CEF.TO vs. PHYS

Last updated Jul 21, 2026

CEF.TO (Sprott Physical Gold and Silver Trust) and PHYS (Sprott Physical Gold Trust) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 5 years, CEF.TO returned 18.96%/yr vs 18.61%/yr for PHYS. A 0.72 correlation means they provide meaningful diversification when combined.

Performance

CEF.TO vs. PHYS - 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 Sprott Physical Gold Trust (PHYS). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, CEF.TO achieves a -11.59% return, which is significantly lower than PHYS's -6.25% return.

CEF.TO

• 1D: 0.34%
• 1M: -7.62%
• 6M: -23.30%
• YTD: -11.59%
• 1Y: 30.65%
• 3Y*: 31.08%
• 5Y*: 18.96%
• 10Y*: —
• ALL TIME*: 15.77%

PHYS

• 1D: -0.36%
• 1M: -5.51%
• 6M: -12.86%
• YTD: -6.25%
• 1Y: 20.37%
• 3Y*: 28.15%
• 5Y*: 18.61%
• 10Y*: 11.46%
• ALL TIME*: 9.11%

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

CEF.TO vs. PHYS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CEF.TO Sprott Physical Gold and Silver Trust	-11.59%	83.74%	34.77%	4.70%	7.88%	-8.74%	29.32%	11.22%	6.94%
PHYS Sprott Physical Gold Trust	-6.25%	56.47%	37.13%	10.29%	4.41%	-4.88%	20.95%	13.27%	4.66%

Correlation

The correlation between CEF.TO and PHYS is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jan 18, 2018	0.72

The correlation between CEF.TO and PHYS shifts across timeframes, from 0.72 (all time) to 0.84 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap CEF.TO : CA$10.27B PHYS : $14.41B
EPS CEF.TO : $16.95 PHYS : $11.83
PE Ratio CEF.TO : 2.34 PHYS : 2.56
PEG Ratio CEF.TO : 0.00 PHYS : 0.03
PS Ratio CEF.TO : 4.93 PHYS : 13.56
PB Ratio CEF.TO : 1.12 PHYS : 0.84
Total Revenue (TTM) CEF.TO : $1.93B PHYS : $1.06B
Gross Profit (TTM) CEF.TO : $1.91B PHYS : $3.03B
EBITDA (TTM) CEF.TO : $4.07B PHYS : $5.61B

Return for Risk

CEF.TO vs. PHYS — 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: 67
CEF.TO Sharpe Ratio Rank: 71
CEF.TO Sortino Ratio Rank: 64
CEF.TO Omega Ratio Rank: 67
CEF.TO Calmar Ratio Rank: 66
CEF.TO Martin Ratio Rank: 67

PHYS

PHYS Risk / Return Rank: 62
PHYS Sharpe Ratio Rank: 67
PHYS Sortino Ratio Rank: 58
PHYS Omega Ratio Rank: 61
PHYS Calmar Ratio Rank: 61
PHYS Martin Ratio Rank: 62

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. PHYS - Risk-Adjusted Trends Comparison

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

	CEF.TO	PHYS	Difference
Sharpe ratio: Return per unit of total volatility	0.80	0.71	+0.08
Sortino ratio: Return per unit of downside risk	1.17	1.05	+0.12
Omega ratio: Gain probability vs. loss probability	1.17	1.15	+0.02
Calmar ratio: Return relative to maximum drawdown	0.96	0.84	+0.12
Martin ratio: Return relative to average drawdown	2.20	1.96	+0.23

CEF.TO vs. PHYS - Sharpe Ratio Comparison

The current CEF.TO Sharpe Ratio is 0.80, which is comparable to the PHYS Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of CEF.TO and PHYS, 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

CEF.TO vs. PHYS - Drawdown Comparison

The maximum CEF.TO drawdown since its inception was -32.09%, smaller than the maximum PHYS drawdown of -36.85%. Use the drawdown chart below to compare losses from any high point for CEF.TO and PHYS.

Drawdown Indicators

	CEF.TO	PHYS	Difference
Max Drawdown Largest peak-to-trough decline	-32.09%	-36.85%	+4.76%
Max Drawdown (1Y) Largest decline over 1 year	-32.09%	-24.30%	-7.79%
Max Drawdown (3Y) Largest decline over 3 years	-32.09%	-24.30%	-7.79%
Max Drawdown (5Y) Largest decline over 5 years	-32.09%	-24.30%	-7.79%
Max Drawdown (10Y) Largest decline over 10 years	—	-24.30%	—
Current Drawdown Current decline from peak	-31.22%	-23.79%	-7.43%
Average Drawdown Average peak-to-trough decline	-10.29%	-13.95%	+3.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.00%	10.41%	+3.59%

Volatility

CEF.TO vs. PHYS - Volatility Comparison

Sprott Physical Gold and Silver Trust (CEF.TO) has a higher volatility of 9.16% compared to Sprott Physical Gold Trust (PHYS) at 6.55%. This indicates that CEF.TO's price experiences larger fluctuations and is considered to be riskier than PHYS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEF.TO	PHYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.16%	6.55%	+2.61%
Volatility (6M) Calculated over the trailing 6-month period	34.77%	24.70%	+10.07%
Volatility (1Y) Calculated over the trailing 1-year period	38.75%	28.74%	+10.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.54%	19.55%	+3.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.27%	17.60%	+4.67%

Dividends

CEF.TO vs. PHYS - Dividend Comparison

Neither CEF.TO nor PHYS has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both CEF.TO and PHYS in my portfolio?

CEF.TO and PHYS have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.