PLTM vs. GLL

Last updated Jun 24, 2026

PLTM (GraniteShares Platinum Trust) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - PLTM is a Precious Metals fund tracking the Platinum London PM Fix ($/ozt), while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past 5 years, PLTM returned 7.99%/yr vs -28.52%/yr for GLL. At a correlation of -0.52, they often move in opposite directions. PLTM charges 0.50%/yr vs 0.95%/yr for GLL.

Performance

PLTM vs. GLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares Platinum Trust (PLTM) 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, PLTM achieves a -19.61% return, which is significantly lower than GLL's -1.30% return.

PLTM

• 1D: -1.49%
• 1M: -14.13%
• YTD: -19.61%
• 6M: -27.97%
• 1Y: 27.29%
• 3Y*: 21.01%
• 5Y*: 7.99%
• 10Y*: —

GLL

• 1D: 3.82%
• 1M: 18.89%
• YTD: -1.30%
• 6M: 7.14%
• 1Y: -39.64%
• 3Y*: -39.33%
• 5Y*: -28.52%
• 10Y*: -21.26%

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

PLTM vs. GLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PLTM GraniteShares Platinum Trust	-19.61%	124.46%	-8.91%	-8.10%	10.83%	-10.52%	10.87%	20.76%	-20.92%
GLL ProShares UltraShort Gold	-1.30%	-62.81%	-33.33%	-14.91%	-2.12%	1.66%	-41.47%	-26.95%	9.94%

Correlation

The correlation between PLTM and GLL is -0.68, 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	-0.68
Correlation (3Y) Calculated over the trailing 3-year period	-0.56
Correlation (5Y) Calculated over the trailing 5-year period	-0.55
Correlation (All Time) Calculated using the full available price history since Feb 5, 2018	-0.52

The correlation between PLTM and GLL shifts across timeframes, from -0.68 (1 year) to -0.52 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PLTM vs. GLL — Risk / Return Rank

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

PLTM

PLTM Risk / Return Rank: 18
PLTM Sharpe Ratio Rank: 17
PLTM Sortino Ratio Rank: 19
PLTM Omega Ratio Rank: 20
PLTM Calmar Ratio Rank: 17
PLTM Martin Ratio Rank: 16

GLL

GLL Risk / Return Rank: 4
GLL Sharpe Ratio Rank: 3
GLL Sortino Ratio Rank: 3
GLL Omega Ratio Rank: 3
GLL Calmar Ratio Rank: 4
GLL Martin Ratio Rank: 5

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.

PLTM vs. GLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares Platinum Trust (PLTM) 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.

	PLTM	GLL	Difference
Sharpe ratio: Return per unit of total volatility	0.53	-0.73	+1.27
Sortino ratio: Return per unit of downside risk	0.99	-1.01	+1.99
Omega ratio: Gain probability vs. loss probability	1.14	0.89	+0.25
Calmar ratio: Return relative to maximum drawdown	0.67	-0.61	+1.29
Martin ratio: Return relative to average drawdown	1.49	-0.92	+2.41

PLTM vs. GLL - Sharpe Ratio Comparison

The current PLTM Sharpe Ratio is 0.53, which is higher than the GLL Sharpe Ratio of -0.73. The chart below compares the historical Sharpe Ratios of PLTM 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.

Drawdowns

PLTM vs. GLL - Drawdown Comparison

The maximum PLTM drawdown since its inception was -42.32%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for PLTM and GLL.

Drawdown Indicators

	PLTM	GLL	Difference
Max Drawdown Largest peak-to-trough decline	-42.32%	-99.24%	+56.92%
Max Drawdown (1Y) Largest decline over 1 year	-40.62%	-65.10%	+24.48%
Max Drawdown (3Y) Largest decline over 3 years	-40.62%	-87.95%	+47.33%
Max Drawdown (5Y) Largest decline over 5 years	-40.62%	-89.76%	+49.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-95.76%	—
Current Drawdown Current decline from peak	-40.62%	-98.77%	+58.15%
Average Drawdown Average peak-to-trough decline	-18.66%	-85.15%	+66.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.37%	43.09%	-24.72%

Volatility

PLTM vs. GLL - Volatility Comparison

The current volatility for GraniteShares Platinum Trust (PLTM) is 11.52%, while ProShares UltraShort Gold (GLL) has a volatility of 16.15%. This indicates that PLTM 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.

Volatility by Period

	PLTM	GLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.52%	16.15%	-4.63%
Volatility (6M) Calculated over the trailing 6-month period	46.02%	46.91%	-0.89%
Volatility (1Y) Calculated over the trailing 1-year period	51.35%	54.37%	-3.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.99%	36.40%	-3.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.10%	32.31%	-1.21%

PLTM vs. GLL - Expense Ratio Comparison

PLTM has a 0.50% expense ratio, which is lower than GLL's 0.95% expense ratio.

Dividends

PLTM vs. GLL - Dividend Comparison

Neither PLTM nor GLL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PLTM and GLL in my portfolio?

PLTM and GLL have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PLTM or GLL?

GLL has higher volatility (16.15%) compared to PLTM (11.52%). In terms of maximum drawdown, PLTM dropped -42.32% vs GLL's -99.24%.

Which ETF is better, PLTM or GLL?

On 5-year performance, PLTM leads with 7.99% vs -28.52% for GLL. On fees, PLTM is cheaper at 0.50% per year. On volatility, PLTM has been the lower-risk option at 11.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PLTM or GLL?

Over the 5-year period, PLTM has performed better with a 7.99% return vs -28.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PLTM or GLL?

PLTM is cheaper with a 0.50% expense ratio, compared with 0.95% for GLL.

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

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

What is the main difference between PLTM and GLL?

PLTM is categorized as Precious Metals, while GLL is Leveraged Commodities. PLTM tracks Platinum London PM Fix ($/ozt), while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: GraniteShares and ProShares. Their fees differ too: 0.50% for PLTM and 0.95% for GLL.

Which has better risk-adjusted returns?

PLTM currently has the higher Sharpe Ratio (0.53 vs -0.73), 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.