SGDIX vs. GRHAX

Last updated Jun 12, 2026

SGDIX (Sprott Gold Equity Fund Institutional Class) and GRHAX (Goehring & Rozencwajg Resources Fund Retail Class) are both Commodity Producers Equities funds. Both are actively managed. Over the past 5 years, SGDIX returned 15.40%/yr vs 18.92%/yr for GRHAX. A 0.51 correlation means they provide meaningful diversification when combined. SGDIX charges 1.17%/yr vs 1.28%/yr for GRHAX.

Performance

SGDIX vs. GRHAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Gold Equity Fund Institutional Class (SGDIX) and Goehring & Rozencwajg Resources Fund Retail Class (GRHAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SGDIX achieves a -12.24% return, which is significantly lower than GRHAX's 9.51% return.

SGDIX

• 1D: -4.61%
• 1M: -22.36%
• YTD: -12.24%
• 6M: -10.52%
• 1Y: 43.77%
• 3Y*: 36.47%
• 5Y*: 15.40%
• 10Y*: —

GRHAX

• 1D: -0.80%
• 1M: -10.17%
• YTD: 9.51%
• 6M: 10.14%
• 1Y: 47.26%
• 3Y*: 26.17%
• 5Y*: 18.92%
• 10Y*: —

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

SGDIX vs. GRHAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SGDIX Sprott Gold Equity Fund Institutional Class	-12.24%	148.38%	20.90%	2.23%	-12.96%	-11.55%	35.67%
GRHAX Goehring & Rozencwajg Resources Fund Retail Class	9.51%	61.00%	-1.71%	16.19%	16.43%	61.61%	1.94%

Correlation

The correlation between SGDIX and GRHAX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jan 17, 2020	0.51

The correlation between SGDIX and GRHAX shifts across timeframes, from 0.51 (all time) to 0.65 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SGDIX vs. GRHAX — Risk / Return Rank

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

SGDIX

SGDIX Risk / Return Rank: 21
SGDIX Sharpe Ratio Rank: 22
SGDIX Sortino Ratio Rank: 20
SGDIX Omega Ratio Rank: 25
SGDIX Calmar Ratio Rank: 21
SGDIX Martin Ratio Rank: 17

GRHAX

GRHAX Risk / Return Rank: 66
GRHAX Sharpe Ratio Rank: 68
GRHAX Sortino Ratio Rank: 54
GRHAX Omega Ratio Rank: 53
GRHAX Calmar Ratio Rank: 88
GRHAX Martin Ratio Rank: 70

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. GRHAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Gold Equity Fund Institutional Class (SGDIX) and Goehring & Rozencwajg Resources Fund Retail Class (GRHAX). 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.

	SGDIX	GRHAX	Difference
Sharpe ratio: Return per unit of total volatility	1.08	1.97	-0.89
Sortino ratio: Return per unit of downside risk	1.48	2.46	-0.98
Omega ratio: Gain probability vs. loss probability	1.21	1.32	-0.11
Calmar ratio: Return relative to maximum drawdown	1.31	3.73	-2.42
Martin ratio: Return relative to average drawdown	3.65	10.79	-7.14

SGDIX vs. GRHAX - Sharpe Ratio Comparison

The current SGDIX Sharpe Ratio is 1.08, which is lower than the GRHAX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of SGDIX and GRHAX, 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

SGDIX vs. GRHAX - Drawdown Comparison

The maximum SGDIX drawdown since its inception was -47.27%, smaller than the maximum GRHAX drawdown of -71.03%. Use the drawdown chart below to compare losses from any high point for SGDIX and GRHAX.

Drawdown Indicators

	SGDIX	GRHAX	Difference
Max Drawdown Largest peak-to-trough decline	-47.27%	-71.03%	+23.76%
Max Drawdown (1Y) Largest decline over 1 year	-33.93%	-13.37%	-20.56%
Max Drawdown (3Y) Largest decline over 3 years	-33.93%	-25.49%	-8.44%
Max Drawdown (5Y) Largest decline over 5 years	-42.90%	-31.48%	-11.42%
Current Drawdown Current decline from peak	-33.93%	-13.37%	-20.56%
Average Drawdown Average peak-to-trough decline	-18.00%	-18.52%	+0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.13%	4.60%	+7.53%

Volatility

SGDIX vs. GRHAX - Volatility Comparison

Sprott Gold Equity Fund Institutional Class (SGDIX) has a higher volatility of 14.28% compared to Goehring & Rozencwajg Resources Fund Retail Class (GRHAX) at 7.82%. This indicates that SGDIX's price experiences larger fluctuations and is considered to be riskier than GRHAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGDIX	GRHAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.28%	7.82%	+6.46%
Volatility (6M) Calculated over the trailing 6-month period	35.10%	19.24%	+15.86%
Volatility (1Y) Calculated over the trailing 1-year period	41.26%	25.35%	+15.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.89%	29.23%	+2.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.03%	29.54%	+4.49%

SGDIX vs. GRHAX - Expense Ratio Comparison

SGDIX has a 1.17% expense ratio, which is lower than GRHAX's 1.28% expense ratio.

Dividends

SGDIX vs. GRHAX - Dividend Comparison

SGDIX's dividend yield for the trailing twelve months is around 0.75%, less than GRHAX's 2.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GRHAX Goehring & Rozencwajg Resources Fund Retail Class	2.99%	3.28%	3.87%	3.03%	1.41%	3.08%	1.76%	0.43%	0.88%	0.52%
SGDIX Sprott Gold Equity Fund Institutional Class	0.75%	0.66%	0.00%	0.00%	0.52%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SGDIX and GRHAX in my portfolio?

SGDIX and GRHAX have a correlation of 0.65, 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 GRHAX?

SGDIX has higher volatility (14.28%) compared to GRHAX (7.82%). In terms of maximum drawdown, SGDIX dropped -47.27% vs GRHAX's -71.03%.

Which has better risk-adjusted returns?

GRHAX currently has the higher Sharpe Ratio (1.97 vs 1.08), 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.