SGDM vs. FXZ

Last updated Jun 5, 2026

SGDM (Sprott Gold Miners ETF) and FXZ (First Trust Materials AlphaDEX Fund) are both Materials funds - SGDM tracks the Solactive Gold Miners Custom Factors Index while FXZ tracks the StrataQuant Materials Index. Both are passively managed. Over the past 10 years, SGDM returned 12.76%/yr vs 11.59%/yr for FXZ. At a 0.27 correlation, their price movements are largely independent. SGDM charges 0.50%/yr vs 0.67%/yr for FXZ.

Performance

SGDM vs. FXZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Gold Miners ETF (SGDM) and First Trust Materials AlphaDEX Fund (FXZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SGDM achieves a 3.12% return, which is significantly lower than FXZ's 29.58% return. Over the past 10 years, SGDM has outperformed FXZ with an annualized return of 12.76%, while FXZ has yielded a comparatively lower 11.59% annualized return.

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%

FXZ

• 1D: -0.04%
• 1M: 3.76%
• YTD: 29.58%
• 6M: 33.83%
• 1Y: 52.87%
• 3Y*: 13.19%
• 5Y*: 7.83%
• 10Y*: 11.59%

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

SGDM vs. FXZ - 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%
FXZ First Trust Materials AlphaDEX Fund	29.58%	16.25%	-16.31%	16.27%	-0.92%	30.84%	22.52%	21.52%	-22.62%	23.72%

Correlation

The correlation between SGDM and FXZ is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since Jul 16, 2014	0.27

Over the past year, SGDM and FXZ have become more correlated (0.53) than their long-term average of 0.27, meaning their price movements have been converging.

SGDM vs. FXZ - Sectors Allocation Comparison

Sectors	SGDM	FXZ
Basic Materials	100.0%	75.7%
Communication Services	-	-
Consumer Cyclical	-	3.9%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	20.4%
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SGDM vs. FXZ — Risk / Return Rank

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

SGDM

SGDM Risk / Return Rank: 37
SGDM Sharpe Ratio Rank: 38
SGDM Sortino Ratio Rank: 32
SGDM Omega Ratio Rank: 38
SGDM Calmar Ratio Rank: 41
SGDM Martin Ratio Rank: 34

FXZ

FXZ Risk / Return Rank: 75
FXZ Sharpe Ratio Rank: 76
FXZ Sortino Ratio Rank: 72
FXZ Omega Ratio Rank: 68
FXZ Calmar Ratio Rank: 81
FXZ Martin Ratio Rank: 80

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. FXZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Gold Miners ETF (SGDM) and First Trust Materials AlphaDEX Fund (FXZ). 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	FXZ	Difference
Sharpe ratio: Return per unit of total volatility	1.33	2.43	-1.11
Sortino ratio: Return per unit of downside risk	1.71	3.19	-1.48
Omega ratio: Gain probability vs. loss probability	1.24	1.40	-0.16
Calmar ratio: Return relative to maximum drawdown	1.98	4.17	-2.19
Martin ratio: Return relative to average drawdown	4.98	15.67	-10.69
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. FXZ - Sharpe Ratio Comparison

The current SGDM Sharpe Ratio is 1.33, which is lower than the FXZ Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of SGDM and FXZ, 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	FXZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	2.43	-1.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.33	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.47	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.35	-0.08

Drawdowns

SGDM vs. FXZ - Drawdown Comparison

The maximum SGDM drawdown since its inception was -54.95%, smaller than the maximum FXZ drawdown of -65.46%. Use the drawdown chart below to compare losses from any high point for SGDM and FXZ.

Drawdown Indicators

	SGDM	FXZ	Difference
Max Drawdown Largest peak-to-trough decline	-54.95%	-65.46%	+10.51%
Max Drawdown (1Y) Largest decline over 1 year	-30.04%	-12.75%	-17.29%
Max Drawdown (3Y) Largest decline over 3 years	-30.04%	-33.99%	+3.95%
Max Drawdown (5Y) Largest decline over 5 years	-45.06%	-33.99%	-11.07%
Max Drawdown (10Y) Largest decline over 10 years	-49.69%	-49.41%	-0.28%
Current Drawdown Current decline from peak	-24.68%	-0.44%	-24.24%
Average Drawdown Average peak-to-trough decline	-25.46%	-11.35%	-14.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.94%	3.38%	+8.56%

Volatility

SGDM vs. FXZ - Volatility Comparison

Sprott Gold Miners ETF (SGDM) has a higher volatility of 14.53% compared to First Trust Materials AlphaDEX Fund (FXZ) at 6.85%. This indicates that SGDM's price experiences larger fluctuations and is considered to be riskier than FXZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGDM	FXZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.53%	6.85%	+7.68%
Volatility (6M) Calculated over the trailing 6-month period	36.91%	16.38%	+20.53%
Volatility (1Y) Calculated over the trailing 1-year period	44.86%	21.84%	+23.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.78%	24.13%	+11.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.81%	24.87%	+11.94%

SGDM vs. FXZ - Expense Ratio Comparison

SGDM has a 0.50% expense ratio, which is lower than FXZ's 0.67% expense ratio.

Dividends

SGDM vs. FXZ - Dividend Comparison

SGDM's dividend yield for the trailing twelve months is around 1.01%, less than FXZ's 1.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXZ First Trust Materials AlphaDEX Fund	1.38%	1.74%	1.81%	1.97%	1.56%	1.11%	1.51%	1.58%	1.38%	1.01%	1.19%	1.26%
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

Can I hold both SGDM and FXZ in my portfolio?

SGDM and FXZ have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SGDM or FXZ?

SGDM has higher volatility (14.53%) compared to FXZ (6.85%). In terms of maximum drawdown, SGDM dropped -54.95% vs FXZ's -65.46%.

Which ETF is better, SGDM or FXZ?

On 10-year performance, SGDM leads with 12.76% vs 11.59% for FXZ. On fees, SGDM is cheaper at 0.50% per year. On volatility, FXZ has been the lower-risk option at 6.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SGDM or FXZ?

Over the 10-year period, SGDM has performed better with a 12.76% return vs 11.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SGDM or FXZ?

SGDM is cheaper with a 0.50% expense ratio, compared with 0.67% for FXZ.

Which ETF pays a higher dividend yield, SGDM or FXZ?

FXZ has the higher dividend yield at 1.38%, compared with 1.01% for SGDM.

What is the main difference between SGDM and FXZ?

SGDM tracks Solactive Gold Miners Custom Factors Index, while FXZ tracks StrataQuant Materials Index. They also come from different issuers: Sprott and First Trust. Their fees differ too: 0.50% for SGDM and 0.67% for FXZ.

Which has better risk-adjusted returns?

FXZ currently has the higher Sharpe Ratio (2.43 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.