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SGDM vs. EWO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SGDM vs. EWO

Last updated Jun 13, 2026

SGDM (Sprott Gold Miners ETF) and EWO (iShares MSCI Austria ETF) are both exchange-traded funds - SGDM is a Materials fund tracking the Solactive Gold Miners Custom Factors Index, while EWO is a Europe Equities fund tracking the MSCI Austria Investable Market Index. Both are passively managed. Over the past 10 years, SGDM returned 11.84%/yr vs 15.10%/yr for EWO. At a 0.24 correlation, their price movements are largely independent. SGDM charges 0.50%/yr vs 0.49%/yr for EWO.

Performance

SGDM vs. EWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Gold Miners ETF (SGDM) and iShares MSCI Austria ETF (EWO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SGDM achieves a -4.58% return, which is significantly lower than EWO's 18.55% return. Over the past 10 years, SGDM has underperformed EWO with an annualized return of 11.84%, while EWO has yielded a comparatively higher 15.10% annualized return.

SGDM

1D
3.49%
1M
-14.98%
YTD
-4.58%
6M
-4.02%
1Y
43.72%
3Y*
37.20%
5Y*
17.23%
10Y*
11.84%

EWO

1D
1.37%
1M
6.75%
YTD
18.55%
6M
23.71%
1Y
48.35%
3Y*
33.19%
5Y*
15.56%
10Y*
15.10%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SGDM vs. EWO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SGDM
Sprott Gold Miners ETF		-4.58%153.46%12.14%2.34%-8.23%-9.15%21.85%44.27%-15.14%10.46%
EWO
iShares MSCI Austria ETF		18.55%74.21%4.05%20.63%-21.95%31.50%-3.67%17.05%-22.88%52.47%

Correlation

The correlation between SGDM and EWO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.41

Correlation (3Y)
Calculated over the trailing 3-year period

0.36

Correlation (5Y)
Calculated over the trailing 5-year period

0.36

Correlation (10Y)
Calculated over the trailing 10-year period

0.25

Correlation (All Time)
Calculated using the full available price history since Jul 15, 2014

0.24

The correlation between SGDM and EWO shifts across timeframes, from 0.24 (all time) to 0.41 (1 year), reflecting how their relationship changes across market environments.

SGDM vs. EWO - Sectors Allocation Comparison

Sectors
SGDM
EWO

Basic Materials

99.8%
10.5%

Communication Services

-

-

Consumer Cyclical

-

1.7%

Consumer Defensive

-

-

Energy

-

9.5%

Financial Services

-

46.5%

Healthcare

-

-

Industrials

-

14.3%

Real Estate

-

4.0%

Technology

-

5.6%

Utilities

-

6.4%

Basic Materials

SGDM
99.8%
EWO
10.5%

Communication Services

SGDM

-

EWO

-

Consumer Cyclical

SGDM

-

EWO
1.7%

Consumer Defensive

SGDM

-

EWO

-

Energy

SGDM

-

EWO
9.5%

Financial Services

SGDM

-

EWO
46.5%

Healthcare

SGDM

-

EWO

-

Industrials

SGDM

-

EWO
14.3%

Real Estate

SGDM

-

EWO
4.0%

Technology

SGDM

-

EWO
5.6%

Utilities

SGDM

-

EWO
6.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Sprott Gold Miners ETF

iShares MSCI Austria ETF

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Often compared with EWO:
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Return for Risk

SGDM vs. EWO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SGDM
SGDM Risk / Return Rank: 3131
Overall Rank
SGDM Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
SGDM Sortino Ratio Rank: 2929
Sortino Ratio Rank
SGDM Omega Ratio Rank: 3333
Omega Ratio Rank
SGDM Calmar Ratio Rank: 3030
Calmar Ratio Rank
SGDM Martin Ratio Rank: 2929
Martin Ratio Rank
EWO
EWO Risk / Return Rank: 7979
Overall Rank
EWO Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
EWO Sortino Ratio Rank: 8585
Sortino Ratio Rank
EWO Omega Ratio Rank: 7979
Omega Ratio Rank
EWO Calmar Ratio Rank: 7474
Calmar Ratio Rank
EWO Martin Ratio Rank: 6969
Martin Ratio Rank
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. EWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Gold Miners ETF (SGDM) and iShares MSCI Austria ETF (EWO). 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.

SGDMEWODifference
Sharpe ratioReturn per unit of total volatility
1.01
2.41

-1.40

Sortino ratioReturn per unit of downside risk
1.42
3.35

-1.92

Omega ratioGain probability vs. loss probability

1.20

1.41

-0.21

Calmar ratioReturn relative to maximum drawdown

1.30

3.28

-1.99

Martin ratioReturn relative to average drawdown

3.60

11.10

-7.50

SGDM vs. EWO - Sharpe Ratio Comparison

The current SGDM Sharpe Ratio is 1.01, which is lower than the EWO Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of SGDM and EWO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SGDM vs. EWO - Drawdown Comparison

The maximum SGDM drawdown since its inception was -54.95%, smaller than the maximum EWO drawdown of -75.69%. Use the drawdown chart below to compare losses from any high point for SGDM and EWO.

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Drawdown Indicators

SGDMEWODifference

Max Drawdown

Largest peak-to-trough decline

-54.95%

-75.69%

+20.74%

Max Drawdown (1Y)

Largest decline over 1 year

-35.96%

-14.08%

-21.88%

Max Drawdown (3Y)

Largest decline over 3 years

-35.96%

-16.75%

-19.21%

Max Drawdown (5Y)

Largest decline over 5 years

-45.06%

-41.82%

-3.24%

Max Drawdown (10Y)

Largest decline over 10 years

-49.69%

-58.10%

+8.41%

Current Drawdown

Current decline from peak

-30.31%

0.00%

-30.31%

Average Drawdown

Average peak-to-trough decline

-25.46%

-28.10%

+2.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.93%

4.16%

+8.77%

Volatility

SGDM vs. EWO - Volatility Comparison

Sprott Gold Miners ETF (SGDM) has a higher volatility of 16.53% compared to iShares MSCI Austria ETF (EWO) at 7.31%. This indicates that SGDM's price experiences larger fluctuations and is considered to be riskier than EWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SGDMEWODifference

Volatility (1M)

Calculated over the trailing 1-month period

16.53%

7.31%

+9.22%

Volatility (6M)

Calculated over the trailing 6-month period

38.64%

15.88%

+22.76%

Volatility (1Y)

Calculated over the trailing 1-year period

46.24%

19.19%

+27.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.11%

21.95%

+14.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

36.97%

22.88%

+14.09%

SGDM vs. EWO - Expense Ratio Comparison

SGDM has a 0.50% expense ratio, which is higher than EWO's 0.49% expense ratio.

Dividends

SGDM vs. EWO - Dividend Comparison

SGDM's dividend yield for the trailing twelve months is around 1.09%, less than EWO's 2.01% yield.

PositionTTM20252024202320222021202020192018201720162015
EWO
iShares MSCI Austria ETF		2.01%2.38%7.40%5.66%4.75%2.42%0.98%3.11%4.04%2.03%1.99%1.51%
SGDM
Sprott Gold Miners ETF		1.09%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 EWO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SGDM has higher volatility (16.53%) compared to EWO (7.31%). In terms of maximum drawdown, SGDM dropped -54.95% vs EWO's -75.69%.

On 10-year performance, EWO leads with 15.10% vs 11.84% for SGDM. On fees, EWO is cheaper at 0.49% per year. On volatility, EWO has been the lower-risk option at 7.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWO has performed better with a 15.10% return vs 11.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWO is cheaper with a 0.49% expense ratio, compared with 0.50% for SGDM.

EWO has the higher dividend yield at 2.01%, compared with 1.09% for SGDM.

SGDM is categorized as Materials, while EWO is Europe Equities. SGDM tracks Solactive Gold Miners Custom Factors Index, while EWO tracks MSCI Austria Investable Market Index. They also come from different issuers: Sprott and iShares. Their fees differ too: 0.50% for SGDM and 0.49% for EWO.

EWO currently has the higher Sharpe Ratio (2.41 vs 1.01), 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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