VNO vs. GLL

Last updated Jun 13, 2026

VNO (Vornado Realty Trust) is a stock, while GLL (ProShares UltraShort Gold) is Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Over the past 10 years, VNO returned -3.07%/yr vs -22.08%/yr for GLL. At a correlation of -0.05, they often move in opposite directions.

Performance

VNO vs. GLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vornado Realty Trust (VNO) and ProShares UltraShort Gold (GLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VNO achieves a 14.99% return, which is significantly higher than GLL's -5.47% return. Over the past 10 years, VNO has outperformed GLL with an annualized return of -3.07%, while GLL has yielded a comparatively lower -22.08% annualized return.

VNO

• 1D: -1.80%
• 1M: 24.70%
• YTD: 14.99%
• 6M: 10.65%
• 1Y: -4.80%
• 3Y*: 37.06%
• 5Y*: -2.11%
• 10Y*: -3.07%

GLL

• 1D: 0.00%
• 1M: 23.29%
• YTD: -5.47%
• 6M: -6.08%
• 1Y: -41.70%
• 3Y*: -39.64%
• 5Y*: -27.61%
• 10Y*: -22.08%

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

VNO vs. GLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VNO Vornado Realty Trust	14.99%	-19.09%	51.32%	39.50%	-46.66%	17.78%	-40.43%	14.93%	-17.75%	-4.53%
GLL ProShares UltraShort Gold	-5.47%	-62.81%	-33.33%	-14.91%	-2.12%	1.66%	-41.47%	-26.95%	5.39%	-23.67%

Correlation

The correlation between VNO and GLL is -0.09, 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	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	-0.11
Correlation (5Y) Calculated over the trailing 5-year period	-0.10
Correlation (10Y) Calculated over the trailing 10-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008	-0.05

Return for Risk

VNO vs. GLL — Risk / Return Rank

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

VNO

VNO Risk / Return Rank: 36
VNO Sharpe Ratio Rank: 37
VNO Sortino Ratio Rank: 32
VNO Omega Ratio Rank: 32
VNO Calmar Ratio Rank: 39
VNO Martin Ratio Rank: 38

GLL

GLL Risk / Return Rank: 4
GLL Sharpe Ratio Rank: 3
GLL Sortino Ratio Rank: 3
GLL Omega Ratio Rank: 3
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.

VNO vs. GLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vornado Realty Trust (VNO) 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.

	VNO	GLL	Difference
Sharpe ratio: Return per unit of total volatility	-0.14	-0.78	+0.63
Sortino ratio: Return per unit of downside risk	0.03	-1.12	+1.15
Omega ratio: Gain probability vs. loss probability	1.00	0.87	+0.13
Calmar ratio: Return relative to maximum drawdown	-0.12	-0.64	+0.53
Martin ratio: Return relative to average drawdown	-0.23	-0.98	+0.76

VNO vs. GLL - Sharpe Ratio Comparison

The current VNO Sharpe Ratio is -0.14, which is higher than the GLL Sharpe Ratio of -0.78. The chart below compares the historical Sharpe Ratios of VNO and GLL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VNO vs. GLL - Drawdown Comparison

The maximum VNO drawdown since its inception was -80.89%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for VNO and GLL.

Drawdown Indicators

	VNO	GLL	Difference
Max Drawdown Largest peak-to-trough decline	-80.89%	-99.24%	+18.35%
Max Drawdown (1Y) Largest decline over 1 year	-41.22%	-65.10%	+23.88%
Max Drawdown (3Y) Largest decline over 3 years	-43.88%	-87.95%	+44.07%
Max Drawdown (5Y) Largest decline over 5 years	-72.34%	-89.76%	+17.42%
Max Drawdown (10Y) Largest decline over 10 years	-80.89%	-95.76%	+14.87%
Current Drawdown Current decline from peak	-37.96%	-98.83%	+60.87%
Average Drawdown Average peak-to-trough decline	-20.60%	-85.13%	+64.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.24%	42.47%	-21.23%

Volatility

VNO vs. GLL - Volatility Comparison

The current volatility for Vornado Realty Trust (VNO) is 10.59%, while ProShares UltraShort Gold (GLL) has a volatility of 15.23%. This indicates that VNO experiences smaller price fluctuations and is considered to be less risky than GLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VNO	GLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.59%	15.23%	-4.64%
Volatility (6M) Calculated over the trailing 6-month period	23.66%	46.29%	-22.63%
Volatility (1Y) Calculated over the trailing 1-year period	33.35%	53.94%	-20.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.70%	36.34%	+5.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.15%	32.38%	+6.77%

Dividends

VNO vs. GLL - Dividend Comparison

VNO's dividend yield for the trailing twelve months is around 1.93%, while GLL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLL ProShares UltraShort Gold	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VNO Vornado Realty Trust	1.93%	2.22%	1.76%	2.39%	10.19%	5.06%	6.37%	6.90%	4.06%	3.00%	2.41%	14.41%

Frequently Asked Questions

Can I hold both VNO and GLL in my portfolio?

VNO and GLL have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VNO or GLL?

GLL has higher volatility (15.23%) compared to VNO (10.59%). In terms of maximum drawdown, VNO dropped -80.89% vs GLL's -99.24%.

Which has better risk-adjusted returns?

VNO currently has the higher Sharpe Ratio (-0.14 vs -0.78), 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.