SGDIX vs. QGLDX

Last updated Jun 25, 2026

SGDIX (Sprott Gold Equity Fund Institutional Class) and QGLDX (The Gold Bullion Strategy Fund Investor Class) are both Gold funds. Over the past 5 years, SGDIX returned 18.90%/yr vs 15.20%/yr for QGLDX. A 0.77 correlation means they provide meaningful diversification when combined. SGDIX charges 1.17%/yr vs 1.00%/yr for QGLDX.

Performance

SGDIX vs. QGLDX - Performance Comparison

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

Returns By Period

In the year-to-date period, SGDIX achieves a -6.92% return, which is significantly lower than QGLDX's -5.01% return.

SGDIX

• 1D: -4.52%
• 1M: -6.51%
• YTD: -6.92%
• 6M: -10.44%
• 1Y: 57.62%
• 3Y*: 41.93%
• 5Y*: 18.90%
• 10Y*: —

QGLDX

• 1D: -1.98%
• 1M: -8.76%
• YTD: -5.01%
• 6M: -8.71%
• 1Y: 21.75%
• 3Y*: 26.21%
• 5Y*: 15.20%
• 10Y*: 9.07%

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

SGDIX vs. QGLDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SGDIX Sprott Gold Equity Fund Institutional Class	-6.92%	148.38%	20.90%	2.23%	-12.96%	-11.55%	35.67%
QGLDX The Gold Bullion Strategy Fund Investor Class	-5.01%	59.91%	24.52%	10.39%	-4.64%	-6.25%	16.78%

Correlation

The correlation between SGDIX and QGLDX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jan 17, 2020	0.77

The correlation between SGDIX and QGLDX has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.

Return for Risk

SGDIX vs. QGLDX — Risk / Return Rank

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

SGDIX

SGDIX Risk / Return Rank: 25
SGDIX Sharpe Ratio Rank: 28
SGDIX Sortino Ratio Rank: 23
SGDIX Omega Ratio Rank: 28
SGDIX Calmar Ratio Rank: 25
SGDIX Martin Ratio Rank: 20

QGLDX

QGLDX Risk / Return Rank: 10
QGLDX Sharpe Ratio Rank: 11
QGLDX Sortino Ratio Rank: 10
QGLDX Omega Ratio Rank: 12
QGLDX Calmar Ratio Rank: 10
QGLDX Martin Ratio Rank: 9

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. QGLDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Gold Equity Fund Institutional Class (SGDIX) and The Gold Bullion Strategy Fund Investor Class (QGLDX). 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	QGLDX	Difference
Sharpe ratio: Return per unit of total volatility	1.29	0.72	+0.56
Sortino ratio: Return per unit of downside risk	1.69	1.07	+0.63
Omega ratio: Gain probability vs. loss probability	1.24	1.16	+0.08
Calmar ratio: Return relative to maximum drawdown	1.61	0.81	+0.80
Martin ratio: Return relative to average drawdown	4.22	2.17	+2.05

SGDIX vs. QGLDX - Sharpe Ratio Comparison

The current SGDIX Sharpe Ratio is 1.29, which is higher than the QGLDX Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of SGDIX and QGLDX, 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. QGLDX - Drawdown Comparison

The maximum SGDIX drawdown since its inception was -47.27%, which is greater than QGLDX's maximum drawdown of -27.17%. Use the drawdown chart below to compare losses from any high point for SGDIX and QGLDX.

Drawdown Indicators

	SGDIX	QGLDX	Difference
Max Drawdown Largest peak-to-trough decline	-47.27%	-27.17%	-20.10%
Max Drawdown (1Y) Largest decline over 1 year	-33.93%	-24.65%	-9.28%
Max Drawdown (3Y) Largest decline over 3 years	-33.93%	-24.65%	-9.28%
Max Drawdown (5Y) Largest decline over 5 years	-42.90%	-24.65%	-18.25%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.17%	—
Current Drawdown Current decline from peak	-29.93%	-23.94%	-5.99%
Average Drawdown Average peak-to-trough decline	-18.05%	-11.36%	-6.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.92%	9.15%	+3.77%

Volatility

SGDIX vs. QGLDX - Volatility Comparison

Sprott Gold Equity Fund Institutional Class (SGDIX) has a higher volatility of 16.65% compared to The Gold Bullion Strategy Fund Investor Class (QGLDX) at 8.43%. This indicates that SGDIX's price experiences larger fluctuations and is considered to be riskier than QGLDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGDIX	QGLDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.65%	8.43%	+8.22%
Volatility (6M) Calculated over the trailing 6-month period	36.33%	24.36%	+11.97%
Volatility (1Y) Calculated over the trailing 1-year period	42.44%	27.54%	+14.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.15%	18.45%	+13.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.21%	16.54%	+17.67%

SGDIX vs. QGLDX - Expense Ratio Comparison

SGDIX has a 1.17% expense ratio, which is higher than QGLDX's 1.00% expense ratio.

Dividends

SGDIX vs. QGLDX - Dividend Comparison

SGDIX's dividend yield for the trailing twelve months is around 0.71%, less than QGLDX's 63.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
QGLDX The Gold Bullion Strategy Fund Investor Class	63.74%	60.49%	28.70%	10.20%	0.00%	0.00%	9.92%	14.32%	1.23%	5.75%	2.08%
SGDIX Sprott Gold Equity Fund Institutional Class	0.71%	0.66%	0.00%	0.00%	0.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SGDIX and QGLDX in my portfolio?

SGDIX and QGLDX have a correlation of 0.82, 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 QGLDX?

SGDIX has higher volatility (16.65%) compared to QGLDX (8.43%). In terms of maximum drawdown, SGDIX dropped -47.27% vs QGLDX's -27.17%.

Which has better risk-adjusted returns?

SGDIX currently has the higher Sharpe Ratio (1.29 vs 0.72), 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.