SGDM vs. GDXJ

Last updated Jun 5, 2026

SGDM (Sprott Gold Miners ETF) and GDXJ (VanEck Junior Gold Miners ETF) are both exchange-traded funds - SGDM is a Materials fund tracking the Solactive Gold Miners Custom Factors Index, while GDXJ is a Gold fund tracking the MVIS Global Junior Gold Miners Index. Both are passively managed. Over the past 10 years, SGDM returned 12.76%/yr vs 12.98%/yr for GDXJ. Their correlation of 0.95 suggests significant overlap in exposure. SGDM charges 0.50%/yr vs 0.52%/yr for GDXJ.

Performance

SGDM vs. GDXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Gold Miners ETF (SGDM) and VanEck Junior Gold Miners ETF (GDXJ). 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 higher than GDXJ's -1.65% return. Both investments have delivered pretty close results over the past 10 years, with SGDM having a 12.76% annualized return and GDXJ not far ahead at 12.98%.

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%

GDXJ

• 1D: 0.92%
• 1M: -1.11%
• YTD: -1.65%
• 6M: 7.01%
• 1Y: 65.36%
• 3Y*: 46.18%
• 5Y*: 17.68%
• 10Y*: 12.98%

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

SGDM vs. GDXJ - 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%
GDXJ VanEck Junior Gold Miners ETF	-1.65%	172.28%	15.67%	7.12%	-14.53%	-21.25%	30.40%	40.44%	-11.02%	8.22%

Correlation

The correlation between SGDM and GDXJ 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	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jul 16, 2014	0.95

The correlation between SGDM and GDXJ has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

SGDM vs. GDXJ - Sectors Allocation Comparison

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

Return for Risk

SGDM vs. GDXJ — 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

GDXJ

GDXJ Risk / Return Rank: 37
GDXJ Sharpe Ratio Rank: 38
GDXJ Sortino Ratio Rank: 34
GDXJ Omega Ratio Rank: 38
GDXJ Calmar Ratio Rank: 42
GDXJ Martin Ratio Rank: 33

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. GDXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Gold Miners ETF (SGDM) and VanEck Junior Gold Miners ETF (GDXJ). 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	GDXJ	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.32	+0.01
Sortino ratio: Return per unit of downside risk	1.71	1.75	-0.03
Omega ratio: Gain probability vs. loss probability	1.24	1.24	0.00
Calmar ratio: Return relative to maximum drawdown	1.98	2.00	-0.01
Martin ratio: Return relative to average drawdown	4.98	4.93	+0.05
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. GDXJ - Sharpe Ratio Comparison

The current SGDM Sharpe Ratio is 1.33, which is comparable to the GDXJ Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of SGDM and GDXJ, 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	GDXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	1.32	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.43	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.30	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.06	+0.21

Drawdowns

SGDM vs. GDXJ - Drawdown Comparison

The maximum SGDM drawdown since its inception was -54.95%, smaller than the maximum GDXJ drawdown of -88.66%. Use the drawdown chart below to compare losses from any high point for SGDM and GDXJ.

Drawdown Indicators

	SGDM	GDXJ	Difference
Max Drawdown Largest peak-to-trough decline	-54.95%	-88.66%	+33.71%
Max Drawdown (1Y) Largest decline over 1 year	-30.04%	-32.92%	+2.88%
Max Drawdown (3Y) Largest decline over 3 years	-30.04%	-32.92%	+2.88%
Max Drawdown (5Y) Largest decline over 5 years	-45.06%	-50.99%	+5.93%
Max Drawdown (10Y) Largest decline over 10 years	-49.69%	-57.77%	+8.08%
Current Drawdown Current decline from peak	-24.68%	-28.36%	+3.68%
Average Drawdown Average peak-to-trough decline	-25.46%	-60.50%	+35.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.94%	13.31%	-1.37%

Volatility

SGDM vs. GDXJ - Volatility Comparison

The current volatility for Sprott Gold Miners ETF (SGDM) is 14.53%, while VanEck Junior Gold Miners ETF (GDXJ) has a volatility of 16.69%. This indicates that SGDM experiences smaller price fluctuations and is considered to be less risky than GDXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGDM	GDXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.53%	16.69%	-2.16%
Volatility (6M) Calculated over the trailing 6-month period	36.91%	41.33%	-4.42%
Volatility (1Y) Calculated over the trailing 1-year period	44.86%	49.77%	-4.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.78%	41.09%	-5.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.81%	44.05%	-7.24%

SGDM vs. GDXJ - Expense Ratio Comparison

SGDM has a 0.50% expense ratio, which is lower than GDXJ's 0.52% expense ratio.

Dividends

SGDM vs. GDXJ - Dividend Comparison

SGDM's dividend yield for the trailing twelve months is around 1.01%, less than GDXJ's 2.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDXJ VanEck Junior Gold Miners ETF	2.37%	2.33%	2.61%	0.72%	0.51%	1.78%	1.58%	0.39%	0.45%	0.03%	4.78%	0.72%
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 GDXJ in my portfolio?

With a correlation of 0.96, SGDM and GDXJ 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 GDXJ?

GDXJ has higher volatility (16.69%) compared to SGDM (14.53%). In terms of maximum drawdown, SGDM dropped -54.95% vs GDXJ's -88.66%.

Which ETF is better, SGDM or GDXJ?

On 10-year performance, GDXJ leads with 12.98% vs 12.76% for SGDM. On fees, SGDM is cheaper at 0.50% per year. On volatility, SGDM has been the lower-risk option at 14.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SGDM or GDXJ?

Over the 10-year period, GDXJ has performed better with a 12.98% return vs 12.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SGDM or GDXJ?

SGDM is cheaper with a 0.50% expense ratio, compared with 0.52% for GDXJ.

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

GDXJ has the higher dividend yield at 2.37%, compared with 1.01% for SGDM.

What is the main difference between SGDM and GDXJ?

SGDM is categorized as Materials, while GDXJ is Gold. SGDM tracks Solactive Gold Miners Custom Factors Index, while GDXJ tracks MVIS Global Junior Gold Miners Index. They also come from different issuers: Sprott and VanEck. Their fees differ too: 0.50% for SGDM and 0.52% for GDXJ.

Which has better risk-adjusted returns?

SGDM currently has the higher Sharpe Ratio (1.33 vs 1.32), 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.