GDX vs. TQQQ

Last updated Jun 9, 2026

GDX (VanEck Gold Miners ETF) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while TQQQ 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 43.95%/yr for TQQQ. At a 0.18 correlation, their price movements are largely independent. GDX charges 0.51%/yr vs 0.95%/yr for TQQQ.

Performance

GDX vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Gold Miners ETF (GDX) and ProShares UltraPro QQQ (TQQQ). 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 lower than TQQQ's 44.91% return. Over the past 10 years, GDX has underperformed TQQQ with an annualized return of 12.82%, while TQQQ has yielded a comparatively higher 43.95% 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%

TQQQ

• 1D: 4.41%
• 1M: -0.01%
• YTD: 44.91%
• 6M: 37.12%
• 1Y: 106.99%
• 3Y*: 62.78%
• 5Y*: 24.89%
• 10Y*: 43.95%

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

GDX vs. TQQQ - 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%
TQQQ ProShares UltraPro QQQ	44.91%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%

Correlation

The correlation between GDX and TQQQ is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	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 11, 2010	0.18

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

GDX vs. TQQQ - Sectors Allocation Comparison

Sectors	GDX	TQQQ
Basic Materials	100.0%	1.1%
Communication Services	-	15.8%
Consumer Cyclical	-	12.3%
Consumer Defensive	-	7.7%
Energy	-	0.6%
Financial Services	-	0.2%
Healthcare	-	4.2%
Industrials	-	2.8%
Real Estate	-	0.1%
Technology	-	53.8%
Utilities	-	1.4%

Return for Risk

GDX vs. TQQQ — 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

TQQQ

TQQQ Risk / Return Rank: 63
TQQQ Sharpe Ratio Rank: 74
TQQQ Sortino Ratio Rank: 57
TQQQ Omega Ratio Rank: 60
TQQQ Calmar Ratio Rank: 64
TQQQ Martin Ratio Rank: 59

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. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and ProShares UltraPro QQQ (TQQQ). 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	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.16	2.16	-1.00
Sortino ratio: Return per unit of downside risk	1.58	2.45	-0.88
Omega ratio: Gain probability vs. loss probability	1.22	1.33	-0.11
Calmar ratio: Return relative to maximum drawdown	1.68	2.91	-1.23
Martin ratio: Return relative to average drawdown	4.32	9.45	-5.13
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. TQQQ - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 1.16, which is lower than the TQQQ Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of GDX and TQQQ, 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	TQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	2.16	-1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.37	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.67	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.72	-0.60

Drawdowns

GDX vs. TQQQ - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, roughly equal to the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for GDX and TQQQ.

Drawdown Indicators

	GDX	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-81.66%	+1.32%
Max Drawdown (1Y) Largest decline over 1 year	-32.09%	-36.97%	+4.88%
Max Drawdown (3Y) Largest decline over 3 years	-32.09%	-58.04%	+25.95%
Max Drawdown (5Y) Largest decline over 5 years	-46.51%	-81.66%	+35.15%
Max Drawdown (10Y) Largest decline over 10 years	-49.79%	-81.66%	+31.87%
Current Drawdown Current decline from peak	-32.09%	-12.55%	-19.54%
Average Drawdown Average peak-to-trough decline	-40.43%	-18.52%	-21.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.42%	11.36%	+1.06%

Volatility

GDX vs. TQQQ - Volatility Comparison

The current volatility for VanEck Gold Miners ETF (GDX) is 16.05%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 20.84%. This indicates that GDX experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDX	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.05%	20.84%	-4.79%
Volatility (6M) Calculated over the trailing 6-month period	38.61%	39.54%	-0.93%
Volatility (1Y) Calculated over the trailing 1-year period	46.36%	49.94%	-3.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.61%	66.84%	-30.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.27%	66.15%	-28.88%

GDX vs. TQQQ - Expense Ratio Comparison

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

Dividends

GDX vs. TQQQ - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.80%, more than TQQQ's 0.41% 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%
TQQQ ProShares UltraPro QQQ	0.41%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%

Frequently Asked Questions

Can I hold both GDX and TQQQ in my portfolio?

GDX and TQQQ 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 TQQQ?

TQQQ has higher volatility (20.84%) compared to GDX (16.05%). In terms of maximum drawdown, GDX dropped -80.34% vs TQQQ's -81.66%.

Which ETF is better, GDX or TQQQ?

On 10-year performance, TQQQ leads with 43.95% vs 12.82% for GDX. 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 TQQQ?

Over the 10-year period, TQQQ has performed better with a 43.95% return vs 12.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDX or TQQQ?

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

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

GDX has the higher dividend yield at 0.80%, compared with 0.41% for TQQQ.

What is the main difference between GDX and TQQQ?

GDX is categorized as Gold, while TQQQ is Leveraged Equities. GDX tracks NYSE MarketVector Global Gold Miners Index, while TQQQ 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 TQQQ.

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (2.16 vs 1.16), 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.