VOO vs. GLL
VOO (Vanguard S&P 500 ETF) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - VOO is a S&P 500 fund tracking the S&P 500 Index, while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, VOO returned 15.35%/yr vs -22.59%/yr for GLL. At a correlation of -0.04, they often move in opposite directions. VOO charges 0.03%/yr vs 0.95%/yr for GLL.
Performance
VOO vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, VOO achieves a 8.72% return, which is significantly higher than GLL's -9.94% return. Over the past 10 years, VOO has outperformed GLL with an annualized return of 15.35%, while GLL has yielded a comparatively lower -22.59% annualized return.
VOO
- 1D
- 0.25%
- 1M
- 0.24%
- YTD
- 8.72%
- 6M
- 8.77%
- 1Y
- 24.91%
- 3Y*
- 21.45%
- 5Y*
- 13.49%
- 10Y*
- 15.35%
GLL
- 1D
- -0.34%
- 1M
- 19.36%
- YTD
- -9.94%
- 6M
- -15.04%
- 1Y
- -46.82%
- 3Y*
- -40.24%
- 5Y*
- -28.10%
- 10Y*
- -22.59%
VOO vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VOO Vanguard S&P 500 ETF | 8.72% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -4.50% | 21.77% |
GLL ProShares UltraShort Gold | -9.94% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
Correlation
The correlation between VOO and GLL is -0.22, 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 (1Y) Calculated over the trailing 1-year period | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010 | -0.04 |
The correlation between VOO and GLL shifts across timeframes, from -0.22 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VOO vs. GLL — Risk / Return Rank
VOO
GLL
VOO vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 ETF (VOO) 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.
| VOO | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.96 | ||
| Sortino ratioReturn per unit of downside risk | +4.21 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 0.84 | +0.54 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | -0.72 | +3.53 |
| Martin ratioReturn relative to average drawdown | 12.97 | -1.11 | +14.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VOO | GLL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.08 | -0.89 | +2.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.80 | -0.78 | +1.59 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.85 | -0.70 | +1.56 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.88 | -0.67 | +1.54 |
Drawdowns
VOO vs. GLL - Drawdown Comparison
The maximum VOO drawdown since its inception was -33.99%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for VOO and GLL.
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Drawdown Indicators
| VOO | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.99% | -99.24% | +65.25% |
Max Drawdown (1Y)Largest decline over 1 year | -8.90% | -65.10% | +56.20% |
Max Drawdown (3Y)Largest decline over 3 years | -18.69% | -87.95% | +69.26% |
Max Drawdown (5Y)Largest decline over 5 years | -24.52% | -89.76% | +65.24% |
Max Drawdown (10Y)Largest decline over 10 years | -33.99% | -95.76% | +61.77% |
Current DrawdownCurrent decline from peak | -2.66% | -98.88% | +96.22% |
Average DrawdownAverage peak-to-trough decline | -3.69% | -85.14% | +81.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.92% | 42.09% | -40.17% |
Volatility
VOO vs. GLL - Volatility Comparison
The current volatility for Vanguard S&P 500 ETF (VOO) is 3.73%, while ProShares UltraShort Gold (GLL) has a volatility of 11.12%. This indicates that VOO 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.
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Volatility by Period
| VOO | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.73% | 11.12% | -7.39% |
Volatility (6M)Calculated over the trailing 6-month period | 9.31% | 45.04% | -35.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.08% | 52.94% | -40.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.85% | 36.05% | -19.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 32.21% | -14.18% |
VOO vs. GLL - Expense Ratio Comparison
VOO has a 0.03% expense ratio, which is lower than GLL's 0.95% expense ratio.
Dividends
VOO vs. GLL - Dividend Comparison
VOO's dividend yield for the trailing twelve months is around 1.05%, 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% |
VOO Vanguard S&P 500 ETF | 1.05% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
VOO and GLL have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (11.12%) compared to VOO (3.73%). In terms of maximum drawdown, VOO dropped -33.99% vs GLL's -99.24%.
On 10-year performance, VOO leads with 15.35% vs -22.59% for GLL. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VOO has performed better with a 15.35% return vs -22.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 0.95% for GLL.
VOO has the higher dividend yield at 1.05%, compared with 0.00% for GLL.
VOO is categorized as S&P 500, while GLL is Leveraged Commodities. VOO tracks S&P 500 Index, while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: Vanguard and ProShares. Their fees differ too: 0.03% for VOO and 0.95% for GLL.
VOO currently has the higher Sharpe Ratio (2.08 vs -0.89), 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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