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GLL vs SVXY

ProShares UltraShort Gold

GLLCNYSE Arca

ProShares Short VIX Short-Term Futures ETF

SVXYBCboe

Overlap

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

GLL0.95%SVXY0.95%

Avg volume · 30D

GLL 1.7×the volume

GLL2.55MSVXY1.49M

10Y return · a year

SVXY +19.2pt

GLL−20.9%SVXY−1.7%

GLL vs SVXY Performance

Oct 29, 2021 – Oct 30, 2026

−78.7%GLL+96.6%SVXY

Oct 29, 2021 to Oct 30, 2026. GLL −78.7%. SVXY +96.6%. Use the arrow keys to read each point.−50%0%50%Oct 2021Apr 2024Oct 2026
Expense ratio
GLL 0.95%
SVXY 0.95%
Fund size
GLL $111M
SVXY $201M
1Y total return
GLL −5.6%
SVXY +21.9%, better
Holdings
GLL 1
SVXY 1
Avg volume (30D)
GLL 2.55M sh, better
SVXY 1.49M sh
NAV per share
GLL $28.57
SVXY $60.55
52W range

ETF.net Grade

GLL: Cost 50, Risk 31, Mission not scored, Tradability 56, Holdings not scored, Durability 67. SVXY: Cost 50, Risk 75, Mission not scored, Tradability 84, Holdings not scored, Durability 76.
Pillar letters and Scores for GLL, SVXY, with each pillar’s weight
PillarGLLSVXY
Cost30% weightC50C50
Mission25% weightNot scoredNot scored
Risk15% weightD31A75Higher
Tradability15% weightB56A84Higher
Holdings10% weightNot scoredNot scored
Durability5% weightB67A76Higher

Rank among Leveraged Inverse (2x & Other) funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. GLL and SVXY are both graded against the same 53 Leveraged Inverse (2x & Other) funds, so their Grades compare head to head.

Leveraged Inverse (2x & Other)⁠

Category · 53 funds
See all 53 ›

SVXY ranks 1st and GLL 24th of 53 funds in the Leveraged Inverse (2x & Other) Category.

  1. Rank 1BDOGProShares Short Dow30Score 65
  2. Rank 1BSVXYProShares Short VIX Short-Term Futures ETFScore 65
  3. Rank 3BPSQProShares Short QQQScore 64
  4. Rank 23CZSLProShares UltraShort SilverScore 50
  5. Rank 24CGLLProShares UltraShort GoldScore 48
  6. Rank 25CETHDProShares UltraShort Ether ETFScore 47

Our read on each fund

ETF.net Research

GLLCProShares UltraShort Gold

SVXYBProShares Short VIX Short-Term Futures ETF

In short

GLL Short gold, with the volume knob turned to two. GLL aims for -2x the daily move of the Bloomberg Gold Subindex, it has been running since 2008, and it charges less than the typical leveraged-bear fund.

SVXY Short volatility, half dose. SVXY targets one-half the inverse of a VIX short-term futures index each day, a deliberately de-tuned take on the short-vol trade, and it has run that mandate since 2011.

Stated mandate

GLL GLL seeks daily results equal to -2 times the daily performance of the Bloomberg Gold Subindex, before fees and expenses.

SVXY SVXY seeks daily results equal to one-half the inverse of the S&P 500 VIX Short-Term Futures Index. Its objective is measured daily, so returns over longer periods can differ from the stated daily target.

Why people hold it

  • GLL One job, stated plainly: -2 times the daily move of the Bloomberg Gold Subindex. No discretion, no stock picking, no wondering what is under the hood.
  • A 0.95% expense ratio undercuts the median leveraged-bear fund by a wide margin. Nothing is cheap in this aisle, but within the cohort the fee is a real edge.
  • Live since 2008, so it has traded through gold's booms and busts. Few inverse commodity funds have that much road behind them.
  • Actively traded in a corner of the market where plenty of products are thin, and one of the stronger implementations among leveraged-bear funds.
  • SVXY The half-strength design is the whole idea: a -0.5x daily target rather than full inverse, so a jump in VIX futures lands with half the force of a one-for-one short.proshares.com
  • 0.95% a year sits below the typical leveraged and inverse fund, and among that crowd this is one of the stronger implementations in its peer group.
  • Launched in 2011 and actively traded, so it has a long operating history and a working market for getting in and out.

Worth knowing

  • GLL The leverage resets every day. Hold longer and choppy gold prices can leave results well away from -2x the index's move over that stretch.
  • It cuts both ways. A gold rally lands on this fund at roughly double force on a daily basis.
  • Structured as a commodity pool tracking a futures-based gold index, not a stock fund, and it has not been paying distributions. A trading tool, not an income holding.
  • SVXY The objective resets daily. Hold longer and compounding takes over, so results over weeks or months can look nothing like half the inverse of the index.proshares.com
  • It is a commodity pool holding VIX futures, not a basket of stocks. Reporting and tax treatment follow different rules than a standard equity ETF.proshares.com
  • Pure price vehicle with no distribution stream, and volatility spikes arrive fast, which is exactly what a short-vol position is on the wrong side of.

Full GLL profile⁠

Full SVXY profile⁠

GLL vs SVXY Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

GLL vs SVXY Cost

Same expense ratio

$17,869

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • GLL 0.95%

    $17,869

  • SVXY 0.95%

    $17,869

$10,000
30 years

Cost over time

  • GLL 0.95%
  • SVXY 0.95%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530GLL $17,869SVXY $17,869

Year by year

YearGLLSVXY
10$1,678$1,678
20$6,322$6,322
30$17,869$17,869

Expense ratio

  • 0.95%GLL
  • 0.95%SVXY
  • Middle half of Leveraged Inverse (2x & Other) funds
  • Median 0.95%

GLL 6th cheapest of 53 funds

SVXY 6th cheapest of 53 funds

GLL vs SVXY Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
GLL None
SVXY None

Distribution history

GLLAll GLL payments⁠

No distribution history available.

SVXYAll SVXY payments⁠

No distribution history available.

GLL vs SVXY Risk

Fall from peak · 5 years

  • GLL
  • SVXY
Oct 29, 2021 to Oct 30, 2026. Worst fall: GLL −89.8% · Mar 2026. Use the arrow keys to read each point.−100%−75%−50%−25%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
GLL 38.2%SVXY 26.5%, better
Return per unit of riskSharpe ratio, 3 years
GLL −1.10SVXY 0.42, better
Worst fallMax drawdown, 5 years
GLL −89.8%SVXY −46.4%, better
Market sensitivityBeta, 5 years
GLL −0.63SVXY 1.32

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