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ITA vs. GLL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ITA vs. GLL

Last updated Jun 9, 2026

ITA (iShares U.S. Aerospace & Defense ETF) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - ITA is a Aerospace & Defense fund tracking the Dow Jones U.S. Select Aerospace & Defense Index, while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, ITA returned 14.86%/yr vs -22.59%/yr for GLL. At a correlation of -0.05, they often move in opposite directions. ITA charges 0.38%/yr vs 0.95%/yr for GLL.

Performance

ITA vs. GLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Aerospace & Defense ETF (ITA) and ProShares UltraShort Gold (GLL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ITA achieves a 5.92% return, which is significantly higher than GLL's -9.94% return. Over the past 10 years, ITA has outperformed GLL with an annualized return of 14.86%, while GLL has yielded a comparatively lower -22.59% annualized return.

ITA

1D
-0.95%
1M
1.69%
YTD
5.92%
6M
11.28%
1Y
25.56%
3Y*
26.35%
5Y*
16.26%
10Y*
14.86%

GLL

1D
-0.34%
1M
19.36%
YTD
-9.94%
6M
-15.04%
1Y
-46.82%
3Y*
-40.24%
5Y*
-28.10%
10Y*
-22.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ITA vs. GLL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ITA
iShares U.S. Aerospace & Defense ETF		5.92%48.64%15.81%14.33%9.96%9.39%-13.57%30.51%-7.22%35.24%
GLL
ProShares UltraShort Gold		-9.94%-62.81%-33.33%-14.91%-2.12%1.66%-41.47%-26.95%5.39%-23.67%

Correlation

The correlation between ITA and GLL is -0.27, 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

-0.27

Correlation (3Y)
Calculated over the trailing 3-year period

-0.18

Correlation (5Y)
Calculated over the trailing 5-year period

-0.15

Correlation (10Y)
Calculated over the trailing 10-year period

-0.06

Correlation (All Time)
Calculated using the full available price history since Dec 4, 2008

-0.05

Over the past year, the inverse relationship between ITA and GLL has strengthened: their correlation has moved from -0.05 to -0.27, meaning they now move in opposite directions more often than their long-term average.

Compare stocks, funds, or ETFs

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iShares U.S. Aerospace & Defense ETF

ProShares UltraShort Gold

Often compared with ITA:
ITA vs. XARITA vs. PPAITA vs. SHLDITA vs. ARKXITA vs. VOOITA vs. FSDAXITA vs. DFEN
Often compared with GLL:
GLL vs. UGLGLL vs. GLDGLL vs. GC=FGLL vs. AGQGLL vs. FNGDGLL vs. DRIPGLL vs. YANG

Return for Risk

ITA vs. GLL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ITA
ITA Risk / Return Rank: 3636
Overall Rank
ITA Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
ITA Sortino Ratio Rank: 3838
Sortino Ratio Rank
ITA Omega Ratio Rank: 3535
Omega Ratio Rank
ITA Calmar Ratio Rank: 3636
Calmar Ratio Rank
ITA Martin Ratio Rank: 3232
Martin Ratio Rank
GLL
GLL Risk / Return Rank: 33
Overall Rank
GLL Sharpe Ratio Rank: 22
Sharpe Ratio Rank
GLL Sortino Ratio Rank: 22
Sortino Ratio Rank
GLL Omega Ratio Rank: 22
Omega Ratio Rank
GLL Calmar Ratio Rank: 33
Calmar Ratio Rank
GLL Martin Ratio Rank: 44
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ITA vs. GLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Aerospace & Defense ETF (ITA) 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.

ITAGLLDifference
Sharpe ratioReturn per unit of total volatility
1.22
-0.89

+2.11

Sortino ratioReturn per unit of downside risk
1.81
-1.41

+3.22

Omega ratioGain probability vs. loss probability

1.21

0.84

+0.37

Calmar ratioReturn relative to maximum drawdown

1.62

-0.72

+2.34

Martin ratioReturn relative to average drawdown

4.35

-1.11

+5.46

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ITA vs. GLL - Sharpe Ratio Comparison

The current ITA Sharpe Ratio is 1.22, which is higher than the GLL Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of ITA and GLL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ITAGLLDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.22

-0.89

+2.11

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.81

-0.78

+1.60

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.64

-0.70

+1.35

Sharpe Ratio (All Time)

Calculated using the full available price history

0.51

-0.67

+1.17

Drawdowns

ITA vs. GLL - Drawdown Comparison

The maximum ITA drawdown since its inception was -59.72%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for ITA and GLL.

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Drawdown Indicators

ITAGLLDifference

Max Drawdown

Largest peak-to-trough decline

-59.72%

-99.24%

+39.52%

Max Drawdown (1Y)

Largest decline over 1 year

-15.82%

-65.10%

+49.28%

Max Drawdown (3Y)

Largest decline over 3 years

-15.82%

-87.95%

+72.13%

Max Drawdown (5Y)

Largest decline over 5 years

-18.72%

-89.76%

+71.04%

Max Drawdown (10Y)

Largest decline over 10 years

-51.00%

-95.76%

+44.76%

Current Drawdown

Current decline from peak

-9.25%

-98.88%

+89.63%

Average Drawdown

Average peak-to-trough decline

-9.46%

-85.14%

+75.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.89%

42.09%

-36.20%

Volatility

ITA vs. GLL - Volatility Comparison

The current volatility for iShares U.S. Aerospace & Defense ETF (ITA) is 7.09%, while ProShares UltraShort Gold (GLL) has a volatility of 11.12%. This indicates that ITA 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

ITAGLLDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.09%

11.12%

-4.03%

Volatility (6M)

Calculated over the trailing 6-month period

17.68%

45.04%

-27.36%

Volatility (1Y)

Calculated over the trailing 1-year period

21.12%

52.94%

-31.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.07%

36.05%

-15.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.17%

32.21%

-9.04%

ITA vs. GLL - Expense Ratio Comparison

ITA has a 0.38% expense ratio, which is lower than GLL's 0.95% expense ratio.

Dividends

ITA vs. GLL - Dividend Comparison

ITA's dividend yield for the trailing twelve months is around 0.47%, while GLL has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
ITA
iShares U.S. Aerospace & Defense ETF		0.47%0.55%0.85%0.93%0.95%0.82%1.07%1.54%1.13%0.91%1.07%1.04%

Frequently Asked Questions

ITA and GLL have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GLL has higher volatility (11.12%) compared to ITA (7.09%). In terms of maximum drawdown, ITA dropped -59.72% vs GLL's -99.24%.

On 10-year performance, ITA leads with 14.86% vs -22.59% for GLL. On fees, ITA is cheaper at 0.38% per year. On volatility, ITA has been the lower-risk option at 7.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ITA has performed better with a 14.86% return vs -22.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ITA is cheaper with a 0.38% expense ratio, compared with 0.95% for GLL.

ITA has the higher dividend yield at 0.47%, compared with 0.00% for GLL.

ITA is categorized as Aerospace & Defense, while GLL is Leveraged Commodities. ITA tracks Dow Jones U.S. Select Aerospace & Defense Index, while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.38% for ITA and 0.95% for GLL.

ITA currently has the higher Sharpe Ratio (1.22 vs -0.89), 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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