SQQQ vs. GDXD

Last updated Jun 26, 2026

SQQQ (ProShares UltraPro Short QQQ) and GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs) are both exchange-traded funds - SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%), while GDXD is a Inverse Equities fund tracking the S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%). Both are passively managed. Over the past 5 years, SQQQ returned -47.03%/yr vs -73.39%/yr for GDXD. At a 0.26 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

SQQQ vs. GDXD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short QQQ (SQQQ) and MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SQQQ having a -40.98% return and GDXD slightly higher at -40.39%.

SQQQ

• 1D: -2.42%
• 1M: 2.09%
• YTD: -40.98%
• 6M: -38.01%
• 1Y: -59.41%
• 3Y*: -54.63%
• 5Y*: -47.03%
• 10Y*: -56.54%

GDXD

• 1D: -4.80%
• 1M: 34.41%
• YTD: -40.39%
• 6M: -33.40%
• 1Y: -92.00%
• 3Y*: -83.83%
• 5Y*: -73.39%
• 10Y*: —

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

SQQQ vs. GDXD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SQQQ ProShares UltraPro Short QQQ	-40.98%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-10.28%
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs	-40.39%	-97.53%	-57.78%	-52.35%	-52.56%	-19.71%	-13.10%

Correlation

The correlation between SQQQ and GDXD is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.27
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	0.26

The correlation between SQQQ and GDXD shifts across timeframes, from 0.25 (5 years) to 0.39 (1 year), reflecting how their relationship changes across market environments.

SQQQ vs. GDXD - Sectors Allocation Comparison

Sectors	SQQQ	GDXD
Financial Services	122.0%	-
Basic Materials	-	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SQQQ vs. GDXD — Risk / Return Rank

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

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

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

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. GDXD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD). 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	GDXD	Difference
Sharpe ratio: Return per unit of total volatility	-1.11	-0.64	-0.47
Sortino ratio: Return per unit of downside risk	-1.98	-1.55	-0.42
Omega ratio: Gain probability vs. loss probability	0.79	0.84	-0.05
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.96	0.00
Martin ratio: Return relative to average drawdown	-1.84	-1.16	-0.68

SQQQ vs. GDXD - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -1.11, which is lower than the GDXD Sharpe Ratio of -0.64. The chart below compares the historical Sharpe Ratios of SQQQ and GDXD, 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

SQQQ vs. GDXD - Drawdown Comparison

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

Drawdown Indicators

	SQQQ	GDXD	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-99.96%	-0.04%
Max Drawdown (1Y) Largest decline over 1 year	-62.23%	-96.33%	+34.10%
Max Drawdown (3Y) Largest decline over 3 years	-92.51%	-99.86%	+7.35%
Max Drawdown (5Y) Largest decline over 5 years	-97.27%	-99.96%	+2.69%
Max Drawdown (10Y) Largest decline over 10 years	-99.98%	—	—
Current Drawdown Current decline from peak	-100.00%	-99.92%	-0.08%
Average Drawdown Average peak-to-trough decline	-92.73%	-72.10%	-20.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.76%	79.23%	-45.47%

Volatility

SQQQ vs. GDXD - Volatility Comparison

The current volatility for ProShares UltraPro Short QQQ (SQQQ) is 26.22%, while MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a volatility of 52.77%. This indicates that SQQQ experiences smaller price fluctuations and is considered to be less risky than GDXD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SQQQ	GDXD	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.22%	52.77%	-26.55%
Volatility (6M) Calculated over the trailing 6-month period	43.25%	117.63%	-74.38%
Volatility (1Y) Calculated over the trailing 1-year period	53.47%	143.70%	-90.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.54%	111.69%	-44.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.45%	110.68%	-44.23%

SQQQ vs. GDXD - Expense Ratio Comparison

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

Dividends

SQQQ vs. GDXD - Dividend Comparison

SQQQ's dividend yield for the trailing twelve months is around 10.12%, while GDXD has not paid dividends to shareholders.

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	10.12%	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 SQQQ and GDXD in my portfolio?

SQQQ and GDXD have a correlation of 0.39, 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 GDXD?

GDXD has higher volatility (52.77%) compared to SQQQ (26.22%). In terms of maximum drawdown, SQQQ dropped -100.00% vs GDXD's -99.96%.

Which ETF is better, SQQQ or GDXD?

On 5-year performance, SQQQ leads with -47.03% vs -73.39% for GDXD. Both ETFs have the same 0.95% expense ratio. On volatility, SQQQ has been the lower-risk option at 26.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SQQQ or GDXD?

Over the 5-year period, SQQQ has performed better with a -47.03% return vs -73.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SQQQ or GDXD?

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

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

SQQQ has the higher dividend yield at 10.12%, compared with 0.00% for GDXD.

What is the main difference between SQQQ and GDXD?

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

Which has better risk-adjusted returns?

GDXD currently has the higher Sharpe Ratio (-0.64 vs -1.11), 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.