Data as of .
GLL vs SHNY: which held to its multiple?
Over three months against its own daily promise, GLL finished 2.5 points over and SHNY 5.4 points short.
ETFIQ Decay Resistance Score: GLL scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 121 inverse ETFs over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| GLL | SHNY | GLL | SHNY | GLL | SHNY | |
| 1 month | +2.7% | −7.8% | +3.0% | −4.6% | −0.3 pts | −3.3 pts |
| 3 months | −7.8% | −0.5% | −6.3% | +9.5% | −1.5 pts | −10.0 pts |
| 6 months | +26.5% | −47.5% | +26.9% | −40.4% | −0.4 pts | −7.1 pts |
| 1 year | −38.8% | +5.4% | −38.2% | +57.4% | −0.6 pts | −52.0 pts |
| 3 years | −80.9% | +286.1% | not meaningful | not meaningful | not meaningful | not meaningful |
| Since launch | −97.1% | +278.9% | not meaningful | not meaningful | not meaningful | not meaningful |
| GLL ProShares UltraShort Gold Aims to return twice the opposite of the daily move of gold (GLD) | SHNY MicroSectors Gold 3X Leveraged ETNs due January 29, 2043 Aims to return three times the daily move of gold (GLD) | |
|---|---|---|
| Issuer | ProShares | MicroSectors |
| Sets out to return | -2x | +3x |
| On | GLD | GLD |
| Segment | metal | index |
| Fund returned, 3 months | −7.8% | −0.5% |
| Underlying returned, 3 months | +3.2% | +3.2% |
| What the stated multiple implies, 3 months | −6.3% | +9.5% |
| Difference from stated, 3 months | −1.5 pts | −10.0 pts |
| Fund returned, 1 year or since launch | −38.8% | +5.4% |
| Difference from stated, over that window | −0.6 pts | −52.0 pts |
| Underlying volatility | 25% | 25% |
| Expense ratio | not published | not published |
| Launched | Jan 4, 2010 | Feb 22, 2023 |
GLL in plain words
Three months to Sep 11, 2026: GLL returned −7.8% where its own daily promise gave −10.3%, 2.5 points over. Read the multiple against the whole window instead and −2 times GLD's 3.2% implies −6.3%, which makes GLL look 1.5 points short. 4.0 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. GLL aims to return -2 times GLD's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. GLD moved at 25% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
SHNY in plain words
Three months to Sep 11, 2026: SHNY returned −0.5% where its own daily promise gave +4.8%, 5.4 points short. Read the multiple against the whole window instead and +3 times GLD's 3.2% implies +9.5%, which makes SHNY look 10.0 points short. 4.6 of that is daily compounding, which happens to any +3 times fund over the same path, and the rest is the fund. SHNY aims to return +3 times GLD's move each day, then resets. Over longer, the daily results compound, so the total is not +3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, GLL or SHNY?
- Over the window to Sep 11, 2026, GLL finished 1.5 points from what its multiple implies and SHNY finished 10.0 points from its own, so GLL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are GLL and SHNY levered on the same thing?
- Yes. Both are levered on gold, GLL at -2 times and SHNY at +3 times the daily move.
- Which one decays faster, GLL or SHNY?
- Decay follows how much the underlying moves about. Over this window GLL’s moved at 25% annualized and SHNY’s at 25%, so GLL has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold GLL or SHNY for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, GLL against SHNY, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/GLL-SHNY Free to use with attribution; the underlying files are at Open data.