UPRO vs. GLDI
UPRO (ProShares UltraPro S&P 500) and GLDI (Credit Suisse X-Links Gold Shares Covered Call ETN) are both exchange-traded funds - UPRO is a Leveraged Equities fund tracking the S&P 500, while GLDI is a Precious Metals fund tracking the Credit Suisse NASDAQ Gold FLOWS 103 Index. Both are passively managed. Over the past 10 years, UPRO returned 29.76%/yr vs 8.20%/yr for GLDI. At a 0.05 correlation, their price movements are largely independent. UPRO charges 0.89%/yr vs 0.65%/yr for GLDI.
Performance
UPRO vs. GLDI - Performance Comparison
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Returns By Period
In the year-to-date period, UPRO achieves a 20.70% return, which is significantly higher than GLDI's -2.64% return. Over the past 10 years, UPRO has outperformed GLDI with an annualized return of 29.76%, while GLDI has yielded a comparatively lower 8.20% annualized return.
UPRO
- 1D
- 1.54%
- 1M
- -3.92%
- YTD
- 20.70%
- 6M
- 21.09%
- 1Y
- 70.79%
- 3Y*
- 46.83%
- 5Y*
- 21.40%
- 10Y*
- 29.76%
GLDI
- 1D
- 0.42%
- 1M
- -6.86%
- YTD
- -2.64%
- 6M
- -2.08%
- 1Y
- 13.60%
- 3Y*
- 17.80%
- 5Y*
- 10.20%
- 10Y*
- 8.20%
UPRO vs. GLDI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 20.70% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
GLDI Credit Suisse X-Links Gold Shares Covered Call ETN | -2.64% | 34.25% | 17.76% | 8.93% | -1.11% | -3.42% | 23.50% | 14.40% | -0.54% | 8.94% |
Correlation
The correlation between UPRO and GLDI is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2013 | 0.05 |
Over the past year, UPRO and GLDI have become more correlated (0.26) than their long-term average of 0.05, meaning their price movements have been converging.
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Return for Risk
UPRO vs. GLDI — Risk / Return Rank
UPRO
GLDI
UPRO vs. GLDI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI). 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.
| UPRO | GLDI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.20 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.43 | 1.05 | +1.38 |
| Martin ratioReturn relative to average drawdown | 10.01 | 3.77 | +6.24 |
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Drawdowns
UPRO vs. GLDI - Drawdown Comparison
The maximum UPRO drawdown since its inception was -76.82%, which is greater than GLDI's maximum drawdown of -32.26%. Use the drawdown chart below to compare losses from any high point for UPRO and GLDI.
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Drawdown Indicators
| UPRO | GLDI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.82% | -32.26% | -44.56% |
Max Drawdown (1Y)Largest decline over 1 year | -26.78% | -14.14% | -12.64% |
Max Drawdown (3Y)Largest decline over 3 years | -48.87% | -14.14% | -34.73% |
Max Drawdown (5Y)Largest decline over 5 years | -63.94% | -14.14% | -49.80% |
Max Drawdown (10Y)Largest decline over 10 years | -76.82% | -14.94% | -61.88% |
Current DrawdownCurrent decline from peak | -7.60% | -11.63% | +4.03% |
Average DrawdownAverage peak-to-trough decline | -14.40% | -13.99% | -0.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.50% | 3.94% | +2.56% |
Volatility
UPRO vs. GLDI - Volatility Comparison
ProShares UltraPro S&P 500 (UPRO) has a higher volatility of 13.22% compared to Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI) at 6.70%. This indicates that UPRO's price experiences larger fluctuations and is considered to be riskier than GLDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UPRO | GLDI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.22% | 6.70% | +6.52% |
Volatility (6M)Calculated over the trailing 6-month period | 28.74% | 14.24% | +14.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.77% | 15.75% | +21.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.52% | 11.61% | +38.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.83% | 11.50% | +42.33% |
UPRO vs. GLDI - Expense Ratio Comparison
UPRO has a 0.89% expense ratio, which is higher than GLDI's 0.65% expense ratio.
Dividends
UPRO vs. GLDI - Dividend Comparison
UPRO's dividend yield for the trailing twelve months is around 0.72%, less than GLDI's 23.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLDI Credit Suisse X-Links Gold Shares Covered Call ETN | 23.45% | 16.15% | 10.45% | 10.02% | 13.73% | 10.65% | 14.25% | 7.25% | 5.33% | 7.77% | 17.26% | 10.07% |
UPRO ProShares UltraPro S&P 500 | 0.72% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
UPRO and GLDI have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (13.22%) compared to GLDI (6.70%). In terms of maximum drawdown, UPRO dropped -76.82% vs GLDI's -32.26%.
On 10-year performance, UPRO leads with 29.76% vs 8.20% for GLDI. On fees, GLDI is cheaper at 0.65% per year. On volatility, GLDI has been the lower-risk option at 6.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 29.76% return vs 8.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDI is cheaper with a 0.65% expense ratio, compared with 0.89% for UPRO.
GLDI has the higher dividend yield at 23.45%, compared with 0.72% for UPRO.
UPRO is categorized as Leveraged Equities, while GLDI is Precious Metals. UPRO tracks S&P 500, while GLDI tracks Credit Suisse NASDAQ Gold FLOWS 103 Index. They also come from different issuers: ProShares and Credit Suisse. Their fees differ too: 0.89% for UPRO and 0.65% for GLDI.
UPRO currently has the higher Sharpe Ratio (1.77 vs 0.95), 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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