SQQQ vs. GDXJ

Last updated Jul 21, 2026

SQQQ (ProShares UltraPro Short QQQ) and GDXJ (VanEck Junior Gold Miners ETF) are both exchange-traded funds - SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%), while GDXJ is a Gold fund tracking the MVIS Global Junior Gold Miners Index. Both are passively managed. Over the past 10 years, SQQQ returned -54.75%/yr vs 8.88%/yr for GDXJ. At a correlation of -0.21, they often move in opposite directions. SQQQ charges 0.95%/yr vs 0.52%/yr for GDXJ.

Performance

SQQQ vs. GDXJ - Performance Comparison

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

Returns By Period

In the year-to-date period, SQQQ achieves a -36.18% return, which is significantly lower than GDXJ's -19.44% return. Over the past 10 years, SQQQ has underperformed GDXJ with an annualized return of -54.75%, while GDXJ has yielded a comparatively higher 8.88% 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%

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%

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

SQQQ vs. GDXJ - 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%
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%

Correlation

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

SQQQ vs. GDXJ - Sectors Allocation Comparison

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

Return for Risk

SQQQ vs. GDXJ — Risk / Return Rank

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

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

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

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. GDXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and VanEck Junior Gold Miners ETF (GDXJ). 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	GDXJ	Difference
Sharpe ratio: Return per unit of total volatility	-0.92	0.79	-1.71
Sortino ratio: Return per unit of downside risk	-1.42	1.27	-2.69
Omega ratio: Gain probability vs. loss probability	0.85	1.17	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.84	1.01	-1.86
Martin ratio: Return relative to average drawdown	-1.53	2.31	-3.83

SQQQ vs. GDXJ - Sharpe Ratio Comparison

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

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

Drawdown Indicators

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

Volatility

SQQQ vs. GDXJ - Volatility Comparison

ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 21.99% compared to VanEck Junior Gold Miners ETF (GDXJ) at 13.30%. This indicates that SQQQ's price experiences larger fluctuations and is considered to be riskier than GDXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

SQQQ vs. GDXJ - Expense Ratio Comparison

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

Dividends

SQQQ vs. GDXJ - Dividend Comparison

SQQQ's dividend yield for the trailing twelve months is around 9.36%, more than GDXJ's 2.89% 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 SQQQ and GDXJ in my portfolio?

SQQQ and GDXJ 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, SQQQ or GDXJ?

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

Which ETF is better, SQQQ or GDXJ?

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, SQQQ or GDXJ?

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, SQQQ or GDXJ?

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

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

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

What is the main difference between SQQQ and GDXJ?

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

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.