak-to-trough decline | -63.36% | -85.20% | +21.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.46% | 44.38% | -26.92% |
Volatility
GOEX vs. GLL - Volatility Comparison
Global X Gold Explorers ETF (GOEX) has a higher volatility of 14.42% compared to ProShares UltraShort Gold (GLL) at 12.83%. 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.
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Volatility by Period
| GOEX | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.42% | 12.83% | +1.59% |
Volatility (6M)Calculated over the trailing 6-month period | 42.85% | 46.49% | -3.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.43% | 55.17% | -2.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.86% | 36.73% | +3.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.19% | 32.44% | +7.75% |
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 2.67%, 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 | 2.67% | 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 -0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GOEX has higher volatility (14.42%) compared to GLL (12.83%). In terms of maximum drawdown, GOEX dropped -88.83% vs GLL's -99.24%.
On 10-year performance, GOEX leads with 9.40% vs -20.63% for GLL. On fees, GOEX is cheaper at 0.65% per year. On volatility, GLL has been the lower-risk option at 12.83%. 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 9.40% return vs -20.63%. 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 2.67%, 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 (0.94 vs -0.67), 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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