SSG vs. GDX
SSG (Proshares Ultrashort Semiconductors) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - SSG is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (-200%), while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, SSG returned -60.97%/yr vs 11.01%/yr for GDX. At a correlation of -0.19, they often move in opposite directions. SSG charges 0.95%/yr vs 0.51%/yr for GDX.
Performance
SSG vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, SSG achieves a -54.76% return, which is significantly lower than GDX's -13.50% return. Over the past 10 years, SSG has underperformed GDX with an annualized return of -60.97%, while GDX has yielded a comparatively higher 11.01% annualized return.
SSG
- 1D
- -1.23%
- 1M
- 22.52%
- 6M
- -50.10%
- YTD
- -54.76%
- 1Y
- -69.06%
- 3Y*
- -72.05%
- 5Y*
- -65.35%
- 10Y*
- -60.97%
- ALL TIME*
- -48.61%
GDX
- 1D
- 4.88%
- 1M
- -10.08%
- 6M
- -27.82%
- YTD
- -13.50%
- 1Y
- 40.94%
- 3Y*
- 34.63%
- 5Y*
- 18.94%
- 10Y*
- 11.01%
- ALL TIME*
- 4.57%
SSG vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SSG Proshares Ultrashort Semiconductors | -54.76% | -70.03% | -77.59% | -78.69% | 37.90% | -67.46% | -76.50% | -63.33% | -0.79% | -51.60% |
GDX VanEck Gold Miners ETF | -13.50% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between SSG and GDX is -0.32, 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 | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.16 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | -0.19 |
The correlation between SSG and GDX shifts across timeframes, from -0.32 (1 year) to -0.16 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
SSG vs. GDX — Risk / Return Rank
SSG
GDX
SSG vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Ultrashort Semiconductors (SSG) 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.
| SSG | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.81 | ||
| Sortino ratioReturn per unit of downside risk | -3.08 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.17 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 1.06 | -1.97 |
| Martin ratioReturn relative to average drawdown | -1.54 | 2.44 | -3.97 |
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Drawdowns
SSG vs. GDX - Drawdown Comparison
The maximum SSG 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 SSG and GDX.
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Drawdown Indicators
| SSG | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -80.34% | -19.66% |
Max Drawdown (1Y)Largest decline over 1 year | -76.13% | -38.93% | -37.20% |
Max Drawdown (3Y)Largest decline over 3 years | -98.56% | -38.93% | -59.63% |
Max Drawdown (5Y)Largest decline over 5 years | -99.66% | -46.51% | -53.15% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -49.79% | -50.20% |
Current DrawdownCurrent decline from peak | -100.00% | -35.95% | -64.05% |
Average DrawdownAverage peak-to-trough decline | -88.65% | -40.38% | -48.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.89% | 16.86% | +28.03% |
Volatility
SSG vs. GDX - Volatility Comparison
Proshares Ultrashort Semiconductors (SSG) has a higher volatility of 30.08% compared to VanEck Gold Miners ETF (GDX) at 12.38%. This indicates that SSG'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
| SSG | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.08% | 12.38% | +17.70% |
Volatility (6M)Calculated over the trailing 6-month period | 59.01% | 40.29% | +18.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 72.46% | 48.37% | +24.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 79.16% | 37.14% | +42.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.96% | 37.35% | +32.61% |
SSG vs. GDX - Expense Ratio Comparison
SSG has a 0.95% expense ratio, which is higher than GDX's 0.51% expense ratio.
Dividends
SSG vs. GDX - Dividend Comparison
SSG's dividend yield for the trailing twelve months is around 9.01%, 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 | 0.85% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
SSG Proshares Ultrashort Semiconductors | 9.01% | 9.19% | 7.67% | 6.73% | 0.75% | 0.00% | 0.34% | 1.81% | 0.62% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SSG and GDX have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SSG has higher volatility (30.08%) compared to GDX (12.38%). In terms of maximum drawdown, SSG dropped -100.00% vs GDX's -80.34%.
On 10-year performance, GDX leads with 11.01% vs -60.97% for SSG. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 12.38%. 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 11.01% return vs -60.97%. 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 SSG.
SSG has the higher dividend yield at 9.01%, compared with 0.85% for GDX.
SSG is categorized as Leveraged Equities, while GDX is Gold. SSG tracks Dow Jones U.S. Semiconductors Index (-200%), 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 SSG and 0.51% for GDX.
GDX currently has the higher Sharpe Ratio (0.85 vs -0.96), 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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