QQQ vs. GLL
QQQ (Invesco QQQ ETF) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, QQQ returned 21.59%/yr vs -22.59%/yr for GLL. At a correlation of -0.05, they often move in opposite directions. QQQ charges 0.18%/yr vs 0.95%/yr for GLL.
Performance
QQQ vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, QQQ achieves a 16.71% return, which is significantly higher than GLL's -9.94% return. Over the past 10 years, QQQ has outperformed GLL with an annualized return of 21.59%, while GLL has yielded a comparatively lower -22.59% annualized return.
QQQ
- 1D
- 1.56%
- 1M
- 0.68%
- YTD
- 16.71%
- 6M
- 15.00%
- 1Y
- 35.78%
- 3Y*
- 27.15%
- 5Y*
- 16.98%
- 10Y*
- 21.59%
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%
QQQ vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QQQ Invesco QQQ ETF | 16.71% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 48.62% | 38.96% | -0.13% | 32.66% |
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 QQQ and GLL is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | -0.05 |
The correlation between QQQ and GLL shifts across timeframes, from -0.20 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
QQQ vs. GLL — Risk / Return Rank
QQQ
GLL
QQQ vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco QQQ ETF (QQQ) 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.
| QQQ | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.04 | ||
| Sortino ratioReturn per unit of downside risk | +4.18 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 0.84 | +0.53 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | -0.72 | +3.73 |
| Martin ratioReturn relative to average drawdown | 11.43 | -1.11 | +12.55 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| QQQ | GLL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.15 | -0.89 | +3.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.76 | -0.78 | +1.54 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.97 | -0.70 | +1.67 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.40 | -0.67 | +1.07 |
Drawdowns
QQQ vs. GLL - Drawdown Comparison
The maximum QQQ drawdown since its inception was -82.97%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for QQQ and GLL.
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Drawdown Indicators
| QQQ | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.97% | -99.24% | +16.27% |
Max Drawdown (1Y)Largest decline over 1 year | -11.96% | -65.10% | +53.14% |
Max Drawdown (3Y)Largest decline over 3 years | -22.77% | -87.95% | +65.18% |
Max Drawdown (5Y)Largest decline over 5 years | -35.12% | -89.76% | +54.64% |
Max Drawdown (10Y)Largest decline over 10 years | -35.12% | -95.76% | +60.64% |
Current DrawdownCurrent decline from peak | -4.03% | -98.88% | +94.85% |
Average DrawdownAverage peak-to-trough decline | -32.77% | -85.14% | +52.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.14% | 42.09% | -38.95% |
Volatility
QQQ vs. GLL - Volatility Comparison
The current volatility for Invesco QQQ ETF (QQQ) is 6.84%, while ProShares UltraShort Gold (GLL) has a volatility of 11.12%. This indicates that QQQ 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
| QQQ | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.84% | 11.12% | -4.28% |
Volatility (6M)Calculated over the trailing 6-month period | 13.20% | 45.04% | -31.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.74% | 52.94% | -36.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.49% | 36.05% | -13.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.36% | 32.21% | -9.85% |
QQQ vs. GLL - Expense Ratio Comparison
QQQ has a 0.18% expense ratio, which is lower than GLL's 0.95% expense ratio.
Dividends
QQQ vs. GLL - Dividend Comparison
QQQ's dividend yield for the trailing twelve months is around 0.39%, 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% |
QQQ Invesco QQQ ETF | 0.39% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
Frequently Asked Questions
QQQ and GLL have a correlation of -0.20, 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 QQQ (6.84%). In terms of maximum drawdown, QQQ dropped -82.97% vs GLL's -99.24%.
On 10-year performance, QQQ leads with 21.59% vs -22.59% for GLL. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 6.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QQQ has performed better with a 21.59% return vs -22.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQ is cheaper with a 0.18% expense ratio, compared with 0.95% for GLL.
QQQ has the higher dividend yield at 0.39%, compared with 0.00% for GLL.
QQQ is categorized as Nasdaq-100, while GLL is Leveraged Commodities. QQQ tracks NASDAQ-100 Index, while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.18% for QQQ and 0.95% for GLL.
QQQ currently has the higher Sharpe Ratio (2.15 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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