GDXD vs. SQQQ

Last updated Jul 14, 2026

GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - GDXD is a Inverse Equities fund tracking the S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 5 years, GDXD returned -72.96%/yr vs -45.66%/yr for SQQQ. At a 0.25 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

GDXD vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) 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, GDXD achieves a -37.37% return, which is significantly higher than SQQQ's -40.27% return.

GDXD

• 1D: 8.77%
• 1M: 16.42%
• 6M: -11.19%
• YTD: -37.37%
• 1Y: -91.03%
• 3Y*: -82.31%
• 5Y*: -72.96%
• 10Y*: —

SQQQ

• 1D: 5.74%
• 1M: 1.37%
• 6M: -36.57%
• YTD: -40.27%
• 1Y: -56.10%
• 3Y*: -51.78%
• 5Y*: -45.66%
• 10Y*: -55.28%

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

GDXD vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs	-37.37%	-97.53%	-57.78%	-52.35%	-52.56%	-19.71%	-13.10%
SQQQ ProShares UltraPro Short QQQ	-40.27%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-10.28%

Correlation

The correlation between GDXD and SQQQ is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020	0.25

The correlation between GDXD and SQQQ shifts across timeframes, from 0.25 (5 years) to 0.38 (1 year), reflecting how their relationship changes across market environments.

GDXD vs. SQQQ - Sectors Allocation Comparison

Sectors	GDXD	SQQQ
Basic Materials	100.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	109.1%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

GDXD vs. SQQQ — Risk / Return Rank

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

GDXD

GDXD Risk / Return Rank: 3
GDXD Sharpe Ratio Rank: 4
GDXD Sortino Ratio Rank: 2
GDXD Omega Ratio Rank: 2
GDXD Calmar Ratio Rank: 1
GDXD Martin Ratio Rank: 4

SQQQ

SQQQ Risk / Return Rank: 1
SQQQ Sharpe Ratio Rank: 1
SQQQ Sortino Ratio Rank: 1
SQQQ Omega Ratio Rank: 1
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.

GDXD vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) 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.

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.

	GDXD	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.63	-1.01	+0.38
Sortino ratio: Return per unit of downside risk	-1.41	-1.69	+0.28
Omega ratio: Gain probability vs. loss probability	0.85	0.82	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.95	-0.92	-0.03
Martin ratio: Return relative to average drawdown	-1.12	-1.71	+0.59

GDXD vs. SQQQ - Sharpe Ratio Comparison

The current GDXD Sharpe Ratio is -0.63, which is higher than the SQQQ Sharpe Ratio of -1.01. The chart below compares the historical Sharpe Ratios of GDXD 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.

Drawdowns

GDXD vs. SQQQ - Drawdown Comparison

The maximum GDXD drawdown since its inception was -99.96%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for GDXD and SQQQ.

Drawdown Indicators

	GDXD	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.96%	-100.00%	+0.04%
Max Drawdown (1Y) Largest decline over 1 year	-96.19%	-61.03%	-35.16%
Max Drawdown (3Y) Largest decline over 3 years	-99.86%	-92.51%	-7.35%
Max Drawdown (5Y) Largest decline over 5 years	-99.96%	-97.27%	-2.69%
Max Drawdown (10Y) Largest decline over 10 years	—	-99.97%	—
Current Drawdown Current decline from peak	-99.91%	-100.00%	+0.09%
Average Drawdown Average peak-to-trough decline	-72.32%	-92.75%	+20.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	80.98%	32.78%	+48.20%

Volatility

GDXD vs. SQQQ - Volatility Comparison

MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a higher volatility of 47.16% compared to ProShares UltraPro Short QQQ (SQQQ) at 26.05%. This indicates that GDXD's price experiences larger fluctuations and is considered to be riskier than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXD	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	47.16%	26.05%	+21.11%
Volatility (6M) Calculated over the trailing 6-month period	117.86%	45.88%	+71.98%
Volatility (1Y) Calculated over the trailing 1-year period	144.94%	55.64%	+89.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	112.08%	67.87%	+44.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.75%	66.56%	+44.19%

GDXD vs. SQQQ - Expense Ratio Comparison

Both GDXD and SQQQ have an expense ratio of 0.95%.

Dividends

GDXD vs. SQQQ - Dividend Comparison

GDXD has not paid dividends to shareholders, while SQQQ's dividend yield for the trailing twelve months is around 10.00%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SQQQ ProShares UltraPro Short QQQ	10.00%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%

Frequently Asked Questions

Can I hold both GDXD and SQQQ in my portfolio?

GDXD and SQQQ have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDXD or SQQQ?

GDXD has higher volatility (47.16%) compared to SQQQ (26.05%). In terms of maximum drawdown, GDXD dropped -99.96% vs SQQQ's -100.00%.

Which ETF is better, GDXD or SQQQ?

On 5-year performance, SQQQ leads with -45.66% vs -72.96% for GDXD. Both ETFs have the same 0.95% expense ratio. On volatility, SQQQ has been the lower-risk option at 26.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDXD or SQQQ?

Over the 5-year period, SQQQ has performed better with a -45.66% return vs -72.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDXD or SQQQ?

GDXD and SQQQ have the same expense ratio: 0.95% per year.

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

SQQQ has the higher dividend yield at 10.00%, compared with 0.00% for GDXD.

What is the main difference between GDXD and SQQQ?

GDXD is categorized as Inverse Equities, while SQQQ is Leveraged Equities. GDXD tracks S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%), while SQQQ tracks NASDAQ-100 Index (-300%). They also come from different issuers: BMO and ProShares.

Which has better risk-adjusted returns?

GDXD currently has the higher Sharpe Ratio (-0.63 vs -1.01), 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.