SGOL vs. USERX

Last updated Jun 4, 2026

SGOL (abrdn Physical Gold Shares ETF) and USERX (U.S. Global Investors Gold & Precious Metals Fund) are both Precious Metals funds. Over the past 10 years, SGOL returned 13.32%/yr vs 15.38%/yr for USERX. A 0.75 correlation means they provide meaningful diversification when combined. SGOL charges 0.17%/yr vs 1.52%/yr for USERX.

Performance

SGOL vs. USERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in abrdn Physical Gold Shares ETF (SGOL) and U.S. Global Investors Gold & Precious Metals Fund (USERX). 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 USERX's 4.58% return. Over the past 10 years, SGOL has underperformed USERX with an annualized return of 13.32%, while USERX has yielded a comparatively higher 15.38% annualized return.

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%

USERX

• 1D: 1.42%
• 1M: 4.23%
• YTD: 4.58%
• 6M: 12.99%
• 1Y: 75.95%
• 3Y*: 48.36%
• 5Y*: 18.56%
• 10Y*: 15.38%

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

SGOL vs. USERX - 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%
USERX U.S. Global Investors Gold & Precious Metals Fund	4.58%	167.44%	16.75%	1.44%	-17.44%	-10.80%	37.16%	51.34%	-14.24%	13.07%

Correlation

The correlation between SGOL and USERX 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	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Sep 10, 2009	0.75

The correlation between SGOL and USERX has been stable across timeframes, ranging from 0.74 to 0.79 - a consistent structural relationship.

Return for Risk

SGOL vs. USERX — 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

USERX

USERX Risk / Return Rank: 32
USERX Sharpe Ratio Rank: 37
USERX Sortino Ratio Rank: 25
USERX Omega Ratio Rank: 32
USERX Calmar Ratio Rank: 41
USERX Martin Ratio Rank: 25

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. USERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn Physical Gold Shares ETF (SGOL) and U.S. Global Investors Gold & Precious Metals Fund (USERX). 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	USERX	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.77	-0.53
Sortino ratio: Return per unit of downside risk	1.63	2.10	-0.47
Omega ratio: Gain probability vs. loss probability	1.25	1.30	-0.05
Calmar ratio: Return relative to maximum drawdown	1.69	2.42	-0.73
Martin ratio: Return relative to average drawdown	4.20	6.24	-2.04
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. USERX - Sharpe Ratio Comparison

The current SGOL Sharpe Ratio is 1.23, which is lower than the USERX Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of SGOL and USERX, 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	USERX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	1.77	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	0.56	+0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.45	+0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.01	+0.54

Drawdowns

SGOL vs. USERX - Drawdown Comparison

The maximum SGOL drawdown since its inception was -45.51%, smaller than the maximum USERX drawdown of -97.74%. Use the drawdown chart below to compare losses from any high point for SGOL and USERX.

Drawdown Indicators

	SGOL	USERX	Difference
Max Drawdown Largest peak-to-trough decline	-45.51%	-97.74%	+52.23%
Max Drawdown (1Y) Largest decline over 1 year	-19.14%	-32.20%	+13.06%
Max Drawdown (3Y) Largest decline over 3 years	-19.14%	-32.20%	+13.06%
Max Drawdown (5Y) Largest decline over 5 years	-20.92%	-43.45%	+22.53%
Max Drawdown (10Y) Largest decline over 10 years	-21.56%	-43.45%	+21.89%
Current Drawdown Current decline from peak	-17.72%	-42.81%	+25.09%
Average Drawdown Average peak-to-trough decline	-18.41%	-75.03%	+56.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.71%	12.46%	-4.75%

Volatility

SGOL vs. USERX - Volatility Comparison

The current volatility for abrdn Physical Gold Shares ETF (SGOL) is 5.46%, while U.S. Global Investors Gold & Precious Metals Fund (USERX) has a volatility of 14.30%. This indicates that SGOL experiences smaller price fluctuations and is considered to be less risky than USERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGOL	USERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.46%	14.30%	-8.84%
Volatility (6M) Calculated over the trailing 6-month period	22.93%	36.60%	-13.67%
Volatility (1Y) Calculated over the trailing 1-year period	26.33%	44.33%	-18.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.89%	33.19%	-15.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.91%	33.96%	-18.05%

SGOL vs. USERX - Expense Ratio Comparison

SGOL has a 0.17% expense ratio, which is lower than USERX's 1.52% expense ratio.

Dividends

SGOL vs. USERX - Dividend Comparison

SGOL has not paid dividends to shareholders, while USERX's dividend yield for the trailing twelve months is around 5.55%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
USERX U.S. Global Investors Gold & Precious Metals Fund	5.55%	2.95%	1.48%	0.00%	0.00%	2.13%	2.68%	0.00%	1.76%	0.00%	0.88%	0.47%

Frequently Asked Questions

Can I hold both SGOL and USERX in my portfolio?

SGOL and USERX 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.

Which is riskier, SGOL or USERX?

USERX has higher volatility (14.30%) compared to SGOL (5.46%). In terms of maximum drawdown, SGOL dropped -45.51% vs USERX's -97.74%.

Which has better risk-adjusted returns?

USERX currently has the higher Sharpe Ratio (1.77 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.