SQQQ vs. GLL
SQQQ (ProShares UltraPro Short QQQ) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%), while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, SQQQ returned -54.75%/yr vs -20.81%/yr for GLL. At a 0.04 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
SQQQ vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, SQQQ achieves a -36.18% return, which is significantly lower than GLL's 3.56% return. Over the past 10 years, SQQQ has underperformed GLL with an annualized return of -54.75%, while GLL has yielded a comparatively higher -20.81% annualized return.
SQQQ
- 1D
- -0.26%
- 1M
- 17.99%
- 6M
- -34.34%
- YTD
- -36.18%
- 1Y
- -51.42%
- 3Y*
- -51.15%
- 5Y*
- -45.04%
- 10Y*
- -54.75%
- ALL TIME*
- -52.82%
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%
SQQQ vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | -36.18% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
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 SQQQ and GLL is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.04 |
Over the past year, SQQQ and GLL have become more correlated (0.28) than their long-term average of 0.04, meaning their price movements have been converging.
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Return for Risk
SQQQ vs. GLL — Risk / Return Rank
SQQQ
GLL
SQQQ vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) 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.
| SQQQ | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.90 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | -0.59 | -0.26 |
| Martin ratioReturn relative to average drawdown | -1.53 | -0.85 | -0.67 |
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Drawdowns
SQQQ vs. GLL - Drawdown Comparison
The maximum SQQQ drawdown since its inception was -100.00%, roughly equal to the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for SQQQ and GLL.
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Drawdown Indicators
| SQQQ | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.24% | -0.76% |
Max Drawdown (1Y)Largest decline over 1 year | -61.03% | -65.10% | +4.07% |
Max Drawdown (3Y)Largest decline over 3 years | -92.51% | -87.95% | -4.56% |
Max Drawdown (5Y)Largest decline over 5 years | -97.27% | -89.76% | -7.51% |
Max Drawdown (10Y)Largest decline over 10 years | -99.97% | -95.76% | -4.21% |
Current DrawdownCurrent decline from peak | -100.00% | -98.71% | -1.29% |
Average DrawdownAverage peak-to-trough decline | -92.76% | -85.21% | -7.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.69% | 44.53% | -10.84% |
Volatility
SQQQ vs. GLL - Volatility Comparison
ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 21.99% compared to ProShares UltraShort Gold (GLL) at 12.38%. This indicates that SQQQ'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.
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Volatility by Period
| SQQQ | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.99% | 12.38% | +9.61% |
Volatility (6M)Calculated over the trailing 6-month period | 46.34% | 46.47% | -0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.15% | 55.29% | +0.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.92% | 36.74% | +31.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.60% | 32.43% | +34.17% |
SQQQ vs. GLL - Expense Ratio Comparison
Both SQQQ and GLL have an expense ratio of 0.95%.
Dividends
SQQQ vs. GLL - Dividend Comparison
SQQQ's dividend yield for the trailing twelve months is around 9.36%, while GLL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 9.36% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
SQQQ and GLL have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (21.99%) compared to GLL (12.38%). In terms of maximum drawdown, SQQQ dropped -100.00% vs GLL's -99.24%.
On 10-year performance, GLL leads with -20.81% vs -54.75% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, GLL has been the lower-risk option at 12.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLL has performed better with a -20.81% return vs -54.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SQQQ and GLL have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 9.36%, compared with 0.00% for GLL.
SQQQ is categorized as Leveraged Equities, while GLL is Leveraged Commodities. SQQQ tracks NASDAQ-100 Index (-300%), while GLL tracks Bloomberg Gold (-200%).
GLL currently has the higher Sharpe Ratio (-0.69 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.
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