SHNY vs. GLL

Last updated Jun 4, 2026

SHNY (MicroSectors Gold 3X Leveraged ETN) and GLL (ProShares UltraShort Gold) are both Leveraged Commodities funds. Over the past 3 years, SHNY returned 59.66%/yr vs -41.46%/yr for GLL. At a correlation of -1.00, they often move in opposite directions. Both charge a 0.95% expense ratio.

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.

Returns By Period

The year-to-date returns for both stocks are quite close, with SHNY having a -14.45% return and GLL slightly lower at -14.49%.

SHNY

• 1D: -3.20%
• 1M: -7.37%
• YTD: -14.45%
• 6M: -10.44%
• 1Y: 49.39%
• 3Y*: 59.66%
• 5Y*: —
• 10Y*: —

GLL

• 1D: 2.05%
• 1M: 3.37%
• YTD: -14.49%
• 6M: -18.72%
• 1Y: -48.24%
• 3Y*: -41.46%
• 5Y*: -28.82%
• 10Y*: -23.37%

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

SHNY vs. GLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHNY MicroSectors Gold 3X Leveraged ETN	-14.45%	214.54%	50.30%	12.52%
GLL ProShares UltraShort Gold	-14.49%	-62.81%	-33.33%	-15.75%

Correlation

The correlation between SHNY 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 (All Time) Calculated using the full available price history since Feb 23, 2023	-1.00

The correlation between SHNY and GLL has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.

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: 21
SHNY Sharpe Ratio Rank: 19
SHNY Sortino Ratio Rank: 23
SHNY Omega Ratio Rank: 27
SHNY Calmar Ratio Rank: 20
SHNY Martin Ratio Rank: 18

GLL

GLL Risk / Return Rank: 2
GLL Sharpe Ratio Rank: 2
GLL Sortino Ratio Rank: 1
GLL Omega Ratio Rank: 2
GLL Calmar Ratio Rank: 3
GLL Martin Ratio Rank: 3

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	0.63	-0.92	+1.55
Sortino ratio: Return per unit of downside risk	1.24	-1.50	+2.73
Omega ratio: Gain probability vs. loss probability	1.19	0.83	+0.35
Calmar ratio: Return relative to maximum drawdown	0.90	-0.74	+1.65
Martin ratio: Return relative to average drawdown	1.93	-1.16	+3.09
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 0.63, which is higher than the GLL Sharpe Ratio of -0.92. The chart below compares the historical Sharpe Ratios of SHNY 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.

Sharpe Ratios by Period

	SHNY	GLL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.63	-0.92	+1.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.81	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	-0.67	+1.69

Drawdowns

SHNY vs. GLL - Drawdown Comparison

The maximum SHNY drawdown since its inception was -54.99%, 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	-54.99%	-99.24%	+44.25%
Max Drawdown (1Y) Largest decline over 1 year	-54.99%	-65.10%	+10.11%
Max Drawdown (3Y) Largest decline over 3 years	-54.99%	-87.95%	+32.96%
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	-54.99%	-98.94%	+43.95%
Average Drawdown Average peak-to-trough decline	-14.94%	-85.13%	+70.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.66%	41.74%	-16.08%

Volatility

SHNY vs. GLL - Volatility Comparison

MicroSectors Gold 3X Leveraged ETN (SHNY) has a higher volatility of 16.40% compared to ProShares UltraShort Gold (GLL) at 11.07%. 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	16.40%	11.07%	+5.33%
Volatility (6M) Calculated over the trailing 6-month period	70.87%	44.43%	+26.44%
Volatility (1Y) Calculated over the trailing 1-year period	78.80%	52.38%	+26.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.36%	35.90%	+22.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.36%	32.12%	+26.24%

SHNY vs. GLL - Expense Ratio Comparison

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

Dividends

SHNY vs. GLL - Dividend Comparison

Neither SHNY nor GLL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SHNY and GLL in my portfolio?

SHNY 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.

Which is riskier, SHNY or GLL?

SHNY has higher volatility (16.40%) compared to GLL (11.07%). In terms of maximum drawdown, SHNY dropped -54.99% vs GLL's -99.24%.

Which ETF is better, SHNY or GLL?

On 3-year performance, SHNY leads with 59.66% vs -41.46% for GLL. Both ETFs have the same 0.95% expense ratio. On volatility, GLL has been the lower-risk option at 11.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHNY or GLL?

Over the 3-year period, SHNY has performed better with a 59.66% return vs -41.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHNY or GLL?

SHNY and GLL have the same expense ratio: 0.95% per year.

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

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

What is the main difference between SHNY and GLL?

They also come from different issuers: BMO and ProShares.

Which has better risk-adjusted returns?

SHNY currently has the higher Sharpe Ratio (0.63 vs -0.92), 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.