UGLD vs. GLL

Last updated Jun 30, 2026

UGLD (Direxion Daily Gold Bull 2X ETF) and GLL (ProShares UltraShort Gold) are both Leveraged Commodities funds. UGLD is actively managed, while GLL is passively managed. At a correlation of -1.00, they often move in opposite directions. UGLD charges 1.07%/yr vs 0.95%/yr for GLL.

Performance

UGLD vs. GLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Gold Bull 2X ETF (UGLD) and ProShares UltraShort Gold (GLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

UGLD

• 1D: -2.66%
• 1M: -23.12%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLL

• 1D: 2.74%
• 1M: 26.25%
• YTD: 3.17%
• 6M: 4.45%
• 1Y: -40.78%
• 3Y*: -38.47%
• 5Y*: -27.93%
• 10Y*: -20.60%

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

UGLD vs. GLL - Yearly Performance Comparison

	2026 (YTD)
UGLD Direxion Daily Gold Bull 2X ETF	-19.30%
GLL ProShares UltraShort Gold	21.04%

Correlation

The correlation between UGLD and GLL is -1.00, 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 (All Time) Calculated using the full available price history since May 28, 2026	-1.00

Return for Risk

UGLD vs. GLL — Risk / Return Rank

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

UGLD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

GLL

GLL Risk / Return Rank: 4
GLL Sharpe Ratio Rank: 4
GLL Sortino Ratio Rank: 3
GLL Omega Ratio Rank: 4
GLL Calmar Ratio Rank: 4
GLL Martin Ratio Rank: 5

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.

UGLD vs. GLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Bull 2X ETF (UGLD) 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.

	UGLD	GLL	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.75	—
Sortino ratio: Return per unit of downside risk	—	-1.05	—
Omega ratio: Gain probability vs. loss probability	—	0.88	—
Calmar ratio: Return relative to maximum drawdown	—	-0.63	—
Martin ratio: Return relative to average drawdown	—	-0.94	—

Drawdowns

UGLD vs. GLL - Drawdown Comparison

The maximum UGLD drawdown since its inception was -24.16%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for UGLD and GLL.

Drawdown Indicators

	UGLD	GLL	Difference
Max Drawdown Largest peak-to-trough decline	-24.16%	-99.24%	+75.08%
Max Drawdown (1Y) Largest decline over 1 year	—	-65.10%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-87.95%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-89.76%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-95.76%	—
Current Drawdown Current decline from peak	-23.12%	-98.72%	+75.60%
Average Drawdown Average peak-to-trough decline	-12.33%	-85.16%	+72.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	43.40%	—

Volatility

Volatility by Period

	UGLD	GLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	17.15%	—
Volatility (6M) Calculated over the trailing 6-month period	—	47.13%	—
Volatility (1Y) Calculated over the trailing 1-year period	59.10%	54.72%	+4.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.10%	36.53%	+22.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.10%	32.38%	+26.72%

UGLD vs. GLL - Expense Ratio Comparison

UGLD has a 1.07% expense ratio, which is higher than GLL's 0.95% expense ratio.

Dividends

UGLD vs. GLL - Dividend Comparison

UGLD's dividend yield for the trailing twelve months is around 0.24%, while GLL has not paid dividends to shareholders.

Position	TTM
GLL ProShares UltraShort Gold	0.00%
UGLD Direxion Daily Gold Bull 2X ETF	0.24%

Frequently Asked Questions

Can I hold both UGLD and GLL in my portfolio?

UGLD and GLL have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UGLD or GLL?

On fees, GLL is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UGLD or GLL?

GLL is cheaper with a 0.95% expense ratio, compared with 1.07% for UGLD.

Which ETF pays a higher dividend yield, UGLD or GLL?

UGLD has the higher dividend yield at 0.24%, compared with 0.00% for GLL.

What is the main difference between UGLD and GLL?

They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.07% for UGLD and 0.95% for GLL.