SGDM vs. GDX
SGDM (Sprott Gold Miners ETF) and GDX (VanEck Gold Miners ETF) are both Gold funds - SGDM tracks the Solactive Gold Miners Custom Factors Index while GDX tracks the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, SGDM returned 11.34%/yr vs 12.89%/yr for GDX. With a 0.97 correlation, they move nearly in lockstep. SGDM charges 0.50%/yr vs 0.51%/yr for GDX.
Performance
SGDM vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, SGDM achieves a -3.45% return, which is significantly higher than GDX's -5.05% return. Over the past 10 years, SGDM has underperformed GDX with an annualized return of 11.34%, while GDX has yielded a comparatively higher 12.89% annualized 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%
GDX
- 1D
- -1.30%
- 1M
- -4.21%
- YTD
- -5.05%
- 6M
- -9.69%
- 1Y
- 56.88%
- 3Y*
- 41.48%
- 5Y*
- 20.52%
- 10Y*
- 12.89%
SGDM vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SGDM Sprott Gold Miners ETF | -3.45% | 153.46% | 12.14% | 2.34% | -8.23% | -9.15% | 21.85% | 44.27% | -15.14% | 10.46% |
GDX VanEck Gold Miners ETF | -5.05% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between SGDM and GDX is 0.98 - 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 | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Jul 15, 2014 | 0.97 |
The correlation between SGDM and GDX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
SGDM vs. GDX — Risk / Return Rank
SGDM
GDX
SGDM vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Gold Miners ETF (SGDM) and VanEck Gold Miners ETF (GDX). 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 | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.22 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | 1.58 | -0.20 |
| Martin ratioReturn relative to average drawdown | 3.66 | 4.19 | -0.53 |
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Drawdowns
SGDM vs. GDX - Drawdown Comparison
The maximum SGDM drawdown since its inception was -54.95%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for SGDM and GDX.
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Drawdown Indicators
| SGDM | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.95% | -80.34% | +25.39% |
Max Drawdown (1Y)Largest decline over 1 year | -35.96% | -36.28% | +0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -35.96% | -36.28% | +0.32% |
Max Drawdown (5Y)Largest decline over 5 years | -45.06% | -46.51% | +1.45% |
Max Drawdown (10Y)Largest decline over 10 years | -49.69% | -49.79% | +0.10% |
Current DrawdownCurrent decline from peak | -29.48% | -29.70% | +0.22% |
Average DrawdownAverage peak-to-trough decline | -25.47% | -40.40% | +14.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.46% | 13.62% | -0.16% |
Volatility
SGDM vs. GDX - Volatility Comparison
Sprott Gold Miners ETF (SGDM) and VanEck Gold Miners ETF (GDX) have volatilities of 16.43% and 17.03%, 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 | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.43% | 17.03% | -0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 39.22% | 39.77% | -0.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.84% | 47.49% | -0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.19% | 36.83% | -0.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.03% | 37.39% | -0.36% |
SGDM vs. GDX - Expense Ratio Comparison
SGDM has a 0.50% expense ratio, which is lower than GDX's 0.51% expense ratio.
Dividends
SGDM vs. GDX - Dividend Comparison
SGDM's dividend yield for the trailing twelve months is around 1.08%, more than GDX's 0.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.78% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
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
With a correlation of 0.98, SGDM and GDX 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.
GDX has higher volatility (17.03%) compared to SGDM (16.43%). In terms of maximum drawdown, SGDM dropped -54.95% vs GDX's -80.34%.
On 10-year performance, GDX leads with 12.89% vs 11.34% for SGDM. On fees, SGDM is cheaper at 0.50% per year. On volatility, SGDM has been the lower-risk option at 16.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDX has performed better with a 12.89% return vs 11.34%. 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 0.51% for GDX.
SGDM has the higher dividend yield at 1.08%, compared with 0.78% for GDX.
SGDM tracks Solactive Gold Miners Custom Factors Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: Sprott and VanEck. Their fees differ too: 0.50% for SGDM and 0.51% for GDX.
GDX currently has the higher Sharpe Ratio (1.21 vs 1.06), 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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