SGDLX vs. PDBC

Last updated Aug 4, 2026

SGDLX (Sprott Gold Equity Fund) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both funds - SGDLX is a Gold fund managed by Sprott, while PDBC is a Commodities fund actively managed by Invesco. Over the past 5 years, SGDLX returned 17.77%/yr vs 11.53%/yr for PDBC. Their 0.29 correlation means their historical movements had little consistent relationship. SGDLX charges 1.44%/yr vs 0.58%/yr for PDBC.

Performance

SGDLX vs. PDBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Gold Equity Fund (SGDLX) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SGDLX achieves a -9.76% return, which is significantly lower than PDBC's 30.19% 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%

PDBC

• 1D: -1.77%
• 1M: 8.70%
• 6M: 23.48%
• YTD: 30.19%
• 1Y: 36.16%
• 3Y*: 9.99%
• 5Y*: 11.53%
• 10Y*: 8.78%
• ALL TIME*: 3.73%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	$116.66M	$151.96M	$123.92M
SGDLX Sprott Gold Equity Fund	$0.00	$0.00	$0.00

SGDLX vs. PDBC - 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%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	30.19%	5.96%	2.09%	-6.25%	19.23%	41.72%	-6.72%

Correlation

The correlation between SGDLX and PDBC is 0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.06
Correlation (3Y) Balances recent behavior with more history.	0.22
Correlation (5Y) Shows whether the relationship held over a longer period.	0.27
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020	0.29

Over the past year, the correlation between SGDLX and PDBC has dropped to 0.06 - well below their long-term average of 0.29, suggesting their price drivers have been diverging.

Return for Risk

SGDLX vs. PDBC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SGDLX

SGDLX Risk / Return Rank: 34
SGDLX Sharpe Ratio Rank: 40
SGDLX Sortino Ratio Rank: 34
SGDLX Omega Ratio Rank: 39
SGDLX Calmar Ratio Rank: 34
SGDLX Martin Ratio Rank: 23

PDBC

PDBC Risk / Return Rank: 70
PDBC Sharpe Ratio Rank: 79
PDBC Sortino Ratio Rank: 75
PDBC Omega Ratio Rank: 74
PDBC Calmar Ratio Rank: 61
PDBC Martin Ratio Rank: 60

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SGDLX vs. PDBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Gold Equity Fund (SGDLX) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). 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	PDBC	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.85	-0.56
Sortino ratio: Return per unit of downside risk	1.71	2.47	-0.76
Omega ratio: Gain probability vs. loss probability	1.23	1.31	-0.08
Calmar ratio: Return relative to maximum drawdown	1.59	2.20	-0.61
Martin ratio: Return relative to average drawdown	3.40	7.30	-3.90

SGDLX vs. PDBC - Sharpe Ratio Comparison

The current SGDLX Sharpe Ratio is 1.29, which is lower than the PDBC Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of SGDLX and PDBC, 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. PDBC - Drawdown Comparison

The maximum SGDLX drawdown since its inception was -47.59%, roughly equal to the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for SGDLX and PDBC.

Drawdown Indicators

	SGDLX	PDBC	Difference
Max Drawdown Largest peak-to-trough decline	-47.59%	-49.52%	+1.93%
Max Drawdown (1Y) Largest decline over 1 year	-35.46%	-16.55%	-18.91%
Max Drawdown (3Y) Largest decline over 3 years	-35.46%	-16.55%	-18.91%
Max Drawdown (5Y) Largest decline over 5 years	-42.98%	-27.63%	-15.35%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.73%	—
Current Drawdown Current decline from peak	-32.07%	-8.78%	-23.29%
Average Drawdown Average peak-to-trough decline	-18.57%	-23.03%	+4.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.55%	4.97%	+11.58%

Volatility

SGDLX vs. PDBC - Volatility Comparison

Sprott Gold Equity Fund (SGDLX) has a higher volatility of 12.04% compared to Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) at 7.36%. This indicates that SGDLX's price experiences larger fluctuations and is considered to be riskier than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGDLX	PDBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.04%	7.36%	+4.68%
Volatility (6M) Calculated over the trailing 6-month period	36.45%	17.16%	+19.29%
Volatility (1Y) Calculated over the trailing 1-year period	43.55%	19.65%	+23.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.46%	19.28%	+13.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.29%	17.84%	+16.45%

SGDLX vs. PDBC - Expense Ratio Comparison

SGDLX has a 1.44% expense ratio, which is higher than PDBC's 0.58% expense ratio.

Dividends

SGDLX vs. PDBC - Dividend Comparison

SGDLX's dividend yield for the trailing twelve months is around 0.74%, less than PDBC's 2.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	2.95%	3.84%	4.42%	4.21%	13.05%	50.83%	0.01%	1.40%	1.00%	3.83%	6.51%
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%

Frequently Asked Questions

Can I hold both SGDLX and PDBC in my portfolio?

SGDLX and PDBC have a correlation of 0.06, 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 PDBC?

SGDLX has higher volatility (12.04%) compared to PDBC (7.36%). In terms of maximum drawdown, SGDLX dropped -47.59% vs PDBC's -49.52%.

Which has better risk-adjusted returns?

PDBC currently has the higher Sharpe Ratio (1.85 vs 1.29), 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.