NIKL vs. GBUG

Last updated Jun 5, 2026

NIKL (Sprott Nickel Miners ETF) and GBUG (Sprott Active Gold & Silver Miners ETF) are both exchange-traded funds - NIKL is a Energy Equities fund tracking the Nasdaq Sprott Nickel Miners Index - Benchmark TR Gross, while GBUG is a Gold fund actively managed by Sprott. NIKL is passively managed, while GBUG is actively managed. Over the past year, NIKL returned 27.58% vs 63.04% for GBUG. A 0.55 correlation means they provide meaningful diversification when combined. NIKL charges 0.75%/yr vs 0.89%/yr for GBUG.

Performance

NIKL vs. GBUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Nickel Miners ETF (NIKL) and Sprott Active Gold & Silver Miners ETF (GBUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NIKL achieves a -7.50% return, which is significantly lower than GBUG's -1.44% return.

NIKL

• 1D: 0.76%
• 1M: -13.19%
• YTD: -7.50%
• 6M: 4.95%
• 1Y: 27.58%
• 3Y*: -3.02%
• 5Y*: —
• 10Y*: —

GBUG

• 1D: 1.17%
• 1M: 0.96%
• YTD: -1.44%
• 6M: 7.57%
• 1Y: 63.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NIKL vs. GBUG - Yearly Performance Comparison

	2026 (YTD)	2025
NIKL Sprott Nickel Miners ETF	-7.50%	54.51%
GBUG Sprott Active Gold & Silver Miners ETF	-1.44%	119.00%

Correlation

The correlation between NIKL and GBUG is 0.60, 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	0.60
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.55

The correlation between NIKL and GBUG has been stable across timeframes, ranging from 0.55 to 0.60 - a consistent structural relationship.

Return for Risk

NIKL vs. GBUG — Risk / Return Rank

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

NIKL

NIKL Risk / Return Rank: 21
NIKL Sharpe Ratio Rank: 20
NIKL Sortino Ratio Rank: 22
NIKL Omega Ratio Rank: 22
NIKL Calmar Ratio Rank: 21
NIKL Martin Ratio Rank: 20

GBUG

GBUG Risk / Return Rank: 37
GBUG Sharpe Ratio Rank: 38
GBUG Sortino Ratio Rank: 33
GBUG Omega Ratio Rank: 38
GBUG Calmar Ratio Rank: 41
GBUG Martin Ratio Rank: 34

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.

NIKL vs. GBUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Nickel Miners ETF (NIKL) and Sprott Active Gold & Silver Miners ETF (GBUG). 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.

	NIKL	GBUG	Difference
Sharpe ratio: Return per unit of total volatility	0.66	1.33	-0.67
Sortino ratio: Return per unit of downside risk	1.17	1.74	-0.57
Omega ratio: Gain probability vs. loss probability	1.14	1.24	-0.10
Calmar ratio: Return relative to maximum drawdown	0.93	1.97	-1.05
Martin ratio: Return relative to average drawdown	2.23	5.05	-2.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NIKL vs. GBUG - Sharpe Ratio Comparison

The current NIKL Sharpe Ratio is 0.66, which is lower than the GBUG Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of NIKL and GBUG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NIKL	GBUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.66	1.33	-0.67
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	1.74	-1.85

Drawdowns

NIKL vs. GBUG - Drawdown Comparison

The maximum NIKL drawdown since its inception was -60.23%, which is greater than GBUG's maximum drawdown of -32.10%. Use the drawdown chart below to compare losses from any high point for NIKL and GBUG.

Drawdown Indicators

	NIKL	GBUG	Difference
Max Drawdown Largest peak-to-trough decline	-60.23%	-32.10%	-28.13%
Max Drawdown (1Y) Largest decline over 1 year	-29.87%	-32.10%	+2.23%
Max Drawdown (3Y) Largest decline over 3 years	-60.23%	—	—
Current Drawdown Current decline from peak	-29.33%	-25.98%	-3.35%
Average Drawdown Average peak-to-trough decline	-26.58%	-7.68%	-18.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.42%	12.52%	-0.10%

Volatility

NIKL vs. GBUG - Volatility Comparison

Sprott Nickel Miners ETF (NIKL) and Sprott Active Gold & Silver Miners ETF (GBUG) have volatilities of 15.35% and 15.44%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NIKL	GBUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.35%	15.44%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	35.55%	39.41%	-3.86%
Volatility (1Y) Calculated over the trailing 1-year period	42.12%	47.62%	-5.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.60%	47.31%	-14.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.60%	47.31%	-14.71%

NIKL vs. GBUG - Expense Ratio Comparison

NIKL has a 0.75% expense ratio, which is lower than GBUG's 0.89% expense ratio.

Dividends

NIKL vs. GBUG - Dividend Comparison

NIKL's dividend yield for the trailing twelve months is around 2.73%, more than GBUG's 1.58% yield.

Position	TTM	2025	2024	2023
GBUG Sprott Active Gold & Silver Miners ETF	1.58%	1.56%	0.00%	0.00%
NIKL Sprott Nickel Miners ETF	2.73%	2.53%	3.49%	19.52%

Frequently Asked Questions

Can I hold both NIKL and GBUG in my portfolio?

NIKL and GBUG have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NIKL or GBUG?

GBUG has higher volatility (15.44%) compared to NIKL (15.35%). In terms of maximum drawdown, NIKL dropped -60.23% vs GBUG's -32.10%.

Which ETF is better, NIKL or GBUG?

On 1-year performance, GBUG leads with 63.04% vs 27.58% for NIKL. On fees, NIKL is cheaper at 0.75% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NIKL or GBUG?

Over the 1-year period, GBUG has performed better with a 63.04% return vs 27.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NIKL or GBUG?

NIKL is cheaper with a 0.75% expense ratio, compared with 0.89% for GBUG.

Which ETF pays a higher dividend yield, NIKL or GBUG?

NIKL has the higher dividend yield at 2.73%, compared with 1.58% for GBUG.

What is the main difference between NIKL and GBUG?

NIKL is categorized as Energy Equities, while GBUG is Gold. Their fees differ too: 0.75% for NIKL and 0.89% for GBUG.

Which has better risk-adjusted returns?

GBUG currently has the higher Sharpe Ratio (1.33 vs 0.66), 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.