SGDM vs. ^XAU

Last updated Jun 6, 2026

SGDM (Sprott Gold Miners ETF) is Materials fund tracking the Solactive Gold Miners Custom Factors Index, while ^XAU (Philadelphia Gold and Silver Index) is an index. Over the past 10 years, SGDM returned 11.91%/yr vs 14.99%/yr for ^XAU. With a 0.97 correlation, they move nearly in lockstep.

Performance

SGDM vs. ^XAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Gold Miners ETF (SGDM) and Philadelphia Gold and Silver Index (^XAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SGDM achieves a -5.37% return, which is significantly lower than ^XAU's 6.15% return. Over the past 10 years, SGDM has underperformed ^XAU with an annualized return of 11.91%, while ^XAU has yielded a comparatively higher 14.99% annualized return.

SGDM

• 1D: -8.23%
• 1M: -12.59%
• YTD: -5.37%
• 6M: 0.52%
• 1Y: 45.19%
• 3Y*: 35.53%
• 5Y*: 17.00%
• 10Y*: 11.91%

^XAU

• 1D: 1.46%
• 1M: -3.20%
• YTD: 6.15%
• 6M: 14.10%
• 1Y: 74.76%
• 3Y*: 42.60%
• 5Y*: 17.52%
• 10Y*: 14.99%

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

SGDM vs. ^XAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SGDM Sprott Gold Miners ETF	-5.37%	153.46%	12.14%	2.34%	-8.23%	-9.15%	21.85%	44.27%	-15.14%	10.46%
^XAU Philadelphia Gold and Silver Index	6.15%	149.51%	9.14%	4.00%	-8.75%	-8.14%	34.86%	51.32%	-17.13%	8.13%

Correlation

The correlation between SGDM and ^XAU 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	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jul 16, 2014	0.97

The correlation between SGDM and ^XAU has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

Return for Risk

SGDM vs. ^XAU — Risk / Return Rank

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

SGDM

SGDM Risk / Return Rank: 29
SGDM Sharpe Ratio Rank: 29
SGDM Sortino Ratio Rank: 27
SGDM Omega Ratio Rank: 30
SGDM Calmar Ratio Rank: 31
SGDM Martin Ratio Rank: 28

^XAU

^XAU Risk / Return Rank: 57
^XAU Sharpe Ratio Rank: 60
^XAU Sortino Ratio Rank: 52
^XAU Omega Ratio Rank: 58
^XAU Calmar Ratio Rank: 63
^XAU Martin Ratio Rank: 52

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.

SGDM vs. ^XAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Gold Miners ETF (SGDM) and Philadelphia Gold and Silver Index (^XAU). 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.

	SGDM	^XAU	Difference
Sharpe ratio: Return per unit of total volatility	0.99	1.74	-0.75
Sortino ratio: Return per unit of downside risk	1.40	2.09	-0.68
Omega ratio: Gain probability vs. loss probability	1.20	1.29	-0.09
Calmar ratio: Return relative to maximum drawdown	1.47	2.57	-1.10
Martin ratio: Return relative to average drawdown	3.75	6.64	-2.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SGDM vs. ^XAU - Sharpe Ratio Comparison

The current SGDM Sharpe Ratio is 0.99, which is lower than the ^XAU Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of SGDM and ^XAU, 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

	SGDM	^XAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.99	1.74	-0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.49	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.41	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.08	+0.17

Drawdowns

SGDM vs. ^XAU - Drawdown Comparison

The maximum SGDM drawdown since its inception was -54.95%, smaller than the maximum ^XAU drawdown of -83.04%. Use the drawdown chart below to compare losses from any high point for SGDM and ^XAU.

Drawdown Indicators

	SGDM	^XAU	Difference
Max Drawdown Largest peak-to-trough decline	-54.95%	-83.04%	+28.09%
Max Drawdown (1Y) Largest decline over 1 year	-30.88%	-30.21%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-30.88%	-30.21%	-0.67%
Max Drawdown (5Y) Largest decline over 5 years	-45.06%	-45.52%	+0.46%
Max Drawdown (10Y) Largest decline over 10 years	-49.69%	-45.52%	-4.17%
Current Drawdown Current decline from peak	-30.88%	-22.75%	-8.13%
Average Drawdown Average peak-to-trough decline	-25.46%	-39.76%	+14.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.09%	11.66%	+0.43%

Volatility

SGDM vs. ^XAU - Volatility Comparison

Sprott Gold Miners ETF (SGDM) and Philadelphia Gold and Silver Index (^XAU) have volatilities of 15.27% and 15.15%, 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.

Volatility by Period

	SGDM	^XAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.27%	15.15%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	37.89%	36.41%	+1.48%
Volatility (1Y) Calculated over the trailing 1-year period	45.65%	44.51%	+1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.96%	36.17%	-0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.90%	36.28%	+0.62%

Frequently Asked Questions

Can I hold both SGDM and ^XAU in my portfolio?

With a correlation of 0.97, SGDM and ^XAU 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, SGDM or ^XAU?

SGDM has higher volatility (15.27%) compared to ^XAU (15.15%). In terms of maximum drawdown, SGDM dropped -54.95% vs ^XAU's -83.04%.

Which has better risk-adjusted returns?

^XAU currently has the higher Sharpe Ratio (1.74 vs 0.99), 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.