SGDIX vs. CEF

Last updated Jun 4, 2026

SGDIX (Sprott Gold Equity Fund Institutional Class) and CEF (Sprott Physical Gold and Silver Trust) are both mutual funds - SGDIX is a Commodity Producers Equities fund actively managed by Sprott, while CEF is a Precious Metals fund actively managed by Sprott. Both are actively managed. Over the past 5 years, SGDIX returned 19.54%/yr vs 18.30%/yr for CEF. A 0.80 correlation means they provide meaningful diversification when combined. SGDIX charges 1.17%/yr vs 0.48%/yr for CEF.

Performance

SGDIX vs. CEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Gold Equity Fund Institutional Class (SGDIX) and Sprott Physical Gold and Silver Trust (CEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SGDIX achieves a 3.97% return, which is significantly higher than CEF's 1.16% return.

SGDIX

• 1D: 0.94%
• 1M: 2.97%
• YTD: 3.97%
• 6M: 13.13%
• 1Y: 67.95%
• 3Y*: 43.81%
• 5Y*: 19.54%
• 10Y*: —

CEF

• 1D: -1.74%
• 1M: -0.92%
• YTD: 1.16%
• 6M: 10.23%
• 1Y: 54.90%
• 3Y*: 35.48%
• 5Y*: 18.30%
• 10Y*: 13.80%

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

SGDIX vs. CEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SGDIX Sprott Gold Equity Fund Institutional Class	3.97%	148.38%	20.90%	2.23%	-12.96%	-11.55%	35.67%
CEF Sprott Physical Gold and Silver Trust	1.16%	92.76%	24.07%	6.80%	1.07%	-8.32%	28.83%

Correlation

The correlation between SGDIX and CEF is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020	0.80

The correlation between SGDIX and CEF has been stable across timeframes, ranging from 0.80 to 0.81 - a consistent structural relationship.

Return for Risk

SGDIX vs. CEF — Risk / Return Rank

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

SGDIX

SGDIX Risk / Return Rank: 32
SGDIX Sharpe Ratio Rank: 37
SGDIX Sortino Ratio Rank: 25
SGDIX Omega Ratio Rank: 33
SGDIX Calmar Ratio Rank: 41
SGDIX Martin Ratio Rank: 25

CEF

CEF Risk / Return Rank: 25
CEF Sharpe Ratio Rank: 26
CEF Sortino Ratio Rank: 18
CEF Omega Ratio Rank: 29
CEF Calmar Ratio Rank: 30
CEF Martin Ratio Rank: 20

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.

SGDIX vs. CEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Gold Equity Fund Institutional Class (SGDIX) and Sprott Physical Gold and Silver Trust (CEF). 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.

	SGDIX	CEF	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.46	+0.30
Sortino ratio: Return per unit of downside risk	2.11	1.79	+0.32
Omega ratio: Gain probability vs. loss probability	1.30	1.28	+0.02
Calmar ratio: Return relative to maximum drawdown	2.44	2.06	+0.38
Martin ratio: Return relative to average drawdown	6.20	5.26	+0.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SGDIX vs. CEF - Sharpe Ratio Comparison

The current SGDIX Sharpe Ratio is 1.76, which is comparable to the CEF Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of SGDIX and CEF, 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

	SGDIX	CEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	1.46	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.76	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.22	+0.39

Drawdowns

SGDIX vs. CEF - Drawdown Comparison

The maximum SGDIX drawdown since its inception was -47.27%, smaller than the maximum CEF drawdown of -62.29%. Use the drawdown chart below to compare losses from any high point for SGDIX and CEF.

Drawdown Indicators

	SGDIX	CEF	Difference
Max Drawdown Largest peak-to-trough decline	-47.27%	-62.29%	+15.02%
Max Drawdown (1Y) Largest decline over 1 year	-28.76%	-26.77%	-1.99%
Max Drawdown (3Y) Largest decline over 3 years	-28.76%	-26.77%	-1.99%
Max Drawdown (5Y) Largest decline over 5 years	-42.90%	-26.77%	-16.13%
Max Drawdown (10Y) Largest decline over 10 years	—	-29.10%	—
Current Drawdown Current decline from peak	-21.73%	-21.75%	+0.02%
Average Drawdown Average peak-to-trough decline	-17.98%	-27.34%	+9.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.30%	10.47%	+0.83%

Volatility

SGDIX vs. CEF - Volatility Comparison

Sprott Gold Equity Fund Institutional Class (SGDIX) has a higher volatility of 13.39% compared to Sprott Physical Gold and Silver Trust (CEF) at 10.09%. This indicates that SGDIX's price experiences larger fluctuations and is considered to be riskier than CEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGDIX	CEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.39%	10.09%	+3.30%
Volatility (6M) Calculated over the trailing 6-month period	33.53%	35.14%	-1.61%
Volatility (1Y) Calculated over the trailing 1-year period	40.21%	37.84%	+2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.61%	24.26%	+7.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.86%	21.82%	+12.04%

SGDIX vs. CEF - Expense Ratio Comparison

SGDIX has a 1.17% expense ratio, which is higher than CEF's 0.48% expense ratio.

Dividends

SGDIX vs. CEF - Dividend Comparison

SGDIX's dividend yield for the trailing twelve months is around 0.63%, while CEF has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEF Sprott Physical Gold and Silver Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	0.07%	0.09%	0.10%
SGDIX Sprott Gold Equity Fund Institutional Class	0.63%	0.66%	0.00%	0.00%	0.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SGDIX and CEF in my portfolio?

SGDIX and CEF have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SGDIX or CEF?

SGDIX has higher volatility (13.39%) compared to CEF (10.09%). In terms of maximum drawdown, SGDIX dropped -47.27% vs CEF's -62.29%.

Which has better risk-adjusted returns?

SGDIX currently has the higher Sharpe Ratio (1.75 vs 1.46), 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.