GLD vs. SQQQ
GLD (SPDR Gold Shares) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, GLD returned 11.27%/yr vs -54.75%/yr for SQQQ. At a correlation of -0.04, they often move in opposite directions. GLD charges 0.40%/yr vs 0.95%/yr for SQQQ.
Performance
GLD vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, GLD achieves a -7.24% return, which is significantly higher than SQQQ's -36.18% return. Over the past 10 years, GLD has outperformed SQQQ with an annualized return of 11.27%, while SQQQ has yielded a comparatively lower -54.75% annualized return.
GLD
- 1D
- -0.22%
- 1M
- -5.04%
- 6M
- -12.74%
- YTD
- -7.24%
- 1Y
- 19.20%
- 3Y*
- 26.36%
- 5Y*
- 16.85%
- 10Y*
- 11.27%
- ALL TIME*
- 10.24%
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%
GLD vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | -7.24% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
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 GLD and SQQQ is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.04 |
Over the past year, the inverse relationship between GLD and SQQQ has strengthened: their correlation has moved from -0.04 to -0.28, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
GLD vs. SQQQ — Risk / Return Rank
GLD
SQQQ
GLD vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) 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.
| GLD | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.61 | ||
| Sortino ratioReturn per unit of downside risk | +2.45 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.85 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.73 | -0.84 | +1.58 |
| Martin ratioReturn relative to average drawdown | 1.71 | -1.53 | +3.23 |
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Drawdowns
GLD vs. SQQQ - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for GLD and SQQQ.
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Drawdown Indicators
| GLD | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -100.00% | +54.44% |
Max Drawdown (1Y)Largest decline over 1 year | -26.40% | -61.03% | +34.63% |
Max Drawdown (3Y)Largest decline over 3 years | -26.40% | -92.51% | +66.11% |
Max Drawdown (5Y)Largest decline over 5 years | -26.40% | -97.27% | +70.87% |
Max Drawdown (10Y)Largest decline over 10 years | -26.40% | -99.97% | +73.57% |
Current DrawdownCurrent decline from peak | -25.87% | -100.00% | +74.13% |
Average DrawdownAverage peak-to-trough decline | -16.19% | -92.76% | +76.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.28% | 33.69% | -22.41% |
Volatility
GLD vs. SQQQ - Volatility Comparison
The current volatility for SPDR Gold Shares (GLD) is 6.38%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 21.99%. This indicates that GLD 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.
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Volatility by Period
| GLD | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.38% | 21.99% | -15.61% |
Volatility (6M)Calculated over the trailing 6-month period | 24.20% | 46.34% | -22.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.06% | 56.15% | -28.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.42% | 67.92% | -49.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.11% | 66.60% | -50.49% |
GLD vs. SQQQ - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is lower than SQQQ's 0.95% expense ratio.
Dividends
GLD vs. SQQQ - Dividend Comparison
GLD has not paid dividends to shareholders, while SQQQ's dividend yield for the trailing twelve months is around 9.36%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 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 | 9.36% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
GLD and SQQQ have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (21.99%) compared to GLD (6.38%). In terms of maximum drawdown, GLD dropped -45.56% vs SQQQ's -100.00%.
On 10-year performance, GLD leads with 11.27% vs -54.75% for SQQQ. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 6.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 11.27% return vs -54.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.95% for SQQQ.
SQQQ has the higher dividend yield at 9.36%, compared with 0.00% for GLD.
GLD is categorized as Gold, while SQQQ is Leveraged Equities. GLD tracks LBMA Gold Price PM, while SQQQ tracks NASDAQ-100 Index (-300%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.40% for GLD and 0.95% for SQQQ.
GLD currently has the higher Sharpe Ratio (0.69 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.
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