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 10.24%/yr vs 18.61%/yr for GLDM. A 0.63 correlation means they provide meaningful diversification when combined.
Performance
SA vs. GLDM - Performance Comparison
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Returns By Period
In the year-to-date period, SA achieves a -0.81% return, which is significantly higher than GLDM's -2.87% return.
SA
- 1D
- -1.01%
- 1M
- -1.94%
- YTD
- -0.81%
- 6M
- -5.11%
- 1Y
- 101.58%
- 3Y*
- 34.55%
- 5Y*
- 10.24%
- 10Y*
- 7.38%
GLDM
- 1D
- -0.62%
- 1M
- -7.05%
- YTD
- -2.87%
- 6M
- -5.63%
- 1Y
- 24.39%
- 3Y*
- 29.61%
- 5Y*
- 18.61%
- 10Y*
- —
SA vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SA Seabridge Gold Inc. | -0.81% | 159.33% | -5.94% | -3.58% | -23.71% | -21.74% | 52.46% | 4.46% | 17.08% |
GLDM SPDR Gold MiniShares Trust | -2.87% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.75% |
Correlation
The correlation between SA and GLDM is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.63 |
The correlation between SA and GLDM has been stable across timeframes, ranging from 0.63 to 0.66 - 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 | +0.67 | ||
| Sortino ratioReturn per unit of downside risk | +0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.19 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.69 | 1.01 | +1.69 |
| Martin ratioReturn relative to average drawdown | 6.68 | 2.74 | +3.94 |
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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 -24.35%. 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% | -24.35% | -66.64% |
Max Drawdown (1Y)Largest decline over 1 year | -37.92% | -24.35% | -13.57% |
Max Drawdown (3Y)Largest decline over 3 years | -52.51% | -24.35% | -28.16% |
Max Drawdown (5Y)Largest decline over 5 years | -56.12% | -24.35% | -31.77% |
Max Drawdown (10Y)Largest decline over 10 years | -61.10% | — | — |
Current DrawdownCurrent decline from peak | -25.41% | -22.34% | -3.07% |
Average DrawdownAverage peak-to-trough decline | -51.25% | -6.31% | -44.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.25% | 8.92% | +6.33% |
Volatility
SA vs. GLDM - Volatility Comparison
Seabridge Gold Inc. (SA) has a higher volatility of 26.14% compared to SPDR Gold MiniShares Trust (GLDM) at 8.02%. 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 | 26.14% | 8.02% | +18.12% |
Volatility (6M)Calculated over the trailing 6-month period | 54.28% | 24.15% | +30.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 65.46% | 27.34% | +38.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.52% | 18.13% | +33.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 51.52% | 17.01% | +34.51% |
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 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SA has higher volatility (26.14%) compared to GLDM (8.02%). In terms of maximum drawdown, SA dropped -90.99% vs GLDM's -24.35%.
SA currently has the higher Sharpe Ratio (1.56 vs 0.90), 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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