SGDM vs. IMPUY

Last updated Jun 13, 2026

SGDM (Sprott Gold Miners ETF) is Materials fund tracking the Solactive Gold Miners Custom Factors Index, while IMPUY (Impala Platinum Holdings Limited ADR) is a stock. Over the past 10 years, SGDM returned 11.84%/yr vs 18.19%/yr for IMPUY. At a 0.42 correlation, their price movements are largely independent.

Performance

SGDM vs. IMPUY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Gold Miners ETF (SGDM) and Impala Platinum Holdings Limited ADR (IMPUY). 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 IMPUY's -21.56% return. Over the past 10 years, SGDM has underperformed IMPUY with an annualized return of 11.84%, while IMPUY has yielded a comparatively higher 18.19% annualized return.

SGDM

• 1D: 3.49%
• 1M: -16.27%
• YTD: -4.58%
• 6M: -4.02%
• 1Y: 46.37%
• 3Y*: 37.20%
• 5Y*: 17.23%
• 10Y*: 11.84%

IMPUY

• 1D: 2.92%
• 1M: -28.27%
• YTD: -21.56%
• 6M: -8.62%
• 1Y: 38.90%
• 3Y*: 14.52%
• 5Y*: -3.38%
• 10Y*: 18.19%

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

SGDM vs. IMPUY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
IMPUY Impala Platinum Holdings Limited ADR	-21.56%	236.44%	-4.39%	-58.79%	-4.08%	10.90%	42.27%	307.97%	-3.09%	-17.99%

Correlation

The correlation between SGDM and IMPUY is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.42

Over the past year, SGDM and IMPUY have become more correlated (0.68) than their long-term average of 0.42, meaning their price movements have been converging.

Return for Risk

SGDM vs. IMPUY — 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

IMPUY

IMPUY Risk / Return Rank: 60
IMPUY Sharpe Ratio Rank: 61
IMPUY Sortino Ratio Rank: 60
IMPUY Omega Ratio Rank: 59
IMPUY Calmar Ratio Rank: 60
IMPUY Martin Ratio Rank: 61

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. IMPUY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Gold Miners ETF (SGDM) and Impala Platinum Holdings Limited ADR (IMPUY). 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	IMPUY	Difference
Sharpe ratio: Return per unit of total volatility	1.01	0.55	+0.46
Sortino ratio: Return per unit of downside risk	1.42	1.15	+0.27
Omega ratio: Gain probability vs. loss probability	1.20	1.14	+0.06
Calmar ratio: Return relative to maximum drawdown	1.30	0.73	+0.56
Martin ratio: Return relative to average drawdown	3.60	1.76	+1.83

SGDM vs. IMPUY - Sharpe Ratio Comparison

The current SGDM Sharpe Ratio is 1.01, which is higher than the IMPUY Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of SGDM and IMPUY, 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. IMPUY - Drawdown Comparison

The maximum SGDM drawdown since its inception was -54.95%, smaller than the maximum IMPUY drawdown of -82.06%. Use the drawdown chart below to compare losses from any high point for SGDM and IMPUY.

Drawdown Indicators

	SGDM	IMPUY	Difference
Max Drawdown Largest peak-to-trough decline	-54.95%	-82.06%	+27.11%
Max Drawdown (1Y) Largest decline over 1 year	-35.96%	-53.35%	+17.39%
Max Drawdown (3Y) Largest decline over 3 years	-35.96%	-63.00%	+27.04%
Max Drawdown (5Y) Largest decline over 5 years	-45.06%	-81.49%	+36.43%
Max Drawdown (10Y) Largest decline over 10 years	-49.69%	-82.06%	+32.37%
Current Drawdown Current decline from peak	-30.31%	-47.41%	+17.10%
Average Drawdown Average peak-to-trough decline	-25.46%	-38.52%	+13.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.93%	22.13%	-9.20%

Volatility

SGDM vs. IMPUY - Volatility Comparison

The current volatility for Sprott Gold Miners ETF (SGDM) is 16.53%, while Impala Platinum Holdings Limited ADR (IMPUY) has a volatility of 23.11%. This indicates that SGDM experiences smaller price fluctuations and is considered to be less risky than IMPUY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGDM	IMPUY	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.53%	23.11%	-6.58%
Volatility (6M) Calculated over the trailing 6-month period	38.64%	58.94%	-20.30%
Volatility (1Y) Calculated over the trailing 1-year period	46.24%	71.21%	-24.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.11%	61.46%	-25.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.97%	62.05%	-25.08%

Dividends

SGDM vs. IMPUY - Dividend Comparison

SGDM's dividend yield for the trailing twelve months is around 1.09%, less than IMPUY's 2.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMPUY Impala Platinum Holdings Limited ADR	2.78%	0.60%	0.00%	6.42%	7.65%	9.50%	2.18%	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 IMPUY in my portfolio?

SGDM and IMPUY have a correlation of 0.68, 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 IMPUY?

IMPUY has higher volatility (23.11%) compared to SGDM (16.53%). In terms of maximum drawdown, SGDM dropped -54.95% vs IMPUY's -82.06%.

Which has better risk-adjusted returns?

SGDM currently has the higher Sharpe Ratio (1.01 vs 0.55), 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.