GDX vs. SSG
GDX (VanEck Gold Miners ETF) and SSG (Proshares Ultrashort Semiconductors) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while SSG is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (-200%). Both are passively managed. Over the past 10 years, GDX returned 13.29%/yr vs -61.87%/yr for SSG. At a correlation of -0.19, they often move in opposite directions. GDX charges 0.51%/yr vs 0.95%/yr for SSG.
Performance
GDX vs. SSG - Performance Comparison
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Returns By Period
In the year-to-date period, GDX achieves a -6.69% return, which is significantly higher than SSG's -57.62% return. Over the past 10 years, GDX has outperformed SSG with an annualized return of 13.29%, while SSG has yielded a comparatively lower -61.87% annualized return.
GDX
- 1D
- 2.97%
- 1M
- -8.38%
- YTD
- -6.69%
- 6M
- -5.89%
- 1Y
- 48.02%
- 3Y*
- 38.96%
- 5Y*
- 17.51%
- 10Y*
- 13.29%
SSG
- 1D
- -2.05%
- 1M
- -8.96%
- YTD
- -57.62%
- 6M
- -60.52%
- 1Y
- -79.15%
- 3Y*
- -73.33%
- 5Y*
- -66.38%
- 10Y*
- -61.87%
GDX vs. SSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | -6.69% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
SSG Proshares Ultrashort Semiconductors | -57.62% | -70.03% | -77.59% | -78.69% | 37.90% | -67.46% | -76.50% | -63.33% | -0.79% | -51.60% |
Correlation
The correlation between GDX and SSG is -0.29, 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 | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.15 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | -0.19 |
The correlation between GDX and SSG shifts across timeframes, from -0.29 (1 year) to -0.15 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
GDX vs. SSG — Risk / Return Rank
GDX
SSG
GDX vs. SSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and Proshares Ultrashort Semiconductors (SSG). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GDX | SSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.27 | ||
| Sortino ratioReturn per unit of downside risk | +4.17 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.72 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | -0.97 | +2.37 |
| Martin ratioReturn relative to average drawdown | 3.87 | -1.52 | +5.39 |
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Drawdowns
GDX vs. SSG - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, smaller than the maximum SSG drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for GDX and SSG.
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Drawdown Indicators
| GDX | SSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -100.00% | +19.66% |
Max Drawdown (1Y)Largest decline over 1 year | -36.28% | -81.04% | +44.76% |
Max Drawdown (3Y)Largest decline over 3 years | -36.28% | -98.49% | +62.21% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -99.64% | +53.13% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | -99.99% | +50.20% |
Current DrawdownCurrent decline from peak | -30.91% | -100.00% | +69.09% |
Average DrawdownAverage peak-to-trough decline | -40.41% | -88.59% | +48.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.11% | 51.46% | -38.35% |
Volatility
GDX vs. SSG - Volatility Comparison
The current volatility for VanEck Gold Miners ETF (GDX) is 17.20%, while Proshares Ultrashort Semiconductors (SSG) has a volatility of 28.87%. This indicates that GDX experiences smaller price fluctuations and is considered to be less risky than SSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDX | SSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.20% | 28.87% | -11.67% |
Volatility (6M)Calculated over the trailing 6-month period | 39.15% | 52.78% | -13.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.89% | 65.95% | -19.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.74% | 78.00% | -41.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.34% | 69.35% | -32.01% |
GDX vs. SSG - Expense Ratio Comparison
GDX has a 0.51% expense ratio, which is lower than SSG's 0.95% expense ratio.
Dividends
GDX vs. SSG - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.79%, less than SSG's 12.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.79% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
SSG Proshares Ultrashort Semiconductors | 12.32% | 9.19% | 7.67% | 6.73% | 0.75% | 0.00% | 0.34% | 1.81% | 0.62% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GDX and SSG have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SSG has higher volatility (28.87%) compared to GDX (17.20%). In terms of maximum drawdown, GDX dropped -80.34% vs SSG's -100.00%.
On 10-year performance, GDX leads with 13.29% vs -61.87% for SSG. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 17.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDX has performed better with a 13.29% return vs -61.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 0.95% for SSG.
SSG has the higher dividend yield at 12.32%, compared with 0.79% for GDX.
GDX is categorized as Gold, while SSG is Leveraged Equities. GDX tracks NYSE MarketVector Global Gold Miners Index, while SSG tracks Dow Jones U.S. Semiconductors Index (-200%). They also come from different issuers: VanEck and ProShares. Their fees differ too: 0.51% for GDX and 0.95% for SSG.
GDX currently has the higher Sharpe Ratio (1.09 vs -1.19), 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.
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