SGDLX vs. GDX
SGDLX (Sprott Gold Equity Fund) and GDX (VanEck Gold Miners ETF) are both Gold funds. Over the past 5 years, SGDLX returned 17.77%/yr vs 18.57%/yr for GDX. Their 0.95 correlation means they have historically moved very closely together. SGDLX charges 1.44%/yr vs 0.51%/yr for GDX.
Performance
SGDLX vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, SGDLX achieves a -9.76% return, which is significantly higher than GDX's -11.33% return.
SGDLX
- 1D
- -2.17%
- 1M
- -5.08%
- 6M
- -16.10%
- YTD
- -9.76%
- 1Y
- 54.26%
- 3Y*
- 40.24%
- 5Y*
- 17.77%
- 10Y*
- —
- ALL TIME*
- 17.38%
GDX
- 1D
- 2.63%
- 1M
- -3.03%
- 6M
- -19.26%
- YTD
- -11.33%
- 1Y
- 46.05%
- 3Y*
- 38.64%
- 5Y*
- 18.57%
- 10Y*
- 10.74%
- ALL TIME*
- 4.69%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.27B | $1.28B | $1.79B | |
| $0.00 | $0.00 | $0.00 |
SGDLX vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SGDLX Sprott Gold Equity Fund | -9.76% | 147.67% | 20.58% | 1.91% | -13.21% | -11.79% | 35.30% |
GDX VanEck Gold Miners ETF | -11.33% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 27.40% |
Correlation
The correlation between SGDLX and GDX is 0.95, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.95 |
Correlation (3Y) Balances recent behavior with more history. | 0.94 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020 | 0.95 |
The correlation between SGDLX and GDX has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.
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Return for Risk
SGDLX vs. GDX — Risk / Return Rank
SGDLX
GDX
SGDLX vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Gold Equity Fund (SGDLX) 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.
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.
| SGDLX | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.19 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.59 | 1.19 | +0.40 |
| Martin ratioReturn relative to average drawdown | 3.40 | 2.55 | +0.85 |
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Drawdowns
SGDLX vs. GDX - Drawdown Comparison
The maximum SGDLX drawdown since its inception was -47.59%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for SGDLX and GDX.
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Drawdown Indicators
| SGDLX | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.59% | -80.34% | +32.75% |
Max Drawdown (1Y)Largest decline over 1 year | -35.46% | -38.93% | +3.47% |
Max Drawdown (3Y)Largest decline over 3 years | -35.46% | -38.93% | +3.47% |
Max Drawdown (5Y)Largest decline over 5 years | -42.98% | -46.51% | +3.53% |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.79% | — |
Current DrawdownCurrent decline from peak | -32.07% | -34.35% | +2.28% |
Average DrawdownAverage peak-to-trough decline | -18.57% | -40.37% | +21.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.55% | 18.10% | -1.55% |
Volatility
SGDLX vs. GDX - Volatility Comparison
Sprott Gold Equity Fund (SGDLX) and VanEck Gold Miners ETF (GDX) have volatilities of 12.04% and 12.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SGDLX | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.04% | 12.19% | -0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 36.45% | 37.71% | -1.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.55% | 48.63% | -5.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.46% | 37.26% | -4.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.29% | 37.36% | -3.07% |
SGDLX vs. GDX - Expense Ratio Comparison
SGDLX has a 1.44% expense ratio, which is higher than GDX's 0.51% expense ratio.
Dividends
SGDLX vs. GDX - Dividend Comparison
SGDLX's dividend yield for the trailing twelve months is around 0.74%, less than GDX's 0.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.83% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
SGDLX Sprott Gold Equity Fund | 0.74% | 0.67% | 0.00% | 0.00% | 0.12% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.95, SGDLX 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.
GDX has higher volatility (12.19%) compared to SGDLX (12.04%). In terms of maximum drawdown, SGDLX dropped -47.59% vs GDX's -80.34%.
SGDLX currently has the higher Sharpe Ratio (1.29 vs 0.95), 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.
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