SGDLX vs. USERX

Last updated Jun 4, 2026

SGDLX (Sprott Gold Equity Fund) and USERX (U.S. Global Investors Gold & Precious Metals Fund) are both Precious Metals funds. Over the past 5 years, SGDLX returned 19.22%/yr vs 18.56%/yr for USERX. With a 0.96 correlation, they move nearly in lockstep. SGDLX charges 1.44%/yr vs 1.52%/yr for USERX.

Performance

SGDLX vs. USERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Gold Equity Fund (SGDLX) and U.S. Global Investors Gold & Precious Metals Fund (USERX). 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 USERX's 4.58% return.

SGDLX

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

USERX

• 1D: 1.42%
• 1M: 4.23%
• YTD: 4.58%
• 6M: 12.99%
• 1Y: 75.95%
• 3Y*: 48.36%
• 5Y*: 18.56%
• 10Y*: 15.38%

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

SGDLX vs. USERX - 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%
USERX U.S. Global Investors Gold & Precious Metals Fund	4.58%	167.44%	16.75%	1.44%	-17.44%	-10.80%	41.78%

Correlation

The correlation between SGDLX and USERX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jan 22, 2020	0.96

The correlation between SGDLX and USERX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

SGDLX vs. USERX — 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

USERX

USERX Risk / Return Rank: 32
USERX Sharpe Ratio Rank: 37
USERX Sortino Ratio Rank: 25
USERX Omega Ratio Rank: 32
USERX Calmar Ratio Rank: 41
USERX Martin Ratio Rank: 25

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. USERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Gold Equity Fund (SGDLX) and U.S. Global Investors Gold & Precious Metals Fund (USERX). 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	USERX	Difference
Sharpe ratio: Return per unit of total volatility	1.75	1.77	-0.02
Sortino ratio: Return per unit of downside risk	2.10	2.10	0.00
Omega ratio: Gain probability vs. loss probability	1.30	1.30	0.00
Calmar ratio: Return relative to maximum drawdown	2.42	2.42	0.00
Martin ratio: Return relative to average drawdown	6.15	6.24	-0.09
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. USERX - Sharpe Ratio Comparison

The current SGDLX Sharpe Ratio is 1.75, which is comparable to the USERX Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of SGDLX and USERX, 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	USERX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	1.77	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.56	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.45	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.01	+0.60

Drawdowns

SGDLX vs. USERX - Drawdown Comparison

The maximum SGDLX drawdown since its inception was -47.59%, smaller than the maximum USERX drawdown of -97.74%. Use the drawdown chart below to compare losses from any high point for SGDLX and USERX.

Drawdown Indicators

	SGDLX	USERX	Difference
Max Drawdown Largest peak-to-trough decline	-47.59%	-97.74%	+50.15%
Max Drawdown (1Y) Largest decline over 1 year	-28.77%	-32.20%	+3.43%
Max Drawdown (3Y) Largest decline over 3 years	-28.77%	-32.20%	+3.43%
Max Drawdown (5Y) Largest decline over 5 years	-42.98%	-43.45%	+0.47%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.45%	—
Current Drawdown Current decline from peak	-21.78%	-42.81%	+21.03%
Average Drawdown Average peak-to-trough decline	-18.29%	-75.03%	+56.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.31%	12.46%	-1.15%

Volatility

SGDLX vs. USERX - Volatility Comparison

The current volatility for Sprott Gold Equity Fund (SGDLX) is 13.40%, while U.S. Global Investors Gold & Precious Metals Fund (USERX) has a volatility of 14.30%. This indicates that SGDLX experiences smaller price fluctuations and is considered to be less risky than USERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGDLX	USERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.40%	14.30%	-0.90%
Volatility (6M) Calculated over the trailing 6-month period	33.53%	36.60%	-3.07%
Volatility (1Y) Calculated over the trailing 1-year period	40.21%	44.33%	-4.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.60%	33.19%	-1.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.86%	33.96%	-0.10%

SGDLX vs. USERX - Expense Ratio Comparison

SGDLX has a 1.44% expense ratio, which is lower than USERX's 1.52% expense ratio.

Dividends

SGDLX vs. USERX - Dividend Comparison

SGDLX's dividend yield for the trailing twelve months is around 0.64%, less than USERX's 5.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
USERX U.S. Global Investors Gold & Precious Metals Fund	5.55%	2.95%	1.48%	0.00%	0.00%	2.13%	2.68%	0.00%	1.76%	0.00%	0.88%	0.47%

Frequently Asked Questions

Can I hold both SGDLX and USERX in my portfolio?

With a correlation of 0.97, SGDLX and USERX 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, SGDLX or USERX?

USERX has higher volatility (14.30%) compared to SGDLX (13.40%). In terms of maximum drawdown, SGDLX dropped -47.59% vs USERX's -97.74%.

Which has better risk-adjusted returns?

USERX currently has the higher Sharpe Ratio (1.77 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.