SGDM vs. PSLV
SGDM (Sprott Gold Miners ETF) and PSLV (Sprott Physical Silver Trust) are both exchange-traded funds - SGDM is a Materials fund tracking the Solactive Gold Miners Custom Factors Index, while PSLV is a Silver fund tracking the No Index (Physical Silver). Both are passively managed. Over the past 10 years, SGDM returned 12.76%/yr vs 14.02%/yr for PSLV. A 0.72 correlation means they provide meaningful diversification when combined. SGDM charges 0.50%/yr vs 0.51%/yr for PSLV.
Performance
SGDM vs. PSLV - Performance Comparison
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Returns By Period
In the year-to-date period, SGDM achieves a 3.12% return, which is significantly higher than PSLV's -0.89% return. Over the past 10 years, SGDM has underperformed PSLV with an annualized return of 12.76%, while PSLV has yielded a comparatively higher 14.02% annualized return.
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%
PSLV
- 1D
- 0.90%
- 1M
- -0.64%
- YTD
- -0.89%
- 6M
- 23.11%
- 1Y
- 102.24%
- 3Y*
- 42.33%
- 5Y*
- 18.65%
- 10Y*
- 14.02%
SGDM vs. PSLV - 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% |
PSLV Sprott Physical Silver Trust | -0.89% | 145.08% | 19.43% | -1.94% | 2.74% | -14.13% | 42.81% | 16.99% | -11.83% | 4.28% |
Correlation
The correlation between SGDM and PSLV is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2014 | 0.72 |
The correlation between SGDM and PSLV has been stable across timeframes, ranging from 0.72 to 0.74 - a consistent structural relationship.
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Return for Risk
SGDM vs. PSLV — Risk / Return Rank
SGDM
PSLV
SGDM vs. PSLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Gold Miners ETF (SGDM) and Sprott Physical Silver Trust (PSLV). 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 | PSLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.33 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 2.53 | -0.55 |
| Martin ratioReturn relative to average drawdown | 4.98 | 5.58 | -0.60 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SGDM | PSLV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.33 | 1.76 | -0.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.53 | 0.53 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.35 | 0.45 | -0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 0.17 | +0.09 |
Drawdowns
SGDM vs. PSLV - Drawdown Comparison
The maximum SGDM drawdown since its inception was -54.95%, smaller than the maximum PSLV drawdown of -79.38%. Use the drawdown chart below to compare losses from any high point for SGDM and PSLV.
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Drawdown Indicators
| SGDM | PSLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.95% | -79.38% | +24.43% |
Max Drawdown (1Y)Largest decline over 1 year | -30.04% | -40.65% | +10.61% |
Max Drawdown (3Y)Largest decline over 3 years | -30.04% | -40.65% | +10.61% |
Max Drawdown (5Y)Largest decline over 5 years | -45.06% | -40.65% | -4.41% |
Max Drawdown (10Y)Largest decline over 10 years | -49.69% | -42.79% | -6.90% |
Current DrawdownCurrent decline from peak | -24.68% | -35.53% | +10.85% |
Average DrawdownAverage peak-to-trough decline | -25.46% | -58.15% | +32.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.94% | 18.38% | -6.44% |
Volatility
SGDM vs. PSLV - Volatility Comparison
The current volatility for Sprott Gold Miners ETF (SGDM) is 14.53%, while Sprott Physical Silver Trust (PSLV) has a volatility of 16.60%. This indicates that SGDM experiences smaller price fluctuations and is considered to be less risky than PSLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SGDM | PSLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.53% | 16.60% | -2.07% |
Volatility (6M)Calculated over the trailing 6-month period | 36.91% | 57.34% | -20.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.86% | 58.49% | -13.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.78% | 35.64% | +0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.81% | 31.14% | +5.67% |
SGDM vs. PSLV - Expense Ratio Comparison
SGDM has a 0.50% expense ratio, which is lower than PSLV's 0.51% expense ratio.
Dividends
SGDM vs. PSLV - Dividend Comparison
SGDM's dividend yield for the trailing twelve months is around 1.01%, while PSLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PSLV Sprott Physical Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
SGDM and PSLV have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSLV has higher volatility (16.60%) compared to SGDM (14.53%). In terms of maximum drawdown, SGDM dropped -54.95% vs PSLV's -79.38%.
On 10-year performance, PSLV leads with 14.02% 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.
Over the 10-year period, PSLV has performed better with a 14.02% return vs 12.76%. 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 PSLV.
SGDM has the higher dividend yield at 1.01%, compared with 0.00% for PSLV.
SGDM is categorized as Materials, while PSLV is Silver. SGDM tracks Solactive Gold Miners Custom Factors Index, while PSLV tracks No Index (Physical Silver). Their fees differ too: 0.50% for SGDM and 0.51% for PSLV.
PSLV currently has the higher Sharpe Ratio (1.76 vs 1.33), 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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