GBUG vs. GLDI

Last updated Jun 23, 2026

GBUG (Sprott Active Gold & Silver Miners ETF) and GLDI (UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033) are both Gold funds. GBUG is actively managed, while GLDI is passively managed. Over the past year, GBUG returned 63.91% vs 14.20% for GLDI. A 0.73 correlation means they provide meaningful diversification when combined. GBUG charges 0.89%/yr vs 0.65%/yr for GLDI.

Performance

GBUG vs. GLDI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Active Gold & Silver Miners ETF (GBUG) and UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GBUG achieves a -5.10% return, which is significantly lower than GLDI's -2.88% return.

GBUG

• 1D: -0.47%
• 1M: -2.45%
• YTD: -5.10%
• 6M: -9.63%
• 1Y: 63.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLDI

• 1D: -0.50%
• 1M: -5.67%
• YTD: -2.88%
• 6M: -3.64%
• 1Y: 14.20%
• 3Y*: 18.11%
• 5Y*: 11.32%
• 10Y*: 8.00%

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

GBUG vs. GLDI - Yearly Performance Comparison

	2026 (YTD)	2025
GBUG Sprott Active Gold & Silver Miners ETF	-5.10%	122.37%
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033	-2.88%	28.08%

Correlation

The correlation between GBUG and GLDI is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.73

The correlation between GBUG and GLDI has been stable across timeframes, ranging from 0.73 to 0.73 - a consistent structural relationship.

Return for Risk

GBUG vs. GLDI — Risk / Return Rank

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

GBUG

GBUG Risk / Return Rank: 35
GBUG Sharpe Ratio Rank: 37
GBUG Sortino Ratio Rank: 33
GBUG Omega Ratio Rank: 36
GBUG Calmar Ratio Rank: 36
GBUG Martin Ratio Rank: 32

GLDI

GLDI Risk / Return Rank: 25
GLDI Sharpe Ratio Rank: 26
GLDI Sortino Ratio Rank: 22
GLDI Omega Ratio Rank: 28
GLDI Calmar Ratio Rank: 22
GLDI Martin Ratio Rank: 26

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.

GBUG vs. GLDI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Active Gold & Silver Miners ETF (GBUG) and UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI). 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.

	GBUG	GLDI	Difference
Sharpe ratio: Return per unit of total volatility	1.28	0.90	+0.39
Sortino ratio: Return per unit of downside risk	1.70	1.20	+0.50
Omega ratio: Gain probability vs. loss probability	1.24	1.19	+0.05
Calmar ratio: Return relative to maximum drawdown	1.74	1.01	+0.73
Martin ratio: Return relative to average drawdown	4.61	3.38	+1.23

GBUG vs. GLDI - Sharpe Ratio Comparison

The current GBUG Sharpe Ratio is 1.28, which is higher than the GLDI Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of GBUG and GLDI, 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

GBUG vs. GLDI - Drawdown Comparison

The maximum GBUG drawdown since its inception was -36.90%, which is greater than GLDI's maximum drawdown of -32.26%. Use the drawdown chart below to compare losses from any high point for GBUG and GLDI.

Drawdown Indicators

	GBUG	GLDI	Difference
Max Drawdown Largest peak-to-trough decline	-36.90%	-32.26%	-4.64%
Max Drawdown (1Y) Largest decline over 1 year	-36.90%	-14.14%	-22.76%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-14.14%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.94%	—
Current Drawdown Current decline from peak	-28.73%	-11.85%	-16.88%
Average Drawdown Average peak-to-trough decline	-8.39%	-13.99%	+5.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.90%	4.21%	+9.69%

Volatility

GBUG vs. GLDI - Volatility Comparison

Sprott Active Gold & Silver Miners ETF (GBUG) has a higher volatility of 18.68% compared to UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) at 7.07%. This indicates that GBUG's price experiences larger fluctuations and is considered to be riskier than GLDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBUG	GLDI	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.68%	7.07%	+11.61%
Volatility (6M) Calculated over the trailing 6-month period	42.14%	14.49%	+27.65%
Volatility (1Y) Calculated over the trailing 1-year period	50.10%	15.94%	+34.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.46%	11.55%	+36.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.46%	11.53%	+36.93%

GBUG vs. GLDI - Expense Ratio Comparison

GBUG has a 0.89% expense ratio, which is higher than GLDI's 0.65% expense ratio.

Dividends

GBUG vs. GLDI - Dividend Comparison

GBUG's dividend yield for the trailing twelve months is around 1.64%, less than GLDI's 26.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GBUG Sprott Active Gold & Silver Miners ETF	1.64%	1.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033	26.24%	16.15%	10.45%	10.02%	13.73%	10.65%	14.25%	7.25%	5.33%	7.77%	17.26%	10.07%

Frequently Asked Questions

Can I hold both GBUG and GLDI in my portfolio?

GBUG and GLDI have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GBUG or GLDI?

GBUG has higher volatility (18.68%) compared to GLDI (7.07%). In terms of maximum drawdown, GBUG dropped -36.90% vs GLDI's -32.26%.

Which ETF is better, GBUG or GLDI?

On 1-year performance, GBUG leads with 63.91% vs 14.20% for GLDI. On fees, GLDI is cheaper at 0.65% per year. On volatility, GLDI has been the lower-risk option at 7.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GBUG or GLDI?

Over the 1-year period, GBUG has performed better with a 63.91% return vs 14.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GBUG or GLDI?

GLDI is cheaper with a 0.65% expense ratio, compared with 0.89% for GBUG.

Which ETF pays a higher dividend yield, GBUG or GLDI?

GLDI has the higher dividend yield at 26.24%, compared with 1.64% for GBUG.

What is the main difference between GBUG and GLDI?

They also come from different issuers: Sprott and UBS. Their fees differ too: 0.89% for GBUG and 0.65% for GLDI.

Which has better risk-adjusted returns?

GBUG currently has the higher Sharpe Ratio (1.28 vs 0.90), 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.