SGDJ vs. GDX

Last updated Jun 5, 2026

SGDJ (Sprott Junior Gold Miners ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - SGDJ is a Materials fund tracking the Solactive Junior Gold Miners Custom Factors Index, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, SGDJ returned 11.82%/yr vs 14.11%/yr for GDX. Their correlation of 0.92 suggests significant overlap in exposure. SGDJ charges 0.50%/yr vs 0.51%/yr for GDX.

Performance

SGDJ vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Junior Gold Miners ETF (SGDJ) and VanEck Gold Miners ETF (GDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SGDJ achieves a 2.34% return, which is significantly higher than GDX's 0.73% return. Over the past 10 years, SGDJ has underperformed GDX with an annualized return of 11.82%, while GDX has yielded a comparatively higher 14.11% annualized return.

SGDJ

• 1D: 0.37%
• 1M: -0.22%
• YTD: 2.34%
• 6M: 11.75%
• 1Y: 79.24%
• 3Y*: 49.70%
• 5Y*: 17.26%
• 10Y*: 11.82%

GDX

• 1D: 1.65%
• 1M: 0.69%
• YTD: 0.73%
• 6M: 6.93%
• 1Y: 63.55%
• 3Y*: 41.54%
• 5Y*: 19.08%
• 10Y*: 14.11%

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

SGDJ vs. GDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SGDJ Sprott Junior Gold Miners ETF	2.34%	174.44%	19.35%	6.66%	-27.60%	-15.12%	47.91%	37.00%	-25.63%	5.94%
GDX VanEck Gold Miners ETF	0.73%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-8.77%	11.99%

Correlation

The correlation between SGDJ and GDX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Apr 1, 2015	0.92

The correlation between SGDJ and GDX has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

SGDJ vs. GDX - Sectors Allocation Comparison

Sectors	SGDJ	GDX
Basic Materials	100.0%	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SGDJ vs. GDX — Risk / Return Rank

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

SGDJ

SGDJ Risk / Return Rank: 44
SGDJ Sharpe Ratio Rank: 49
SGDJ Sortino Ratio Rank: 40
SGDJ Omega Ratio Rank: 45
SGDJ Calmar Ratio Rank: 49
SGDJ Martin Ratio Rank: 40

GDX

GDX Risk / Return Rank: 39
GDX Sharpe Ratio Rank: 41
GDX Sortino Ratio Rank: 35
GDX Omega Ratio Rank: 40
GDX Calmar Ratio Rank: 43
GDX Martin Ratio Rank: 35

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.

SGDJ vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Junior Gold Miners ETF (SGDJ) and VanEck Gold Miners ETF (GDX). 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.

	SGDJ	GDX	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.40	+0.24
Sortino ratio: Return per unit of downside risk	2.00	1.81	+0.19
Omega ratio: Gain probability vs. loss probability	1.28	1.25	+0.03
Calmar ratio: Return relative to maximum drawdown	2.40	2.07	+0.33
Martin ratio: Return relative to average drawdown	6.31	5.27	+1.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SGDJ vs. GDX - Sharpe Ratio Comparison

The current SGDJ Sharpe Ratio is 1.65, which is comparable to the GDX Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of SGDJ and GDX, 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

	SGDJ	GDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	1.40	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.53	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.38	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.13	+0.23

Drawdowns

SGDJ vs. GDX - Drawdown Comparison

The maximum SGDJ drawdown since its inception was -59.27%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for SGDJ and GDX.

Drawdown Indicators

	SGDJ	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-59.27%	-80.34%	+21.07%
Max Drawdown (1Y) Largest decline over 1 year	-33.22%	-30.84%	-2.38%
Max Drawdown (3Y) Largest decline over 3 years	-33.22%	-30.84%	-2.38%
Max Drawdown (5Y) Largest decline over 5 years	-54.90%	-46.51%	-8.39%
Max Drawdown (10Y) Largest decline over 10 years	-59.27%	-49.79%	-9.48%
Current Drawdown Current decline from peak	-25.38%	-25.41%	+0.03%
Average Drawdown Average peak-to-trough decline	-26.25%	-40.43%	+14.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.60%	12.09%	+0.51%

Volatility

SGDJ vs. GDX - Volatility Comparison

The current volatility for Sprott Junior Gold Miners ETF (SGDJ) is 13.16%, while VanEck Gold Miners ETF (GDX) has a volatility of 15.49%. This indicates that SGDJ experiences smaller price fluctuations and is considered to be less risky than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGDJ	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.16%	15.49%	-2.33%
Volatility (6M) Calculated over the trailing 6-month period	39.87%	37.51%	+2.36%
Volatility (1Y) Calculated over the trailing 1-year period	48.32%	45.49%	+2.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.27%	36.40%	+3.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.73%	37.17%	+3.56%

SGDJ vs. GDX - Expense Ratio Comparison

SGDJ has a 0.50% expense ratio, which is lower than GDX's 0.51% expense ratio.

Dividends

SGDJ vs. GDX - Dividend Comparison

SGDJ's dividend yield for the trailing twelve months is around 8.18%, more than GDX's 0.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDX VanEck Gold Miners ETF	0.73%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%
SGDJ Sprott Junior Gold Miners ETF	8.18%	8.37%	6.55%	4.55%	2.46%	2.20%	1.97%	0.65%	0.00%	0.14%	1.77%	0.85%

Frequently Asked Questions

Can I hold both SGDJ and GDX in my portfolio?

With a correlation of 0.93, SGDJ and GDX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SGDJ or GDX?

GDX has higher volatility (15.49%) compared to SGDJ (13.16%). In terms of maximum drawdown, SGDJ dropped -59.27% vs GDX's -80.34%.

Which ETF is better, SGDJ or GDX?

On 10-year performance, GDX leads with 14.11% vs 11.82% for SGDJ. On fees, SGDJ is cheaper at 0.50% per year. On volatility, SGDJ has been the lower-risk option at 13.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SGDJ or GDX?

Over the 10-year period, GDX has performed better with a 14.11% return vs 11.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SGDJ or GDX?

SGDJ is cheaper with a 0.50% expense ratio, compared with 0.51% for GDX.

Which ETF pays a higher dividend yield, SGDJ or GDX?

SGDJ has the higher dividend yield at 8.18%, compared with 0.73% for GDX.

What is the main difference between SGDJ and GDX?

SGDJ is categorized as Materials, while GDX is Gold. SGDJ tracks Solactive Junior Gold Miners Custom Factors Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: Sprott and VanEck. Their fees differ too: 0.50% for SGDJ and 0.51% for GDX.

Which has better risk-adjusted returns?

SGDJ currently has the higher Sharpe Ratio (1.65 vs 1.40), 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.