SQQQ vs. GLD
SQQQ (ProShares UltraPro Short QQQ) and GLD (SPDR Gold Shares) are both exchange-traded funds - SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%), while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, SQQQ returned -54.75%/yr vs 11.27%/yr for GLD. At a correlation of -0.04, they often move in opposite directions. SQQQ charges 0.95%/yr vs 0.40%/yr for GLD.
Performance
SQQQ vs. GLD - 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 GLD's -7.24% return. Over the past 10 years, SQQQ has underperformed GLD with an annualized return of -54.75%, while GLD has yielded a comparatively higher 11.27% 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%
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 vs. GLD - 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% |
GLD SPDR Gold Shares | -7.24% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between SQQQ and GLD 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 SQQQ and GLD 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
SQQQ vs. GLD — Risk / Return Rank
SQQQ
GLD
SQQQ vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and SPDR Gold Shares (GLD). 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 | GLD | 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 | 0.85 | 1.15 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 0.73 | -1.58 |
| Martin ratioReturn relative to average drawdown | -1.53 | 1.71 | -3.23 |
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Drawdowns
SQQQ vs. GLD - Drawdown Comparison
The maximum SQQQ drawdown since its inception was -100.00%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for SQQQ and GLD.
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Drawdown Indicators
| SQQQ | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -45.56% | -54.44% |
Max Drawdown (1Y)Largest decline over 1 year | -61.03% | -26.40% | -34.63% |
Max Drawdown (3Y)Largest decline over 3 years | -92.51% | -26.40% | -66.11% |
Max Drawdown (5Y)Largest decline over 5 years | -97.27% | -26.40% | -70.87% |
Max Drawdown (10Y)Largest decline over 10 years | -99.97% | -26.40% | -73.57% |
Current DrawdownCurrent decline from peak | -100.00% | -25.87% | -74.13% |
Average DrawdownAverage peak-to-trough decline | -92.76% | -16.19% | -76.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.69% | 11.28% | +22.41% |
Volatility
SQQQ vs. GLD - Volatility Comparison
ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 21.99% compared to SPDR Gold Shares (GLD) at 6.38%. This indicates that SQQQ's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SQQQ | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.99% | 6.38% | +15.61% |
Volatility (6M)Calculated over the trailing 6-month period | 46.34% | 24.20% | +22.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.15% | 28.06% | +28.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.92% | 18.42% | +49.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.60% | 16.11% | +50.49% |
SQQQ vs. GLD - Expense Ratio Comparison
SQQQ has a 0.95% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
SQQQ vs. GLD - Dividend Comparison
SQQQ's dividend yield for the trailing twelve months is around 9.36%, while GLD has not paid dividends to shareholders.
| 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
SQQQ and GLD 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, SQQQ dropped -100.00% vs GLD's -45.56%.
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.
SQQQ is categorized as Leveraged Equities, while GLD is Gold. SQQQ tracks NASDAQ-100 Index (-300%), while GLD tracks LBMA Gold Price PM. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for SQQQ and 0.40% for GLD.
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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