SGDM vs. SPEU

Last updated Jun 14, 2026

SGDM (Sprott Gold Miners ETF) and SPEU (SPDR Portfolio Europe ETF) are both exchange-traded funds - SGDM is a Gold fund tracking the Solactive Gold Miners Custom Factors Index, while SPEU is a Europe Equities fund tracking the STOXX Europe Total Market. Both are passively managed. Over the past 10 years, SGDM returned 11.84%/yr vs 10.17%/yr for SPEU. At a 0.27 correlation, their price movements are largely independent. SGDM charges 0.50%/yr vs 0.09%/yr for SPEU.

Performance

SGDM vs. SPEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Gold Miners ETF (SGDM) and SPDR Portfolio Europe ETF (SPEU). 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 lower than SPEU's 7.38% return. Over the past 10 years, SGDM has outperformed SPEU with an annualized return of 11.84%, while SPEU has yielded a comparatively lower 10.17% annualized return.

SGDM

• 1D: 3.49%
• 1M: -14.98%
• YTD: -4.58%
• 6M: -4.02%
• 1Y: 43.72%
• 3Y*: 37.20%
• 5Y*: 17.23%
• 10Y*: 11.84%

SPEU

• 1D: 0.18%
• 1M: 2.29%
• YTD: 7.38%
• 6M: 9.85%
• 1Y: 19.59%
• 3Y*: 16.58%
• 5Y*: 8.33%
• 10Y*: 10.17%

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

SGDM vs. SPEU - 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%
SPEU SPDR Portfolio Europe ETF	7.38%	35.80%	1.93%	19.85%	-15.97%	16.20%	6.35%	26.15%	-13.79%	23.80%

Correlation

The correlation between SGDM and SPEU is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jul 15, 2014	0.27

The correlation between SGDM and SPEU shifts across timeframes, from 0.27 (all time) to 0.45 (1 year), reflecting how their relationship changes across market environments.

SGDM vs. SPEU - Sectors Allocation Comparison

Sectors	SGDM	SPEU
Basic Materials	100.0%	3.3%
Communication Services	-	1.1%
Consumer Cyclical	-	3.4%
Consumer Defensive	-	3.5%
Energy	-	4.7%
Financial Services	-	12.9%
Healthcare	-	9.1%
Industrials	-	6.2%
Real Estate	-	0.4%
Technology	-	8.6%
Utilities	-	1.3%

Return for Risk

SGDM vs. SPEU — 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

SPEU

SPEU Risk / Return Rank: 35
SPEU Sharpe Ratio Rank: 35
SPEU Sortino Ratio Rank: 35
SPEU Omega Ratio Rank: 34
SPEU Calmar Ratio Rank: 34
SPEU Martin Ratio Rank: 39

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. SPEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Gold Miners ETF (SGDM) and SPDR Portfolio Europe ETF (SPEU). 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	SPEU	Difference
Sharpe ratio: Return per unit of total volatility	1.01	1.13	-0.12
Sortino ratio: Return per unit of downside risk	1.42	1.67	-0.25
Omega ratio: Gain probability vs. loss probability	1.20	1.20	0.00
Calmar ratio: Return relative to maximum drawdown	1.30	1.48	-0.18
Martin ratio: Return relative to average drawdown	3.60	5.42	-1.82

SGDM vs. SPEU - Sharpe Ratio Comparison

The current SGDM Sharpe Ratio is 1.01, which is comparable to the SPEU Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of SGDM and SPEU, 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. SPEU - Drawdown Comparison

The maximum SGDM drawdown since its inception was -54.95%, smaller than the maximum SPEU drawdown of -62.45%. Use the drawdown chart below to compare losses from any high point for SGDM and SPEU.

Drawdown Indicators

	SGDM	SPEU	Difference
Max Drawdown Largest peak-to-trough decline	-54.95%	-62.45%	+7.50%
Max Drawdown (1Y) Largest decline over 1 year	-35.96%	-12.09%	-23.87%
Max Drawdown (3Y) Largest decline over 3 years	-35.96%	-14.17%	-21.79%
Max Drawdown (5Y) Largest decline over 5 years	-45.06%	-32.70%	-12.36%
Max Drawdown (10Y) Largest decline over 10 years	-49.69%	-36.83%	-12.86%
Current Drawdown Current decline from peak	-30.31%	-0.67%	-29.64%
Average Drawdown Average peak-to-trough decline	-25.46%	-13.83%	-11.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.93%	3.31%	+9.62%

Volatility

SGDM vs. SPEU - Volatility Comparison

Sprott Gold Miners ETF (SGDM) has a higher volatility of 16.53% compared to SPDR Portfolio Europe ETF (SPEU) at 5.81%. This indicates that SGDM's price experiences larger fluctuations and is considered to be riskier than SPEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGDM	SPEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.53%	5.81%	+10.72%
Volatility (6M) Calculated over the trailing 6-month period	38.64%	13.40%	+25.24%
Volatility (1Y) Calculated over the trailing 1-year period	46.24%	15.92%	+30.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.11%	17.60%	+18.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.97%	18.51%	+18.46%

SGDM vs. SPEU - Expense Ratio Comparison

SGDM has a 0.50% expense ratio, which is higher than SPEU's 0.09% expense ratio.

Dividends

SGDM vs. SPEU - Dividend Comparison

SGDM's dividend yield for the trailing twelve months is around 1.09%, less than SPEU's 3.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPEU SPDR Portfolio Europe ETF	3.33%	3.47%	3.29%	2.91%	3.08%	2.67%	2.29%	3.19%	3.99%	2.82%	3.66%	3.62%

Frequently Asked Questions

Can I hold both SGDM and SPEU in my portfolio?

SGDM and SPEU have a correlation of 0.45, 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 SPEU?

SGDM has higher volatility (16.53%) compared to SPEU (5.81%). In terms of maximum drawdown, SGDM dropped -54.95% vs SPEU's -62.45%.

Which ETF is better, SGDM or SPEU?

On 10-year performance, SGDM leads with 11.84% vs 10.17% for SPEU. On fees, SPEU is cheaper at 0.09% per year. On volatility, SPEU has been the lower-risk option at 5.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SGDM or SPEU?

Over the 10-year period, SGDM has performed better with a 11.84% return vs 10.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SGDM or SPEU?

SPEU is cheaper with a 0.09% expense ratio, compared with 0.50% for SGDM.

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

SPEU has the higher dividend yield at 3.33%, compared with 1.09% for SGDM.

What is the main difference between SGDM and SPEU?

SGDM is categorized as Gold, while SPEU is Europe Equities. SGDM tracks Solactive Gold Miners Custom Factors Index, while SPEU tracks STOXX Europe Total Market. They also come from different issuers: Sprott and State Street. Their fees differ too: 0.50% for SGDM and 0.09% for SPEU.

Which has better risk-adjusted returns?

SPEU currently has the higher Sharpe Ratio (1.13 vs 1.01), 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.