SHNY vs. GLL

Last updated Apr 1, 2026

Compare and contrast key facts about MicroSectors Gold 3X Leveraged ETN (SHNY) and ProShares UltraShort Gold (GLL).

SHNY and GLL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SHNY is managed by BMO. It was launched on Feb 24, 2023. GLL is a passively managed fund by ProShares that tracks the performance of the Bloomberg Gold (-200%). It was launched on Dec 1, 2008.

Performance

SHNY vs. GLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold 3X Leveraged ETN (SHNY) and ProShares UltraShort Gold (GLL). The values are adjusted to include any dividend payments, if applicable.

SHNY vs. GLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHNY MicroSectors Gold 3X Leveraged ETN	6.21%	214.54%	50.30%	12.52%
GLL ProShares UltraShort Gold	-22.83%	-62.81%	-33.33%	-15.75%

Returns By Period

In the year-to-date period, SHNY achieves a 6.21% return, which is significantly higher than GLL's -22.83% return.

SHNY

• 1D: 11.13%
• 1M: -33.49%
• YTD: 6.21%
• 6M: 33.01%
• 1Y: 111.33%
• 3Y*: 66.83%
• 5Y*: —
• 10Y*: —

GLL

• 1D: -7.30%
• 1M: 22.90%
• YTD: -22.83%
• 6M: -39.36%
• 1Y: -60.18%
• 3Y*: -42.72%
• 5Y*: -32.85%
• 10Y*: -24.50%

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

SHNY vs. GLL - Expense Ratio Comparison

Both SHNY and GLL have an expense ratio of 0.95%.

SHNY

MicroSectors Gold 3X Leveraged ETN

GLL

ProShares UltraShort Gold

Return for Risk

SHNY vs. GLL — Risk / Return Rank

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

SHNY

SHNY Risk / Return Rank: 76
SHNY Sharpe Ratio Rank: 77
SHNY Sortino Ratio Rank: 75
SHNY Omega Ratio Rank: 75
SHNY Calmar Ratio Rank: 82
SHNY Martin Ratio Rank: 70

GLL

GLL Risk / Return Rank: 1
GLL Sharpe Ratio Rank: 0
GLL Sortino Ratio Rank: 0
GLL Omega Ratio Rank: 0
GLL Calmar Ratio Rank: 1
GLL Martin Ratio Rank: 2

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.

SHNY vs. GLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold 3X Leveraged ETN (SHNY) 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.

	SHNY	GLL	Difference
Sharpe ratio Return per unit of total volatility	1.36	-1.10	+2.46
Sortino ratio Return per unit of downside risk	1.85	-2.03	+3.88
Omega ratio Gain probability vs. loss probability	1.27	0.78	+0.49
Calmar ratio Return relative to maximum drawdown	2.22	-0.86	+3.07
Martin ratio Return relative to average drawdown	6.73	-1.39	+8.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHNY vs. GLL - Sharpe Ratio Comparison

The current SHNY Sharpe Ratio is 1.36, which is higher than the GLL Sharpe Ratio of -1.10. The chart below compares the historical Sharpe Ratios of SHNY and GLL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SHNY	GLL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	-1.10	+2.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.93	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	-0.69	+1.99

Correlation

The correlation between SHNY and GLL is -1.00. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

SHNY vs. GLL - Dividend Comparison

Neither SHNY nor GLL has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

SHNY vs. GLL - Drawdown Comparison

The maximum SHNY drawdown since its inception was -54.35%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for SHNY and GLL.

Drawdown Indicators

	SHNY	GLL	Difference
Max Drawdown Largest peak-to-trough decline	-54.35%	-99.24%	+44.89%
Max Drawdown (1Y) Largest decline over 1 year	-54.35%	-71.53%	+17.18%
Max Drawdown (5Y) Largest decline over 5 years	—	-89.76%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-95.76%	—
Current Drawdown Current decline from peak	-44.12%	-99.04%	+54.92%
Average Drawdown Average peak-to-trough decline	-13.13%	-84.99%	+71.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.91%	44.01%	-26.10%

Volatility

SHNY vs. GLL - Volatility Comparison

MicroSectors Gold 3X Leveraged ETN (SHNY) has a higher volatility of 33.24% compared to ProShares UltraShort Gold (GLL) at 21.53%. This indicates that SHNY's price experiences larger fluctuations and is considered to be riskier than GLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHNY	GLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.24%	21.53%	+11.71%
Volatility (6M) Calculated over the trailing 6-month period	74.50%	46.40%	+28.10%
Volatility (1Y) Calculated over the trailing 1-year period	82.50%	54.76%	+27.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.28%	35.40%	+22.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.28%	31.98%	+26.30%