SVXY vs. GGLL

Last updated Jun 4, 2026

SVXY (ProShares Short VIX Short-Term Futures ETF) and GGLL (Direxion Daily GOOGL Bull 2X Shares) are both exchange-traded funds - SVXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index (-100%), while GGLL is a Leveraged Equities fund tracking the Alphabet Inc. Class A (200%). Both are passively managed. Over the past 3 years, SVXY returned 13.21%/yr vs 65.97%/yr for GGLL. At a 0.44 correlation, their price movements are largely independent. SVXY charges 1.38%/yr vs 1.05%/yr for GGLL.

Performance

SVXY vs. GGLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short VIX Short-Term Futures ETF (SVXY) and Direxion Daily GOOGL Bull 2X Shares (GGLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SVXY achieves a -0.92% return, which is significantly lower than GGLL's 22.24% return.

SVXY

• 1D: -0.20%
• 1M: 8.44%
• YTD: -0.92%
• 6M: 7.55%
• 1Y: 33.37%
• 3Y*: 13.21%
• 5Y*: 15.76%
• 10Y*: -1.59%

GGLL

• 1D: -1.40%
• 1M: -13.22%
• YTD: 22.24%
• 6M: 15.91%
• 1Y: 293.20%
• 3Y*: 65.97%
• 5Y*: —
• 10Y*: —

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

SVXY vs. GGLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SVXY ProShares Short VIX Short-Term Futures ETF	-0.92%	10.63%	-3.17%	76.21%	9.01%
GGLL Direxion Daily GOOGL Bull 2X Shares	22.24%	123.07%	48.88%	81.20%	-30.35%

Correlation

The correlation between SVXY and GGLL is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022	0.44

Return for Risk

SVXY vs. GGLL — Risk / Return Rank

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

SVXY

SVXY Risk / Return Rank: 31
SVXY Sharpe Ratio Rank: 32
SVXY Sortino Ratio Rank: 30
SVXY Omega Ratio Rank: 34
SVXY Calmar Ratio Rank: 29
SVXY Martin Ratio Rank: 32

GGLL

GGLL Risk / Return Rank: 94
GGLL Sharpe Ratio Rank: 97
GGLL Sortino Ratio Rank: 94
GGLL Omega Ratio Rank: 90
GGLL Calmar Ratio Rank: 94
GGLL Martin Ratio Rank: 94

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.

SVXY vs. GGLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short VIX Short-Term Futures ETF (SVXY) and Direxion Daily GOOGL Bull 2X Shares (GGLL). 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.

	SVXY	GGLL	Difference
Sharpe ratio: Return per unit of total volatility	1.17	5.07	-3.90
Sortino ratio: Return per unit of downside risk	1.64	4.96	-3.32
Omega ratio: Gain probability vs. loss probability	1.23	1.60	-0.36
Calmar ratio: Return relative to maximum drawdown	1.46	7.69	-6.23
Martin ratio: Return relative to average drawdown	4.78	26.53	-21.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SVXY vs. GGLL - Sharpe Ratio Comparison

The current SVXY Sharpe Ratio is 1.17, which is lower than the GGLL Sharpe Ratio of 5.07. The chart below compares the historical Sharpe Ratios of SVXY and GGLL, 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

	SVXY	GGLL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.17	5.07	-3.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.99	-0.77

Drawdowns

SVXY vs. GGLL - Drawdown Comparison

The maximum SVXY drawdown since its inception was -95.25%, which is greater than GGLL's maximum drawdown of -52.81%. Use the drawdown chart below to compare losses from any high point for SVXY and GGLL.

Drawdown Indicators

	SVXY	GGLL	Difference
Max Drawdown Largest peak-to-trough decline	-95.25%	-52.81%	-42.44%
Max Drawdown (1Y) Largest decline over 1 year	-22.94%	-38.39%	+15.45%
Max Drawdown (3Y) Largest decline over 3 years	-46.45%	-52.81%	+6.36%
Max Drawdown (5Y) Largest decline over 5 years	-46.45%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-95.25%	—	—
Current Drawdown Current decline from peak	-80.15%	-21.02%	-59.13%
Average Drawdown Average peak-to-trough decline	-56.87%	-15.17%	-41.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.00%	11.11%	-4.11%

Volatility

SVXY vs. GGLL - Volatility Comparison

The current volatility for ProShares Short VIX Short-Term Futures ETF (SVXY) is 3.76%, while Direxion Daily GOOGL Bull 2X Shares (GGLL) has a volatility of 16.60%. This indicates that SVXY experiences smaller price fluctuations and is considered to be less risky than GGLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SVXY	GGLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	16.60%	-12.84%
Volatility (6M) Calculated over the trailing 6-month period	21.42%	40.70%	-19.28%
Volatility (1Y) Calculated over the trailing 1-year period	28.62%	58.40%	-29.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.38%	56.03%	-20.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.75%	56.03%	-5.28%

SVXY vs. GGLL - Expense Ratio Comparison

SVXY has a 1.38% expense ratio, which is higher than GGLL's 1.05% expense ratio.

Dividends

SVXY vs. GGLL - Dividend Comparison

SVXY has not paid dividends to shareholders, while GGLL's dividend yield for the trailing twelve months is around 3.73%.

Position	TTM	2025	2024	2023	2022
GGLL Direxion Daily GOOGL Bull 2X Shares	3.73%	4.16%	3.29%	2.05%	0.59%
SVXY ProShares Short VIX Short-Term Futures ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SVXY and GGLL in my portfolio?

SVXY and GGLL have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SVXY or GGLL?

GGLL has higher volatility (16.60%) compared to SVXY (3.76%). In terms of maximum drawdown, SVXY dropped -95.25% vs GGLL's -52.81%.

Which ETF is better, SVXY or GGLL?

On 3-year performance, GGLL leads with 65.97% vs 13.21% for SVXY. On fees, GGLL is cheaper at 1.05% per year. On volatility, SVXY has been the lower-risk option at 3.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SVXY or GGLL?

Over the 3-year period, GGLL has performed better with a 65.97% return vs 13.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SVXY or GGLL?

GGLL is cheaper with a 1.05% expense ratio, compared with 1.38% for SVXY.

Which ETF pays a higher dividend yield, SVXY or GGLL?

GGLL has the higher dividend yield at 3.73%, compared with 0.00% for SVXY.

What is the main difference between SVXY and GGLL?

SVXY is categorized as Volatility, while GGLL is Leveraged Equities. SVXY tracks S&P 500 VIX Short-Term Futures Index (-100%), while GGLL tracks Alphabet Inc. Class A (200%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 1.38% for SVXY and 1.05% for GGLL.

Which has better risk-adjusted returns?

GGLL currently has the higher Sharpe Ratio (5.07 vs 1.17), 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.