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 26.28%/yr vs -20.49%/yr for GLL. Their -0.15 correlation means they have often moved in opposite directions in the past. 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 109.21% return, which is significantly higher than GLL's 1.34% return. Over the past 10 years, UCO has outperformed GLL with an annualized return of 26.28%, while GLL has yielded a comparatively lower -20.49% annualized return.
UCO
- 1D
- 1.00%
- 1M
- 24.87%
- 6M
- 67.72%
- YTD
- 109.21%
- 1Y
- 66.00%
- 3Y*
- 9.81%
- 5Y*
- 15.14%
- 10Y*
- 26.28%
- ALL TIME*
- -9.20%
GLL
- 1D
- 3.15%
- 1M
- 3.39%
- 6M
- 33.97%
- YTD
- 1.34%
- 1Y
- -39.14%
- 3Y*
- -38.51%
- 5Y*
- -27.47%
- 10Y*
- -20.49%
- ALL TIME*
- -21.77%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $38.26M | $37.47M | $59.93M | |
| $134.26M | $138.13M | $153.19M |
UCO vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 109.21% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
GLL ProShares UltraShort Gold | 1.34% | -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 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.08 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.13 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 0.08 (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 | +1.69 | ||
| Sortino ratioReturn per unit of downside risk | +2.58 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.88 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | -0.65 | +2.11 |
| Martin ratioReturn relative to average drawdown | 3.75 | -0.94 | +4.69 |
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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 | -38.55% | -64.23% | +25.68% |
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 | -83.77% | -98.74% | +14.97% |
Average DrawdownAverage peak-to-trough decline | -82.13% | -85.23% | +3.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.30% | 44.60% | -27.30% |
Volatility
UCO vs. GLL - Volatility Comparison
ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 22.33% compared to ProShares UltraShort Gold (GLL) at 12.63%. This indicates that UCO'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
| UCO | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.33% | 12.63% | +9.70% |
Volatility (6M)Calculated over the trailing 6-month period | 51.79% | 45.01% | +6.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.01% | 55.39% | +4.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.46% | 36.88% | +23.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 317.65% | 32.48% | +285.17% |
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 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (22.33%) compared to GLL (12.63%). In terms of maximum drawdown, UCO dropped -99.86% vs GLL's -99.24%.
On 10-year performance, UCO leads with 26.28% vs -20.49% for GLL. Both ETFs have the same 0.95% expense ratio. On volatility, GLL has been the lower-risk option at 12.63%. 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 26.28% return vs -20.49%. 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 (0.94 vs -0.75), 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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