ITA vs. GLL
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 14.73%/yr vs -20.81%/yr for GLL. At a correlation of -0.06, they often move in opposite directions. ITA charges 0.38%/yr vs 0.95%/yr for GLL.
Performance
ITA vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, ITA achieves a 6.94% return, which is significantly higher than GLL's 3.56% return. Over the past 10 years, ITA has outperformed GLL with an annualized return of 14.73%, while GLL has yielded a comparatively lower -20.81% annualized return.
ITA
- 1D
- -0.63%
- 1M
- -4.07%
- 6M
- -5.82%
- YTD
- 6.94%
- 1Y
- 17.50%
- 3Y*
- 26.28%
- 5Y*
- 17.28%
- 10Y*
- 14.73%
- ALL TIME*
- 12.59%
GLL
- 1D
- 0.33%
- 1M
- 10.35%
- 6M
- 17.03%
- YTD
- 3.56%
- 1Y
- -37.98%
- 3Y*
- -37.61%
- 5Y*
- -27.32%
- 10Y*
- -20.81%
- ALL TIME*
- -21.71%
ITA vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ITA iShares U.S. Aerospace & Defense ETF | 6.94% | 48.64% | 15.81% | 14.33% | 9.96% | 9.39% | -13.57% | 30.51% | -7.22% | 35.24% |
GLL ProShares UltraShort Gold | 3.56% | -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 -0.32, 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 | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.06 |
Over the past year, the inverse relationship between ITA and GLL has strengthened: their correlation has moved from -0.06 to -0.32, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
ITA vs. GLL — Risk / Return Rank
ITA
GLL
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.
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.
| ITA | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.49 | ||
| Sortino ratioReturn per unit of downside risk | +2.18 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.90 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 1.11 | -0.59 | +1.70 |
| Martin ratioReturn relative to average drawdown | 2.84 | -0.85 | +3.70 |
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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
| ITA | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -8.58% | -98.71% | +90.13% |
Average DrawdownAverage peak-to-trough decline | -9.43% | -85.21% | +75.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.17% | 44.53% | -38.36% |
Volatility
ITA vs. GLL - Volatility Comparison
The current volatility for iShares U.S. Aerospace & Defense ETF (ITA) is 5.64%, while ProShares UltraShort Gold (GLL) has a volatility of 12.38%. 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
| ITA | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.64% | 12.38% | -6.74% |
Volatility (6M)Calculated over the trailing 6-month period | 18.00% | 46.47% | -28.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.15% | 55.29% | -33.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.16% | 36.74% | -16.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.25% | 32.43% | -9.18% |
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 0.46%, while GLL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 | 0.46% | 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 -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (12.38%) compared to ITA (5.64%). In terms of maximum drawdown, ITA dropped -59.72% vs GLL's -99.24%.
On 10-year performance, ITA leads with 14.73% vs -20.81% for GLL. On fees, ITA is cheaper at 0.38% per year. On volatility, ITA has been the lower-risk option at 5.64%. 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 14.73% return vs -20.81%. 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 0.46%, 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 (0.80 vs -0.69), 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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