SGOL vs. GLL
SGOL (abrdn Physical Gold Shares ETF) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - SGOL 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, SGOL returned 11.49%/yr vs -20.87%/yr for GLL. At a correlation of -0.99, they often move in opposite directions. SGOL charges 0.17%/yr vs 0.95%/yr for GLL.
Performance
SGOL vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, SGOL achieves a -6.67% return, which is significantly lower than GLL's 2.68% return. Over the past 10 years, SGOL has outperformed GLL with an annualized return of 11.49%, while GLL has yielded a comparatively lower -20.87% annualized return.
SGOL
- 1D
- 1.00%
- 1M
- -10.69%
- YTD
- -6.67%
- 6M
- -10.17%
- 1Y
- 20.57%
- 3Y*
- 27.73%
- 5Y*
- 17.55%
- 10Y*
- 11.49%
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%
SGOL vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SGOL abrdn Physical Gold Shares ETF | -6.67% | 63.99% | 26.90% | 12.99% | -0.51% | -3.94% | 25.03% | 18.21% | -1.94% | 12.86% |
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 SGOL 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 | -0.98 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2009 | -0.99 |
The correlation between SGOL and GLL has been stable across timeframes, ranging from -1.00 to -0.98 - a consistent structural relationship.
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Return for Risk
SGOL vs. GLL — Risk / Return Rank
SGOL
GLL
SGOL vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for abrdn Physical Gold Shares ETF (SGOL) 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.
| SGOL | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.46 | ||
| Sortino ratioReturn per unit of downside risk | +2.06 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.89 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | -0.60 | +1.39 |
| Martin ratioReturn relative to average drawdown | 2.21 | -0.90 | +3.10 |
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Drawdowns
SGOL vs. GLL - Drawdown Comparison
The maximum SGOL drawdown since its inception was -45.51%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for SGOL and GLL.
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Drawdown Indicators
| SGOL | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.51% | -99.24% | +53.73% |
Max Drawdown (1Y)Largest decline over 1 year | -26.16% | -65.10% | +38.94% |
Max Drawdown (3Y)Largest decline over 3 years | -26.16% | -87.95% | +61.79% |
Max Drawdown (5Y)Largest decline over 5 years | -26.16% | -89.76% | +63.60% |
Max Drawdown (10Y)Largest decline over 10 years | -26.16% | -95.76% | +69.60% |
Current DrawdownCurrent decline from peak | -25.42% | -98.73% | +73.31% |
Average DrawdownAverage peak-to-trough decline | -18.42% | -85.16% | +66.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.34% | 43.24% | -33.90% |
Volatility
SGOL vs. GLL - Volatility Comparison
The current volatility for abrdn Physical Gold Shares ETF (SGOL) is 8.65%, while ProShares UltraShort Gold (GLL) has a volatility of 17.10%. This indicates that SGOL 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
| SGOL | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.65% | 17.10% | -8.45% |
Volatility (6M)Calculated over the trailing 6-month period | 24.24% | 47.06% | -22.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.43% | 54.63% | -27.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.18% | 36.51% | -18.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.03% | 32.35% | -16.32% |
SGOL vs. GLL - Expense Ratio Comparison
SGOL has a 0.17% expense ratio, which is lower than GLL's 0.95% expense ratio.
Dividends
SGOL vs. GLL - Dividend Comparison
Neither SGOL nor GLL has paid dividends to shareholders.
Frequently Asked Questions
SGOL 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 (17.10%) compared to SGOL (8.65%). In terms of maximum drawdown, SGOL dropped -45.51% vs GLL's -99.24%.
On 10-year performance, SGOL leads with 11.49% vs -20.87% for GLL. On fees, SGOL is cheaper at 0.17% per year. On volatility, SGOL has been the lower-risk option at 8.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SGOL has performed better with a 11.49% return vs -20.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOL is cheaper with a 0.17% expense ratio, compared with 0.95% for GLL.
SGOL and GLL have nearly identical dividend yields, around 0.00%.
SGOL is categorized as Gold, while GLL is Leveraged Commodities. SGOL tracks LBMA Gold Price PM ($/ozt), while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: abrdn and ProShares. Their fees differ too: 0.17% for SGOL and 0.95% for GLL.
SGOL currently has the higher Sharpe Ratio (0.75 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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