GDXJ vs. SQQQ

Last updated Jul 21, 2026

GDXJ (VanEck Junior Gold Miners ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - GDXJ is a Gold fund tracking the MVIS Global Junior 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, GDXJ returned 8.88%/yr vs -54.75%/yr for SQQQ. At a correlation of -0.21, they often move in opposite directions. GDXJ charges 0.52%/yr vs 0.95%/yr for SQQQ.

Performance

GDXJ vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Junior Gold Miners ETF (GDXJ) 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, GDXJ achieves a -19.44% return, which is significantly higher than SQQQ's -36.18% return. Over the past 10 years, GDXJ has outperformed SQQQ with an annualized return of 8.88%, while SQQQ has yielded a comparatively lower -54.75% annualized return.

GDXJ

• 1D: -0.59%
• 1M: -14.51%
• 6M: -28.43%
• YTD: -19.44%
• 1Y: 41.67%
• 3Y*: 36.72%
• 5Y*: 17.40%
• 10Y*: 8.88%
• ALL TIME*: 1.34%

SQQQ

• 1D: -0.26%
• 1M: 17.99%
• 6M: -34.34%
• YTD: -36.18%
• 1Y: -51.42%
• 3Y*: -51.15%
• 5Y*: -45.04%
• 10Y*: -54.75%
• ALL TIME*: -52.82%

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

GDXJ vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GDXJ VanEck Junior Gold Miners ETF	-19.44%	172.28%	15.67%	7.12%	-14.53%	-21.25%	30.40%	40.44%	-11.02%	8.22%
SQQQ ProShares UltraPro Short QQQ	-36.18%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%

Correlation

The correlation between GDXJ and SQQQ is -0.41, 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	-0.41
Correlation (3Y) Calculated over the trailing 3-year period	-0.28
Correlation (5Y) Calculated over the trailing 5-year period	-0.26
Correlation (10Y) Calculated over the trailing 10-year period	-0.20
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	-0.21

The correlation between GDXJ and SQQQ shifts across timeframes, from -0.41 (1 year) to -0.20 (10 years), reflecting how their relationship changes across market environments.

GDXJ vs. SQQQ - Sectors Allocation Comparison

Sectors	GDXJ	SQQQ
Basic Materials	100.0%	-
Financial Services	0.1%	113.3%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

GDXJ vs. SQQQ — Risk / Return Rank

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

GDXJ

GDXJ Risk / Return Rank: 28
GDXJ Sharpe Ratio Rank: 28
GDXJ Sortino Ratio Rank: 30
GDXJ Omega Ratio Rank: 32
GDXJ Calmar Ratio Rank: 28
GDXJ Martin Ratio Rank: 25

SQQQ

SQQQ Risk / Return Rank: 2
SQQQ Sharpe Ratio Rank: 2
SQQQ Sortino Ratio Rank: 2
SQQQ Omega Ratio Rank: 2
SQQQ Calmar Ratio Rank: 2
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.

GDXJ vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Junior Gold Miners ETF (GDXJ) 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.

	GDXJ	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.79	-0.92	+1.71
Sortino ratio: Return per unit of downside risk	1.27	-1.42	+2.69
Omega ratio: Gain probability vs. loss probability	1.17	0.85	+0.32
Calmar ratio: Return relative to maximum drawdown	1.01	-0.84	+1.86
Martin ratio: Return relative to average drawdown	2.31	-1.53	+3.83

GDXJ vs. SQQQ - Sharpe Ratio Comparison

The current GDXJ Sharpe Ratio is 0.79, which is higher than the SQQQ Sharpe Ratio of -0.92. The chart below compares the historical Sharpe Ratios of GDXJ 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

GDXJ vs. SQQQ - Drawdown Comparison

The maximum GDXJ drawdown since its inception was -88.66%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for GDXJ and SQQQ.

Drawdown Indicators

	GDXJ	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-88.66%	-100.00%	+11.34%
Max Drawdown (1Y) Largest decline over 1 year	-41.32%	-61.03%	+19.71%
Max Drawdown (3Y) Largest decline over 3 years	-41.32%	-92.51%	+51.19%
Max Drawdown (5Y) Largest decline over 5 years	-48.79%	-97.27%	+48.48%
Max Drawdown (10Y) Largest decline over 10 years	-57.77%	-99.97%	+42.20%
Current Drawdown Current decline from peak	-41.32%	-100.00%	+58.68%
Average Drawdown Average peak-to-trough decline	-60.31%	-92.76%	+32.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.12%	33.69%	-15.57%

Volatility

GDXJ vs. SQQQ - Volatility Comparison

The current volatility for VanEck Junior Gold Miners ETF (GDXJ) is 13.30%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 21.99%. This indicates that GDXJ 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

	GDXJ	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.30%	21.99%	-8.69%
Volatility (6M) Calculated over the trailing 6-month period	44.66%	46.34%	-1.68%
Volatility (1Y) Calculated over the trailing 1-year period	53.43%	56.15%	-2.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.90%	67.92%	-26.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.18%	66.60%	-22.42%

GDXJ vs. SQQQ - Expense Ratio Comparison

GDXJ has a 0.52% expense ratio, which is lower than SQQQ's 0.95% expense ratio.

Dividends

GDXJ vs. SQQQ - Dividend Comparison

GDXJ's dividend yield for the trailing twelve months is around 2.89%, less than SQQQ's 9.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDXJ VanEck Junior Gold Miners ETF	2.89%	2.33%	2.61%	0.72%	0.51%	1.78%	1.58%	0.39%	0.45%	0.03%	4.78%	0.72%
SQQQ ProShares UltraPro Short QQQ	9.36%	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 GDXJ and SQQQ in my portfolio?

GDXJ and SQQQ have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDXJ or SQQQ?

SQQQ has higher volatility (21.99%) compared to GDXJ (13.30%). In terms of maximum drawdown, GDXJ dropped -88.66% vs SQQQ's -100.00%.

Which ETF is better, GDXJ or SQQQ?

On 10-year performance, GDXJ leads with 8.88% vs -54.75% for SQQQ. On fees, GDXJ is cheaper at 0.52% per year. On volatility, GDXJ has been the lower-risk option at 13.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDXJ or SQQQ?

Over the 10-year period, GDXJ has performed better with a 8.88% return vs -54.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDXJ or SQQQ?

GDXJ is cheaper with a 0.52% expense ratio, compared with 0.95% for SQQQ.

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

SQQQ has the higher dividend yield at 9.36%, compared with 2.89% for GDXJ.

What is the main difference between GDXJ and SQQQ?

GDXJ is categorized as Gold, while SQQQ is Leveraged Equities. GDXJ tracks MVIS Global Junior Gold Miners Index, while SQQQ tracks NASDAQ-100 Index (-300%). They also come from different issuers: VanEck and ProShares. Their fees differ too: 0.52% for GDXJ and 0.95% for SQQQ.

Which has better risk-adjusted returns?

GDXJ currently has the higher Sharpe Ratio (0.79 vs -0.92), 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.