GOEX vs. SGOL
GOEX (Global X Gold Explorers ETF) and SGOL (abrdn Physical Gold Shares ETF) are both Gold funds - GOEX tracks the Solactive Global Gold Explorers & Developers Total Return while SGOL tracks the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 10 years, GOEX returned 11.97%/yr vs 11.79%/yr for SGOL. A 0.73 correlation means they provide meaningful diversification when combined. GOEX charges 0.65%/yr vs 0.17%/yr for SGOL.
Performance
GOEX vs. SGOL - Performance Comparison
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Returns By Period
In the year-to-date period, GOEX achieves a -10.87% return, which is significantly lower than SGOL's -4.70% return. Both investments have delivered pretty close results over the past 10 years, with GOEX having a 11.97% annualized return and SGOL not far behind at 11.79%.
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%
SGOL
- 1D
- -1.86%
- 1M
- -8.83%
- YTD
- -4.70%
- 6M
- -8.63%
- 1Y
- 21.55%
- 3Y*
- 28.71%
- 5Y*
- 18.11%
- 10Y*
- 11.79%
GOEX vs. SGOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GOEX Global X Gold Explorers ETF | -10.87% | 179.50% | 19.38% | 1.99% | -14.63% | -14.45% | 34.98% | 36.73% | -14.84% | 12.61% |
SGOL abrdn Physical Gold Shares ETF | -4.70% | 63.99% | 26.90% | 12.99% | -0.51% | -3.94% | 25.03% | 18.21% | -1.94% | 12.86% |
Correlation
The correlation between GOEX and SGOL is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2010 | 0.73 |
The correlation between GOEX and SGOL has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.
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Return for Risk
GOEX vs. SGOL — Risk / Return Rank
GOEX
SGOL
GOEX vs. SGOL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Gold Explorers ETF (GOEX) and abrdn Physical Gold Shares ETF (SGOL). 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 | SGOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.17 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.45 | 0.89 | +0.56 |
| Martin ratioReturn relative to average drawdown | 3.84 | 2.38 | +1.46 |
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Drawdowns
GOEX vs. SGOL - Drawdown Comparison
The maximum GOEX drawdown since its inception was -88.83%, which is greater than SGOL's maximum drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for GOEX and SGOL.
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Drawdown Indicators
| GOEX | SGOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.83% | -45.51% | -43.32% |
Max Drawdown (1Y)Largest decline over 1 year | -39.64% | -24.37% | -15.27% |
Max Drawdown (3Y)Largest decline over 3 years | -39.64% | -24.37% | -15.27% |
Max Drawdown (5Y)Largest decline over 5 years | -47.16% | -24.37% | -22.79% |
Max Drawdown (10Y)Largest decline over 10 years | -53.66% | -24.37% | -29.29% |
Current DrawdownCurrent decline from peak | -34.22% | -23.85% | -10.37% |
Average DrawdownAverage peak-to-trough decline | -63.47% | -18.42% | -45.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.92% | 9.06% | +5.86% |
Volatility
GOEX vs. SGOL - Volatility Comparison
Global X Gold Explorers ETF (GOEX) has a higher volatility of 18.46% compared to abrdn Physical Gold Shares ETF (SGOL) at 8.11%. This indicates that GOEX's price experiences larger fluctuations and is considered to be riskier than SGOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GOEX | SGOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.46% | 8.11% | +10.35% |
Volatility (6M)Calculated over the trailing 6-month period | 42.70% | 24.14% | +18.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.52% | 27.28% | +24.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.57% | 18.13% | +21.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.17% | 16.00% | +24.17% |
GOEX vs. SGOL - Expense Ratio Comparison
GOEX has a 0.65% expense ratio, which is higher than SGOL's 0.17% expense ratio.
Dividends
GOEX vs. SGOL - Dividend Comparison
GOEX's dividend yield for the trailing twelve months is around 2.33%, while SGOL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SGOL abrdn Physical Gold Shares ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GOEX and SGOL have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GOEX has higher volatility (18.46%) compared to SGOL (8.11%). In terms of maximum drawdown, GOEX dropped -88.83% vs SGOL's -45.51%.
On 10-year performance, GOEX leads with 11.97% vs 11.79% for SGOL. On fees, SGOL is cheaper at 0.17% per year. On volatility, SGOL has been the lower-risk option at 8.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GOEX has performed better with a 11.97% return vs 11.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOL is cheaper with a 0.17% expense ratio, compared with 0.65% for GOEX.
GOEX has the higher dividend yield at 2.33%, compared with 0.00% for SGOL.
GOEX tracks Solactive Global Gold Explorers & Developers Total Return, while SGOL tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: Global X and abrdn. Their fees differ too: 0.65% for GOEX and 0.17% for SGOL.
GOEX currently has the higher Sharpe Ratio (1.11 vs 0.79), 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.
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