SGDM vs. GDMN

Last updated Jun 13, 2026

SGDM (Sprott Gold Miners ETF) and GDMN (WisdomTree Efficient Gold Plus Gold Miners Strategy Fund) are both exchange-traded funds - SGDM is a Materials fund tracking the Solactive Gold Miners Custom Factors Index, while GDMN is a Commodities fund actively managed by WisdomTree. SGDM is passively managed, while GDMN is actively managed. Over the past 3 years, SGDM returned 37.20%/yr vs 56.30%/yr for GDMN. Their correlation of 0.94 suggests significant overlap in exposure. SGDM charges 0.50%/yr vs 0.45%/yr for GDMN.

Performance

SGDM vs. GDMN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Gold Miners ETF (SGDM) and WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SGDM achieves a -4.58% return, which is significantly higher than GDMN's -13.77% 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%

GDMN

• 1D: 2.11%
• 1M: -21.24%
• YTD: -13.77%
• 6M: -13.73%
• 1Y: 51.90%
• 3Y*: 56.30%
• 5Y*: —
• 10Y*: —

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

SGDM vs. GDMN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SGDM Sprott Gold Miners ETF	-4.58%	153.46%	12.14%	2.34%	-8.23%	10.19%
GDMN WisdomTree Efficient Gold Plus Gold Miners Strategy Fund	-13.77%	237.09%	28.23%	12.97%	-14.62%	6.93%

Correlation

The correlation between SGDM and GDMN is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (All Time) Calculated using the full available price history since Dec 16, 2021	0.94

The correlation between SGDM and GDMN has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

SGDM vs. GDMN - Sectors Allocation Comparison

Sectors	SGDM	GDMN
Basic Materials	99.8%	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SGDM vs. GDMN — Risk / Return Rank

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

SGDM

SGDM Risk / Return Rank: 31
SGDM Sharpe Ratio Rank: 32
SGDM Sortino Ratio Rank: 29
SGDM Omega Ratio Rank: 33
SGDM Calmar Ratio Rank: 30
SGDM Martin Ratio Rank: 29

GDMN

GDMN Risk / Return Rank: 29
GDMN Sharpe Ratio Rank: 28
GDMN Sortino Ratio Rank: 28
GDMN Omega Ratio Rank: 33
GDMN Calmar Ratio Rank: 27
GDMN Martin Ratio Rank: 26

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. GDMN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Gold Miners ETF (SGDM) and WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN). 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	GDMN	Difference
Sharpe ratio: Return per unit of total volatility	1.01	0.90	+0.11
Sortino ratio: Return per unit of downside risk	1.42	1.38	+0.05
Omega ratio: Gain probability vs. loss probability	1.20	1.20	0.00
Calmar ratio: Return relative to maximum drawdown	1.30	1.17	+0.13
Martin ratio: Return relative to average drawdown	3.60	3.15	+0.45

SGDM vs. GDMN - Sharpe Ratio Comparison

The current SGDM Sharpe Ratio is 1.01, which is comparable to the GDMN Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of SGDM and GDMN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SGDM vs. GDMN - Drawdown Comparison

The maximum SGDM drawdown since its inception was -54.95%, roughly equal to the maximum GDMN drawdown of -52.82%. Use the drawdown chart below to compare losses from any high point for SGDM and GDMN.

Drawdown Indicators

	SGDM	GDMN	Difference
Max Drawdown Largest peak-to-trough decline	-54.95%	-52.82%	-2.13%
Max Drawdown (1Y) Largest decline over 1 year	-35.96%	-48.76%	+12.80%
Max Drawdown (3Y) Largest decline over 3 years	-35.96%	-48.76%	+12.80%
Max Drawdown (5Y) Largest decline over 5 years	-45.06%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-49.69%	—	—
Current Drawdown Current decline from peak	-30.31%	-43.39%	+13.08%
Average Drawdown Average peak-to-trough decline	-25.46%	-19.02%	-6.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.93%	18.01%	-5.08%

Volatility

SGDM vs. GDMN - Volatility Comparison

The current volatility for Sprott Gold Miners ETF (SGDM) is 16.53%, while WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN) has a volatility of 21.98%. This indicates that SGDM experiences smaller price fluctuations and is considered to be less risky than GDMN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGDM	GDMN	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.53%	21.98%	-5.45%
Volatility (6M) Calculated over the trailing 6-month period	38.64%	54.30%	-15.66%
Volatility (1Y) Calculated over the trailing 1-year period	46.24%	63.44%	-17.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.11%	48.07%	-11.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.97%	48.07%	-11.10%

SGDM vs. GDMN - Expense Ratio Comparison

SGDM has a 0.50% expense ratio, which is higher than GDMN's 0.45% expense ratio.

Dividends

SGDM vs. GDMN - Dividend Comparison

SGDM's dividend yield for the trailing twelve months is around 1.09%, less than GDMN's 3.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDMN WisdomTree Efficient Gold Plus Gold Miners Strategy Fund	3.13%	2.70%	9.44%	7.69%	1.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both SGDM and GDMN in my portfolio?

With a correlation of 0.96, SGDM and GDMN 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 GDMN?

GDMN has higher volatility (21.98%) compared to SGDM (16.53%). In terms of maximum drawdown, SGDM dropped -54.95% vs GDMN's -52.82%.

Which ETF is better, SGDM or GDMN?

On 3-year performance, GDMN leads with 56.30% vs 37.20% for SGDM. On fees, GDMN is cheaper at 0.45% per year. On volatility, SGDM has been the lower-risk option at 16.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SGDM or GDMN?

Over the 3-year period, GDMN has performed better with a 56.30% return vs 37.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SGDM or GDMN?

GDMN is cheaper with a 0.45% expense ratio, compared with 0.50% for SGDM.

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

GDMN has the higher dividend yield at 3.13%, compared with 1.09% for SGDM.

What is the main difference between SGDM and GDMN?

SGDM is categorized as Materials, while GDMN is Commodities. They also come from different issuers: Sprott and WisdomTree. Their fees differ too: 0.50% for SGDM and 0.45% for GDMN.

Which has better risk-adjusted returns?

SGDM currently has the higher Sharpe Ratio (1.01 vs 0.90), 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.