OUNZ vs. GLL
OUNZ (VanEck Merk Gold ETF) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - OUNZ is a Gold fund tracking the LBMA Gold Price PM ($/ozt), while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, OUNZ returned 11.23%/yr vs -20.63%/yr for GLL. At a correlation of -0.99, they often move in opposite directions. OUNZ charges 0.25%/yr vs 0.95%/yr for GLL.
Performance
OUNZ vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, OUNZ achieves a -7.81% return, which is significantly lower than GLL's 5.05% return. Over the past 10 years, OUNZ has outperformed GLL with an annualized return of 11.23%, while GLL has yielded a comparatively lower -20.63% annualized return.
OUNZ
- 1D
- -1.95%
- 1M
- -8.23%
- 6M
- -13.70%
- YTD
- -7.81%
- 1Y
- 18.57%
- 3Y*
- 26.41%
- 5Y*
- 16.76%
- 10Y*
- 11.23%
GLL
- 1D
- 3.90%
- 1M
- 18.00%
- 6M
- 19.80%
- YTD
- 5.05%
- 1Y
- -37.00%
- 3Y*
- -37.43%
- 5Y*
- -27.00%
- 10Y*
- -20.63%
OUNZ vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OUNZ VanEck Merk Gold ETF | -7.81% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.00% | -2.06% | 12.82% |
GLL ProShares UltraShort Gold | 5.05% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
Correlation
The correlation between OUNZ 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 (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since May 16, 2014 | -0.99 |
The correlation between OUNZ and GLL has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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Return for Risk
OUNZ vs. GLL — Risk / Return Rank
OUNZ
GLL
OUNZ vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold ETF (OUNZ) 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.
| OUNZ | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.34 | ||
| Sortino ratioReturn per unit of downside risk | +1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 0.90 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.71 | -0.57 | +1.28 |
| Martin ratioReturn relative to average drawdown | 1.69 | -0.83 | +2.53 |
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Drawdowns
OUNZ vs. GLL - Drawdown Comparison
The maximum OUNZ drawdown since its inception was -26.31%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for OUNZ and GLL.
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Drawdown Indicators
| OUNZ | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.31% | -99.24% | +72.93% |
Max Drawdown (1Y)Largest decline over 1 year | -26.31% | -65.10% | +38.79% |
Max Drawdown (3Y)Largest decline over 3 years | -26.31% | -87.95% | +61.64% |
Max Drawdown (5Y)Largest decline over 5 years | -26.31% | -89.76% | +63.45% |
Max Drawdown (10Y)Largest decline over 10 years | -26.31% | -95.76% | +69.45% |
Current DrawdownCurrent decline from peak | -26.31% | -98.70% | +72.39% |
Average DrawdownAverage peak-to-trough decline | -7.72% | -85.20% | +77.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.99% | 44.38% | -33.39% |
Volatility
OUNZ vs. GLL - Volatility Comparison
The current volatility for VanEck Merk Gold ETF (OUNZ) is 6.64%, while ProShares UltraShort Gold (GLL) has a volatility of 12.83%. This indicates that OUNZ 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
| OUNZ | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.64% | 12.83% | -6.19% |
Volatility (6M)Calculated over the trailing 6-month period | 24.00% | 46.49% | -22.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.79% | 55.17% | -27.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.33% | 36.73% | -18.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.13% | 32.44% | -16.31% |
OUNZ vs. GLL - Expense Ratio Comparison
OUNZ has a 0.25% expense ratio, which is lower than GLL's 0.95% expense ratio.
Dividends
OUNZ vs. GLL - Dividend Comparison
Neither OUNZ nor GLL has paid dividends to shareholders.
Frequently Asked Questions
OUNZ 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 (12.83%) compared to OUNZ (6.64%). In terms of maximum drawdown, OUNZ dropped -26.31% vs GLL's -99.24%.
On 10-year performance, OUNZ leads with 11.23% vs -20.63% for GLL. On fees, OUNZ is cheaper at 0.25% per year. On volatility, OUNZ has been the lower-risk option at 6.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, OUNZ has performed better with a 11.23% return vs -20.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OUNZ is cheaper with a 0.25% expense ratio, compared with 0.95% for GLL.
OUNZ and GLL have nearly identical dividend yields, around 0.00%.
OUNZ is categorized as Gold, while GLL is Leveraged Commodities. OUNZ tracks LBMA Gold Price PM ($/ozt), while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: VanEck and ProShares. Their fees differ too: 0.25% for OUNZ and 0.95% for GLL.
OUNZ currently has the higher Sharpe Ratio (0.67 vs -0.67), 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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