YANG vs. GLL
YANG (Direxion Daily China 3x Bear Shares) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%), while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, YANG returned -37.83%/yr vs -21.26%/yr for GLL. At a 0.11 correlation, their price movements are largely independent. YANG charges 1.07%/yr vs 0.95%/yr for GLL.
Performance
YANG vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, YANG achieves a 45.69% return, which is significantly higher than GLL's -1.30% return. Over the past 10 years, YANG has underperformed GLL with an annualized return of -37.83%, while GLL has yielded a comparatively higher -21.26% annualized return.
YANG
- 1D
- 4.97%
- 1M
- 21.92%
- YTD
- 45.69%
- 6M
- 48.59%
- 1Y
- 15.02%
- 3Y*
- -43.76%
- 5Y*
- -31.21%
- 10Y*
- -37.83%
GLL
- 1D
- 3.82%
- 1M
- 18.89%
- YTD
- -1.30%
- 6M
- 7.14%
- 1Y
- -39.64%
- 3Y*
- -39.33%
- 5Y*
- -28.52%
- 10Y*
- -21.26%
YANG vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YANG Direxion Daily China 3x Bear Shares | 45.69% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
GLL ProShares UltraShort Gold | -1.30% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
Correlation
The correlation between YANG and GLL is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2009 | 0.11 |
Over the past year, YANG and GLL have become more correlated (0.34) than their long-term average of 0.11, meaning their price movements have been converging.
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Return for Risk
YANG vs. GLL — Risk / Return Rank
YANG
GLL
YANG vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily China 3x Bear Shares (YANG) 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.
| YANG | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.99 | ||
| Sortino ratioReturn per unit of downside risk | +1.78 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.89 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.43 | -0.61 | +1.04 |
| Martin ratioReturn relative to average drawdown | 0.72 | -0.92 | +1.64 |
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Drawdowns
YANG vs. GLL - Drawdown Comparison
The maximum YANG drawdown since its inception was -99.98%, roughly equal to the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for YANG and GLL.
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Drawdown Indicators
| YANG | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -99.24% | -0.74% |
Max Drawdown (1Y)Largest decline over 1 year | -35.33% | -65.10% | +29.77% |
Max Drawdown (3Y)Largest decline over 3 years | -94.02% | -87.95% | -6.07% |
Max Drawdown (5Y)Largest decline over 5 years | -97.38% | -89.76% | -7.62% |
Max Drawdown (10Y)Largest decline over 10 years | -99.53% | -95.76% | -3.77% |
Current DrawdownCurrent decline from peak | -99.97% | -98.77% | -1.20% |
Average DrawdownAverage peak-to-trough decline | -90.53% | -85.15% | -5.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.47% | 43.09% | -21.62% |
Volatility
YANG vs. GLL - Volatility Comparison
Direxion Daily China 3x Bear Shares (YANG) has a higher volatility of 17.73% compared to ProShares UltraShort Gold (GLL) at 16.15%. This indicates that YANG'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
| YANG | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.73% | 16.15% | +1.58% |
Volatility (6M)Calculated over the trailing 6-month period | 43.44% | 46.91% | -3.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.03% | 54.37% | +4.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.55% | 36.40% | +58.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.91% | 32.31% | +49.60% |
YANG vs. GLL - Expense Ratio Comparison
YANG has a 1.07% expense ratio, which is higher than GLL's 0.95% expense ratio.
Dividends
YANG vs. GLL - Dividend Comparison
YANG's dividend yield for the trailing twelve months is around 2.80%, while GLL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
YANG Direxion Daily China 3x Bear Shares | 2.80% | 4.03% | 9.42% | 3.66% | 0.00% | 0.00% | 0.67% | 1.54% | 0.56% |
Frequently Asked Questions
YANG and GLL have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (17.73%) compared to GLL (16.15%). In terms of maximum drawdown, YANG dropped -99.98% vs GLL's -99.24%.
On 10-year performance, GLL leads with -21.26% vs -37.83% for YANG. On fees, GLL is cheaper at 0.95% per year. On volatility, GLL has been the lower-risk option at 16.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLL has performed better with a -21.26% return vs -37.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLL is cheaper with a 0.95% expense ratio, compared with 1.07% for YANG.
YANG has the higher dividend yield at 2.80%, compared with 0.00% for GLL.
YANG is categorized as Leveraged Equities, while GLL is Leveraged Commodities. YANG tracks FTSE China 50 Index (-300%), while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.07% for YANG and 0.95% for GLL.
YANG currently has the higher Sharpe Ratio (0.26 vs -0.73), 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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