SGDLX vs. PDBC

Last updated Jun 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 Precious Metals fund managed by Sprott, while PDBC is a Commodities fund actively managed by Invesco. Over the past 5 years, SGDLX returned 19.22%/yr vs 12.39%/yr for PDBC. At a 0.30 correlation, their price movements are largely independent. 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 3.90% return, which is significantly lower than PDBC's 36.23% return.

SGDLX

• 1D: 0.95%
• 1M: 2.96%
• YTD: 3.90%
• 6M: 13.04%
• 1Y: 67.58%
• 3Y*: 43.43%
• 5Y*: 19.22%
• 10Y*: —

PDBC

• 1D: 0.39%
• 1M: -3.37%
• YTD: 36.23%
• 6M: 36.27%
• 1Y: 45.46%
• 3Y*: 14.42%
• 5Y*: 12.39%
• 10Y*: 8.79%

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

SGDLX vs. PDBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SGDLX Sprott Gold Equity Fund	3.90%	147.67%	20.58%	1.91%	-13.21%	-11.79%	35.30%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	36.23%	5.96%	2.09%	-6.25%	19.23%	41.72%	-6.20%

Correlation

The correlation between SGDLX and PDBC is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jan 22, 2020	0.30

Over the past year, the correlation between SGDLX and PDBC has dropped to 0.09 - well below their long-term average of 0.30, suggesting their price drivers have been diverging.

Return for Risk

SGDLX vs. PDBC — Risk / Return Rank

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

SGDLX

SGDLX Risk / Return Rank: 32
SGDLX Sharpe Ratio Rank: 36
SGDLX Sortino Ratio Rank: 25
SGDLX Omega Ratio Rank: 33
SGDLX Calmar Ratio Rank: 41
SGDLX Martin Ratio Rank: 25

PDBC

PDBC Risk / Return Rank: 74
PDBC Sharpe Ratio Rank: 73
PDBC Sortino Ratio Rank: 67
PDBC Omega Ratio Rank: 70
PDBC Calmar Ratio Rank: 92
PDBC Martin Ratio Rank: 70

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. 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.

	SGDLX	PDBC	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.46	-0.71
Sortino ratio: Return per unit of downside risk	2.10	3.14	-1.04
Omega ratio: Gain probability vs. loss probability	1.30	1.43	-0.13
Calmar ratio: Return relative to maximum drawdown	2.42	6.35	-3.93
Martin ratio: Return relative to average drawdown	6.15	13.39	-7.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SGDLX vs. PDBC - Sharpe Ratio Comparison

The current SGDLX Sharpe Ratio is 1.75, which is comparable to the PDBC Sharpe Ratio of 2.46. 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.

Sharpe Ratios by Period

	SGDLX	PDBC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	2.46	-0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.65	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.23	+0.38

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	-28.77%	-7.19%	-21.58%
Max Drawdown (3Y) Largest decline over 3 years	-28.77%	-13.95%	-14.82%
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	-21.78%	-4.55%	-17.23%
Average Drawdown Average peak-to-trough decline	-18.29%	-23.21%	+4.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.31%	3.41%	+7.90%

Volatility

SGDLX vs. PDBC - Volatility Comparison

Sprott Gold Equity Fund (SGDLX) has a higher volatility of 13.40% compared to Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) at 6.20%. 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	13.40%	6.20%	+7.20%
Volatility (6M) Calculated over the trailing 6-month period	33.53%	15.78%	+17.75%
Volatility (1Y) Calculated over the trailing 1-year period	40.21%	18.61%	+21.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.60%	19.12%	+12.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.86%	17.78%	+16.08%

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 0.64%, less than PDBC's 2.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	2.82%	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	0.64%	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 0.09, 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 (13.40%) compared to PDBC (6.20%). 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 (2.46 vs 1.75), 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.