CEF.TO vs. PAAS

Last updated Apr 2, 2026

Compare and contrast key facts about Sprott Physical Gold and Silver Trust (CEF.TO) and Pan American Silver Corp. (PAAS).

Performance

CEF.TO vs. PAAS - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Sprott Physical Gold and Silver Trust (CEF.TO) and Pan American Silver Corp. (PAAS). The values are adjusted to include any dividend payments, if applicable.

CEF.TO vs. PAAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEF.TO Sprott Physical Gold and Silver Trust	6.94%	83.74%	34.77%	4.70%	7.88%	-8.74%	29.32%	11.22%	1.48%	10.21%
PAAS Pan American Silver Corp.	8.92%	148.46%	37.49%	0.24%	-28.23%	-27.44%	44.39%	55.81%	2.74%	-2.75%

Different Trading Currencies

CEF.TO is traded in CAD, while PAAS is traded in USD. To make them comparable, the PAAS values have been converted to CAD using the latest available exchange rates.

Fundamentals

Market Cap CEF.TO : CA$17.61B PAAS : $23.46B
EPS CEF.TO : CA$20.11 PAAS : $2.54
PE Ratio CEF.TO : 3.34 PAAS : 21.88
PEG Ratio CEF.TO : 0.00 PAAS : 0.12
PS Ratio CEF.TO : 5.64 PAAS : 5.92
PB Ratio CEF.TO : 1.94 PAAS : 3.36
Total Revenue (TTM) CEF.TO : CA$2.58B PAAS : $3.64B
Gross Profit (TTM) CEF.TO : CA$2.57B PAAS : $1.40B
EBITDA (TTM) CEF.TO : CA$4.36B PAAS : $1.71B

Returns By Period

In the year-to-date period, CEF.TO achieves a 6.94% return, which is significantly lower than PAAS's 8.92% return. Over the past 10 years, CEF.TO has underperformed PAAS with an annualized return of 15.95%, while PAAS has yielded a comparatively higher 20.05% annualized return.

CEF.TO

• 1D: 1.22%
• 1M: -12.40%
• YTD: 6.94%
• 6M: 30.42%
• 1Y: 66.20%
• 3Y*: 38.00%
• 5Y*: 24.76%
• 10Y*: 15.95%

PAAS

• 1D: 1.60%
• 1M: -15.72%
• YTD: 8.92%
• 6M: 42.01%
• 1Y: 114.03%
• 3Y*: 49.38%
• 5Y*: 16.75%
• 10Y*: 20.05%

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

Return for Risk

CEF.TO vs. PAAS — Risk / Return Rank

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

CEF.TO

CEF.TO Risk / Return Rank: 85
CEF.TO Sharpe Ratio Rank: 89
CEF.TO Sortino Ratio Rank: 80
CEF.TO Omega Ratio Rank: 87
CEF.TO Calmar Ratio Rank: 81
CEF.TO Martin Ratio Rank: 87

PAAS

PAAS Risk / Return Rank: 88
PAAS Sharpe Ratio Rank: 91
PAAS Sortino Ratio Rank: 84
PAAS Omega Ratio Rank: 86
PAAS Calmar Ratio Rank: 89
PAAS Martin Ratio Rank: 91

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.

CEF.TO vs. PAAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Gold and Silver Trust (CEF.TO) and Pan American Silver Corp. (PAAS). 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.

	CEF.TO	PAAS	Difference
Sharpe ratio Return per unit of total volatility	1.86	2.05	-0.18
Sortino ratio Return per unit of downside risk	2.14	2.35	-0.21
Omega ratio Gain probability vs. loss probability	1.36	1.34	+0.01
Calmar ratio Return relative to maximum drawdown	2.52	3.52	-1.00
Martin ratio Return relative to average drawdown	9.07	11.34	-2.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CEF.TO vs. PAAS - Sharpe Ratio Comparison

The current CEF.TO Sharpe Ratio is 1.86, which is comparable to the PAAS Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of CEF.TO and PAAS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CEF.TO	PAAS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	2.05	-0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.11	0.37	+0.74
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.42	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.22	-0.08

Correlation

The correlation between CEF.TO and PAAS is 0.59, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CEF.TO vs. PAAS - Dividend Comparison

CEF.TO has not paid dividends to shareholders, while PAAS's dividend yield for the trailing twelve months is around 0.97%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEF.TO Sprott Physical Gold and Silver Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	0.09%	0.09%
PAAS Pan American Silver Corp.	0.97%	0.89%	1.98%	2.45%	2.75%	1.36%	0.64%	0.59%	0.96%	0.64%	0.33%	4.23%

Drawdowns

CEF.TO vs. PAAS - Drawdown Comparison

The maximum CEF.TO drawdown since its inception was -58.68%, smaller than the maximum PAAS drawdown of -79.08%. Use the drawdown chart below to compare losses from any high point for CEF.TO and PAAS.

Drawdown Indicators

	CEF.TO	PAAS	Difference
Max Drawdown Largest peak-to-trough decline	-58.68%	-85.10%	+26.42%
Max Drawdown (1Y) Largest decline over 1 year	-25.60%	-31.90%	+6.30%
Max Drawdown (5Y) Largest decline over 5 years	-25.60%	-63.00%	+37.40%
Max Drawdown (10Y) Largest decline over 10 years	-29.04%	-66.74%	+37.70%
Current Drawdown Current decline from peak	-16.80%	-18.88%	+2.08%
Average Drawdown Average peak-to-trough decline	-30.46%	-41.78%	+11.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.12%	9.92%	-2.80%

Volatility

CEF.TO vs. PAAS - Volatility Comparison

The current volatility for Sprott Physical Gold and Silver Trust (CEF.TO) is 12.96%, while Pan American Silver Corp. (PAAS) has a volatility of 17.23%. This indicates that CEF.TO experiences smaller price fluctuations and is considered to be less risky than PAAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEF.TO	PAAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.96%	17.23%	-4.27%
Volatility (6M) Calculated over the trailing 6-month period	34.10%	44.35%	-10.25%
Volatility (1Y) Calculated over the trailing 1-year period	35.74%	56.05%	-20.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.37%	45.39%	-23.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.07%	47.81%	-26.74%

Financials