PM - Gold, Silver, Copper - 241.24 - Combined

Asset Allocation

Position	Category/Sector	Target Weight
COPX Global X Copper Miners ETF	Materials	4%
FNV Franco-Nevada Corporation	Basic Materials	6%
GDX VanEck Gold Miners ETF	Gold, Precious Metals	20%
OR Osisko Gold Royalties Ltd	Basic Materials	9%
RGLD Royal Gold, Inc.	Basic Materials	18%
SIL Global X Silver Miners ETF	Precious Metals	16%
TFPM Triple Flag Precious Metals Corp	Basic Materials	9%
WPM Wheaton Precious Metals Corp.	Basic Materials	18%

Benchmark Against

Benchmark

S&P 500 Index

Rebalance

Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in PM - Gold, Silver, Copper - 241.24 - Combined, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends. The portfolio is rebalanced Every 3 months.

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The earliest data available for this chart is Sep 30, 2021, corresponding to the inception date of TFPM

Returns By Period

	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	0.11%	-3.43%	-3.84%	-1.98%	16.08%	16.86%	10.37%	12.29%
Portfolio PM - Gold, Silver, Copper - 241.24 - Combined	-0.65%	-9.09%	13.70%	24.65%	93.19%	38.14%	—	—
Portfolio components:
WPM Wheaton Precious Metals Corp.	-0.91%	-10.29%	15.53%	23.82%	75.76%	41.58%	29.21%	25.65%
RGLD Royal Gold, Inc.	-0.47%	-6.37%	18.61%	32.78%	61.43%	27.46%	20.10%	19.43%
FNV Franco-Nevada Corporation	0.88%	-1.62%	24.55%	18.90%	65.43%	20.85%	15.86%	16.92%
OR Osisko Gold Royalties Ltd	0.40%	-8.52%	13.97%	1.83%	92.77%	36.62%	30.11%	15.99%
TFPM Triple Flag Precious Metals Corp	-0.25%	-7.35%	7.95%	22.10%	85.64%	33.93%	—	—
GDX VanEck Gold Miners ETF	-1.48%	-10.12%	10.28%	23.58%	108.21%	43.61%	24.72%	18.24%
SIL Global X Silver Miners ETF	-0.65%	-13.05%	10.93%	31.44%	138.87%	45.80%	19.00%	15.27%
COPX Global X Copper Miners ETF	-1.65%	-11.68%	7.06%	29.42%	102.29%	27.96%	18.88%	21.18%

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

Monthly Returns

Based on dividend-adjusted daily data since Oct 1, 2021, PM - Gold, Silver, Copper - 241.24 - Combined's average daily return is +0.13%, while the average monthly return is +2.61%. At this rate, your investment would double in approximately 2.2 years.

Historically, 64% of months were positive and 36% were negative. The best month was Feb 2026 with a return of +20.9%, while the worst month was Mar 2026 at -19.0%. The longest winning streak lasted 6 consecutive months, and the longest losing streak was 5 months.

On a daily basis, PM - Gold, Silver, Copper - 241.24 - Combined closed higher 53% of trading days. The best single day was Nov 4, 2022 with a return of +9.4%, while the worst single day was Jan 30, 2026 at -12.3%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	12.26%	20.89%	-18.98%	3.41%									13.70%
2025	9.28%	3.76%	13.20%	7.87%	3.14%	4.02%	-2.66%	18.12%	17.14%	-10.16%	14.94%	5.64%	118.27%
2024	-5.94%	-6.88%	16.97%	5.39%	7.15%	-5.38%	9.99%	0.53%	2.54%	5.56%	-4.32%	-9.08%	13.98%
2023	10.91%	-8.89%	14.29%	2.55%	-7.83%	-3.44%	3.78%	-5.08%	-7.38%	0.63%	13.23%	0.34%	9.95%
2022	-5.70%	11.06%	11.31%	-7.27%	-9.09%	-10.26%	-2.48%	-8.69%	2.88%	1.04%	17.92%	-0.21%	-3.93%
2021										7.04%	2.19%	2.51%	12.12%

Benchmark Metrics

PM - Gold, Silver, Copper - 241.24 - Combined has an annualized alpha of 28.84%, beta of 0.62, and R² of 0.11 versus S&P 500 Index. Calculated based on daily prices since October 01, 2021.

This portfolio captured 108.66% of S&P 500 Index gains but only 16.94% of its losses — a favorable profile for investors.
Beta of 0.62 may look defensive, but with R² of 0.11 this portfolio is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this portfolio's risk.
R² of 0.11 means this portfolio moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

Alpha: 28.84%

Beta: 0.62

R²: 0.11

Upside Capture: 108.66%

Downside Capture: 16.94%

Expense Ratio

PM - Gold, Silver, Copper - 241.24 - Combined has an expense ratio of 0.23%, which is considered low. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.

SIL

Global X Silver Miners ETF

COPX

Global X Copper Miners ETF

GDX

VanEck Gold Miners ETF

Return for Risk

Risk / Return Rank

PM - Gold, Silver, Copper - 241.24 - Combined ranks 84 for risk / return — in the top 84% of portfolios on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.

Overall Rank

Sharpe Ratio Rank

Sortino Ratio Rank

Omega Ratio Rank

Calmar Ratio Rank

Martin Ratio Rank

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.

Return / Risk — by metrics

	Portfolio	Benchmark	Difference
Sharpe ratio Return per unit of total volatility	2.25	0.88	+1.37
Sortino ratio Return per unit of downside risk	2.47	1.37	+1.10
Omega ratio Gain probability vs. loss probability	1.37	1.21	+0.16
Calmar ratio Return relative to maximum drawdown	3.18	1.39	+1.79
Martin ratio Return relative to average drawdown	11.62	6.43	+5.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

How much return does each position deliver for the risk it carries? Higher values mean better reward for the risk taken.

	Risk / Return Rank	Sharpe ratio	Sortino ratio	Omega ratio	Calmar ratio	Martin ratio
WPM Wheaton Precious Metals Corp.	82	1.71	2.01	1.29	2.52	9.35
RGLD Royal Gold, Inc.	79	1.56	1.97	1.27	2.11	6.72
FNV Franco-Nevada Corporation	83	1.78	2.15	1.31	3.14	8.19
OR Osisko Gold Royalties Ltd	86	2.11	2.35	1.35	3.00	8.78
TFPM Triple Flag Precious Metals Corp	86	1.99	2.29	1.32	3.35	11.33
GDX VanEck Gold Miners ETF	90	2.35	2.55	1.37	3.50	12.47
SIL Global X Silver Miners ETF	93	2.80	2.83	1.41	4.25	14.39
COPX Global X Copper Miners ETF	91	2.44	2.77	1.38	3.63	13.75

Sharpe Ratio

The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.

PM - Gold, Silver, Copper - 241.24 - Combined Sharpe ratios as of Apr 3, 2026 (values are recalculated daily):

1-Year: 2.25
All Time: 0.97

These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns (including price changes and dividends).

Compared to the broad market, where average Sharpe ratios range from 0.98 to 1.66, this portfolio's current Sharpe ratio is in the top 25%. This signifies superior risk-adjusted performance, meaning the portfolio is delivering strong returns for the level of risk taken compared to most others.

The chart below shows the rolling Sharpe ratio of PM - Gold, Silver, Copper - 241.24 - Combined compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.

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Dividends

Dividend yield

PM - Gold, Silver, Copper - 241.24 - Combined provided a 0.80% dividend yield over the last twelve months.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	0.80%	0.85%	1.40%	1.29%	1.31%	1.32%	0.99%	1.00%	1.17%	0.90%	1.30%	0.71%
Portfolio components:
WPM Wheaton Precious Metals Corp.	0.51%	0.56%	1.10%	1.22%	1.54%	1.33%	1.01%	1.21%	1.84%	1.49%	1.09%	0.00%
RGLD Royal Gold, Inc.	0.88%	0.81%	1.21%	1.24%	1.24%	1.14%	1.05%	0.87%	1.17%	1.17%	1.45%	1.81%
FNV Franco-Nevada Corporation	0.61%	0.73%	1.22%	1.23%	0.94%	1.10%	0.82%	0.96%	1.35%	1.14%	1.46%	1.81%
OR Osisko Gold Royalties Ltd	0.55%	0.59%	1.02%	1.34%	1.38%	1.37%	1.18%	1.56%	1.72%	1.56%	1.65%	0.00%
TFPM Triple Flag Precious Metals Corp	0.64%	0.68%	1.43%	1.54%	1.07%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GDX VanEck Gold Miners ETF	0.67%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%
SIL Global X Silver Miners ETF	1.07%	1.18%	2.40%	0.59%	0.48%	1.59%	1.92%	1.53%	1.21%	0.02%	3.34%	0.38%
COPX Global X Copper Miners ETF	2.50%	2.68%	1.80%	2.39%	3.14%	1.48%	1.30%	1.37%	2.59%	1.57%	0.60%	1.20%

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

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Worst Drawdowns

The table below displays the maximum drawdowns of the PM - Gold, Silver, Copper - 241.24 - Combined. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the PM - Gold, Silver, Copper - 241.24 - Combined was 40.62%, occurring on Sep 26, 2022. Recovery took 413 trading sessions.

The current PM - Gold, Silver, Copper - 241.24 - Combined drawdown is 16.35%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-40.62%	Apr 18, 2022	112	Sep 26, 2022	413	May 17, 2024	525
-29.5%	Mar 3, 2026	14	Mar 20, 2026	—	—	—
-18.57%	Oct 17, 2025	13	Nov 4, 2025	26	Dec 11, 2025	39
-18.42%	Oct 23, 2024	47	Dec 30, 2024	49	Mar 13, 2025	96
-16.98%	Jan 29, 2026	6	Feb 5, 2026	14	Feb 26, 2026	20

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

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Diversification

Diversification Metrics

Number of Effective Assets

The portfolio contains 8 assets, with an effective number of assets of 6.59, reflecting the diversification based on asset allocation. This number of effective assets indicates a moderate level of diversification, where some assets may have a more significant influence on overall performance.

Asset Correlations Table

The table below displays the correlation coefficients between the individual components of the portfolio, the entire portfolio, and the chosen benchmark.

	Benchmark	TFPM	COPX	OR	FNV	RGLD	WPM	SIL	GDX	Portfolio
Benchmark	1.00	0.18	0.51	0.23	0.28	0.25	0.27	0.32	0.27	0.30
TFPM	0.18	1.00	0.40	0.54	0.52	0.55	0.59	0.61	0.61	0.68
COPX	0.51	0.40	1.00	0.47	0.53	0.48	0.54	0.65	0.61	0.63
OR	0.23	0.54	0.47	1.00	0.74	0.74	0.80	0.79	0.82	0.86
FNV	0.28	0.52	0.53	0.74	1.00	0.75	0.81	0.78	0.83	0.85
RGLD	0.25	0.55	0.48	0.74	0.75	1.00	0.80	0.79	0.84	0.89
WPM	0.27	0.59	0.54	0.80	0.81	0.80	1.00	0.89	0.91	0.94
SIL	0.32	0.61	0.65	0.79	0.78	0.79	0.89	1.00	0.93	0.95
GDX	0.27	0.61	0.61	0.82	0.83	0.84	0.91	0.93	1.00	0.97
Portfolio	0.30	0.68	0.63	0.86	0.85	0.89	0.94	0.95	0.97	1.00

The correlation results are calculated based on daily price changes starting from Oct 1, 2021

PM - Gold, Silver, Copper - 241.24 - Combined

Asset Allocation

Performance

Performance Chart

Returns By Period

Monthly Returns

Benchmark Metrics

Expense Ratio

Return for Risk

Risk / Return Rank

Return / Risk — by metrics

Sharpe ratio

Sortino ratio

Omega ratio

Calmar ratio

Martin ratio

Sharpe Ratio

Dividends

Dividend yield

Drawdowns

Drawdowns Chart

Worst Drawdowns

Volatility

Volatility Chart

Diversification

Diversification Metrics

Number of Effective Assets

Asset Correlations Table