EPGFX vs. SGDM

Last updated Jun 3, 2026

EPGFX (EuroPac Gold Fund) and SGDM (Sprott Gold Miners ETF) are both funds - EPGFX is a Precious Metals fund managed by Euro Pacific Asset Management, while SGDM is a Materials fund tracking the Solactive Gold Miners Custom Factors Index. Over the past 10 years, EPGFX returned 12.75%/yr vs 12.96%/yr for SGDM. Their correlation of 0.94 suggests significant overlap in exposure. EPGFX charges 1.40%/yr vs 0.50%/yr for SGDM.

Performance

EPGFX vs. SGDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in EuroPac Gold Fund (EPGFX) 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, EPGFX achieves a 5.82% return, which is significantly higher than SGDM's 4.39% return. Both investments have delivered pretty close results over the past 10 years, with EPGFX having a 12.75% annualized return and SGDM not far ahead at 12.96%.

EPGFX

• 1D: -1.92%
• 1M: 1.46%
• YTD: 5.82%
• 6M: 11.36%
• 1Y: 66.17%
• 3Y*: 35.19%
• 5Y*: 12.98%
• 10Y*: 12.75%

SGDM

• 1D: 0.80%
• 1M: 2.02%
• YTD: 4.39%
• 6M: 10.09%
• 1Y: 62.01%
• 3Y*: 40.32%
• 5Y*: 19.70%
• 10Y*: 12.96%

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

EPGFX vs. SGDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EPGFX EuroPac Gold Fund	5.82%	129.06%	8.51%	2.31%	-14.00%	-18.06%	36.99%	37.25%	-13.85%	12.73%
SGDM Sprott Gold Miners ETF	4.39%	153.46%	12.14%	2.34%	-8.23%	-9.15%	21.85%	44.27%	-15.14%	10.46%

Correlation

The correlation between EPGFX and SGDM is 0.95 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jul 16, 2014	0.94

The correlation between EPGFX and SGDM has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

EPGFX vs. SGDM — Risk / Return Rank

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

EPGFX

EPGFX Risk / Return Rank: 37
EPGFX Sharpe Ratio Rank: 43
EPGFX Sortino Ratio Rank: 28
EPGFX Omega Ratio Rank: 37
EPGFX Calmar Ratio Rank: 46
EPGFX Martin Ratio Rank: 32

SGDM

SGDM Risk / Return Rank: 39
SGDM Sharpe Ratio Rank: 39
SGDM Sortino Ratio Rank: 33
SGDM Omega Ratio Rank: 38
SGDM Calmar Ratio Rank: 47
SGDM Martin Ratio Rank: 38

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.

EPGFX vs. SGDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for EuroPac Gold Fund (EPGFX) 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.

	EPGFX	SGDM	Difference
Sharpe ratio Return per unit of total volatility	1.93	1.39	+0.53
Sortino ratio Return per unit of downside risk	2.25	1.77	+0.48
Omega ratio Gain probability vs. loss probability	1.33	1.25	+0.07
Calmar ratio Return relative to maximum drawdown	2.62	2.36	+0.26
Martin ratio Return relative to average drawdown	7.49	6.04	+1.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EPGFX vs. SGDM - Sharpe Ratio Comparison

The current EPGFX Sharpe Ratio is 1.93, which is higher than the SGDM Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of EPGFX 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

	EPGFX	SGDM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	1.39	+0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.55	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.35	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.27	+0.07

Drawdowns

EPGFX vs. SGDM - Drawdown Comparison

The maximum EPGFX drawdown since its inception was -56.70%, roughly equal to the maximum SGDM drawdown of -54.95%. Use the drawdown chart below to compare losses from any high point for EPGFX and SGDM.

Drawdown Indicators

	EPGFX	SGDM	Difference
Max Drawdown Largest peak-to-trough decline	-56.70%	-54.95%	-1.75%
Max Drawdown (1Y) Largest decline over 1 year	-28.88%	-30.04%	+1.16%
Max Drawdown (3Y) Largest decline over 3 years	-28.88%	-30.04%	+1.16%
Max Drawdown (5Y) Largest decline over 5 years	-47.20%	-45.06%	-2.14%
Max Drawdown (10Y) Largest decline over 10 years	-51.03%	-49.69%	-1.34%
Current Drawdown Current decline from peak	-19.31%	-23.75%	+4.44%
Average Drawdown Average peak-to-trough decline	-22.03%	-25.46%	+3.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.10%	11.72%	-1.62%

Volatility

EPGFX vs. SGDM - Volatility Comparison

The current volatility for EuroPac Gold Fund (EPGFX) is 12.32%, while Sprott Gold Miners ETF (SGDM) has a volatility of 14.26%. This indicates that EPGFX experiences smaller price fluctuations and is considered to be less risky than SGDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPGFX	SGDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.32%	14.26%	-1.94%
Volatility (6M) Calculated over the trailing 6-month period	31.77%	36.79%	-5.02%
Volatility (1Y) Calculated over the trailing 1-year period	38.77%	45.03%	-6.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.50%	35.79%	-3.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.52%	36.81%	-4.29%

EPGFX vs. SGDM - Expense Ratio Comparison

EPGFX has a 1.40% expense ratio, which is higher than SGDM's 0.50% expense ratio.

Dividends

EPGFX vs. SGDM - Dividend Comparison

EPGFX's dividend yield for the trailing twelve months is around 6.48%, more than SGDM's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPGFX EuroPac Gold Fund	6.48%	6.86%	10.36%	0.00%	0.00%	2.49%	8.67%	0.00%	0.00%	2.56%	19.31%	0.00%
SGDM Sprott Gold Miners ETF	1.00%	1.04%	1.04%	1.39%	1.42%	1.33%	0.30%	0.25%	0.50%	0.58%	0.02%	1.47%

Frequently Asked Questions

Can I hold both EPGFX and SGDM in my portfolio?

With a correlation of 0.95, EPGFX 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, EPGFX or SGDM?

SGDM has higher volatility (14.26%) compared to EPGFX (12.32%). In terms of maximum drawdown, EPGFX dropped -56.70% vs SGDM's -54.95%.

Which has better risk-adjusted returns?

EPGFX currently has the higher Sharpe Ratio (1.93 vs 1.39), 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.