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 11.52%/yr vs -20.93%/yr for GLL. Their -0.99 correlation means they have often moved in opposite directions in the past. IAU charges 0.25%/yr vs 0.95%/yr for GLL.
Performance
IAU vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, IAU achieves a -5.52% return, which is significantly lower than GLL's -0.11% return. Over the past 10 years, IAU has outperformed GLL with an annualized return of 11.52%, while GLL has yielded a comparatively lower -20.93% annualized return.
IAU
- 1D
- 0.66%
- 1M
- -1.06%
- 6M
- -17.56%
- YTD
- -5.52%
- 1Y
- 20.51%
- 3Y*
- 27.77%
- 5Y*
- 17.43%
- 10Y*
- 11.52%
- ALL TIME*
- 10.74%
GLL
- 1D
- -1.36%
- 1M
- 1.91%
- 6M
- 38.64%
- YTD
- -0.11%
- 1Y
- -39.28%
- 3Y*
- -38.92%
- 5Y*
- -27.83%
- 10Y*
- -20.93%
- ALL TIME*
- -21.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $44.04M | $38.35M | $59.19M | |
| $375.17M | $380.53M | $472.45M |
IAU vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | -5.52% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
GLL ProShares UltraShort Gold | -0.11% | -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 have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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.
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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 | +1.45 | ||
| Sortino ratioReturn per unit of downside risk | +2.05 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.89 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.78 | -0.61 | +1.39 |
| Martin ratioReturn relative to average drawdown | 1.66 | -0.89 | +2.55 |
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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.
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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 | -26.36% | -64.23% | +37.87% |
Max Drawdown (3Y)Largest decline over 3 years | -26.36% | -87.95% | +61.59% |
Max Drawdown (5Y)Largest decline over 5 years | -26.36% | -89.76% | +63.40% |
Max Drawdown (10Y)Largest decline over 10 years | -26.36% | -95.76% | +69.40% |
Current DrawdownCurrent decline from peak | -24.50% | -98.76% | +74.26% |
Average DrawdownAverage peak-to-trough decline | -16.02% | -85.24% | +69.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.36% | 44.21% | -31.85% |
Volatility
IAU vs. GLL - Volatility Comparison
The current volatility for iShares Gold Trust (IAU) is 5.93%, while ProShares UltraShort Gold (GLL) has a volatility of 11.81%. 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.
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Volatility by Period
| IAU | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.93% | 11.81% | -5.88% |
Volatility (6M)Calculated over the trailing 6-month period | 20.43% | 40.73% | -20.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.85% | 55.27% | -27.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.43% | 36.90% | -18.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.07% | 32.47% | -16.40% |
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 (11.81%) compared to IAU (5.93%). In terms of maximum drawdown, IAU dropped -45.14% vs GLL's -99.24%.
On 10-year performance, IAU leads with 11.52% vs -20.93% for GLL. On fees, IAU is cheaper at 0.25% per year. On volatility, IAU has been the lower-risk option at 5.93%. 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 11.52% return vs -20.93%. 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 (0.74 vs -0.71), 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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