IAU vs. GLL
IAU (iShares Gold Trust) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - IAU is a Gold fund tracking the LBMA Gold Price, while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, IAU returned 11.76%/yr vs -21.26%/yr for GLL. At a correlation of -0.99, they often move in opposite directions. IAU charges 0.25%/yr vs 0.95%/yr for GLL.
Performance
IAU vs. GLL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IAU achieves a -4.73% return, which is significantly lower than GLL's -1.30% return. Over the past 10 years, IAU has outperformed GLL with an annualized return of 11.76%, while GLL has yielded a comparatively lower -21.26% annualized return.
IAU
- 1D
- -1.87%
- 1M
- -8.82%
- YTD
- -4.73%
- 6M
- -8.68%
- 1Y
- 21.45%
- 3Y*
- 28.61%
- 5Y*
- 18.02%
- 10Y*
- 11.76%
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%
IAU vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | -4.73% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
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 IAU and GLL is -1.00, 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 | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.99 |
The correlation between IAU and GLL has been stable across timeframes, ranging from -1.00 to -0.99 - 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
IAU vs. GLL — Risk / Return Rank
IAU
GLL
IAU vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) 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.
| IAU | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.52 | ||
| Sortino ratioReturn per unit of downside risk | +2.15 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.89 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 0.88 | -0.61 | +1.49 |
| Martin ratioReturn relative to average drawdown | 2.37 | -0.92 | +3.29 |
Loading charts...
Drawdowns
IAU vs. GLL - Drawdown Comparison
The maximum IAU drawdown since its inception was -45.14%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for IAU and GLL.
Loading charts...
Drawdown Indicators
| IAU | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.14% | -99.24% | +54.10% |
Max Drawdown (1Y)Largest decline over 1 year | -24.40% | -65.10% | +40.70% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | -87.95% | +63.55% |
Max Drawdown (5Y)Largest decline over 5 years | -24.40% | -89.76% | +65.36% |
Max Drawdown (10Y)Largest decline over 10 years | -24.40% | -95.76% | +71.36% |
Current DrawdownCurrent decline from peak | -23.87% | -98.77% | +74.90% |
Average DrawdownAverage peak-to-trough decline | -15.97% | -85.15% | +69.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.07% | 43.09% | -34.02% |
Volatility
IAU vs. GLL - Volatility Comparison
The current volatility for iShares Gold Trust (IAU) is 8.10%, while ProShares UltraShort Gold (GLL) has a volatility of 16.15%. This indicates that IAU experiences smaller price fluctuations and is considered to be less risky than GLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IAU | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.10% | 16.15% | -8.05% |
Volatility (6M)Calculated over the trailing 6-month period | 24.23% | 46.91% | -22.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.38% | 54.37% | -26.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.18% | 36.40% | -18.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.98% | 32.31% | -16.33% |
IAU vs. GLL - Expense Ratio Comparison
IAU has a 0.25% expense ratio, which is lower than GLL's 0.95% expense ratio.
Dividends
IAU vs. GLL - Dividend Comparison
Neither IAU nor GLL has paid dividends to shareholders.
Frequently Asked Questions
IAU and GLL have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (16.15%) compared to IAU (8.10%). In terms of maximum drawdown, IAU dropped -45.14% vs GLL's -99.24%.
On 10-year performance, IAU leads with 11.76% vs -21.26% for GLL. On fees, IAU is cheaper at 0.25% per year. On volatility, IAU has been the lower-risk option at 8.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IAU has performed better with a 11.76% return vs -21.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAU is cheaper with a 0.25% expense ratio, compared with 0.95% for GLL.
IAU and GLL have nearly identical dividend yields, around 0.00%.
IAU is categorized as Gold, while GLL is Leveraged Commodities. IAU tracks LBMA Gold Price, while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.25% for IAU and 0.95% for GLL.
IAU currently has the higher Sharpe Ratio (0.79 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 IAU 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