SQQQ vs. GDX

Last updated Jun 9, 2026

SQQQ (ProShares UltraPro Short QQQ) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%), while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, SQQQ returned -55.68%/yr vs 12.82%/yr for GDX. At a correlation of -0.18, they often move in opposite directions. SQQQ charges 0.95%/yr vs 0.51%/yr for GDX.

Performance

SQQQ vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short QQQ (SQQQ) and VanEck Gold Miners ETF (GDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SQQQ achieves a -39.28% return, which is significantly lower than GDX's -8.28% return. Over the past 10 years, SQQQ has underperformed GDX with an annualized return of -55.68%, while GDX has yielded a comparatively higher 12.82% annualized return.

SQQQ

• 1D: -4.47%
• 1M: -3.08%
• YTD: -39.28%
• 6M: -36.43%
• 1Y: -60.85%
• 3Y*: -54.68%
• 5Y*: -47.98%
• 10Y*: -55.68%

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%

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

SQQQ vs. GDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SQQQ ProShares UltraPro Short QQQ	-39.28%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%
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%

Correlation

The correlation between SQQQ and GDX is -0.34, 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	-0.34
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 12, 2010	-0.18

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

SQQQ vs. GDX - Sectors Allocation Comparison

Sectors	SQQQ	GDX
Financial Services	103.4%	-
Basic Materials	-	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SQQQ vs. GDX — Risk / Return Rank

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

SQQQ

SQQQ Risk / Return Rank: 0
SQQQ Sharpe Ratio Rank: 0
SQQQ Sortino Ratio Rank: 0
SQQQ Omega Ratio Rank: 0
SQQQ Calmar Ratio Rank: 1
SQQQ Martin Ratio Rank: 0

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

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.

SQQQ vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and VanEck Gold Miners ETF (GDX). 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.

	SQQQ	GDX	Difference
Sharpe ratio: Return per unit of total volatility	-1.22	1.16	-2.38
Sortino ratio: Return per unit of downside risk	-2.26	1.58	-3.84
Omega ratio: Gain probability vs. loss probability	0.76	1.22	-0.46
Calmar ratio: Return relative to maximum drawdown	-0.93	1.68	-2.60
Martin ratio: Return relative to average drawdown	-1.69	4.32	-6.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SQQQ vs. GDX - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -1.22, which is lower than the GDX Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of SQQQ and GDX, 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

	SQQQ	GDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.22	1.16	-2.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.72	0.47	-1.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.84	0.35	-1.19
Sharpe Ratio (All Time) Calculated using the full available price history	-0.87	0.12	-0.99

Drawdowns

SQQQ vs. GDX - Drawdown Comparison

The maximum SQQQ drawdown since its inception was -100.00%, which is greater than GDX's maximum drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for SQQQ and GDX.

Drawdown Indicators

	SQQQ	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-80.34%	-19.66%
Max Drawdown (1Y) Largest decline over 1 year	-65.71%	-32.09%	-33.62%
Max Drawdown (3Y) Largest decline over 3 years	-92.38%	-32.09%	-60.29%
Max Drawdown (5Y) Largest decline over 5 years	-97.23%	-46.51%	-50.72%
Max Drawdown (10Y) Largest decline over 10 years	-99.98%	-49.79%	-50.19%
Current Drawdown Current decline from peak	-100.00%	-32.09%	-67.91%
Average Drawdown Average peak-to-trough decline	-92.40%	-40.43%	-51.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.98%	12.42%	+23.56%

Volatility

SQQQ vs. GDX - Volatility Comparison

ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 19.65% compared to VanEck Gold Miners ETF (GDX) at 16.05%. This indicates that SQQQ's price experiences larger fluctuations and is considered to be riskier than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SQQQ	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.65%	16.05%	+3.60%
Volatility (6M) Calculated over the trailing 6-month period	39.23%	38.61%	+0.62%
Volatility (1Y) Calculated over the trailing 1-year period	50.16%	46.36%	+3.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.95%	36.61%	+30.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.30%	37.27%	+29.03%

SQQQ vs. GDX - Expense Ratio Comparison

SQQQ has a 0.95% expense ratio, which is higher than GDX's 0.51% expense ratio.

Dividends

SQQQ vs. GDX - Dividend Comparison

SQQQ's dividend yield for the trailing twelve months is around 11.25%, more than GDX's 0.80% 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%
SQQQ ProShares UltraPro Short QQQ	11.25%	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 SQQQ and GDX in my portfolio?

SQQQ and GDX 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, SQQQ or GDX?

SQQQ has higher volatility (19.65%) compared to GDX (16.05%). In terms of maximum drawdown, SQQQ dropped -100.00% vs GDX's -80.34%.

Which ETF is better, SQQQ or GDX?

On 10-year performance, GDX leads with 12.82% vs -55.68% for SQQQ. 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, SQQQ or GDX?

Over the 10-year period, GDX has performed better with a 12.82% return vs -55.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SQQQ or GDX?

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

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

SQQQ has the higher dividend yield at 11.25%, compared with 0.80% for GDX.

What is the main difference between SQQQ and GDX?

SQQQ is categorized as Leveraged Equities, while GDX is Gold. SQQQ tracks NASDAQ-100 Index (-300%), while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: ProShares and VanEck. Their fees differ too: 0.95% for SQQQ and 0.51% for GDX.

Which has better risk-adjusted returns?

GDX currently has the higher Sharpe Ratio (1.16 vs -1.22), 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.