SGDM vs. BNO
SGDM (Sprott Gold Miners ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - SGDM is a Materials fund tracking the Solactive Gold Miners Custom Factors Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, SGDM returned 12.76%/yr vs 13.13%/yr for BNO. At a 0.11 correlation, their price movements are largely independent. SGDM charges 0.50%/yr vs 0.90%/yr for BNO.
Performance
SGDM vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, SGDM achieves a 3.12% return, which is significantly lower than BNO's 85.31% return. Both investments have delivered pretty close results over the past 10 years, with SGDM having a 12.76% annualized return and BNO not far ahead at 13.13%.
SGDM
- 1D
- 1.69%
- 1M
- 1.80%
- YTD
- 3.12%
- 6M
- 8.86%
- 1Y
- 59.22%
- 3Y*
- 39.67%
- 5Y*
- 19.03%
- 10Y*
- 12.76%
BNO
- 1D
- -2.71%
- 1M
- -9.80%
- YTD
- 85.31%
- 6M
- 79.66%
- 1Y
- 88.71%
- 3Y*
- 26.74%
- 5Y*
- 23.48%
- 10Y*
- 13.13%
SGDM vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SGDM Sprott Gold Miners ETF | 3.12% | 153.46% | 12.14% | 2.34% | -8.23% | -9.15% | 21.85% | 44.27% | -15.14% | 10.46% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between SGDM and BNO is -0.21, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2014 | 0.11 |
The correlation between SGDM and BNO shifts across timeframes, from -0.21 (1 year) to 0.11 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SGDM vs. BNO — Risk / Return Rank
SGDM
BNO
SGDM vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Gold Miners ETF (SGDM) and United States Brent Oil Fund LP (BNO). 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 | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.82 | ||
| Sortino ratioReturn per unit of downside risk | -0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.36 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 4.99 | -3.01 |
| Martin ratioReturn relative to average drawdown | 4.98 | 9.39 | -4.41 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SGDM | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.33 | 2.15 | -0.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.53 | 0.67 | -0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.35 | 0.36 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 0.14 | +0.13 |
Drawdowns
SGDM vs. BNO - Drawdown Comparison
The maximum SGDM drawdown since its inception was -54.95%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for SGDM and BNO.
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Drawdown Indicators
| SGDM | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.95% | -87.06% | +32.11% |
Max Drawdown (1Y)Largest decline over 1 year | -30.04% | -17.87% | -12.17% |
Max Drawdown (3Y)Largest decline over 3 years | -30.04% | -23.75% | -6.29% |
Max Drawdown (5Y)Largest decline over 5 years | -45.06% | -33.70% | -11.36% |
Max Drawdown (10Y)Largest decline over 10 years | -49.69% | -75.18% | +25.49% |
Current DrawdownCurrent decline from peak | -24.68% | -12.72% | -11.96% |
Average DrawdownAverage peak-to-trough decline | -25.46% | -40.16% | +14.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.94% | 9.48% | +2.46% |
Volatility
SGDM vs. BNO - Volatility Comparison
Sprott Gold Miners ETF (SGDM) and United States Brent Oil Fund LP (BNO) have volatilities of 14.53% and 14.12%, 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.
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Volatility by Period
| SGDM | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.53% | 14.12% | +0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 36.91% | 36.21% | +0.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.86% | 41.56% | +3.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.78% | 35.40% | +0.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.81% | 36.69% | +0.12% |
SGDM vs. BNO - Expense Ratio Comparison
SGDM has a 0.50% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
SGDM vs. BNO - Dividend Comparison
SGDM's dividend yield for the trailing twelve months is around 1.01%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 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 | 1.01% | 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 BNO have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SGDM has higher volatility (14.53%) compared to BNO (14.12%). In terms of maximum drawdown, SGDM dropped -54.95% vs BNO's -87.06%.
On 10-year performance, BNO leads with 13.13% vs 12.76% for SGDM. On fees, SGDM is cheaper at 0.50% per year. On volatility, BNO has been the lower-risk option at 14.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNO has performed better with a 13.13% return vs 12.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGDM is cheaper with a 0.50% expense ratio, compared with 0.90% for BNO.
SGDM has the higher dividend yield at 1.01%, compared with 0.00% for BNO.
SGDM is categorized as Materials, while BNO is Oil & Gas. SGDM tracks Solactive Gold Miners Custom Factors Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Sprott and Concierge Technologies. Their fees differ too: 0.50% for SGDM and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.15 vs 1.33), 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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