GLL vs SPY
ProShares UltraShort Gold vs State Street SPDR S&P 500 ETF Trust
Which is better, GLL or SPY?
Trading-Inverse Commodities against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | GLL | SPY |
|---|---|---|
| Expense Ratio | 0.95% | 0.09%Best |
| AUM | $95M | $804.7B |
| Dividend Yield | 0.00% | 0.98% |
| Holdings | 5 | 505 |
| YTD Return | -13.36% | +12.09%Best |
| 1Y Return | -39.42% | +16.29%Best |
| 3Y Return (annualized) | -42.38% | +21.20%Best |
| 5Y Return (annualized) | -30.48% | +13.37%Best |
| Volatility (annualized) | 32.4% | 14.9%Best |
| Max Drawdown | - | -34.1% |
| $10,000 over 5 years | $1,624 | $18,728Best |
| Fund Family | ProShares | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Trading-Inverse Commodities | Large Cap Blend |
| Inception | Dec 1, 2008 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Dec 3, 2008 to Sep 18, 2026 (17.8 years).
GLL vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
GLL vs SPY Performance
ProShares UltraShort Gold (GLL) is an ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year GLL returned -39.42% while SPY returned +16.29%. Year to date, GLL is down 13.36% versus a gain of 12.09% for SPY.
Over three years, GLL compounded at -42.38% per year against +21.20% for SPY; over five years the annualized figures are -30.48% and +13.37% respectively. Across the full 18-year window we track, SPY has the edge at +13.42% annualized vs -22.39%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GLL has been the more volatile fund, with annualized monthly volatility of 32.4% compared with 14.9% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The two funds' monthly returns correlate at -0.08. They move largely independently of each other.
Fees and Cost Over Time
GLL charges 0.95% per year while SPY charges 0.09%. On a $10,000 position that is $95 vs $9 annually, a gap of $86 per year that compounds over a long holding period. On income, GLL currently yields 0.00% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 1 holding in GLL and 504 in SPY, totalling 27.2% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 1 positions we hold weights for in GLL and 504 in SPY, against full books of 5 and 505.
You are not choosing between two funds in isolation.
Whichever of GLL and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, GLL or SPY?
GLL has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option, by $86 a year on a $10,000 investment.
Which performed better, GLL or SPY?
Over the past year GLL returned -39.42% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (18 years), GLL annualized -22.39% vs +13.42% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, GLL or SPY?
GLL has been the more volatile fund at 32.4% annualized versus 14.9% for SPY.
Should I hold both GLL and SPY?
GLL and SPY have a monthly-return correlation of -0.08, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, GLL or SPY?
GLL yields 0.00% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than GLL?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.