SGDM vs. GLL
SGDM (Sprott Gold Miners ETF) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - SGDM is a Gold fund tracking the Solactive Gold Miners Custom Factors Index, while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, SGDM returned 10.39%/yr vs -20.87%/yr for GLL. At a correlation of -0.76, they often move in opposite directions. SGDM charges 0.50%/yr vs 0.95%/yr for GLL.
Performance
SGDM vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, SGDM achieves a -10.21% return, which is significantly lower than GLL's 2.68% return. Over the past 10 years, SGDM has outperformed GLL with an annualized return of 10.39%, while GLL has yielded a comparatively lower -20.87% annualized return.
SGDM
- 1D
- 1.63%
- 1M
- -14.17%
- YTD
- -10.21%
- 6M
- -14.67%
- 1Y
- 40.99%
- 3Y*
- 36.05%
- 5Y*
- 18.40%
- 10Y*
- 10.39%
GLL
- 1D
- -1.83%
- 1M
- 23.59%
- YTD
- 2.68%
- 6M
- 10.58%
- 1Y
- -38.75%
- 3Y*
- -38.45%
- 5Y*
- -27.87%
- 10Y*
- -20.87%
SGDM vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SGDM Sprott Gold Miners ETF | -10.21% | 153.46% | 12.14% | 2.34% | -8.23% | -9.15% | 21.85% | 44.27% | -15.14% | 10.46% |
GLL ProShares UltraShort Gold | 2.68% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
Correlation
The correlation between SGDM and GLL is -0.81, 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 | -0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.77 |
Correlation (All Time) Calculated using the full available price history since Jul 15, 2014 | -0.76 |
The correlation between SGDM and GLL has been stable across timeframes, ranging from -0.81 to -0.76 - a consistent structural relationship.
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Return for Risk
SGDM vs. GLL — Risk / Return Rank
SGDM
GLL
SGDM vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Gold Miners ETF (SGDM) 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.
| SGDM | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.59 | ||
| Sortino ratioReturn per unit of downside risk | +2.26 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.89 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | -0.60 | +1.74 |
| Martin ratioReturn relative to average drawdown | 2.94 | -0.90 | +3.84 |
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Drawdowns
SGDM vs. GLL - Drawdown Comparison
The maximum SGDM drawdown since its inception was -54.95%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for SGDM and GLL.
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Drawdown Indicators
| SGDM | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.95% | -99.24% | +44.29% |
Max Drawdown (1Y)Largest decline over 1 year | -35.96% | -65.10% | +29.14% |
Max Drawdown (3Y)Largest decline over 3 years | -35.96% | -87.95% | +51.99% |
Max Drawdown (5Y)Largest decline over 5 years | -45.06% | -89.76% | +44.70% |
Max Drawdown (10Y)Largest decline over 10 years | -49.69% | -95.76% | +46.07% |
Current DrawdownCurrent decline from peak | -34.42% | -98.73% | +64.31% |
Average DrawdownAverage peak-to-trough decline | -25.47% | -85.16% | +59.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.96% | 43.24% | -29.28% |
Volatility
SGDM vs. GLL - Volatility Comparison
Sprott Gold Miners ETF (SGDM) and ProShares UltraShort Gold (GLL) have volatilities of 17.03% and 17.10%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SGDM | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.03% | 17.10% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 39.57% | 47.06% | -7.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.14% | 54.63% | -7.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.31% | 36.51% | -0.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.03% | 32.35% | +4.68% |
SGDM vs. GLL - Expense Ratio Comparison
SGDM has a 0.50% expense ratio, which is lower than GLL's 0.95% expense ratio.
Dividends
SGDM vs. GLL - Dividend Comparison
SGDM's dividend yield for the trailing twelve months is around 1.16%, 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% |
SGDM Sprott Gold Miners ETF | 1.16% | 1.04% | 1.04% | 1.39% | 1.42% | 1.33% | 0.30% | 0.25% | 0.50% | 0.58% | 0.02% | 1.47% |
Frequently Asked Questions
SGDM and GLL have a correlation of -0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (17.10%) compared to SGDM (17.03%). In terms of maximum drawdown, SGDM dropped -54.95% vs GLL's -99.24%.
On 10-year performance, SGDM leads with 10.39% vs -20.87% for GLL. On fees, SGDM is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SGDM has performed better with a 10.39% return vs -20.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGDM is cheaper with a 0.50% expense ratio, compared with 0.95% for GLL.
SGDM has the higher dividend yield at 1.16%, compared with 0.00% for GLL.
SGDM is categorized as Gold, while GLL is Leveraged Commodities. SGDM tracks Solactive Gold Miners Custom Factors Index, while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: Sprott and ProShares. Their fees differ too: 0.50% for SGDM and 0.95% for GLL.
SGDM currently has the higher Sharpe Ratio (0.87 vs -0.71), 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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