IAUM vs. GLL
IAUM (iShares Gold Trust Micro) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - IAUM is a Gold fund tracking the LBMA Gold Price PM, while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past 3 years, IAUM returned 31.53%/yr vs -41.46%/yr for GLL. At a correlation of -1.00, they often move in opposite directions. IAUM charges 0.09%/yr vs 0.95%/yr for GLL.
Performance
IAUM vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, IAUM achieves a 3.00% return, which is significantly higher than GLL's -14.49% return.
IAUM
- 1D
- -0.96%
- 1M
- -1.62%
- YTD
- 3.00%
- 6M
- 5.58%
- 1Y
- 32.42%
- 3Y*
- 31.53%
- 5Y*
- —
- 10Y*
- —
GLL
- 1D
- 2.05%
- 1M
- 3.37%
- YTD
- -14.49%
- 6M
- -18.72%
- 1Y
- -48.24%
- 3Y*
- -41.46%
- 5Y*
- -28.82%
- 10Y*
- -23.37%
IAUM vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IAUM iShares Gold Trust Micro | 3.00% | 64.27% | 27.04% | 13.12% | -0.49% | 3.87% |
GLL ProShares UltraShort Gold | -14.49% | -62.81% | -33.33% | -14.91% | -2.12% | -9.74% |
Correlation
The correlation between IAUM 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 (All Time) Calculated using the full available price history since Jun 30, 2021 | -1.00 |
The correlation between IAUM and GLL has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
IAUM vs. GLL — Risk / Return Rank
IAUM
GLL
IAUM vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust Micro (IAUM) 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.
| IAUM | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.16 | ||
| Sortino ratioReturn per unit of downside risk | +3.13 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.83 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 1.70 | -0.74 | +2.44 |
| Martin ratioReturn relative to average drawdown | 4.22 | -1.16 | +5.38 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IAUM | GLL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.24 | -0.92 | +2.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.81 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.73 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.16 | -0.67 | +1.83 |
Drawdowns
IAUM vs. GLL - Drawdown Comparison
The maximum IAUM drawdown since its inception was -20.87%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for IAUM and GLL.
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Drawdown Indicators
| IAUM | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.87% | -99.24% | +78.37% |
Max Drawdown (1Y)Largest decline over 1 year | -19.15% | -65.10% | +45.95% |
Max Drawdown (3Y)Largest decline over 3 years | -19.15% | -87.95% | +68.80% |
Max Drawdown (5Y)Largest decline over 5 years | — | -89.76% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -95.76% | — |
Current DrawdownCurrent decline from peak | -17.68% | -98.94% | +81.26% |
Average DrawdownAverage peak-to-trough decline | -5.30% | -85.13% | +79.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.70% | 41.74% | -34.04% |
Volatility
IAUM vs. GLL - Volatility Comparison
The current volatility for iShares Gold Trust Micro (IAUM) is 5.50%, while ProShares UltraShort Gold (GLL) has a volatility of 11.07%. This indicates that IAUM 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
| IAUM | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.50% | 11.07% | -5.57% |
Volatility (6M)Calculated over the trailing 6-month period | 22.89% | 44.43% | -21.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.31% | 52.38% | -26.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.86% | 35.90% | -18.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.86% | 32.12% | -14.26% |
IAUM vs. GLL - Expense Ratio Comparison
IAUM has a 0.09% expense ratio, which is lower than GLL's 0.95% expense ratio.
Dividends
IAUM vs. GLL - Dividend Comparison
Neither IAUM nor GLL has paid dividends to shareholders.
Frequently Asked Questions
IAUM 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 (11.07%) compared to IAUM (5.50%). In terms of maximum drawdown, IAUM dropped -20.87% vs GLL's -99.24%.
On 3-year performance, IAUM leads with 31.53% vs -41.46% for GLL. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IAUM has performed better with a 31.53% return vs -41.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAUM is cheaper with a 0.09% expense ratio, compared with 0.95% for GLL.
IAUM and GLL have nearly identical dividend yields, around 0.00%.
IAUM is categorized as Gold, while GLL is Leveraged Commodities. IAUM tracks LBMA Gold Price PM, while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.09% for IAUM and 0.95% for GLL.
IAUM currently has the higher Sharpe Ratio (1.24 vs -0.92), 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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