GOEX vs. GBUG

Last updated Jun 24, 2026

GOEX (Global X Gold Explorers ETF) and GBUG (Sprott Active Gold & Silver Miners ETF) are both Gold funds. GOEX is passively managed, while GBUG is actively managed. Over the past year, GOEX returned 57.11% vs 54.84% for GBUG. With a 0.96 correlation, they move nearly in lockstep. GOEX charges 0.65%/yr vs 0.89%/yr for GBUG.

Performance

GOEX vs. GBUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Gold Explorers ETF (GOEX) and Sprott Active Gold & Silver Miners ETF (GBUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GOEX achieves a -10.87% return, which is significantly lower than GBUG's -9.70% return.

GOEX

• 1D: -4.76%
• 1M: -7.11%
• YTD: -10.87%
• 6M: -15.49%
• 1Y: 57.11%
• 3Y*: 46.70%
• 5Y*: 19.54%
• 10Y*: 11.97%

GBUG

• 1D: -4.85%
• 1M: -7.18%
• YTD: -9.70%
• 6M: -13.65%
• 1Y: 54.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GOEX vs. GBUG - Yearly Performance Comparison

	2026 (YTD)	2025
GOEX Global X Gold Explorers ETF	-10.87%	140.88%
GBUG Sprott Active Gold & Silver Miners ETF	-9.70%	122.37%

Correlation

The correlation between GOEX and GBUG is 0.96 - 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 (All Time) Calculated using the full available price history since Feb 20, 2025	0.96

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

Return for Risk

GOEX vs. GBUG — Risk / Return Rank

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

GOEX

GOEX Risk / Return Rank: 31
GOEX Sharpe Ratio Rank: 32
GOEX Sortino Ratio Rank: 31
GOEX Omega Ratio Rank: 33
GOEX Calmar Ratio Rank: 30
GOEX Martin Ratio Rank: 29

GBUG

GBUG Risk / Return Rank: 31
GBUG Sharpe Ratio Rank: 32
GBUG Sortino Ratio Rank: 30
GBUG Omega Ratio Rank: 33
GBUG Calmar Ratio Rank: 31
GBUG Martin Ratio Rank: 29

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.

GOEX vs. GBUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Gold Explorers ETF (GOEX) and Sprott Active Gold & Silver Miners ETF (GBUG). 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.

	GOEX	GBUG	Difference
Sharpe ratio: Return per unit of total volatility	1.11	1.10	+0.02
Sortino ratio: Return per unit of downside risk	1.58	1.54	+0.04
Omega ratio: Gain probability vs. loss probability	1.21	1.21	0.00
Calmar ratio: Return relative to maximum drawdown	1.45	1.49	-0.05
Martin ratio: Return relative to average drawdown	3.84	3.92	-0.08

GOEX vs. GBUG - Sharpe Ratio Comparison

The current GOEX Sharpe Ratio is 1.11, which is comparable to the GBUG Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of GOEX and GBUG, 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

GOEX vs. GBUG - Drawdown Comparison

The maximum GOEX drawdown since its inception was -88.83%, which is greater than GBUG's maximum drawdown of -36.90%. Use the drawdown chart below to compare losses from any high point for GOEX and GBUG.

Drawdown Indicators

	GOEX	GBUG	Difference
Max Drawdown Largest peak-to-trough decline	-88.83%	-36.90%	-51.93%
Max Drawdown (1Y) Largest decline over 1 year	-39.64%	-36.90%	-2.74%
Max Drawdown (3Y) Largest decline over 3 years	-39.64%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-47.16%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-53.66%	—	—
Current Drawdown Current decline from peak	-34.22%	-32.19%	-2.03%
Average Drawdown Average peak-to-trough decline	-63.47%	-8.47%	-55.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.92%	14.05%	+0.87%

Volatility

GOEX vs. GBUG - Volatility Comparison

Global X Gold Explorers ETF (GOEX) and Sprott Active Gold & Silver Miners ETF (GBUG) have volatilities of 18.46% and 19.27%, 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

	GOEX	GBUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.46%	19.27%	-0.81%
Volatility (6M) Calculated over the trailing 6-month period	42.70%	42.41%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	51.52%	50.26%	+1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.57%	48.59%	-9.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.17%	48.59%	-8.42%

GOEX vs. GBUG - Expense Ratio Comparison

GOEX has a 0.65% expense ratio, which is lower than GBUG's 0.89% expense ratio.

Dividends

GOEX vs. GBUG - Dividend Comparison

GOEX's dividend yield for the trailing twelve months is around 2.33%, more than GBUG's 1.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GBUG Sprott Active Gold & Silver Miners ETF	1.72%	1.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GOEX Global X Gold Explorers ETF	2.33%	2.08%	2.46%	0.05%	1.04%	2.35%	2.62%	1.60%	0.00%	0.00%	38.91%	11.70%

Frequently Asked Questions

Can I hold both GOEX and GBUG in my portfolio?

With a correlation of 0.96, GOEX and GBUG 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, GOEX or GBUG?

GBUG has higher volatility (19.27%) compared to GOEX (18.46%). In terms of maximum drawdown, GOEX dropped -88.83% vs GBUG's -36.90%.

Which ETF is better, GOEX or GBUG?

On 1-year performance, GOEX leads with 57.11% vs 54.84% for GBUG. On fees, GOEX is cheaper at 0.65% per year. On volatility, GOEX has been the lower-risk option at 18.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GOEX or GBUG?

Over the 1-year period, GOEX has performed better with a 57.11% return vs 54.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GOEX or GBUG?

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

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

GOEX has the higher dividend yield at 2.33%, compared with 1.72% for GBUG.

What is the main difference between GOEX and GBUG?

They also come from different issuers: Global X and Sprott. Their fees differ too: 0.65% for GOEX and 0.89% for GBUG.

Which has better risk-adjusted returns?

GOEX currently has the higher Sharpe Ratio (1.11 vs 1.10), 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.