SGOL vs. AGEM

Last updated Jun 4, 2026

SGOL (abrdn Physical Gold Shares ETF) and AGEM (abrdn Emerging Markets Dividend Active ETF) are both exchange-traded funds - SGOL is a Gold fund tracking the LBMA Gold Price PM ($/ozt), while AGEM is a Emerging Markets Equities fund actively managed by abrdn. SGOL is passively managed, while AGEM is actively managed. Over the past year, SGOL returned 31.45% vs 63.11% for AGEM. At a 0.27 correlation, their price movements are largely independent. SGOL charges 0.17%/yr vs 0.70%/yr for AGEM.

Performance

SGOL vs. AGEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in abrdn Physical Gold Shares ETF (SGOL) and abrdn Emerging Markets Dividend Active ETF (AGEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SGOL achieves a 2.97% return, which is significantly lower than AGEM's 31.54% return.

SGOL

• 1D: -0.98%
• 1M: -2.49%
• YTD: 2.97%
• 6M: 5.41%
• 1Y: 31.45%
• 3Y*: 31.36%
• 5Y*: 18.40%
• 10Y*: 13.32%

AGEM

• 1D: -1.46%
• 1M: 8.91%
• YTD: 31.54%
• 6M: 33.66%
• 1Y: 63.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SGOL vs. AGEM - Yearly Performance Comparison

	2026 (YTD)	2025
SGOL abrdn Physical Gold Shares ETF	2.97%	46.77%
AGEM abrdn Emerging Markets Dividend Active ETF	31.54%	29.81%

Correlation

The correlation between SGOL and AGEM is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Feb 19, 2025	0.27

Return for Risk

SGOL vs. AGEM — Risk / Return Rank

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

SGOL

SGOL Risk / Return Rank: 32
SGOL Sharpe Ratio Rank: 33
SGOL Sortino Ratio Rank: 29
SGOL Omega Ratio Rank: 36
SGOL Calmar Ratio Rank: 34
SGOL Martin Ratio Rank: 29

AGEM

AGEM Risk / Return Rank: 87
AGEM Sharpe Ratio Rank: 91
AGEM Sortino Ratio Rank: 88
AGEM Omega Ratio Rank: 88
AGEM Calmar Ratio Rank: 84
AGEM Martin Ratio Rank: 85

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.

SGOL vs. AGEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn Physical Gold Shares ETF (SGOL) and abrdn Emerging Markets Dividend Active ETF (AGEM). 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.

	SGOL	AGEM	Difference
Sharpe ratio: Return per unit of total volatility	1.23	3.15	-1.91
Sortino ratio: Return per unit of downside risk	1.63	3.97	-2.34
Omega ratio: Gain probability vs. loss probability	1.25	1.56	-0.31
Calmar ratio: Return relative to maximum drawdown	1.69	4.56	-2.86
Martin ratio: Return relative to average drawdown	4.20	17.79	-13.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SGOL vs. AGEM - Sharpe Ratio Comparison

The current SGOL Sharpe Ratio is 1.23, which is lower than the AGEM Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of SGOL and AGEM, 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

	SGOL	AGEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	3.15	-1.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	2.41	-1.86

Drawdowns

SGOL vs. AGEM - Drawdown Comparison

The maximum SGOL drawdown since its inception was -45.51%, which is greater than AGEM's maximum drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for SGOL and AGEM.

Drawdown Indicators

	SGOL	AGEM	Difference
Max Drawdown Largest peak-to-trough decline	-45.51%	-15.58%	-29.93%
Max Drawdown (1Y) Largest decline over 1 year	-19.14%	-13.92%	-5.22%
Max Drawdown (3Y) Largest decline over 3 years	-19.14%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.92%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-21.56%	—	—
Current Drawdown Current decline from peak	-17.72%	-1.46%	-16.26%
Average Drawdown Average peak-to-trough decline	-18.41%	-2.23%	-16.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.71%	3.56%	+4.15%

Volatility

SGOL vs. AGEM - Volatility Comparison

The current volatility for abrdn Physical Gold Shares ETF (SGOL) is 5.46%, while abrdn Emerging Markets Dividend Active ETF (AGEM) has a volatility of 9.15%. This indicates that SGOL experiences smaller price fluctuations and is considered to be less risky than AGEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGOL	AGEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.46%	9.15%	-3.69%
Volatility (6M) Calculated over the trailing 6-month period	22.93%	17.67%	+5.26%
Volatility (1Y) Calculated over the trailing 1-year period	26.33%	20.15%	+6.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.89%	21.51%	-3.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.91%	21.51%	-5.60%

SGOL vs. AGEM - Expense Ratio Comparison

SGOL has a 0.17% expense ratio, which is lower than AGEM's 0.70% expense ratio.

Dividends

SGOL vs. AGEM - Dividend Comparison

SGOL has not paid dividends to shareholders, while AGEM's dividend yield for the trailing twelve months is around 1.71%.

Position	TTM	2025
AGEM abrdn Emerging Markets Dividend Active ETF	1.71%	1.80%
SGOL abrdn Physical Gold Shares ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both SGOL and AGEM in my portfolio?

SGOL and AGEM have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SGOL or AGEM?

AGEM has higher volatility (9.15%) compared to SGOL (5.46%). In terms of maximum drawdown, SGOL dropped -45.51% vs AGEM's -15.58%.

Which ETF is better, SGOL or AGEM?

On 1-year performance, AGEM leads with 63.11% vs 31.45% for SGOL. On fees, SGOL is cheaper at 0.17% per year. On volatility, SGOL has been the lower-risk option at 5.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SGOL or AGEM?

Over the 1-year period, AGEM has performed better with a 63.11% return vs 31.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SGOL or AGEM?

SGOL is cheaper with a 0.17% expense ratio, compared with 0.70% for AGEM.

Which ETF pays a higher dividend yield, SGOL or AGEM?

AGEM has the higher dividend yield at 1.71%, compared with 0.00% for SGOL.

What is the main difference between SGOL and AGEM?

SGOL is categorized as Gold, while AGEM is Emerging Markets Equities. Their fees differ too: 0.17% for SGOL and 0.70% for AGEM.

Which has better risk-adjusted returns?

AGEM currently has the higher Sharpe Ratio (3.15 vs 1.23), 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.