MIDSX vs. SGDIX

Last updated Jul 14, 2026

MIDSX (Midas Fund) and SGDIX (Sprott Gold Equity Fund Institutional Class) are both mutual funds - MIDSX is a Precious Metals fund managed by Midas, while SGDIX is a Gold fund actively managed by Sprott. Over the past 5 years, MIDSX returned 18.49%/yr vs 18.78%/yr for SGDIX. Their correlation of 0.94 suggests significant overlap in exposure. MIDSX charges 4.25%/yr vs 1.17%/yr for SGDIX.

Performance

MIDSX vs. SGDIX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with MIDSX having a -8.31% return and SGDIX slightly higher at -8.07%.

MIDSX

• 1D: -0.93%
• 1M: -3.32%
• 6M: -16.45%
• YTD: -8.31%
• 1Y: 56.10%
• 3Y*: 40.65%
• 5Y*: 18.49%
• 10Y*: 7.94%

SGDIX

• 1D: -0.35%
• 1M: -3.45%
• 6M: -15.72%
• YTD: -8.07%
• 1Y: 53.13%
• 3Y*: 40.64%
• 5Y*: 18.78%
• 10Y*: —

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

MIDSX vs. SGDIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MIDSX Midas Fund	-8.31%	195.76%	7.27%	-1.79%	-11.11%	-19.23%	13.04%
SGDIX Sprott Gold Equity Fund Institutional Class	-8.07%	148.38%	20.90%	2.23%	-12.96%	-11.55%	35.67%

Correlation

The correlation between MIDSX and SGDIX is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 17, 2020	0.94

The correlation between MIDSX and SGDIX has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

MIDSX vs. SGDIX — Risk / Return Rank

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

MIDSX

MIDSX Risk / Return Rank: 28
MIDSX Sharpe Ratio Rank: 32
MIDSX Sortino Ratio Rank: 27
MIDSX Omega Ratio Rank: 32
MIDSX Calmar Ratio Rank: 28
MIDSX Martin Ratio Rank: 21

SGDIX

SGDIX Risk / Return Rank: 31
SGDIX Sharpe Ratio Rank: 35
SGDIX Sortino Ratio Rank: 30
SGDIX Omega Ratio Rank: 35
SGDIX Calmar Ratio Rank: 32
SGDIX Martin Ratio Rank: 21

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.

MIDSX vs. SGDIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Midas Fund (MIDSX) 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.

	MIDSX	SGDIX	Difference
Sharpe ratio: Return per unit of total volatility	1.22	1.31	-0.09
Sortino ratio: Return per unit of downside risk	1.65	1.72	-0.07
Omega ratio: Gain probability vs. loss probability	1.23	1.24	-0.01
Calmar ratio: Return relative to maximum drawdown	1.50	1.65	-0.15
Martin ratio: Return relative to average drawdown	3.79	3.85	-0.06

MIDSX vs. SGDIX - Sharpe Ratio Comparison

The current MIDSX Sharpe Ratio is 1.22, which is comparable to the SGDIX Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of MIDSX 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

MIDSX vs. SGDIX - Drawdown Comparison

The maximum MIDSX drawdown since its inception was -89.77%, which is greater than SGDIX's maximum drawdown of -47.27%. Use the drawdown chart below to compare losses from any high point for MIDSX and SGDIX.

Drawdown Indicators

	MIDSX	SGDIX	Difference
Max Drawdown Largest peak-to-trough decline	-89.77%	-47.27%	-42.50%
Max Drawdown (1Y) Largest decline over 1 year	-37.99%	-33.93%	-4.06%
Max Drawdown (3Y) Largest decline over 3 years	-37.99%	-33.93%	-4.06%
Max Drawdown (5Y) Largest decline over 5 years	-43.33%	-42.90%	-0.43%
Max Drawdown (10Y) Largest decline over 10 years	-57.07%	—	—
Current Drawdown Current decline from peak	-47.23%	-30.79%	-16.44%
Average Drawdown Average peak-to-trough decline	-63.45%	-18.14%	-45.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.03%	14.54%	+0.49%

Volatility

MIDSX vs. SGDIX - Volatility Comparison

Midas Fund (MIDSX) has a higher volatility of 17.04% compared to Sprott Gold Equity Fund Institutional Class (SGDIX) at 14.84%. This indicates that MIDSX's price experiences larger fluctuations and is considered to be riskier than SGDIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MIDSX	SGDIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.04%	14.84%	+2.20%
Volatility (6M) Calculated over the trailing 6-month period	40.19%	36.66%	+3.53%
Volatility (1Y) Calculated over the trailing 1-year period	47.03%	42.90%	+4.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.34%	32.31%	+3.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.70%	34.25%	-0.55%

MIDSX vs. SGDIX - Expense Ratio Comparison

MIDSX has a 4.25% expense ratio, which is higher than SGDIX's 1.17% expense ratio.

Dividends

MIDSX vs. SGDIX - Dividend Comparison

MIDSX has not paid dividends to shareholders, while SGDIX's dividend yield for the trailing twelve months is around 0.72%.

Position	TTM	2025	2024	2023	2022
MIDSX Midas Fund	0.00%	0.00%	0.00%	0.00%	0.00%
SGDIX Sprott Gold Equity Fund Institutional Class	0.72%	0.66%	0.00%	0.00%	0.52%

Frequently Asked Questions

Can I hold both MIDSX and SGDIX in my portfolio?

With a correlation of 0.97, MIDSX and SGDIX 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, MIDSX or SGDIX?

MIDSX has higher volatility (17.04%) compared to SGDIX (14.84%). In terms of maximum drawdown, MIDSX dropped -89.77% vs SGDIX's -47.27%.

Which has better risk-adjusted returns?

SGDIX currently has the higher Sharpe Ratio (1.31 vs 1.22), 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.