MIDSX vs. SGDLX

Last updated Aug 1, 2026

MIDSX (Midas Discovery) and SGDLX (Sprott Gold Equity Fund) are both mutual funds - MIDSX is a Precious Metals fund managed by Midas, while SGDLX is a Gold fund managed by Sprott. Over the past 5 years, MIDSX returned 18.07%/yr vs 18.29%/yr for SGDLX. Their correlation of 0.94 means they have usually moved in the same direction. MIDSX charges 4.25%/yr vs 1.44%/yr for SGDLX.

Performance

MIDSX vs. SGDLX - Performance Comparison

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

Returns By Period

In the year-to-date period, MIDSX achieves a -8.60% return, which is significantly lower than SGDLX's -7.77% return.

MIDSX

• 1D: 3.57%
• 1M: -5.06%
• 6M: -17.99%
• YTD: -8.60%
• 1Y: 59.50%
• 3Y*: 40.10%
• 5Y*: 18.07%
• 10Y*: 7.62%
• ALL TIME*: -0.88%

SGDLX

• 1D: 2.84%
• 1M: -2.98%
• 6M: -15.89%
• YTD: -7.77%
• 1Y: 57.68%
• 3Y*: 39.71%
• 5Y*: 18.29%
• 10Y*: —
• ALL TIME*: 17.78%

*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)
MIDSX Midas Discovery	$0.00	$0.00	$0.00
SGDLX Sprott Gold Equity Fund	$0.00	$0.00	$0.00

MIDSX vs. SGDLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MIDSX Midas Discovery	-8.60%	195.76%	7.27%	-1.79%	-11.11%	-19.23%	13.04%
SGDLX Sprott Gold Equity Fund	-7.77%	147.67%	20.58%	1.91%	-13.21%	-11.79%	35.30%

Correlation

The correlation between MIDSX and SGDLX is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.97
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020	0.94

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

Return for Risk

MIDSX vs. SGDLX — Risk / Return Rank

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

MIDSX

MIDSX Risk / Return Rank: 41
MIDSX Sharpe Ratio Rank: 50
MIDSX Sortino Ratio Rank: 42
MIDSX Omega Ratio Rank: 49
MIDSX Calmar Ratio Rank: 39
MIDSX Martin Ratio Rank: 26

SGDLX

SGDLX Risk / Return Rank: 43
SGDLX Sharpe Ratio Rank: 53
SGDLX Sortino Ratio Rank: 44
SGDLX Omega Ratio Rank: 50
SGDLX Calmar Ratio Rank: 43
SGDLX Martin Ratio Rank: 26

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.

MIDSX vs. SGDLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Midas Discovery (MIDSX) and Sprott Gold Equity Fund (SGDLX). 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	SGDLX	Difference
Sharpe ratio: Return per unit of total volatility	1.32	1.36	-0.03
Sortino ratio: Return per unit of downside risk	1.75	1.77	-0.02
Omega ratio: Gain probability vs. loss probability	1.24	1.24	0.00
Calmar ratio: Return relative to maximum drawdown	1.60	1.66	-0.06
Martin ratio: Return relative to average drawdown	3.64	3.58	+0.06

MIDSX vs. SGDLX - Sharpe Ratio Comparison

The current MIDSX Sharpe Ratio is 1.32, which is comparable to the SGDLX Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of MIDSX and SGDLX, 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. SGDLX - Drawdown Comparison

The maximum MIDSX drawdown since its inception was -89.77%, which is greater than SGDLX's maximum drawdown of -47.59%. Use the drawdown chart below to compare losses from any high point for MIDSX and SGDLX.

Drawdown Indicators

	MIDSX	SGDLX	Difference
Max Drawdown Largest peak-to-trough decline	-89.77%	-47.59%	-42.18%
Max Drawdown (1Y) Largest decline over 1 year	-39.43%	-35.46%	-3.97%
Max Drawdown (3Y) Largest decline over 3 years	-39.43%	-35.46%	-3.97%
Max Drawdown (5Y) Largest decline over 5 years	-43.33%	-42.98%	-0.35%
Max Drawdown (10Y) Largest decline over 10 years	-57.07%	—	—
Current Drawdown Current decline from peak	-47.39%	-30.56%	-16.83%
Average Drawdown Average peak-to-trough decline	-63.42%	-18.56%	-44.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.27%	16.43%	+0.84%

Volatility

MIDSX vs. SGDLX - Volatility Comparison

Midas Discovery (MIDSX) has a higher volatility of 13.60% compared to Sprott Gold Equity Fund (SGDLX) at 11.84%. This indicates that MIDSX's price experiences larger fluctuations and is considered to be riskier than SGDLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MIDSX	SGDLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.60%	11.84%	+1.76%
Volatility (6M) Calculated over the trailing 6-month period	40.14%	36.60%	+3.54%
Volatility (1Y) Calculated over the trailing 1-year period	47.72%	43.59%	+4.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.48%	32.46%	+3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.74%	34.29%	-0.55%

MIDSX vs. SGDLX - Expense Ratio Comparison

MIDSX has a 4.25% expense ratio, which is higher than SGDLX's 1.44% expense ratio.

Dividends

MIDSX vs. SGDLX - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022
MIDSX Midas Discovery	0.00%	0.00%	0.00%	0.00%	0.00%
SGDLX Sprott Gold Equity Fund	0.72%	0.67%	0.00%	0.00%	0.12%

Frequently Asked Questions

Can I hold both MIDSX and SGDLX in my portfolio?

With a correlation of 0.97, MIDSX and SGDLX 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 SGDLX?

MIDSX has higher volatility (13.60%) compared to SGDLX (11.84%). In terms of maximum drawdown, MIDSX dropped -89.77% vs SGDLX's -47.59%.

Which has better risk-adjusted returns?

SGDLX currently has the higher Sharpe Ratio (1.35 vs 1.32), 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.