SPPP vs. GLL
SPPP (Sprott Physical Platinum and Palladium Trust) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - SPPP is a Precious Metals fund actively managed by Sprott, while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). SPPP is actively managed, while GLL is passively managed. Over the past 10 years, SPPP returned 5.71%/yr vs -20.63%/yr for GLL. At a correlation of -0.47, they often move in opposite directions. SPPP charges 1.02%/yr vs 0.95%/yr for GLL.
Performance
SPPP vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, SPPP achieves a -22.92% return, which is significantly lower than GLL's 5.05% return. Over the past 10 years, SPPP has outperformed GLL with an annualized return of 5.71%, while GLL has yielded a comparatively lower -20.63% annualized return.
SPPP
- 1D
- -3.78%
- 1M
- -8.85%
- 6M
- -33.50%
- YTD
- -22.92%
- 1Y
- 1.96%
- 3Y*
- 4.91%
- 5Y*
- -6.72%
- 10Y*
- 5.71%
GLL
- 1D
- 3.90%
- 1M
- 18.00%
- 6M
- 19.80%
- YTD
- 5.05%
- 1Y
- -37.00%
- 3Y*
- -37.43%
- 5Y*
- -27.00%
- 10Y*
- -20.63%
SPPP vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPPP Sprott Physical Platinum and Palladium Trust | -22.92% | 89.43% | -11.89% | -25.86% | -2.37% | -21.77% | 23.84% | 46.00% | 5.53% | 35.36% |
GLL ProShares UltraShort Gold | 5.05% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
Correlation
The correlation between SPPP and GLL is -0.73, 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 | -0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.46 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2012 | -0.47 |
Over the past year, the inverse relationship between SPPP and GLL has strengthened: their correlation has moved from -0.47 to -0.73, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
SPPP vs. GLL — Risk / Return Rank
SPPP
GLL
SPPP vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Platinum and Palladium Trust (SPPP) 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.
| SPPP | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +1.27 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 0.90 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.04 | -0.57 | +0.61 |
| Martin ratioReturn relative to average drawdown | 0.09 | -0.83 | +0.92 |
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Drawdowns
SPPP vs. GLL - Drawdown Comparison
The maximum SPPP drawdown since its inception was -59.09%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for SPPP and GLL.
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Drawdown Indicators
| SPPP | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.09% | -99.24% | +40.15% |
Max Drawdown (1Y)Largest decline over 1 year | -45.66% | -65.10% | +19.44% |
Max Drawdown (3Y)Largest decline over 3 years | -45.66% | -87.95% | +42.29% |
Max Drawdown (5Y)Largest decline over 5 years | -58.50% | -89.76% | +31.26% |
Max Drawdown (10Y)Largest decline over 10 years | -59.09% | -95.76% | +36.67% |
Current DrawdownCurrent decline from peak | -42.52% | -98.70% | +56.18% |
Average DrawdownAverage peak-to-trough decline | -26.60% | -85.20% | +58.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.56% | 44.38% | -21.82% |
Volatility
SPPP vs. GLL - Volatility Comparison
The current volatility for Sprott Physical Platinum and Palladium Trust (SPPP) is 11.78%, while ProShares UltraShort Gold (GLL) has a volatility of 12.83%. This indicates that SPPP 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
| SPPP | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.78% | 12.83% | -1.05% |
Volatility (6M)Calculated over the trailing 6-month period | 41.07% | 46.49% | -5.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.51% | 55.17% | -3.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.22% | 36.73% | -1.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.35% | 32.44% | +0.91% |
SPPP vs. GLL - Expense Ratio Comparison
SPPP has a 1.02% expense ratio, which is higher than GLL's 0.95% expense ratio.
Dividends
SPPP vs. GLL - Dividend Comparison
Neither SPPP nor GLL has paid dividends to shareholders.
Frequently Asked Questions
SPPP and GLL have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (12.83%) compared to SPPP (11.78%). In terms of maximum drawdown, SPPP dropped -59.09% vs GLL's -99.24%.
On 10-year performance, SPPP leads with 5.71% vs -20.63% for GLL. On fees, GLL is cheaper at 0.95% per year. On volatility, SPPP has been the lower-risk option at 11.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPPP has performed better with a 5.71% return vs -20.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLL is cheaper with a 0.95% expense ratio, compared with 1.02% for SPPP.
SPPP and GLL have nearly identical dividend yields, around 0.00%.
SPPP is categorized as Precious Metals, while GLL is Leveraged Commodities. They also come from different issuers: Sprott and ProShares. Their fees differ too: 1.02% for SPPP and 0.95% for GLL.
SPPP currently has the higher Sharpe Ratio (0.04 vs -0.67), 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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