{"url":"https://etfiq.com/compare/leverage/gll-vs-ugl","section":"compare","title":"GLL vs UGL: which held to its multiple? | ETFIQ","description":"GLL sets out to return -2 times GLD each day and UGL +2 times. Over the three months to Sep 30, 2026 they finished \u22121.0 pts and \u22122.4 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, GLL or UGL?","acceptedAnswer":{"@type":"Answer","text":"Over the window to Sep 30, 2026, GLL finished 1.0 points from what its multiple implies and UGL finished 2.4 points from its own, so GLL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about."}},{"@type":"Question","name":"Are GLL and UGL levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on gold, GLL at -2 times and UGL at +2 times the daily move."}},{"@type":"Question","name":"Which one decays faster, GLL or UGL?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window GLL\u2019s moved at 25% annualized and UGL\u2019s at 25%, so GLL has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold GLL or UGL for a year?","acceptedAnswer":{"@type":"Answer","text":"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\u2019s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way."}},{"@type":"Question","name":"Which is cheaper, GLL or UGL?","acceptedAnswer":{"@type":"Answer","text":"GLL charges 0.95% a year and UGL charges 0.95%, so GLL is cheaper. Fees come from each fund's prospectus."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Leveraged ETFs","item":"https://etfiq.com/leverage/"},{"@type":"ListItem","position":3,"name":"GLL vs UGL","item":"https://etfiq.com/compare/leverage/gll-vs-ugl"}]},{"@type":"WebPage","name":"GLL vs UGL: which held to its multiple?","description":"GLL sets out to return -2 times GLD each day and UGL +2 times. Over the three months to Sep 30, 2026 they finished \u22121.0 pts and \u22122.4 pts away.","url":"https://etfiq.com/compare/leverage/gll-vs-ugl","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, GLL finished 3.0 points over and UGL 0.9 points short.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of GLL and UGL","description":"GLL sets out to return -2 times GLD each day and UGL +2 times. Over the three months to Sep 30, 2026 they finished \u22121.0 pts and \u22122.4 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/gll-vs-ugl","license":"https://etfiq.com/standards/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/leverage.json"}],"variableMeasured":["Stated multiple","Underlying return","What the stated multiple implies","Fund total return","Difference against the label","Volatility of the underlying","Expense ratio"],"keywords":["exchange-traded funds","ETF","Leveraged ETFs","fund data","SEC filings"]}],"characters":6885,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / GLL vs UGL \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n GLL vs UGL: which held to its multiple?\n\n Over three months against its own daily promise, GLL finished 3.0 points over and UGL 0.9 points short.\n Copy this for sharing \n \n ProShares UltraShort Gold and ProShares Ultra Gold.\n\n Download as PDF \n\n \u22126.6% GLL returned, 3 months \n +3.1% UGL returned, 3 months \n \u22121.0 pts GLL from its stated multiple \n \u22122.4 pts UGL from its stated multiple \n\n ETFIQ Decay Resistance Score: UGL scores higher\n Did it keep up with its own daily multi","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","citation":"ETFIQ, as of Sep 30, 2026. https://etfiq.com/compare/leverage/gll-vs-ugl","a":{"ticker":"GLL","name":"ProShares UltraShort Gold","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: GLL returned \u22126.6% where its own daily promise gave \u22129.5%, 3.0 points over.","url":"https://etfiq.com/funds/gll","key_facts":[{"label":"What GLD did","value":"+2.8%","as_of":"2026-09-30","source":null},{"label":"What \u22122 times a day gives","value":"\u22129.5%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u22126.6%","as_of":"2026-09-30","source":null},{"label":"The fund itself added","value":"+3.0 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$108m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.95%","as_of":"2026-09-30","source":"issuer page"}]},"b":{"ticker":"UGL","name":"ProShares Ultra Gold","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: UGL returned +3.1% where its own daily promise gave +4.0%, 0.9 points short.","url":"https://etfiq.com/funds/ugl","key_facts":[{"label":"What GLD did","value":"+2.8%","as_of":"2026-09-30","source":null},{"label":"What 2 times a day gives","value":"+4.0%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"+3.1%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22120.9 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$765m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.95%","as_of":"2026-09-30","source":"issuer page"}]},"overlap_pct":null,"overlap_note":"ETFIQ does not publish a holdings overlap for this pair. Either the funds are not compared on holdings, or one book is incomplete.","full_text_at":"https://etfiq.com/compare/leverage/gll-vs-ugl"}