HMY vs. SGOL

Last updated Aug 1, 2026

HMY (Harmony Gold Mining Company Limited) is a stock, while SGOL (abrdn Physical Gold Shares ETF) is Gold fund tracking the LBMA Gold Price PM ($/ozt). Over the past 10 years, HMY returned 14.12%/yr vs 11.24%/yr for SGOL. Their 0.63 correlation means they have sometimes moved together and sometimes differently.

Performance

HMY vs. SGOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harmony Gold Mining Company Limited (HMY) and abrdn Physical Gold Shares ETF (SGOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HMY achieves a -19.33% return, which is significantly lower than SGOL's -6.11% return. Over the past 10 years, HMY has outperformed SGOL with an annualized return of 14.12%, while SGOL has yielded a comparatively lower 11.24% annualized return.

HMY

• 1D: -2.48%
• 1M: -2.11%
• 6M: -24.77%
• YTD: -19.33%
• 1Y: 13.45%
• 3Y*: 60.02%
• 5Y*: 32.73%
• 10Y*: 14.12%
• ALL TIME*: 3.26%

SGOL

• 1D: -1.46%
• 1M: -1.71%
• 6M: -16.61%
• YTD: -6.11%
• 1Y: 20.46%
• 3Y*: 27.52%
• 5Y*: 17.23%
• 10Y*: 11.24%
• ALL TIME*: 8.33%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HMY Harmony Gold Mining Company Limited	$40.27M	$46.42M	$65.95M
SGOL abrdn Physical Gold Shares ETF	$88.85M	$78.77M	$101.28M

HMY vs. SGOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HMY Harmony Gold Mining Company Limited	-19.33%	145.47%	35.39%	82.51%	-16.42%	-10.25%	28.93%	102.79%	-4.28%	-12.94%
SGOL abrdn Physical Gold Shares ETF	-6.11%	63.99%	26.90%	12.99%	-0.51%	-3.94%	25.03%	18.21%	-1.94%	12.86%

Correlation

The correlation between HMY and SGOL is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.72
Correlation (5Y) Shows whether the relationship held over a longer period.	0.69
Correlation (10Y) Provides a long-term view across more market conditions.	0.64
Correlation (All Time) Calculated using the full available price history since Sep 9, 2009	0.63

The correlation between HMY and SGOL shifts across timeframes, from 0.63 (all time) to 0.76 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

HMY vs. SGOL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HMY

HMY Risk / Return Rank: 56
HMY Sharpe Ratio Rank: 56
HMY Sortino Ratio Rank: 56
HMY Omega Ratio Rank: 55
HMY Calmar Ratio Rank: 55
HMY Martin Ratio Rank: 55

SGOL

SGOL Risk / Return Rank: 31
SGOL Sharpe Ratio Rank: 34
SGOL Sortino Ratio Rank: 31
SGOL Omega Ratio Rank: 36
SGOL Calmar Ratio Rank: 27
SGOL Martin Ratio Rank: 25

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HMY vs. SGOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harmony Gold Mining Company Limited (HMY) 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.

	HMY	SGOL	Difference
Sharpe ratio: Return per unit of total volatility	0.30	0.83	-0.53
Sortino ratio: Return per unit of downside risk	0.87	1.18	-0.31
Omega ratio: Gain probability vs. loss probability	1.11	1.17	-0.06
Calmar ratio: Return relative to maximum drawdown	0.41	0.87	-0.47
Martin ratio: Return relative to average drawdown	0.76	1.89	-1.13

HMY vs. SGOL - Sharpe Ratio Comparison

The current HMY Sharpe Ratio is 0.30, which is lower than the SGOL Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of HMY and SGOL, 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

HMY vs. SGOL - Drawdown Comparison

The maximum HMY drawdown since its inception was -97.04%, which is greater than SGOL's maximum drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for HMY and SGOL.

Drawdown Indicators

	HMY	SGOL	Difference
Max Drawdown Largest peak-to-trough decline	-97.04%	-45.51%	-51.53%
Max Drawdown (1Y) Largest decline over 1 year	-48.85%	-26.32%	-22.53%
Max Drawdown (3Y) Largest decline over 3 years	-48.85%	-26.32%	-22.53%
Max Drawdown (5Y) Largest decline over 5 years	-62.48%	-26.32%	-36.16%
Max Drawdown (10Y) Largest decline over 10 years	-71.05%	-26.32%	-44.73%
Current Drawdown Current decline from peak	-38.35%	-24.98%	-13.37%
Average Drawdown Average peak-to-trough decline	-52.68%	-18.46%	-34.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.05%	12.14%	+13.91%

Volatility

HMY vs. SGOL - Volatility Comparison

Harmony Gold Mining Company Limited (HMY) has a higher volatility of 15.77% compared to abrdn Physical Gold Shares ETF (SGOL) at 6.33%. This indicates that HMY'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.

Volatility by Period

	HMY	SGOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.77%	6.33%	+9.44%
Volatility (6M) Calculated over the trailing 6-month period	49.41%	23.26%	+26.15%
Volatility (1Y) Calculated over the trailing 1-year period	66.55%	27.84%	+38.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.01%	18.37%	+40.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.90%	16.09%	+44.81%

Dividends

HMY vs. SGOL - Dividend Comparison

HMY's dividend yield for the trailing twelve months is around 2.55%, while SGOL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
HMY Harmony Gold Mining Company Limited	2.55%	1.07%	1.59%	0.66%	1.14%	2.23%	0.00%	0.00%	0.00%	3.13%	1.37%
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%

Frequently Asked Questions

Can I hold both HMY and SGOL in my portfolio?

HMY and SGOL have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HMY or SGOL?

HMY has higher volatility (15.77%) compared to SGOL (6.33%). In terms of maximum drawdown, HMY dropped -97.04% vs SGOL's -45.51%.

Which has better risk-adjusted returns?

SGOL currently has the higher Sharpe Ratio (0.83 vs 0.30), 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.