SA vs. GLDM
SA (Seabridge Gold Inc.) is a stock, while GLDM (SPDR Gold MiniShares Trust) is Gold fund tracking the LBMA Gold Price PM. Over the past 5 years, SA returned 7.97%/yr vs 17.32%/yr for GLDM. Their 0.64 correlation means they have sometimes moved together and sometimes differently.
Performance
SA vs. GLDM - Performance Comparison
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Returns By Period
In the year-to-date period, SA achieves a -10.68% return, which is significantly lower than GLDM's -6.13% return.
SA
- 1D
- 2.40%
- 1M
- -4.31%
- 6M
- -4.96%
- YTD
- -10.68%
- 1Y
- 72.63%
- 3Y*
- 29.93%
- 5Y*
- 7.97%
- 10Y*
- 7.17%
- ALL TIME*
- 9.57%
GLDM
- 1D
- 0.00%
- 1M
- -1.72%
- 6M
- -12.88%
- YTD
- -6.13%
- 1Y
- 20.58%
- 3Y*
- 27.67%
- 5Y*
- 17.32%
- 10Y*
- —
- ALL TIME*
- 15.35%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $270.09M | $250.20M | $318.17M | |
| $11.84M | $12.84M | $23.34M |
SA vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SA Seabridge Gold Inc. | -10.68% | 159.33% | -5.94% | -3.58% | -23.71% | -21.74% | 52.46% | 4.46% | 17.08% |
GLDM SPDR Gold MiniShares Trust | -6.13% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.75% |
Correlation
The correlation between SA and GLDM is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.69 |
Correlation (3Y) Balances recent behavior with more history. | 0.65 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.64 |
The correlation between SA and GLDM has been stable across timeframes, ranging from 0.64 to 0.69 - a consistent structural relationship.
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Return for Risk
SA vs. GLDM — Risk / Return Rank
SA
GLDM
SA vs. GLDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Seabridge Gold Inc. (SA) and SPDR Gold MiniShares Trust (GLDM). 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.
| SA | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.16 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.93 | 0.79 | +1.14 |
| Martin ratioReturn relative to average drawdown | 3.81 | 1.69 | +2.13 |
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Drawdowns
SA vs. GLDM - Drawdown Comparison
The maximum SA drawdown since its inception was -90.99%, which is greater than GLDM's maximum drawdown of -26.27%. Use the drawdown chart below to compare losses from any high point for SA and GLDM.
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Drawdown Indicators
| SA | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.99% | -26.27% | -64.72% |
Max Drawdown (1Y)Largest decline over 1 year | -37.92% | -26.27% | -11.65% |
Max Drawdown (3Y)Largest decline over 3 years | -52.51% | -26.27% | -26.24% |
Max Drawdown (5Y)Largest decline over 5 years | -56.12% | -26.27% | -29.85% |
Max Drawdown (10Y)Largest decline over 10 years | -61.10% | — | — |
Current DrawdownCurrent decline from peak | -32.83% | -24.94% | -7.89% |
Average DrawdownAverage peak-to-trough decline | -51.17% | -6.57% | -44.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.11% | 12.22% | +6.89% |
Volatility
SA vs. GLDM - Volatility Comparison
Seabridge Gold Inc. (SA) has a higher volatility of 17.16% compared to SPDR Gold MiniShares Trust (GLDM) at 6.00%. This indicates that SA's price experiences larger fluctuations and is considered to be riskier than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SA | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.16% | 6.00% | +11.16% |
Volatility (6M)Calculated over the trailing 6-month period | 52.50% | 20.89% | +31.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.05% | 27.91% | +40.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.32% | 18.40% | +33.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 51.68% | 17.09% | +34.59% |
Dividends
SA vs. GLDM - Dividend Comparison
Neither SA nor GLDM has paid dividends to shareholders.
Frequently Asked Questions
SA and GLDM have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SA has higher volatility (17.16%) compared to GLDM (6.00%). In terms of maximum drawdown, SA dropped -90.99% vs GLDM's -26.27%.
SA currently has the higher Sharpe Ratio (1.08 vs 0.74), 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.
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