AG vs. PSLV

Last updated Jun 18, 2026

AG (First Majestic Silver Corp.) is a stock, while PSLV (Sprott Physical Silver Trust) is Silver fund tracking the No Index (Physical Silver). Over the past 10 years, AG returned 4.39%/yr vs 12.43%/yr for PSLV. A 0.68 correlation means they provide meaningful diversification when combined.

Performance

AG vs. PSLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Majestic Silver Corp. (AG) and Sprott Physical Silver Trust (PSLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AG achieves a 11.48% return, which is significantly higher than PSLV's -9.22% return. Over the past 10 years, AG has underperformed PSLV with an annualized return of 4.39%, while PSLV has yielded a comparatively higher 12.43% annualized return.

AG

• 1D: -4.48%
• 1M: -5.90%
• YTD: 11.48%
• 6M: 13.38%
• 1Y: 117.42%
• 3Y*: 49.77%
• 5Y*: 3.06%
• 10Y*: 4.39%

PSLV

• 1D: -3.94%
• 1M: -14.12%
• YTD: -9.22%
• 6M: -2.05%
• 1Y: 71.62%
• 3Y*: 37.77%
• 5Y*: 18.27%
• 10Y*: 12.43%

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

AG vs. PSLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AG First Majestic Silver Corp.	11.48%	204.32%	-10.47%	-25.99%	-24.73%	-17.24%	9.62%	108.15%	-12.61%	-11.66%
PSLV Sprott Physical Silver Trust	-9.22%	145.08%	19.43%	-1.94%	2.74%	-14.13%	42.81%	16.99%	-11.83%	4.28%

Correlation

The correlation between AG and PSLV is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Dec 15, 2010	0.68

The correlation between AG and PSLV has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

Fundamentals

Market Cap AG : $9.31B PSLV : $14.73B
EPS AG : $0.60 PSLV : $13.57
PE Ratio AG : 31.11 PSLV : 1.71
PEG Ratio AG : 0.55 PSLV : 0.00
PS Ratio AG : 6.13 PSLV : 218.98
PB Ratio AG : 3.20 PSLV : 0.90
Total Revenue (TTM) AG : $1.49B PSLV : $64.19M
Gross Profit (TTM) AG : $646.49M PSLV : $404.67M
EBITDA (TTM) AG : $824.25M PSLV : $8.21B

Return for Risk

AG vs. PSLV — Risk / Return Rank

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

AG

AG Risk / Return Rank: 79
AG Sharpe Ratio Rank: 84
AG Sortino Ratio Rank: 79
AG Omega Ratio Rank: 77
AG Calmar Ratio Rank: 79
AG Martin Ratio Rank: 78

PSLV

PSLV Risk / Return Rank: 33
PSLV Sharpe Ratio Rank: 34
PSLV Sortino Ratio Rank: 30
PSLV Omega Ratio Rank: 40
PSLV Calmar Ratio Rank: 33
PSLV Martin Ratio Rank: 27

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.

AG vs. PSLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Majestic Silver Corp. (AG) and Sprott Physical Silver Trust (PSLV). 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.

	AG	PSLV	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.20	+0.39
Sortino ratio: Return per unit of downside risk	2.16	1.59	+0.56
Omega ratio: Gain probability vs. loss probability	1.27	1.25	+0.01
Calmar ratio: Return relative to maximum drawdown	2.32	1.60	+0.72
Martin ratio: Return relative to average drawdown	5.57	3.60	+1.97

AG vs. PSLV - Sharpe Ratio Comparison

The current AG Sharpe Ratio is 1.59, which is higher than the PSLV Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of AG and PSLV, 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

AG vs. PSLV - Drawdown Comparison

The maximum AG drawdown since its inception was -90.20%, which is greater than PSLV's maximum drawdown of -79.38%. Use the drawdown chart below to compare losses from any high point for AG and PSLV.

Drawdown Indicators

	AG	PSLV	Difference
Max Drawdown Largest peak-to-trough decline	-90.20%	-79.38%	-10.82%
Max Drawdown (1Y) Largest decline over 1 year	-50.88%	-44.86%	-6.02%
Max Drawdown (3Y) Largest decline over 3 years	-50.88%	-44.86%	-6.02%
Max Drawdown (5Y) Largest decline over 5 years	-73.79%	-44.86%	-28.93%
Max Drawdown (10Y) Largest decline over 10 years	-80.82%	-44.86%	-35.96%
Current Drawdown Current decline from peak	-42.00%	-40.95%	-1.05%
Average Drawdown Average peak-to-trough decline	-59.16%	-58.09%	-1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.18%	19.96%	+1.22%

Volatility

AG vs. PSLV - Volatility Comparison

First Majestic Silver Corp. (AG) has a higher volatility of 24.52% compared to Sprott Physical Silver Trust (PSLV) at 14.98%. This indicates that AG's price experiences larger fluctuations and is considered to be riskier than PSLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AG	PSLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.52%	14.98%	+9.54%
Volatility (6M) Calculated over the trailing 6-month period	58.21%	58.28%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	74.26%	59.80%	+14.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.80%	36.02%	+25.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.05%	31.36%	+30.69%

Dividends

AG vs. PSLV - Dividend Comparison

AG's dividend yield for the trailing twelve months is around 0.19%, while PSLV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
AG First Majestic Silver Corp.	0.19%	0.12%	0.33%	0.34%	0.31%	0.14%
PSLV Sprott Physical Silver Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AG and PSLV in my portfolio?

AG and PSLV have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AG or PSLV?

AG has higher volatility (24.52%) compared to PSLV (14.98%). In terms of maximum drawdown, AG dropped -90.20% vs PSLV's -79.38%.

Which has better risk-adjusted returns?

AG currently has the higher Sharpe Ratio (1.59 vs 1.20), 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.