SGOL vs. GDX
SGOL (abrdn Physical Gold Shares ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - SGOL is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt), while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, SGOL returned 13.32%/yr vs 13.98%/yr for GDX. A 0.77 correlation means they provide meaningful diversification when combined. SGOL charges 0.17%/yr vs 0.51%/yr for GDX.
Performance
SGOL vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, SGOL achieves a 2.97% return, which is significantly higher than GDX's -0.90% return. Both investments have delivered pretty close results over the past 10 years, with SGOL having a 13.32% annualized return and GDX not far ahead at 13.98%.
SGOL
- 1D
- -0.98%
- 1M
- -1.67%
- YTD
- 2.97%
- 6M
- 5.51%
- 1Y
- 32.27%
- 3Y*
- 31.36%
- 5Y*
- 18.40%
- 10Y*
- 13.32%
GDX
- 1D
- -3.46%
- 1M
- -0.76%
- YTD
- -0.90%
- 6M
- 5.62%
- 1Y
- 61.27%
- 3Y*
- 41.00%
- 5Y*
- 18.69%
- 10Y*
- 13.98%
SGOL vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SGOL abrdn Physical Gold Shares ETF | 2.97% | 63.99% | 26.90% | 12.99% | -0.51% | -3.94% | 25.03% | 18.21% | -1.94% | 12.86% |
GDX VanEck Gold Miners ETF | -0.90% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between SGOL and GDX is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2009 | 0.77 |
The correlation between SGOL and GDX has been stable across timeframes, ranging from 0.77 to 0.79 - a consistent structural relationship.
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Return for Risk
SGOL vs. GDX — Risk / Return Rank
SGOL
GDX
SGOL vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for abrdn Physical Gold Shares ETF (SGOL) and VanEck Gold Miners ETF (GDX). 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 | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.25 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 2.00 | -0.30 |
| Martin ratioReturn relative to average drawdown | 4.20 | 5.13 | -0.93 |
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
| SGOL | GDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 1.35 | -0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.03 | 0.52 | +0.52 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.84 | 0.38 | +0.46 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.13 | +0.42 |
Drawdowns
SGOL vs. GDX - Drawdown Comparison
The maximum SGOL drawdown since its inception was -45.51%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for SGOL and GDX.
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Drawdown Indicators
| SGOL | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.51% | -80.34% | +34.83% |
Max Drawdown (1Y)Largest decline over 1 year | -19.14% | -30.84% | +11.70% |
Max Drawdown (3Y)Largest decline over 3 years | -19.14% | -30.84% | +11.70% |
Max Drawdown (5Y)Largest decline over 5 years | -20.92% | -46.51% | +25.59% |
Max Drawdown (10Y)Largest decline over 10 years | -21.56% | -49.79% | +28.23% |
Current DrawdownCurrent decline from peak | -17.72% | -26.62% | +8.90% |
Average DrawdownAverage peak-to-trough decline | -18.41% | -40.43% | +22.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.71% | 11.99% | -4.28% |
Volatility
SGOL vs. GDX - Volatility Comparison
The current volatility for abrdn Physical Gold Shares ETF (SGOL) is 5.46%, while VanEck Gold Miners ETF (GDX) has a volatility of 15.40%. This indicates that SGOL experiences smaller price fluctuations and is considered to be less risky than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SGOL | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.46% | 15.40% | -9.94% |
Volatility (6M)Calculated over the trailing 6-month period | 22.93% | 37.50% | -14.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.33% | 45.49% | -19.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.89% | 36.39% | -18.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.91% | 37.18% | -21.27% |
SGOL vs. GDX - Expense Ratio Comparison
SGOL has a 0.17% expense ratio, which is lower than GDX's 0.51% expense ratio.
Dividends
SGOL vs. GDX - Dividend Comparison
SGOL has not paid dividends to shareholders, while GDX's dividend yield for the trailing twelve months is around 0.74%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.74% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
SGOL abrdn Physical Gold Shares ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SGOL and GDX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (15.40%) compared to SGOL (5.46%). In terms of maximum drawdown, SGOL dropped -45.51% vs GDX's -80.34%.
On 10-year performance, GDX leads with 13.98% vs 13.32% 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.
Over the 10-year period, GDX has performed better with a 13.98% return vs 13.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOL is cheaper with a 0.17% expense ratio, compared with 0.51% for GDX.
GDX has the higher dividend yield at 0.74%, compared with 0.00% for SGOL.
SGOL is categorized as Precious Metals, while GDX is Gold. SGOL tracks LBMA Gold Price PM ($/ozt), while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: abrdn and VanEck. Their fees differ too: 0.17% for SGOL and 0.51% for GDX.
GDX currently has the higher Sharpe Ratio (1.35 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.
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