OPGSX vs. USERX

Last updated Jun 23, 2026

OPGSX (Invesco Gold & Special Minerals Fund) and USERX (U.S. Global Investors Gold & Precious Metals Fund) are both Gold funds. Over the past 10 years, OPGSX returned 13.96%/yr vs 13.72%/yr for USERX. Their correlation of 0.87 suggests significant overlap in exposure. OPGSX charges 1.05%/yr vs 1.52%/yr for USERX.

Performance

OPGSX vs. USERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Gold & Special Minerals Fund (OPGSX) and U.S. Global Investors Gold & Precious Metals Fund (USERX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OPGSX achieves a -2.24% return, which is significantly higher than USERX's -3.46% return. Both investments have delivered pretty close results over the past 10 years, with OPGSX having a 13.96% annualized return and USERX not far behind at 13.72%.

OPGSX

• 1D: -2.22%
• 1M: -2.97%
• YTD: -2.24%
• 6M: -6.11%
• 1Y: 54.86%
• 3Y*: 35.30%
• 5Y*: 17.41%
• 10Y*: 13.96%

USERX

• 1D: -2.57%
• 1M: -3.08%
• YTD: -3.46%
• 6M: -6.89%
• 1Y: 66.56%
• 3Y*: 44.70%
• 5Y*: 18.24%
• 10Y*: 13.72%

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

OPGSX vs. USERX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OPGSX Invesco Gold & Special Minerals Fund	-2.24%	131.03%	13.05%	6.35%	-16.86%	-2.75%	36.15%	46.37%	-13.15%	17.17%
USERX U.S. Global Investors Gold & Precious Metals Fund	-3.46%	167.44%	16.75%	1.44%	-17.44%	-10.80%	37.16%	51.34%	-14.24%	13.07%

Correlation

The correlation between OPGSX and USERX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jul 19, 1983	0.87

The correlation between OPGSX and USERX has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.

Return for Risk

OPGSX vs. USERX — Risk / Return Rank

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

OPGSX

OPGSX Risk / Return Rank: 23
OPGSX Sharpe Ratio Rank: 25
OPGSX Sortino Ratio Rank: 21
OPGSX Omega Ratio Rank: 25
OPGSX Calmar Ratio Rank: 25
OPGSX Martin Ratio Rank: 20

USERX

USERX Risk / Return Rank: 23
USERX Sharpe Ratio Rank: 26
USERX Sortino Ratio Rank: 20
USERX Omega Ratio Rank: 26
USERX Calmar Ratio Rank: 25
USERX Martin Ratio Rank: 19

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.

OPGSX vs. USERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Gold & Special Minerals Fund (OPGSX) and U.S. Global Investors Gold & Precious Metals Fund (USERX). 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.

	OPGSX	USERX	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.37	-0.04
Sortino ratio: Return per unit of downside risk	1.79	1.77	+0.02
Omega ratio: Gain probability vs. loss probability	1.24	1.25	-0.01
Calmar ratio: Return relative to maximum drawdown	1.74	1.72	+0.02
Martin ratio: Return relative to average drawdown	4.68	4.52	+0.17

OPGSX vs. USERX - Sharpe Ratio Comparison

The current OPGSX Sharpe Ratio is 1.33, which is comparable to the USERX Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of OPGSX and USERX, 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

OPGSX vs. USERX - Drawdown Comparison

The maximum OPGSX drawdown since its inception was -80.04%, smaller than the maximum USERX drawdown of -97.74%. Use the drawdown chart below to compare losses from any high point for OPGSX and USERX.

Drawdown Indicators

	OPGSX	USERX	Difference
Max Drawdown Largest peak-to-trough decline	-80.04%	-97.74%	+17.70%
Max Drawdown (1Y) Largest decline over 1 year	-34.52%	-36.89%	+2.37%
Max Drawdown (3Y) Largest decline over 3 years	-34.52%	-36.89%	+2.37%
Max Drawdown (5Y) Largest decline over 5 years	-47.09%	-40.91%	-6.18%
Max Drawdown (10Y) Largest decline over 10 years	-47.09%	-43.45%	-3.64%
Current Drawdown Current decline from peak	-26.65%	-47.21%	+20.56%
Average Drawdown Average peak-to-trough decline	-29.29%	-75.01%	+45.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.31%	14.05%	-1.74%

Volatility

OPGSX vs. USERX - Volatility Comparison

The current volatility for Invesco Gold & Special Minerals Fund (OPGSX) is 15.59%, while U.S. Global Investors Gold & Precious Metals Fund (USERX) has a volatility of 17.10%. This indicates that OPGSX experiences smaller price fluctuations and is considered to be less risky than USERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OPGSX	USERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.59%	17.10%	-1.51%
Volatility (6M) Calculated over the trailing 6-month period	37.02%	39.31%	-2.29%
Volatility (1Y) Calculated over the trailing 1-year period	45.12%	46.47%	-1.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.95%	33.74%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.10%	34.20%	-1.10%

OPGSX vs. USERX - Expense Ratio Comparison

OPGSX has a 1.05% expense ratio, which is lower than USERX's 1.52% expense ratio.

Dividends

OPGSX vs. USERX - Dividend Comparison

OPGSX's dividend yield for the trailing twelve months is around 0.44%, less than USERX's 6.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OPGSX Invesco Gold & Special Minerals Fund	0.44%	0.43%	0.86%	0.81%	0.45%	3.56%	1.55%	0.29%	0.00%	2.78%	7.21%	0.00%
USERX U.S. Global Investors Gold & Precious Metals Fund	6.01%	2.95%	1.48%	0.00%	0.00%	2.13%	2.68%	0.00%	1.76%	0.00%	0.88%	0.47%

Frequently Asked Questions

Can I hold both OPGSX and USERX in my portfolio?

OPGSX and USERX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OPGSX or USERX?

USERX has higher volatility (17.10%) compared to OPGSX (15.59%). In terms of maximum drawdown, OPGSX dropped -80.04% vs USERX's -97.74%.

Which has better risk-adjusted returns?

USERX currently has the higher Sharpe Ratio (1.37 vs 1.33), 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.