SGDM vs. AAAU
SGDM (Sprott Gold Miners ETF) and AAAU (Goldman Sachs Physical Gold ETF) are both Gold funds - SGDM tracks the Solactive Gold Miners Custom Factors Index while AAAU tracks the LBMA Gold PM Price. Both are passively managed. Over the past 5 years, SGDM returned 19.95%/yr vs 18.53%/yr for AAAU. A 0.77 correlation means they provide meaningful diversification when combined. SGDM charges 0.50%/yr vs 0.18%/yr for AAAU.
Performance
SGDM vs. AAAU - Performance Comparison
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Returns By Period
In the year-to-date period, SGDM achieves a -3.45% return, which is significantly lower than AAAU's -2.94% return.
SGDM
- 1D
- -1.23%
- 1M
- -4.58%
- YTD
- -3.45%
- 6M
- -7.95%
- 1Y
- 49.12%
- 3Y*
- 39.66%
- 5Y*
- 19.95%
- 10Y*
- 11.34%
AAAU
- 1D
- -0.65%
- 1M
- -7.07%
- YTD
- -2.94%
- 6M
- -5.73%
- 1Y
- 24.21%
- 3Y*
- 29.48%
- 5Y*
- 18.53%
- 10Y*
- —
SGDM vs. AAAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SGDM Sprott Gold Miners ETF | -3.45% | 153.46% | 12.14% | 2.34% | -8.23% | -9.15% | 21.85% | 44.27% | 4.11% |
AAAU Goldman Sachs Physical Gold ETF | -2.94% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | 25.02% | 18.17% | 8.28% |
Correlation
The correlation between SGDM and AAAU is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2018 | 0.77 |
The correlation between SGDM and AAAU has been stable across timeframes, ranging from 0.77 to 0.80 - a consistent structural relationship.
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Return for Risk
SGDM vs. AAAU — Risk / Return Rank
SGDM
AAAU
SGDM vs. AAAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Gold Miners ETF (SGDM) and Goldman Sachs Physical Gold ETF (AAAU). 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.
| SGDM | AAAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.19 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | 1.00 | +0.38 |
| Martin ratioReturn relative to average drawdown | 3.66 | 2.72 | +0.94 |
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Drawdowns
SGDM vs. AAAU - Drawdown Comparison
The maximum SGDM drawdown since its inception was -54.95%, which is greater than AAAU's maximum drawdown of -24.38%. Use the drawdown chart below to compare losses from any high point for SGDM and AAAU.
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Drawdown Indicators
| SGDM | AAAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.95% | -24.38% | -30.57% |
Max Drawdown (1Y)Largest decline over 1 year | -35.96% | -24.38% | -11.58% |
Max Drawdown (3Y)Largest decline over 3 years | -35.96% | -24.38% | -11.58% |
Max Drawdown (5Y)Largest decline over 5 years | -45.06% | -24.38% | -20.68% |
Max Drawdown (10Y)Largest decline over 10 years | -49.69% | — | — |
Current DrawdownCurrent decline from peak | -29.48% | -22.38% | -7.10% |
Average DrawdownAverage peak-to-trough decline | -25.47% | -6.27% | -19.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.46% | 8.92% | +4.54% |
Volatility
SGDM vs. AAAU - Volatility Comparison
Sprott Gold Miners ETF (SGDM) has a higher volatility of 16.43% compared to Goldman Sachs Physical Gold ETF (AAAU) at 8.03%. This indicates that SGDM's price experiences larger fluctuations and is considered to be riskier than AAAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SGDM | AAAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.43% | 8.03% | +8.40% |
Volatility (6M)Calculated over the trailing 6-month period | 39.22% | 24.09% | +15.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.84% | 27.28% | +19.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.19% | 18.06% | +18.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.03% | 17.15% | +19.88% |
SGDM vs. AAAU - Expense Ratio Comparison
SGDM has a 0.50% expense ratio, which is higher than AAAU's 0.18% expense ratio.
Dividends
SGDM vs. AAAU - Dividend Comparison
SGDM's dividend yield for the trailing twelve months is around 1.08%, while AAAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AAAU Goldman Sachs Physical Gold ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SGDM Sprott Gold Miners ETF | 1.08% | 1.04% | 1.04% | 1.39% | 1.42% | 1.33% | 0.30% | 0.25% | 0.50% | 0.58% | 0.02% | 1.47% |
Frequently Asked Questions
SGDM and AAAU have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SGDM has higher volatility (16.43%) compared to AAAU (8.03%). In terms of maximum drawdown, SGDM dropped -54.95% vs AAAU's -24.38%.
On 5-year performance, SGDM leads with 19.95% vs 18.53% for AAAU. On fees, AAAU is cheaper at 0.18% per year. On volatility, AAAU has been the lower-risk option at 8.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SGDM has performed better with a 19.95% return vs 18.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AAAU is cheaper with a 0.18% expense ratio, compared with 0.50% for SGDM.
SGDM has the higher dividend yield at 1.08%, compared with 0.00% for AAAU.
SGDM tracks Solactive Gold Miners Custom Factors Index, while AAAU tracks LBMA Gold PM Price. They also come from different issuers: Sprott and Goldman Sachs. Their fees differ too: 0.50% for SGDM and 0.18% for AAAU.
SGDM currently has the higher Sharpe Ratio (1.06 vs 0.89), 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.
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