OILU vs. GLL

Last updated Jun 4, 2026

OILU (MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN) and GLL (ProShares UltraShort Gold) are both Leveraged Commodities funds. Over the past 3 years, OILU returned 10.60%/yr vs -41.46%/yr for GLL. At a correlation of -0.14, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

OILU vs. GLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) and ProShares UltraShort Gold (GLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OILU achieves a 96.53% return, which is significantly higher than GLL's -14.49% return.

OILU

• 1D: 3.64%
• 1M: -10.84%
• YTD: 96.53%
• 6M: 77.49%
• 1Y: 115.83%
• 3Y*: 10.60%
• 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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

OILU vs. GLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	96.53%	-16.50%	-21.65%	-32.50%	151.08%	-17.87%
GLL ProShares UltraShort Gold	-14.49%	-62.81%	-33.33%	-14.91%	-2.12%	-0.14%

Correlation

The correlation between OILU and GLL is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.00
Correlation (3Y) Calculated over the trailing 3-year period	-0.11
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021	-0.14

The correlation between OILU and GLL shifts across timeframes, from -0.14 (all time) to -0.00 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

OILU vs. GLL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

OILU

OILU Risk / Return Rank: 52
OILU Sharpe Ratio Rank: 54
OILU Sortino Ratio Rank: 45
OILU Omega Ratio Rank: 42
OILU Calmar Ratio Rank: 69
OILU Martin Ratio Rank: 51

GLL

GLL Risk / Return Rank: 2
GLL Sharpe Ratio Rank: 2
GLL Sortino Ratio Rank: 1
GLL Omega Ratio Rank: 2
GLL Calmar Ratio Rank: 3
GLL Martin Ratio Rank: 3

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.

OILU vs. GLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) 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.

	OILU	GLL	Difference
Sharpe ratio Return per unit of total volatility	1.87	-0.92	+2.80
Sortino ratio Return per unit of downside risk	2.25	-1.50	+3.75
Omega ratio Gain probability vs. loss probability	1.28	0.83	+0.44
Calmar ratio Return relative to maximum drawdown	3.48	-0.74	+4.22
Martin ratio Return relative to average drawdown	8.74	-1.16	+9.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OILU vs. GLL - Sharpe Ratio Comparison

The current OILU Sharpe Ratio is 1.87, which is higher than the GLL Sharpe Ratio of -0.92. The chart below compares the historical Sharpe Ratios of OILU 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.

Sharpe Ratios by Period

	OILU	GLL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	-0.92	+2.80
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	0.17	-0.67	+0.84

Drawdowns

OILU vs. GLL - Drawdown Comparison

The maximum OILU drawdown since its inception was -81.00%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for OILU and GLL.

Drawdown Indicators

	OILU	GLL	Difference
Max Drawdown Largest peak-to-trough decline	-81.00%	-99.24%	+18.24%
Max Drawdown (1Y) Largest decline over 1 year	-33.51%	-65.10%	+31.59%
Max Drawdown (3Y) Largest decline over 3 years	-69.09%	-87.95%	+18.86%
Max Drawdown (5Y) Largest decline over 5 years	—	-89.76%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-95.76%	—
Current Drawdown Current decline from peak	-47.14%	-98.94%	+51.80%
Average Drawdown Average peak-to-trough decline	-50.59%	-85.13%	+34.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.32%	41.74%	-28.42%

Volatility

OILU vs. GLL - Volatility Comparison

MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) has a higher volatility of 25.14% compared to ProShares UltraShort Gold (GLL) at 11.07%. This indicates that OILU's price experiences larger fluctuations and is considered to be riskier than GLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OILU	GLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.14%	11.07%	+14.07%
Volatility (6M) Calculated over the trailing 6-month period	49.94%	44.43%	+5.51%
Volatility (1Y) Calculated over the trailing 1-year period	62.23%	52.38%	+9.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.16%	35.90%	+45.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.16%	32.12%	+49.04%

OILU vs. GLL - Expense Ratio Comparison

Both OILU and GLL have an expense ratio of 0.95%.

Dividends

OILU vs. GLL - Dividend Comparison

Neither OILU nor GLL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OILU and GLL in my portfolio?

OILU and GLL have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OILU or GLL?

OILU has higher volatility (25.14%) compared to GLL (11.07%). In terms of maximum drawdown, OILU dropped -81.00% vs GLL's -99.24%.

Which ETF is better, OILU or GLL?

On 3-year performance, OILU leads with 10.60% vs -41.46% for GLL. Both ETFs have the same 0.95% expense ratio. On volatility, GLL has been the lower-risk option at 11.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OILU or GLL?

Over the 3-year period, OILU has performed better with a 10.60% return vs -41.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OILU or GLL?

OILU and GLL have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, OILU or GLL?

OILU and GLL have nearly identical dividend yields, around 0.00%.

What is the main difference between OILU and GLL?

They also come from different issuers: BMO and ProShares.

Which has better risk-adjusted returns?

OILU currently has the higher Sharpe Ratio (1.87 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.