GDX vs. SQQQ

Last updated Jun 9, 2026

GDX (VanEck Gold Miners ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, GDX returned 12.82%/yr vs -55.68%/yr for SQQQ. At a correlation of -0.18, they often move in opposite directions. GDX charges 0.51%/yr vs 0.95%/yr for SQQQ.

Performance

GDX vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Gold Miners ETF (GDX) and ProShares UltraPro Short QQQ (SQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDX achieves a -8.28% return, which is significantly higher than SQQQ's -39.28% return. Over the past 10 years, GDX has outperformed SQQQ with an annualized return of 12.82%, while SQQQ has yielded a comparatively lower -55.68% annualized return.

GDX

• 1D: -0.22%
• 1M: -16.83%
• YTD: -8.28%
• 6M: 0.10%
• 1Y: 53.51%
• 3Y*: 37.89%
• 5Y*: 17.28%
• 10Y*: 12.82%

SQQQ

• 1D: -4.47%
• 1M: -3.08%
• YTD: -39.28%
• 6M: -36.43%
• 1Y: -60.85%
• 3Y*: -54.68%
• 5Y*: -47.98%
• 10Y*: -55.68%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GDX vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GDX VanEck Gold Miners ETF	-8.28%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-8.77%	11.99%
SQQQ ProShares UltraPro Short QQQ	-39.28%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%

Correlation

The correlation between GDX and SQQQ is -0.34, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	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	-0.23
Correlation (10Y) Calculated over the trailing 10-year period	-0.18
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010	-0.18

The correlation between GDX and SQQQ shifts across timeframes, from -0.34 (1 year) to -0.18 (10 years), reflecting how their relationship changes across market environments.

GDX vs. SQQQ - Sectors Allocation Comparison

Sectors	GDX	SQQQ
Basic Materials	100.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	103.4%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

GDX vs. SQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GDX

GDX Risk / Return Rank: 35
GDX Sharpe Ratio Rank: 35
GDX Sortino Ratio Rank: 32
GDX Omega Ratio Rank: 37
GDX Calmar Ratio Rank: 37
GDX Martin Ratio Rank: 32

SQQQ

SQQQ Risk / Return Rank: 0
SQQQ Sharpe Ratio Rank: 0
SQQQ Sortino Ratio Rank: 0
SQQQ Omega Ratio Rank: 0
SQQQ Calmar Ratio Rank: 1
SQQQ Martin Ratio Rank: 0

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GDX vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and ProShares UltraPro Short QQQ (SQQQ). 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.

	GDX	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.16	-1.22	+2.38
Sortino ratio: Return per unit of downside risk	1.58	-2.26	+3.84
Omega ratio: Gain probability vs. loss probability	1.22	0.76	+0.46
Calmar ratio: Return relative to maximum drawdown	1.68	-0.93	+2.60
Martin ratio: Return relative to average drawdown	4.32	-1.69	+6.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDX vs. SQQQ - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 1.16, which is higher than the SQQQ Sharpe Ratio of -1.22. The chart below compares the historical Sharpe Ratios of GDX and SQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GDX	SQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	-1.22	+2.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	-0.72	+1.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	-0.84	+1.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	-0.87	+0.99

Drawdowns

GDX vs. SQQQ - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for GDX and SQQQ.

Drawdown Indicators

	GDX	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-100.00%	+19.66%
Max Drawdown (1Y) Largest decline over 1 year	-32.09%	-65.71%	+33.62%
Max Drawdown (3Y) Largest decline over 3 years	-32.09%	-92.38%	+60.29%
Max Drawdown (5Y) Largest decline over 5 years	-46.51%	-97.23%	+50.72%
Max Drawdown (10Y) Largest decline over 10 years	-49.79%	-99.98%	+50.19%
Current Drawdown Current decline from peak	-32.09%	-100.00%	+67.91%
Average Drawdown Average peak-to-trough decline	-40.43%	-92.40%	+51.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.42%	35.98%	-23.56%

Volatility

GDX vs. SQQQ - Volatility Comparison

The current volatility for VanEck Gold Miners ETF (GDX) is 16.05%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 19.65%. This indicates that GDX experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDX	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.05%	19.65%	-3.60%
Volatility (6M) Calculated over the trailing 6-month period	38.61%	39.23%	-0.62%
Volatility (1Y) Calculated over the trailing 1-year period	46.36%	50.16%	-3.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.61%	66.95%	-30.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.27%	66.30%	-29.03%

GDX vs. SQQQ - Expense Ratio Comparison

GDX has a 0.51% expense ratio, which is lower than SQQQ's 0.95% expense ratio.

Dividends

GDX vs. SQQQ - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.80%, less than SQQQ's 11.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDX VanEck Gold Miners ETF	0.80%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%
SQQQ ProShares UltraPro Short QQQ	11.25%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDX and SQQQ in my portfolio?

GDX and SQQQ 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.

Which is riskier, GDX or SQQQ?

SQQQ has higher volatility (19.65%) compared to GDX (16.05%). In terms of maximum drawdown, GDX dropped -80.34% vs SQQQ's -100.00%.

Which ETF is better, GDX or SQQQ?

On 10-year performance, GDX leads with 12.82% vs -55.68% for SQQQ. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 16.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDX or SQQQ?

Over the 10-year period, GDX has performed better with a 12.82% return vs -55.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDX or SQQQ?

GDX is cheaper with a 0.51% expense ratio, compared with 0.95% for SQQQ.

Which ETF pays a higher dividend yield, GDX or SQQQ?

SQQQ has the higher dividend yield at 11.25%, compared with 0.80% for GDX.

What is the main difference between GDX and SQQQ?

GDX is categorized as Gold, while SQQQ is Leveraged Equities. GDX tracks NYSE MarketVector Global Gold Miners Index, while SQQQ tracks NASDAQ-100 Index (-300%). They also come from different issuers: VanEck and ProShares. Their fees differ too: 0.51% for GDX and 0.95% for SQQQ.

Which has better risk-adjusted returns?

GDX currently has the higher Sharpe Ratio (1.16 vs -1.22), 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.