SGDM vs. PSCM

Last updated Jun 4, 2026

SGDM (Sprott Gold Miners ETF) and PSCM (Invesco S&P SmallCap Materials ETF) are both Materials funds - SGDM tracks the Solactive Gold Miners Custom Factors Index while PSCM tracks the S&P Small Cap 600 / Materials -SEC. Both are passively managed. Over the past 10 years, SGDM returned 12.63%/yr vs 12.90%/yr for PSCM. At a 0.19 correlation, their price movements are largely independent. SGDM charges 0.50%/yr vs 0.29%/yr for PSCM.

Performance

SGDM vs. PSCM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Gold Miners ETF (SGDM) and Invesco S&P SmallCap Materials ETF (PSCM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SGDM achieves a 1.41% return, which is significantly lower than PSCM's 26.28% return. Both investments have delivered pretty close results over the past 10 years, with SGDM having a 12.63% annualized return and PSCM not far ahead at 12.90%.

SGDM

• 1D: -2.86%
• 1M: 0.94%
• YTD: 1.41%
• 6M: 8.11%
• 1Y: 56.96%
• 3Y*: 38.97%
• 5Y*: 18.63%
• 10Y*: 12.63%

PSCM

• 1D: -1.52%
• 1M: -0.62%
• YTD: 26.28%
• 6M: 30.79%
• 1Y: 62.19%
• 3Y*: 18.02%
• 5Y*: 10.07%
• 10Y*: 12.90%

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

SGDM vs. PSCM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SGDM Sprott Gold Miners ETF	1.41%	153.46%	12.14%	2.34%	-8.23%	-9.15%	21.85%	44.27%	-15.14%	10.46%
PSCM Invesco S&P SmallCap Materials ETF	26.28%	15.59%	0.67%	19.86%	-6.45%	18.02%	22.18%	21.75%	-23.28%	10.37%

Correlation

The correlation between SGDM and PSCM is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jul 16, 2014	0.19

The correlation between SGDM and PSCM shifts across timeframes, from 0.18 (10 years) to 0.35 (1 year), reflecting how their relationship changes across market environments.

SGDM vs. PSCM - Sectors Allocation Comparison

Sectors	SGDM	PSCM
Basic Materials	100.0%	91.2%
Communication Services	-	-
Consumer Cyclical	-	1.8%
Consumer Defensive	-	-
Energy	-	7.0%
Financial Services	-	0.1%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SGDM vs. PSCM — Risk / Return Rank

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

SGDM

SGDM Risk / Return Rank: 34
SGDM Sharpe Ratio Rank: 35
SGDM Sortino Ratio Rank: 30
SGDM Omega Ratio Rank: 35
SGDM Calmar Ratio Rank: 38
SGDM Martin Ratio Rank: 32

PSCM

PSCM Risk / Return Rank: 78
PSCM Sharpe Ratio Rank: 80
PSCM Sortino Ratio Rank: 79
PSCM Omega Ratio Rank: 66
PSCM Calmar Ratio Rank: 83
PSCM Martin Ratio Rank: 82

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. PSCM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Gold Miners ETF (SGDM) and Invesco S&P SmallCap Materials ETF (PSCM). 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	PSCM	Difference
Sharpe ratio: Return per unit of total volatility	1.28	2.61	-1.33
Sortino ratio: Return per unit of downside risk	1.67	3.55	-1.87
Omega ratio: Gain probability vs. loss probability	1.24	1.40	-0.17
Calmar ratio: Return relative to maximum drawdown	1.91	4.36	-2.46
Martin ratio: Return relative to average drawdown	4.83	16.51	-11.68
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. PSCM - Sharpe Ratio Comparison

The current SGDM Sharpe Ratio is 1.28, which is lower than the PSCM Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of SGDM and PSCM, 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	PSCM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	2.61	-1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.39	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	0.48	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.39	-0.13

Drawdowns

SGDM vs. PSCM - Drawdown Comparison

The maximum SGDM drawdown since its inception was -54.95%, which is greater than PSCM's maximum drawdown of -51.34%. Use the drawdown chart below to compare losses from any high point for SGDM and PSCM.

Drawdown Indicators

	SGDM	PSCM	Difference
Max Drawdown Largest peak-to-trough decline	-54.95%	-51.34%	-3.61%
Max Drawdown (1Y) Largest decline over 1 year	-30.04%	-14.33%	-15.71%
Max Drawdown (3Y) Largest decline over 3 years	-30.04%	-35.36%	+5.32%
Max Drawdown (5Y) Largest decline over 5 years	-45.06%	-35.36%	-9.70%
Max Drawdown (10Y) Largest decline over 10 years	-49.69%	-51.34%	+1.65%
Current Drawdown Current decline from peak	-25.93%	-2.73%	-23.20%
Average Drawdown Average peak-to-trough decline	-25.46%	-10.90%	-14.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.83%	3.78%	+8.05%

Volatility

SGDM vs. PSCM - Volatility Comparison

Sprott Gold Miners ETF (SGDM) has a higher volatility of 14.45% compared to Invesco S&P SmallCap Materials ETF (PSCM) at 7.72%. This indicates that SGDM's price experiences larger fluctuations and is considered to be riskier than PSCM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGDM	PSCM	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.45%	7.72%	+6.73%
Volatility (6M) Calculated over the trailing 6-month period	36.91%	16.84%	+20.07%
Volatility (1Y) Calculated over the trailing 1-year period	44.84%	24.03%	+20.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.78%	25.74%	+10.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.81%	26.91%	+9.90%

SGDM vs. PSCM - Expense Ratio Comparison

SGDM has a 0.50% expense ratio, which is higher than PSCM's 0.29% expense ratio.

Dividends

SGDM vs. PSCM - Dividend Comparison

SGDM's dividend yield for the trailing twelve months is around 1.03%, which matches PSCM's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PSCM Invesco S&P SmallCap Materials ETF	1.02%	1.17%	0.80%	0.81%	0.93%	0.67%	1.56%	1.14%	1.25%	0.61%	0.76%	1.33%
SGDM Sprott Gold Miners ETF	1.03%	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 PSCM in my portfolio?

SGDM and PSCM have a correlation of 0.35, 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 PSCM?

SGDM has higher volatility (14.45%) compared to PSCM (7.72%). In terms of maximum drawdown, SGDM dropped -54.95% vs PSCM's -51.34%.

Which ETF is better, SGDM or PSCM?

On 10-year performance, PSCM leads with 12.90% vs 12.63% for SGDM. On fees, PSCM is cheaper at 0.29% per year. On volatility, PSCM has been the lower-risk option at 7.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SGDM or PSCM?

Over the 10-year period, PSCM has performed better with a 12.90% return vs 12.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SGDM or PSCM?

PSCM is cheaper with a 0.29% expense ratio, compared with 0.50% for SGDM.

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

SGDM and PSCM have nearly identical dividend yields, around 1.03%.

What is the main difference between SGDM and PSCM?

SGDM tracks Solactive Gold Miners Custom Factors Index, while PSCM tracks S&P Small Cap 600 / Materials -SEC. They also come from different issuers: Sprott and Invesco. Their fees differ too: 0.50% for SGDM and 0.29% for PSCM.

Which has better risk-adjusted returns?

PSCM currently has the higher Sharpe Ratio (2.61 vs 1.28), 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.