^XAU vs. SGDM

Last updated Jun 5, 2026

^XAU (Philadelphia Gold and Silver Index) is an index, while SGDM (Sprott Gold Miners ETF) is Materials fund tracking the Solactive Gold Miners Custom Factors Index. Over the past 10 years, ^XAU returned 14.99%/yr vs 11.91%/yr for SGDM. With a 0.97 correlation, they move nearly in lockstep.

Performance

^XAU vs. SGDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Philadelphia Gold and Silver Index (^XAU) and Sprott Gold Miners ETF (SGDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^XAU achieves a 6.15% return, which is significantly higher than SGDM's -5.37% return. Over the past 10 years, ^XAU has outperformed SGDM with an annualized return of 14.99%, while SGDM has yielded a comparatively lower 11.91% annualized return.

^XAU

• 1D: 1.46%
• 1M: -3.20%
• YTD: 6.15%
• 6M: 14.10%
• 1Y: 74.76%
• 3Y*: 42.60%
• 5Y*: 17.52%
• 10Y*: 14.99%

SGDM

• 1D: -8.23%
• 1M: -12.59%
• YTD: -5.37%
• 6M: 0.52%
• 1Y: 45.19%
• 3Y*: 35.53%
• 5Y*: 17.00%
• 10Y*: 11.91%

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

^XAU vs. SGDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^XAU Philadelphia Gold and Silver Index	6.15%	149.51%	9.14%	4.00%	-8.75%	-8.14%	34.86%	51.32%	-17.13%	8.13%
SGDM Sprott Gold Miners ETF	-5.37%	153.46%	12.14%	2.34%	-8.23%	-9.15%	21.85%	44.27%	-15.14%	10.46%

Correlation

The correlation between ^XAU and SGDM is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jul 16, 2014	0.97

The correlation between ^XAU and SGDM has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

Return for Risk

^XAU vs. SGDM — Risk / Return Rank

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

^XAU

^XAU Risk / Return Rank: 57
^XAU Sharpe Ratio Rank: 60
^XAU Sortino Ratio Rank: 52
^XAU Omega Ratio Rank: 58
^XAU Calmar Ratio Rank: 63
^XAU Martin Ratio Rank: 52

SGDM

SGDM Risk / Return Rank: 29
SGDM Sharpe Ratio Rank: 29
SGDM Sortino Ratio Rank: 27
SGDM Omega Ratio Rank: 30
SGDM Calmar Ratio Rank: 31
SGDM Martin Ratio Rank: 28

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.

^XAU vs. SGDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Philadelphia Gold and Silver Index (^XAU) and Sprott Gold Miners ETF (SGDM). 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.

	^XAU	SGDM	Difference
Sharpe ratio: Return per unit of total volatility	1.74	0.99	+0.75
Sortino ratio: Return per unit of downside risk	2.09	1.40	+0.68
Omega ratio: Gain probability vs. loss probability	1.29	1.20	+0.09
Calmar ratio: Return relative to maximum drawdown	2.57	1.47	+1.10
Martin ratio: Return relative to average drawdown	6.64	3.75	+2.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^XAU vs. SGDM - Sharpe Ratio Comparison

The current ^XAU Sharpe Ratio is 1.74, which is higher than the SGDM Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of ^XAU and SGDM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	^XAU	SGDM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	0.99	+0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.47	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.32	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.25	-0.17

Drawdowns

^XAU vs. SGDM - Drawdown Comparison

The maximum ^XAU drawdown since its inception was -83.04%, which is greater than SGDM's maximum drawdown of -54.95%. Use the drawdown chart below to compare losses from any high point for ^XAU and SGDM.

Drawdown Indicators

	^XAU	SGDM	Difference
Max Drawdown Largest peak-to-trough decline	-83.04%	-54.95%	-28.09%
Max Drawdown (1Y) Largest decline over 1 year	-30.21%	-30.88%	+0.67%
Max Drawdown (3Y) Largest decline over 3 years	-30.21%	-30.88%	+0.67%
Max Drawdown (5Y) Largest decline over 5 years	-45.52%	-45.06%	-0.46%
Max Drawdown (10Y) Largest decline over 10 years	-45.52%	-49.69%	+4.17%
Current Drawdown Current decline from peak	-22.75%	-30.88%	+8.13%
Average Drawdown Average peak-to-trough decline	-39.76%	-25.46%	-14.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.66%	12.09%	-0.43%

Volatility

^XAU vs. SGDM - Volatility Comparison

Philadelphia Gold and Silver Index (^XAU) and Sprott Gold Miners ETF (SGDM) have volatilities of 15.15% and 15.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^XAU	SGDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.15%	15.27%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	36.41%	37.89%	-1.48%
Volatility (1Y) Calculated over the trailing 1-year period	44.51%	45.65%	-1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.17%	35.96%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.28%	36.90%	-0.62%

Frequently Asked Questions

Can I hold both ^XAU and SGDM in my portfolio?

With a correlation of 0.97, ^XAU and SGDM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ^XAU or SGDM?

SGDM has higher volatility (15.27%) compared to ^XAU (15.15%). In terms of maximum drawdown, ^XAU dropped -83.04% vs SGDM's -54.95%.

Which has better risk-adjusted returns?

^XAU currently has the higher Sharpe Ratio (1.74 vs 0.99), 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.