SQQQ vs. GDX
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 -54.75%/yr vs 10.49%/yr for GDX. At a correlation of -0.19, they often move in opposite directions. SQQQ charges 0.95%/yr vs 0.51%/yr for GDX.
Performance
SQQQ vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, SQQQ achieves a -36.18% return, which is significantly lower than GDX's -17.52% return. Over the past 10 years, SQQQ has underperformed GDX with an annualized return of -54.75%, while GDX has yielded a comparatively higher 10.49% annualized return.
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%
GDX
- 1D
- -0.81%
- 1M
- -14.26%
- 6M
- -27.25%
- YTD
- -17.52%
- 1Y
- 39.36%
- 3Y*
- 32.51%
- 5Y*
- 17.66%
- 10Y*
- 10.49%
- ALL TIME*
- 4.33%
SQQQ vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
GDX VanEck Gold Miners ETF | -17.52% | 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 -0.38, 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 | -0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.19 |
The correlation between SQQQ and GDX shifts across timeframes, from -0.38 (1 year) to -0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SQQQ vs. GDX — Risk / Return Rank
SQQQ
GDX
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.
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.
| SQQQ | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.74 | ||
| Sortino ratioReturn per unit of downside risk | -2.70 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.17 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 1.02 | -1.86 |
| Martin ratioReturn relative to average drawdown | -1.53 | 2.36 | -3.89 |
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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.
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Drawdown Indicators
| SQQQ | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -80.34% | -19.66% |
Max Drawdown (1Y)Largest decline over 1 year | -61.03% | -38.93% | -22.10% |
Max Drawdown (3Y)Largest decline over 3 years | -92.51% | -38.93% | -53.58% |
Max Drawdown (5Y)Largest decline over 5 years | -97.27% | -46.51% | -50.76% |
Max Drawdown (10Y)Largest decline over 10 years | -99.97% | -49.79% | -50.18% |
Current DrawdownCurrent decline from peak | -100.00% | -38.93% | -61.07% |
Average DrawdownAverage peak-to-trough decline | -92.76% | -40.38% | -52.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.69% | 16.71% | +16.98% |
Volatility
SQQQ vs. GDX - Volatility Comparison
ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 21.99% compared to VanEck Gold Miners ETF (GDX) at 11.17%. 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.
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Volatility by Period
| SQQQ | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.99% | 11.17% | +10.82% |
Volatility (6M)Calculated over the trailing 6-month period | 46.34% | 39.98% | +6.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.15% | 48.23% | +7.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.92% | 37.08% | +30.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.60% | 37.32% | +29.28% |
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 9.36%, more than GDX's 0.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.89% | 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 | 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
SQQQ and GDX 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.
SQQQ has higher volatility (21.99%) compared to GDX (11.17%). In terms of maximum drawdown, SQQQ dropped -100.00% vs GDX's -80.34%.
On 10-year performance, GDX leads with 10.49% vs -54.75% for SQQQ. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 11.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDX has performed better with a 10.49% return vs -54.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 0.95% for SQQQ.
SQQQ has the higher dividend yield at 9.36%, compared with 0.89% for 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.
GDX currently has the higher Sharpe Ratio (0.82 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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