NIKL vs. SGDM

Last updated Jun 4, 2026

NIKL (Sprott Nickel Miners ETF) and SGDM (Sprott Gold Miners ETF) are both exchange-traded funds - NIKL is a Energy Equities fund tracking the Nasdaq Sprott Nickel Miners Index - Benchmark TR Gross, while SGDM is a Materials fund tracking the Solactive Gold Miners Custom Factors Index. Both are passively managed. Over the past 3 years, NIKL returned -3.41%/yr vs 39.67%/yr for SGDM. At a 0.45 correlation, their price movements are largely independent. NIKL charges 0.75%/yr vs 0.50%/yr for SGDM.

Performance

NIKL vs. SGDM - Performance Comparison

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

Returns By Period

In the year-to-date period, NIKL achieves a -8.20% return, which is significantly lower than SGDM's 3.12% return.

NIKL

• 1D: -8.49%
• 1M: -14.45%
• YTD: -8.20%
• 6M: 5.56%
• 1Y: 32.72%
• 3Y*: -3.41%
• 5Y*: —
• 10Y*: —

SGDM

• 1D: 1.69%
• 1M: 1.80%
• YTD: 3.12%
• 6M: 8.86%
• 1Y: 59.22%
• 3Y*: 39.67%
• 5Y*: 19.03%
• 10Y*: 12.76%

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

NIKL vs. SGDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NIKL Sprott Nickel Miners ETF	-8.20%	52.05%	-22.48%	-17.88%
SGDM Sprott Gold Miners ETF	3.12%	153.46%	12.14%	-5.73%

Correlation

The correlation between NIKL and SGDM is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (All Time) Calculated using the full available price history since Mar 23, 2023	0.45

The correlation between NIKL and SGDM has been stable across timeframes, ranging from 0.45 to 0.55 - a consistent structural relationship.

NIKL vs. SGDM - Sectors Allocation Comparison

Sectors	NIKL	SGDM
Basic Materials	100.0%	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

NIKL vs. SGDM — Risk / Return Rank

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

NIKL

NIKL Risk / Return Rank: 23
NIKL Sharpe Ratio Rank: 23
NIKL Sortino Ratio Rank: 24
NIKL Omega Ratio Rank: 23
NIKL Calmar Ratio Rank: 24
NIKL Martin Ratio Rank: 22

SGDM

SGDM Risk / Return Rank: 37
SGDM Sharpe Ratio Rank: 38
SGDM Sortino Ratio Rank: 32
SGDM Omega Ratio Rank: 38
SGDM Calmar Ratio Rank: 41
SGDM 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. SGDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Nickel Miners ETF (NIKL) and Sprott Gold Miners ETF (SGDM). 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	SGDM	Difference
Sharpe ratio: Return per unit of total volatility	0.78	1.33	-0.55
Sortino ratio: Return per unit of downside risk	1.31	1.71	-0.40
Omega ratio: Gain probability vs. loss probability	1.16	1.24	-0.09
Calmar ratio: Return relative to maximum drawdown	1.10	1.98	-0.88
Martin ratio: Return relative to average drawdown	2.67	4.98	-2.31
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. SGDM - Sharpe Ratio Comparison

The current NIKL Sharpe Ratio is 0.78, which is lower than the SGDM Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of NIKL and SGDM, 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	SGDM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.78	1.33	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.53	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	0.27	-0.38

Drawdowns

NIKL vs. SGDM - Drawdown Comparison

The maximum NIKL drawdown since its inception was -60.23%, which is greater than SGDM's maximum drawdown of -54.95%. Use the drawdown chart below to compare losses from any high point for NIKL and SGDM.

Drawdown Indicators

	NIKL	SGDM	Difference
Max Drawdown Largest peak-to-trough decline	-60.23%	-54.95%	-5.28%
Max Drawdown (1Y) Largest decline over 1 year	-29.87%	-30.04%	+0.17%
Max Drawdown (3Y) Largest decline over 3 years	-60.23%	-30.04%	-30.19%
Max Drawdown (5Y) Largest decline over 5 years	—	-45.06%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-49.69%	—
Current Drawdown Current decline from peak	-29.87%	-24.68%	-5.19%
Average Drawdown Average peak-to-trough decline	-26.58%	-25.46%	-1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.29%	11.94%	+0.35%

Volatility

NIKL vs. SGDM - Volatility Comparison

Sprott Nickel Miners ETF (NIKL) has a higher volatility of 15.28% compared to Sprott Gold Miners ETF (SGDM) at 14.53%. This indicates that NIKL's price experiences larger fluctuations and is considered to be riskier than SGDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NIKL	SGDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.28%	14.53%	+0.75%
Volatility (6M) Calculated over the trailing 6-month period	35.54%	36.91%	-1.37%
Volatility (1Y) Calculated over the trailing 1-year period	42.12%	44.86%	-2.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.62%	35.78%	-3.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.62%	36.81%	-4.19%

NIKL vs. SGDM - Expense Ratio Comparison

NIKL has a 0.75% expense ratio, which is higher than SGDM's 0.50% expense ratio.

Dividends

NIKL vs. SGDM - Dividend Comparison

NIKL's dividend yield for the trailing twelve months is around 2.75%, more than SGDM's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NIKL Sprott Nickel Miners ETF	2.75%	2.53%	3.49%	19.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SGDM Sprott Gold Miners ETF	1.01%	1.04%	1.04%	1.39%	1.42%	1.33%	0.30%	0.25%	0.50%	0.58%	0.02%	1.47%

Frequently Asked Questions

Can I hold both NIKL and SGDM in my portfolio?

NIKL and SGDM have a correlation of 0.55, 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 SGDM?

NIKL has higher volatility (15.28%) compared to SGDM (14.53%). In terms of maximum drawdown, NIKL dropped -60.23% vs SGDM's -54.95%.

Which ETF is better, NIKL or SGDM?

On 3-year performance, SGDM leads with 39.67% vs -3.41% for NIKL. On fees, SGDM is cheaper at 0.50% per year. On volatility, SGDM has been the lower-risk option at 14.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NIKL or SGDM?

Over the 3-year period, SGDM has performed better with a 39.67% return vs -3.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NIKL or SGDM?

SGDM is cheaper with a 0.50% expense ratio, compared with 0.75% for NIKL.

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

NIKL has the higher dividend yield at 2.75%, compared with 1.01% for SGDM.

What is the main difference between NIKL and SGDM?

NIKL is categorized as Energy Equities, while SGDM is Materials. NIKL tracks Nasdaq Sprott Nickel Miners Index - Benchmark TR Gross, while SGDM tracks Solactive Gold Miners Custom Factors Index. Their fees differ too: 0.75% for NIKL and 0.50% for SGDM.

Which has better risk-adjusted returns?

SGDM currently has the higher Sharpe Ratio (1.33 vs 0.78), 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.