SGDLX vs. GLD

Last updated Jun 24, 2026

SGDLX (Sprott Gold Equity Fund) and GLD (SPDR Gold Shares) are both Gold funds. Over the past 5 years, SGDLX returned 19.76%/yr vs 17.84%/yr for GLD. A 0.78 correlation means they provide meaningful diversification when combined. SGDLX charges 1.44%/yr vs 0.40%/yr for GLD.

Performance

SGDLX vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Gold Equity Fund (SGDLX) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SGDLX achieves a -2.59% return, which is significantly higher than GLD's -4.79% return.

SGDLX

• 1D: -0.76%
• 1M: -2.10%
• YTD: -2.59%
• 6M: -7.06%
• 1Y: 61.32%
• 3Y*: 43.77%
• 5Y*: 19.76%
• 10Y*: —

GLD

• 1D: -1.89%
• 1M: -8.82%
• YTD: -4.79%
• 6M: -8.78%
• 1Y: 21.29%
• 3Y*: 28.41%
• 5Y*: 17.84%
• 10Y*: 11.59%

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

SGDLX vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SGDLX Sprott Gold Equity Fund	-2.59%	147.67%	20.58%	1.91%	-13.21%	-11.79%	35.30%
GLD SPDR Gold Shares	-4.79%	63.68%	26.66%	12.69%	-0.77%	-4.15%	21.68%

Correlation

The correlation between SGDLX and GLD 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 21, 2020	0.78

The correlation between SGDLX and GLD has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.

Return for Risk

SGDLX vs. GLD — Risk / Return Rank

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

SGDLX

SGDLX Risk / Return Rank: 26
SGDLX Sharpe Ratio Rank: 30
SGDLX Sortino Ratio Rank: 23
SGDLX Omega Ratio Rank: 29
SGDLX Calmar Ratio Rank: 27
SGDLX Martin Ratio Rank: 21

GLD

GLD Risk / Return Rank: 22
GLD Sharpe Ratio Rank: 23
GLD Sortino Ratio Rank: 21
GLD Omega Ratio Rank: 24
GLD Calmar Ratio Rank: 20
GLD 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.

SGDLX vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Gold Equity Fund (SGDLX) and SPDR Gold Shares (GLD). 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	GLD	Difference
Sharpe ratio: Return per unit of total volatility	1.47	0.78	+0.70
Sortino ratio: Return per unit of downside risk	1.86	1.13	+0.74
Omega ratio: Gain probability vs. loss probability	1.26	1.17	+0.10
Calmar ratio: Return relative to maximum drawdown	1.83	0.87	+0.95
Martin ratio: Return relative to average drawdown	4.85	2.35	+2.50

SGDLX vs. GLD - Sharpe Ratio Comparison

The current SGDLX Sharpe Ratio is 1.47, which is higher than the GLD Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of SGDLX and GLD, 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

SGDLX vs. GLD - Drawdown Comparison

The maximum SGDLX drawdown since its inception was -47.59%, roughly equal to the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for SGDLX and GLD.

Drawdown Indicators

	SGDLX	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-47.59%	-45.56%	-2.03%
Max Drawdown (1Y) Largest decline over 1 year	-33.98%	-24.46%	-9.52%
Max Drawdown (3Y) Largest decline over 3 years	-33.98%	-24.46%	-9.52%
Max Drawdown (5Y) Largest decline over 5 years	-42.98%	-24.46%	-18.52%
Max Drawdown (10Y) Largest decline over 10 years	—	-24.46%	—
Current Drawdown Current decline from peak	-26.67%	-23.91%	-2.76%
Average Drawdown Average peak-to-trough decline	-18.35%	-16.17%	-2.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.80%	9.10%	+3.70%

Volatility

SGDLX vs. GLD - Volatility Comparison

Sprott Gold Equity Fund (SGDLX) has a higher volatility of 16.04% compared to SPDR Gold Shares (GLD) at 8.18%. This indicates that SGDLX's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGDLX	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.04%	8.18%	+7.86%
Volatility (6M) Calculated over the trailing 6-month period	36.04%	24.38%	+11.66%
Volatility (1Y) Calculated over the trailing 1-year period	42.26%	27.57%	+14.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.07%	18.24%	+13.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.17%	16.04%	+18.13%

SGDLX vs. GLD - Expense Ratio Comparison

SGDLX has a 1.44% expense ratio, which is higher than GLD's 0.40% expense ratio.

Dividends

SGDLX vs. GLD - Dividend Comparison

SGDLX's dividend yield for the trailing twelve months is around 0.69%, while GLD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
GLD SPDR Gold Shares	0.00%	0.00%	0.00%	0.00%	0.00%
SGDLX Sprott Gold Equity Fund	0.69%	0.67%	0.00%	0.00%	0.12%

Frequently Asked Questions

Can I hold both SGDLX and GLD in my portfolio?

SGDLX and GLD 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, SGDLX or GLD?

SGDLX has higher volatility (16.04%) compared to GLD (8.18%). In terms of maximum drawdown, SGDLX dropped -47.59% vs GLD's -45.56%.

Which has better risk-adjusted returns?

SGDLX currently has the higher Sharpe Ratio (1.47 vs 0.78), 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.