SA vs. IAUM

Last updated Jun 3, 2026

SA (Seabridge Gold Inc.) is a stock, while IAUM (iShares Gold Trust Micro) is Gold fund tracking the LBMA Gold Price PM. Over the past 3 years, SA returned 36.36%/yr vs 31.95%/yr for IAUM. A 0.65 correlation means they provide meaningful diversification when combined.

Performance

SA vs. IAUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Seabridge Gold Inc. (SA) and iShares Gold Trust Micro (IAUM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SA achieves a 20.04% return, which is significantly higher than IAUM's 4.00% return.

SA

• 1D: 6.70%
• 1M: 26.54%
• YTD: 20.04%
• 6M: 21.52%
• 1Y: 177.28%
• 3Y*: 36.36%
• 5Y*: 13.92%
• 10Y*: 10.29%

IAUM

• 1D: 0.16%
• 1M: -2.70%
• YTD: 4.00%
• 6M: 6.53%
• 1Y: 32.55%
• 3Y*: 31.95%
• 5Y*: —
• 10Y*: —

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

SA vs. IAUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SA Seabridge Gold Inc.	20.04%	159.33%	-5.94%	-3.58%	-23.71%	-4.79%
IAUM iShares Gold Trust Micro	4.00%	64.27%	27.04%	13.12%	-0.49%	3.87%

Correlation

The correlation between SA and IAUM is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021	0.65

The correlation between SA and IAUM has been stable across timeframes, ranging from 0.63 to 0.65 - a consistent structural relationship.

Return for Risk

SA vs. IAUM — Risk / Return Rank

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

SA

SA Risk / Return Rank: 90
SA Sharpe Ratio Rank: 94
SA Sortino Ratio Rank: 87
SA Omega Ratio Rank: 88
SA Calmar Ratio Rank: 91
SA Martin Ratio Rank: 91

IAUM

IAUM Risk / Return Rank: 34
IAUM Sharpe Ratio Rank: 34
IAUM Sortino Ratio Rank: 30
IAUM Omega Ratio Rank: 37
IAUM Calmar Ratio Rank: 38
IAUM Martin Ratio Rank: 31

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.

SA vs. IAUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Seabridge Gold Inc. (SA) and iShares Gold Trust Micro (IAUM). 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.

	SA	IAUM	Difference
Sharpe ratio Return per unit of total volatility	2.89	1.24	+1.65
Sortino ratio Return per unit of downside risk	2.95	1.64	+1.31
Omega ratio Gain probability vs. loss probability	1.40	1.25	+0.16
Calmar ratio Return relative to maximum drawdown	5.00	1.89	+3.11
Martin ratio Return relative to average drawdown	13.43	4.74	+8.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SA vs. IAUM - Sharpe Ratio Comparison

The current SA Sharpe Ratio is 2.89, which is higher than the IAUM Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of SA and IAUM, 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

	SA	IAUM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.89	1.24	+1.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	1.17	-0.98

Drawdowns

SA vs. IAUM - Drawdown Comparison

The maximum SA drawdown since its inception was -90.99%, which is greater than IAUM's maximum drawdown of -20.87%. Use the drawdown chart below to compare losses from any high point for SA and IAUM.

Drawdown Indicators

	SA	IAUM	Difference
Max Drawdown Largest peak-to-trough decline	-90.99%	-20.87%	-70.12%
Max Drawdown (1Y) Largest decline over 1 year	-37.92%	-19.15%	-18.77%
Max Drawdown (3Y) Largest decline over 3 years	-52.51%	-19.15%	-33.36%
Max Drawdown (5Y) Largest decline over 5 years	-56.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-61.10%	—	—
Current Drawdown Current decline from peak	-9.73%	-16.88%	+7.15%
Average Drawdown Average peak-to-trough decline	-51.33%	-5.29%	-46.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.11%	7.62%	+6.49%

Volatility

SA vs. IAUM - Volatility Comparison

Seabridge Gold Inc. (SA) has a higher volatility of 21.79% compared to iShares Gold Trust Micro (IAUM) at 5.79%. This indicates that SA's price experiences larger fluctuations and is considered to be riskier than IAUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SA	IAUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.79%	5.79%	+16.00%
Volatility (6M) Calculated over the trailing 6-month period	50.26%	22.87%	+27.39%
Volatility (1Y) Calculated over the trailing 1-year period	61.85%	26.41%	+35.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.78%	17.86%	+32.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.11%	17.86%	+33.25%

Dividends

SA vs. IAUM - Dividend Comparison

Neither SA nor IAUM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SA and IAUM in my portfolio?

SA and IAUM have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SA or IAUM?

SA has higher volatility (21.79%) compared to IAUM (5.79%). In terms of maximum drawdown, SA dropped -90.99% vs IAUM's -20.87%.

Which has better risk-adjusted returns?

SA currently has the higher Sharpe Ratio (2.89 vs 1.24), 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.