SIL vs. GLL
SIL (Global X Silver Miners ETF) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - SIL is a Silver fund tracking the Solactive Global Silver Miners Total Return Index, while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, SIL returned 5.73%/yr vs -20.81%/yr for GLL. At a correlation of -0.72, they often move in opposite directions. SIL charges 0.65%/yr vs 0.95%/yr for GLL.
Performance
SIL vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, SIL achieves a -14.38% return, which is significantly lower than GLL's 3.56% return. Over the past 10 years, SIL has outperformed GLL with an annualized return of 5.73%, while GLL has yielded a comparatively lower -20.81% annualized return.
SIL
- 1D
- -0.46%
- 1M
- -14.60%
- 6M
- -27.29%
- YTD
- -14.38%
- 1Y
- 49.99%
- 3Y*
- 39.46%
- 5Y*
- 13.28%
- 10Y*
- 5.73%
- ALL TIME*
- 4.10%
GLL
- 1D
- 0.33%
- 1M
- 10.35%
- 6M
- 17.03%
- YTD
- 3.56%
- 1Y
- -37.98%
- 3Y*
- -37.61%
- 5Y*
- -27.32%
- 10Y*
- -20.81%
- ALL TIME*
- -21.71%
SIL vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SIL Global X Silver Miners ETF | -14.38% | 166.16% | 14.62% | 1.31% | -22.83% | -18.35% | 40.30% | 34.78% | -22.42% | 1.67% |
GLL ProShares UltraShort Gold | 3.56% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
Correlation
The correlation between SIL and GLL is -0.79, 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 | -0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.73 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2010 | -0.72 |
The correlation between SIL and GLL has been stable across timeframes, ranging from -0.79 to -0.72 - a consistent structural relationship.
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Return for Risk
SIL vs. GLL — Risk / Return Rank
SIL
GLL
SIL vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Silver Miners ETF (SIL) 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.
| SIL | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.64 | ||
| Sortino ratioReturn per unit of downside risk | +2.33 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.90 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 1.27 | -0.59 | +1.86 |
| Martin ratioReturn relative to average drawdown | 2.88 | -0.85 | +3.73 |
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Drawdowns
SIL vs. GLL - Drawdown Comparison
The maximum SIL drawdown since its inception was -82.99%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for SIL and GLL.
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Drawdown Indicators
| SIL | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.99% | -99.24% | +16.25% |
Max Drawdown (1Y)Largest decline over 1 year | -39.41% | -65.10% | +25.69% |
Max Drawdown (3Y)Largest decline over 3 years | -39.41% | -87.95% | +48.54% |
Max Drawdown (5Y)Largest decline over 5 years | -48.73% | -89.76% | +41.03% |
Max Drawdown (10Y)Largest decline over 10 years | -63.04% | -95.76% | +32.72% |
Current DrawdownCurrent decline from peak | -39.41% | -98.71% | +59.30% |
Average DrawdownAverage peak-to-trough decline | -51.30% | -85.21% | +33.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.40% | 44.53% | -27.13% |
Volatility
SIL vs. GLL - Volatility Comparison
The current volatility for Global X Silver Miners ETF (SIL) is 11.76%, while ProShares UltraShort Gold (GLL) has a volatility of 12.38%. This indicates that SIL 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
| SIL | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.76% | 12.38% | -0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 44.07% | 46.47% | -2.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 53.06% | 55.29% | -2.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.97% | 36.74% | +3.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.77% | 32.43% | +7.34% |
SIL vs. GLL - Expense Ratio Comparison
SIL has a 0.65% expense ratio, which is lower than GLL's 0.95% expense ratio.
Dividends
SIL vs. GLL - Dividend Comparison
SIL's dividend yield for the trailing twelve months is around 1.42%, 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% |
SIL Global X Silver Miners ETF | 1.42% | 1.18% | 2.40% | 0.59% | 0.48% | 1.59% | 1.92% | 1.53% | 1.21% | 0.02% | 3.34% | 0.38% |
Frequently Asked Questions
SIL and GLL have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (12.38%) compared to SIL (11.76%). In terms of maximum drawdown, SIL dropped -82.99% vs GLL's -99.24%.
On 10-year performance, SIL leads with 5.73% vs -20.81% for GLL. On fees, SIL is cheaper at 0.65% per year. On volatility, SIL has been the lower-risk option at 11.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SIL has performed better with a 5.73% return vs -20.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SIL is cheaper with a 0.65% expense ratio, compared with 0.95% for GLL.
SIL has the higher dividend yield at 1.42%, compared with 0.00% for GLL.
SIL is categorized as Silver, while GLL is Leveraged Commodities. SIL tracks Solactive Global Silver Miners Total Return Index, while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: Global X and ProShares. Their fees differ too: 0.65% for SIL and 0.95% for GLL.
SIL currently has the higher Sharpe Ratio (0.95 vs -0.69), 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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