GRHAX vs. SGDIX

Last updated Jun 14, 2026

GRHAX (Goehring & Rozencwajg Resources Fund Retail Class) and SGDIX (Sprott Gold Equity Fund Institutional Class) are both mutual funds - GRHAX is a Natural Resources fund actively managed by Goehring & Rozencwajg, while SGDIX is a Gold fund actively managed by Sprott. Both are actively managed. Over the past 5 years, GRHAX returned 19.11%/yr vs 16.49%/yr for SGDIX. A 0.51 correlation means they provide meaningful diversification when combined. GRHAX charges 1.28%/yr vs 1.17%/yr for SGDIX.

Performance

GRHAX vs. SGDIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goehring & Rozencwajg Resources Fund Retail Class (GRHAX) and Sprott Gold Equity Fund Institutional Class (SGDIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GRHAX achieves a 10.39% return, which is significantly higher than SGDIX's -8.02% return.

GRHAX

• 1D: 0.80%
• 1M: -9.30%
• YTD: 10.39%
• 6M: 12.96%
• 1Y: 45.89%
• 3Y*: 26.76%
• 5Y*: 19.11%
• 10Y*: —

SGDIX

• 1D: 4.81%
• 1M: -16.79%
• YTD: -8.02%
• 6M: -6.40%
• 1Y: 46.62%
• 3Y*: 38.59%
• 5Y*: 16.49%
• 10Y*: —

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

GRHAX vs. SGDIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GRHAX Goehring & Rozencwajg Resources Fund Retail Class	10.39%	61.00%	-1.71%	16.19%	16.43%	61.61%	1.94%
SGDIX Sprott Gold Equity Fund Institutional Class	-8.02%	148.38%	20.90%	2.23%	-12.96%	-11.55%	35.67%

Correlation

The correlation between GRHAX and SGDIX is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jan 17, 2020	0.51

The correlation between GRHAX and SGDIX shifts across timeframes, from 0.51 (all time) to 0.66 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GRHAX vs. SGDIX — Risk / Return Rank

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

GRHAX

GRHAX Risk / Return Rank: 63
GRHAX Sharpe Ratio Rank: 64
GRHAX Sortino Ratio Rank: 50
GRHAX Omega Ratio Rank: 49
GRHAX Calmar Ratio Rank: 87
GRHAX Martin Ratio Rank: 65

SGDIX

SGDIX Risk / Return Rank: 23
SGDIX Sharpe Ratio Rank: 25
SGDIX Sortino Ratio Rank: 21
SGDIX Omega Ratio Rank: 26
SGDIX Calmar Ratio Rank: 22
SGDIX Martin Ratio Rank: 18

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.

GRHAX vs. SGDIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goehring & Rozencwajg Resources Fund Retail Class (GRHAX) and Sprott Gold Equity Fund Institutional Class (SGDIX). 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.

	GRHAX	SGDIX	Difference
Sharpe ratio: Return per unit of total volatility	1.93	1.23	+0.71
Sortino ratio: Return per unit of downside risk	2.42	1.63	+0.80
Omega ratio: Gain probability vs. loss probability	1.31	1.23	+0.08
Calmar ratio: Return relative to maximum drawdown	3.66	1.50	+2.16
Martin ratio: Return relative to average drawdown	10.43	4.14	+6.29

GRHAX vs. SGDIX - Sharpe Ratio Comparison

The current GRHAX Sharpe Ratio is 1.93, which is higher than the SGDIX Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of GRHAX and SGDIX, 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

GRHAX vs. SGDIX - Drawdown Comparison

The maximum GRHAX drawdown since its inception was -71.03%, which is greater than SGDIX's maximum drawdown of -47.27%. Use the drawdown chart below to compare losses from any high point for GRHAX and SGDIX.

Drawdown Indicators

	GRHAX	SGDIX	Difference
Max Drawdown Largest peak-to-trough decline	-71.03%	-47.27%	-23.76%
Max Drawdown (1Y) Largest decline over 1 year	-13.37%	-33.93%	+20.56%
Max Drawdown (3Y) Largest decline over 3 years	-25.49%	-33.93%	+8.44%
Max Drawdown (5Y) Largest decline over 5 years	-31.48%	-42.90%	+11.42%
Current Drawdown Current decline from peak	-12.67%	-30.75%	+18.08%
Average Drawdown Average peak-to-trough decline	-18.52%	-18.01%	-0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.67%	12.28%	-7.61%

Volatility

GRHAX vs. SGDIX - Volatility Comparison

The current volatility for Goehring & Rozencwajg Resources Fund Retail Class (GRHAX) is 7.91%, while Sprott Gold Equity Fund Institutional Class (SGDIX) has a volatility of 15.34%. This indicates that GRHAX experiences smaller price fluctuations and is considered to be less risky than SGDIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GRHAX	SGDIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.91%	15.34%	-7.43%
Volatility (6M) Calculated over the trailing 6-month period	19.24%	35.35%	-16.11%
Volatility (1Y) Calculated over the trailing 1-year period	25.34%	41.49%	-16.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.23%	31.95%	-2.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.54%	34.07%	-4.53%

GRHAX vs. SGDIX - Expense Ratio Comparison

GRHAX has a 1.28% expense ratio, which is higher than SGDIX's 1.17% expense ratio.

Dividends

GRHAX vs. SGDIX - Dividend Comparison

GRHAX's dividend yield for the trailing twelve months is around 2.97%, more than SGDIX's 0.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GRHAX Goehring & Rozencwajg Resources Fund Retail Class	2.97%	3.28%	3.87%	3.03%	1.41%	3.08%	1.76%	0.43%	0.88%	0.52%
SGDIX Sprott Gold Equity Fund Institutional Class	0.71%	0.66%	0.00%	0.00%	0.52%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GRHAX and SGDIX in my portfolio?

GRHAX and SGDIX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GRHAX or SGDIX?

SGDIX has higher volatility (15.34%) compared to GRHAX (7.91%). In terms of maximum drawdown, GRHAX dropped -71.03% vs SGDIX's -47.27%.

Which has better risk-adjusted returns?

GRHAX currently has the higher Sharpe Ratio (1.93 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.