FEGOX vs. USERX

Last updated Jun 24, 2026

FEGOX (First Eagle Gold Fund Class C) and USERX (U.S. Global Investors Gold & Precious Metals Fund) are both Gold funds. Over the past 10 years, FEGOX returned 11.42%/yr vs 13.56%/yr for USERX. Their correlation of 0.94 suggests significant overlap in exposure. FEGOX charges 1.91%/yr vs 1.52%/yr for USERX.

Performance

FEGOX vs. USERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Eagle Gold Fund Class C (FEGOX) and U.S. Global Investors Gold & Precious Metals Fund (USERX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEGOX achieves a -3.45% return, which is significantly higher than USERX's -3.81% return. Over the past 10 years, FEGOX has underperformed USERX with an annualized return of 11.42%, while USERX has yielded a comparatively higher 13.56% annualized return.

FEGOX

• 1D: -1.12%
• 1M: -5.28%
• YTD: -3.45%
• 6M: -7.46%
• 1Y: 47.68%
• 3Y*: 35.72%
• 5Y*: 19.10%
• 10Y*: 11.42%

USERX

• 1D: -0.36%
• 1M: -3.43%
• YTD: -3.81%
• 6M: -7.68%
• 1Y: 64.56%
• 3Y*: 46.28%
• 5Y*: 17.80%
• 10Y*: 13.56%

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

FEGOX vs. USERX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEGOX First Eagle Gold Fund Class C	-3.45%	126.68%	9.47%	6.26%	-2.33%	-8.41%	28.65%	37.47%	-16.58%	7.37%
USERX U.S. Global Investors Gold & Precious Metals Fund	-3.81%	167.44%	16.75%	1.44%	-17.44%	-10.80%	37.16%	51.34%	-14.24%	13.07%

Correlation

The correlation between FEGOX and USERX 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since May 15, 2003	0.94

The correlation between FEGOX and USERX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

FEGOX vs. USERX — Risk / Return Rank

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

FEGOX

FEGOX Risk / Return Rank: 19
FEGOX Sharpe Ratio Rank: 22
FEGOX Sortino Ratio Rank: 17
FEGOX Omega Ratio Rank: 22
FEGOX Calmar Ratio Rank: 19
FEGOX Martin Ratio Rank: 16

USERX

USERX Risk / Return Rank: 25
USERX Sharpe Ratio Rank: 29
USERX Sortino Ratio Rank: 22
USERX Omega Ratio Rank: 28
USERX Calmar Ratio Rank: 27
USERX Martin Ratio Rank: 20

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.

FEGOX vs. USERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Eagle Gold Fund Class C (FEGOX) and U.S. Global Investors Gold & Precious Metals Fund (USERX). 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.

	FEGOX	USERX	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.43	-0.20
Sortino ratio: Return per unit of downside risk	1.61	1.82	-0.20
Omega ratio: Gain probability vs. loss probability	1.23	1.26	-0.03
Calmar ratio: Return relative to maximum drawdown	1.50	1.80	-0.30
Martin ratio: Return relative to average drawdown	4.10	4.67	-0.57

FEGOX vs. USERX - Sharpe Ratio Comparison

The current FEGOX Sharpe Ratio is 1.23, which is comparable to the USERX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of FEGOX and USERX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FEGOX vs. USERX - Drawdown Comparison

The maximum FEGOX drawdown since its inception was -71.67%, smaller than the maximum USERX drawdown of -97.74%. Use the drawdown chart below to compare losses from any high point for FEGOX and USERX.

Drawdown Indicators

	FEGOX	USERX	Difference
Max Drawdown Largest peak-to-trough decline	-71.67%	-97.74%	+26.07%
Max Drawdown (1Y) Largest decline over 1 year	-32.53%	-36.89%	+4.36%
Max Drawdown (3Y) Largest decline over 3 years	-32.53%	-36.89%	+4.36%
Max Drawdown (5Y) Largest decline over 5 years	-34.24%	-40.91%	+6.67%
Max Drawdown (10Y) Largest decline over 10 years	-43.08%	-43.45%	+0.37%
Current Drawdown Current decline from peak	-27.19%	-47.40%	+20.21%
Average Drawdown Average peak-to-trough decline	-31.31%	-75.01%	+43.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.89%	14.17%	-2.28%

Volatility

FEGOX vs. USERX - Volatility Comparison

The current volatility for First Eagle Gold Fund Class C (FEGOX) is 13.38%, while U.S. Global Investors Gold & Precious Metals Fund (USERX) has a volatility of 16.96%. This indicates that FEGOX experiences smaller price fluctuations and is considered to be less risky than USERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEGOX	USERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.38%	16.96%	-3.58%
Volatility (6M) Calculated over the trailing 6-month period	34.10%	39.30%	-5.20%
Volatility (1Y) Calculated over the trailing 1-year period	39.83%	46.49%	-6.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.12%	33.75%	-4.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.40%	34.21%	-6.81%

FEGOX vs. USERX - Expense Ratio Comparison

FEGOX has a 1.91% expense ratio, which is higher than USERX's 1.52% expense ratio.

Dividends

FEGOX vs. USERX - Dividend Comparison

FEGOX's dividend yield for the trailing twelve months is around 0.72%, less than USERX's 6.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEGOX First Eagle Gold Fund Class C	0.72%	0.70%	5.05%	0.22%	0.00%	0.24%	0.76%	0.00%	0.00%	0.00%	0.00%	0.00%
USERX U.S. Global Investors Gold & Precious Metals Fund	6.03%	2.95%	1.48%	0.00%	0.00%	2.13%	2.68%	0.00%	1.76%	0.00%	0.88%	0.47%

Frequently Asked Questions

Can I hold both FEGOX and USERX in my portfolio?

With a correlation of 0.95, FEGOX and USERX 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, FEGOX or USERX?

USERX has higher volatility (16.96%) compared to FEGOX (13.38%). In terms of maximum drawdown, FEGOX dropped -71.67% vs USERX's -97.74%.

Which has better risk-adjusted returns?

USERX currently has the higher Sharpe Ratio (1.43 vs 1.23), 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.