IBIT vs. GLL
IBIT (iShares Bitcoin Trust ETF) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past year, IBIT returned -39.67% vs -40.15% for GLL. At a correlation of -0.15, they often move in opposite directions. IBIT charges 0.25%/yr vs 0.95%/yr for GLL.
Performance
IBIT vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, IBIT achieves a -27.41% return, which is significantly lower than GLL's -5.47% return.
IBIT
- 1D
- -0.03%
- 1M
- -19.59%
- YTD
- -27.41%
- 6M
- -29.61%
- 1Y
- -39.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GLL
- 1D
- 0.00%
- 1M
- 21.41%
- YTD
- -5.47%
- 6M
- -6.08%
- 1Y
- -40.15%
- 3Y*
- -39.64%
- 5Y*
- -27.61%
- 10Y*
- -22.08%
IBIT vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | -27.41% | -6.41% | 89.87% |
GLL ProShares UltraShort Gold | -5.47% | -62.81% | -36.07% |
Correlation
The correlation between IBIT and GLL is -0.21, 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 | -0.21 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | -0.15 |
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Return for Risk
IBIT vs. GLL — Risk / Return Rank
IBIT
GLL
IBIT vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) 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.
| IBIT | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.87 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | -0.64 | -0.14 |
| Martin ratioReturn relative to average drawdown | -1.37 | -0.98 | -0.39 |
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Drawdowns
IBIT vs. GLL - Drawdown Comparison
The maximum IBIT drawdown since its inception was -52.11%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for IBIT and GLL.
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Drawdown Indicators
| IBIT | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.11% | -99.24% | +47.13% |
Max Drawdown (1Y)Largest decline over 1 year | -52.11% | -65.10% | +12.99% |
Max Drawdown (3Y)Largest decline over 3 years | — | -87.95% | — |
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 | -49.45% | -98.83% | +49.38% |
Average DrawdownAverage peak-to-trough decline | -16.53% | -85.13% | +68.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.64% | 42.47% | -12.83% |
Volatility
IBIT vs. GLL - Volatility Comparison
The current volatility for iShares Bitcoin Trust ETF (IBIT) is 12.07%, while ProShares UltraShort Gold (GLL) has a volatility of 15.23%. This indicates that IBIT 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
| IBIT | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.07% | 15.23% | -3.16% |
Volatility (6M)Calculated over the trailing 6-month period | 34.45% | 46.29% | -11.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.10% | 53.94% | -9.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.26% | 36.34% | +13.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.26% | 32.38% | +17.88% |
IBIT vs. GLL - Expense Ratio Comparison
IBIT has a 0.25% expense ratio, which is lower than GLL's 0.95% expense ratio.
Dividends
IBIT vs. GLL - Dividend Comparison
Neither IBIT nor GLL has paid dividends to shareholders.
Frequently Asked Questions
IBIT and GLL have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (15.23%) compared to IBIT (12.07%). In terms of maximum drawdown, IBIT dropped -52.11% vs GLL's -99.24%.
On 1-year performance, IBIT leads with -39.67% vs -40.15% for GLL. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 12.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBIT has performed better with a -39.67% return vs -40.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.95% for GLL.
IBIT and GLL have nearly identical dividend yields, around 0.00%.
IBIT is categorized as Cryptocurrency, while GLL is Leveraged Commodities. IBIT tracks CME CF Bitcoin Reference Rate - New York Variant, while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.25% for IBIT and 0.95% for GLL.
GLL currently has the higher Sharpe Ratio (-0.78 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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