UCO vs. GLL
UCO (ProShares Ultra Bloomberg Crude Oil) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%), while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, UCO returned 19.46%/yr vs -21.26%/yr for GLL. At a correlation of -0.15, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UCO vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, UCO achieves a 81.88% return, which is significantly higher than GLL's -1.30% return. Over the past 10 years, UCO has outperformed GLL with an annualized return of 19.46%, while GLL has yielded a comparatively lower -21.26% annualized return.
UCO
- 1D
- -1.26%
- 1M
- -25.61%
- YTD
- 81.88%
- 6M
- 76.32%
- 1Y
- 42.04%
- 3Y*
- 15.38%
- 5Y*
- 12.42%
- 10Y*
- 19.46%
GLL
- 1D
- 3.82%
- 1M
- 18.89%
- YTD
- -1.30%
- 6M
- 7.14%
- 1Y
- -39.64%
- 3Y*
- -39.33%
- 5Y*
- -28.52%
- 10Y*
- -21.26%
UCO vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 81.88% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
GLL ProShares UltraShort Gold | -1.30% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
Correlation
The correlation between UCO and GLL is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.15 |
The correlation between UCO and GLL shifts across timeframes, from -0.15 (all time) to 0.06 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UCO vs. GLL — Risk / Return Rank
UCO
GLL
UCO vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) 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.
| UCO | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.48 | ||
| Sortino ratioReturn per unit of downside risk | +2.30 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.89 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 1.30 | -0.61 | +1.92 |
| Martin ratioReturn relative to average drawdown | 2.61 | -0.92 | +3.53 |
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Drawdowns
UCO vs. GLL - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.86%, roughly equal to the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for UCO and GLL.
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Drawdown Indicators
| UCO | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.86% | -99.24% | -0.62% |
Max Drawdown (1Y)Largest decline over 1 year | -32.37% | -65.10% | +32.73% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -87.95% | +37.57% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -89.76% | +22.52% |
Max Drawdown (10Y)Largest decline over 10 years | -96.50% | -95.76% | -0.74% |
Current DrawdownCurrent decline from peak | -85.89% | -98.77% | +12.88% |
Average DrawdownAverage peak-to-trough decline | -82.11% | -85.15% | +3.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.23% | 43.09% | -26.86% |
Volatility
UCO vs. GLL - Volatility Comparison
ProShares Ultra Bloomberg Crude Oil (UCO) and ProShares UltraShort Gold (GLL) have volatilities of 16.11% and 16.15%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCO | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.11% | 16.15% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 48.06% | 46.91% | +1.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.57% | 54.37% | +3.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.09% | 36.40% | +23.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 317.77% | 32.31% | +285.46% |
UCO vs. GLL - Expense Ratio Comparison
Both UCO and GLL have an expense ratio of 0.95%.
Dividends
UCO vs. GLL - Dividend Comparison
Neither UCO nor GLL has paid dividends to shareholders.
Frequently Asked Questions
UCO and GLL have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (16.15%) compared to UCO (16.11%). In terms of maximum drawdown, UCO dropped -99.86% vs GLL's -99.24%.
On 10-year performance, UCO leads with 19.46% vs -21.26% for GLL. Both ETFs have the same 0.95% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UCO has performed better with a 19.46% return vs -21.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UCO and GLL have the same expense ratio: 0.95% per year.
UCO and GLL have nearly identical dividend yields, around 0.00%.
UCO is categorized as Oil & Gas, while GLL is Leveraged Commodities. UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%), while GLL tracks Bloomberg Gold (-200%).
UCO currently has the higher Sharpe Ratio (0.75 vs -0.73), 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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