CEF vs. GDXJ

Last updated Jun 4, 2026

CEF (Sprott Physical Gold and Silver Trust) and GDXJ (VanEck Vectors Junior Gold Miners ETF) are both funds - CEF is a Precious Metals fund actively managed by Sprott, while GDXJ is a Materials fund tracking the MVIS Global Junior Gold Miners Index. CEF is actively managed, while GDXJ is passively managed. Over the past 10 years, CEF returned 13.80%/yr vs 13.07%/yr for GDXJ. A 0.76 correlation means they provide meaningful diversification when combined. CEF charges 0.48%/yr vs 0.54%/yr for GDXJ.

Performance

CEF vs. GDXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Physical Gold and Silver Trust (CEF) and VanEck Vectors 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, CEF achieves a 1.16% return, which is significantly higher than GDXJ's -2.55% return. Over the past 10 years, CEF has outperformed GDXJ with an annualized return of 13.80%, while GDXJ has yielded a comparatively lower 13.07% annualized return.

CEF

• 1D: -1.74%
• 1M: -0.92%
• YTD: 1.16%
• 6M: 10.23%
• 1Y: 54.90%
• 3Y*: 35.48%
• 5Y*: 18.30%
• 10Y*: 13.80%

GDXJ

• 1D: -4.40%
• 1M: -1.95%
• YTD: -2.55%
• 6M: 6.26%
• 1Y: 65.12%
• 3Y*: 46.12%
• 5Y*: 17.46%
• 10Y*: 13.07%

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

CEF vs. GDXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEF Sprott Physical Gold and Silver Trust	1.16%	92.76%	24.07%	6.80%	1.07%	-8.32%	31.99%	16.91%	-6.34%	18.78%
GDXJ VanEck Vectors Junior Gold Miners ETF	-2.55%	172.28%	15.67%	7.12%	-14.53%	-21.25%	30.40%	40.44%	-11.02%	8.22%

Correlation

The correlation between CEF and GDXJ is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Nov 12, 2009	0.76

The correlation between CEF and GDXJ has been stable across timeframes, ranging from 0.76 to 0.82 - a consistent structural relationship.

Return for Risk

CEF vs. GDXJ — Risk / Return Rank

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

CEF

CEF Risk / Return Rank: 25
CEF Sharpe Ratio Rank: 26
CEF Sortino Ratio Rank: 18
CEF Omega Ratio Rank: 29
CEF Calmar Ratio Rank: 30
CEF Martin Ratio Rank: 20

GDXJ

GDXJ Risk / Return Rank: 35
GDXJ Sharpe Ratio Rank: 36
GDXJ Sortino Ratio Rank: 32
GDXJ Omega Ratio Rank: 35
GDXJ Calmar Ratio Rank: 39
GDXJ Martin Ratio Rank: 32

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.

CEF vs. GDXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Gold and Silver Trust (CEF) and VanEck Vectors 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.

	CEF	GDXJ	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.32	+0.14
Sortino ratio: Return per unit of downside risk	1.79	1.74	+0.05
Omega ratio: Gain probability vs. loss probability	1.28	1.24	+0.04
Calmar ratio: Return relative to maximum drawdown	2.06	1.99	+0.07
Martin ratio: Return relative to average drawdown	5.26	4.95	+0.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CEF vs. GDXJ - Sharpe Ratio Comparison

The current CEF Sharpe Ratio is 1.46, which is comparable to the GDXJ Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of CEF 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.

Sharpe Ratios by Period

	CEF	GDXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	1.32	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.43	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.30	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.06	+0.17

Drawdowns

CEF vs. GDXJ - Drawdown Comparison

The maximum CEF drawdown since its inception was -62.29%, smaller than the maximum GDXJ drawdown of -88.66%. Use the drawdown chart below to compare losses from any high point for CEF and GDXJ.

Drawdown Indicators

	CEF	GDXJ	Difference
Max Drawdown Largest peak-to-trough decline	-62.29%	-88.66%	+26.37%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-32.92%	+6.15%
Max Drawdown (3Y) Largest decline over 3 years	-26.77%	-32.92%	+6.15%
Max Drawdown (5Y) Largest decline over 5 years	-26.77%	-50.99%	+24.22%
Max Drawdown (10Y) Largest decline over 10 years	-29.10%	-57.77%	+28.67%
Current Drawdown Current decline from peak	-21.75%	-29.01%	+7.26%
Average Drawdown Average peak-to-trough decline	-27.34%	-60.50%	+33.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.47%	13.19%	-2.72%

Volatility

CEF vs. GDXJ - Volatility Comparison

The current volatility for Sprott Physical Gold and Silver Trust (CEF) is 10.09%, while VanEck Vectors Junior Gold Miners ETF (GDXJ) has a volatility of 16.66%. This indicates that CEF experiences smaller price fluctuations and is considered to be less risky than GDXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEF	GDXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.09%	16.66%	-6.57%
Volatility (6M) Calculated over the trailing 6-month period	35.14%	41.34%	-6.20%
Volatility (1Y) Calculated over the trailing 1-year period	37.84%	49.79%	-11.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.26%	41.10%	-16.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.82%	44.06%	-22.24%

CEF vs. GDXJ - Expense Ratio Comparison

CEF has a 0.48% expense ratio, which is lower than GDXJ's 0.54% expense ratio.

Dividends

CEF vs. GDXJ - Dividend Comparison

CEF has not paid dividends to shareholders, while GDXJ's dividend yield for the trailing twelve months is around 2.39%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEF Sprott Physical Gold and Silver Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	0.07%	0.09%	0.10%
GDXJ VanEck Vectors Junior Gold Miners ETF	2.39%	2.33%	2.61%	0.72%	0.51%	1.78%	1.58%	0.39%	0.45%	0.03%	4.78%	0.72%

Frequently Asked Questions

Can I hold both CEF and GDXJ in my portfolio?

CEF and GDXJ have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CEF or GDXJ?

GDXJ has higher volatility (16.66%) compared to CEF (10.09%). In terms of maximum drawdown, CEF dropped -62.29% vs GDXJ's -88.66%.

Which has better risk-adjusted returns?

CEF currently has the higher Sharpe Ratio (1.46 vs 1.31), 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.