CEF vs. FSAGX

Last updated Jun 4, 2026

CEF (Sprott Physical Gold and Silver Trust) and FSAGX (Fidelity Select Gold Portfolio) are both Precious Metals funds. Over the past 10 years, CEF returned 13.80%/yr vs 12.30%/yr for FSAGX. A 0.59 correlation means they provide meaningful diversification when combined. CEF charges 0.48%/yr vs 0.76%/yr for FSAGX.

Performance

CEF vs. FSAGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Physical Gold and Silver Trust (CEF) and Fidelity Select Gold Portfolio (FSAGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CEF achieves a 1.16% return, which is significantly lower than FSAGX's 5.40% return. Over the past 10 years, CEF has outperformed FSAGX with an annualized return of 13.80%, while FSAGX has yielded a comparatively lower 12.30% annualized return.

CEF

• 1D: -1.74%
• 1M: -0.92%
• YTD: 1.16%
• 6M: 10.23%
• 1Y: 54.90%
• 3Y*: 35.48%
• 5Y*: 18.30%
• 10Y*: 13.80%

FSAGX

• 1D: 1.18%
• 1M: 3.80%
• YTD: 5.40%
• 6M: 12.28%
• 1Y: 61.74%
• 3Y*: 40.65%
• 5Y*: 16.56%
• 10Y*: 12.30%

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

CEF vs. FSAGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEF Sprott Physical Gold and Silver Trust	1.16%	92.76%	24.07%	6.80%	1.07%	-8.32%	31.99%	16.91%	-6.34%	18.78%
FSAGX Fidelity Select Gold Portfolio	5.40%	143.05%	14.97%	-0.37%	-13.46%	-10.44%	26.83%	35.50%	-13.00%	8.63%

Correlation

The correlation between CEF and FSAGX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jan 3, 1990	0.60

Over the past year, CEF and FSAGX have become more correlated (0.80) than their long-term average of 0.59, meaning their price movements have been converging.

Return for Risk

CEF vs. FSAGX — Risk / Return Rank

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

CEF

CEF Risk / Return Rank: 25
CEF Sharpe Ratio Rank: 26
CEF Sortino Ratio Rank: 18
CEF Omega Ratio Rank: 29
CEF Calmar Ratio Rank: 30
CEF Martin Ratio Rank: 20

FSAGX

FSAGX Risk / Return Rank: 24
FSAGX Sharpe Ratio Rank: 26
FSAGX Sortino Ratio Rank: 19
FSAGX Omega Ratio Rank: 25
FSAGX Calmar Ratio Rank: 30
FSAGX Martin Ratio Rank: 20

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 vs. FSAGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Gold and Silver Trust (CEF) and Fidelity Select Gold Portfolio (FSAGX). 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	FSAGX	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.45	+0.01
Sortino ratio: Return per unit of downside risk	1.79	1.83	-0.04
Omega ratio: Gain probability vs. loss probability	1.28	1.26	+0.02
Calmar ratio: Return relative to maximum drawdown	2.06	2.07	-0.01
Martin ratio: Return relative to average drawdown	5.26	5.41	-0.15
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 vs. FSAGX - Sharpe Ratio Comparison

The current CEF Sharpe Ratio is 1.46, which is comparable to the FSAGX Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of CEF and FSAGX, 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

	CEF	FSAGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	1.45	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.50	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.37	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.22	0.00

Drawdowns

CEF vs. FSAGX - Drawdown Comparison

The maximum CEF drawdown since its inception was -62.29%, smaller than the maximum FSAGX drawdown of -77.21%. Use the drawdown chart below to compare losses from any high point for CEF and FSAGX.

Drawdown Indicators

	CEF	FSAGX	Difference
Max Drawdown Largest peak-to-trough decline	-62.29%	-77.21%	+14.92%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-29.85%	+3.08%
Max Drawdown (3Y) Largest decline over 3 years	-26.77%	-29.85%	+3.08%
Max Drawdown (5Y) Largest decline over 5 years	-26.77%	-45.94%	+19.17%
Max Drawdown (10Y) Largest decline over 10 years	-29.10%	-50.57%	+21.47%
Current Drawdown Current decline from peak	-21.75%	-22.82%	+1.07%
Average Drawdown Average peak-to-trough decline	-27.34%	-33.35%	+6.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.47%	11.40%	-0.93%

Volatility

CEF vs. FSAGX - Volatility Comparison

The current volatility for Sprott Physical Gold and Silver Trust (CEF) is 10.09%, while Fidelity Select Gold Portfolio (FSAGX) has a volatility of 14.88%. This indicates that CEF experiences smaller price fluctuations and is considered to be less risky than FSAGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEF	FSAGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.09%	14.88%	-4.79%
Volatility (6M) Calculated over the trailing 6-month period	35.14%	35.12%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	37.84%	43.06%	-5.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.26%	33.60%	-9.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.82%	33.10%	-11.28%

CEF vs. FSAGX - Expense Ratio Comparison

CEF has a 0.48% expense ratio, which is lower than FSAGX's 0.76% expense ratio.

Dividends

CEF vs. FSAGX - Dividend Comparison

CEF has not paid dividends to shareholders, while FSAGX's dividend yield for the trailing twelve months is around 4.87%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEF Sprott Physical Gold and Silver Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	0.07%	0.09%	0.10%
FSAGX Fidelity Select Gold Portfolio	4.87%	2.17%	3.62%	0.99%	0.36%	1.60%	4.40%	0.40%	0.00%	0.22%	3.57%	0.00%

Frequently Asked Questions

Can I hold both CEF and FSAGX in my portfolio?

CEF and FSAGX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CEF or FSAGX?

FSAGX has higher volatility (14.88%) compared to CEF (10.09%). In terms of maximum drawdown, CEF dropped -62.29% vs FSAGX's -77.21%.

Which has better risk-adjusted returns?

CEF currently has the higher Sharpe Ratio (1.46 vs 1.45), 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.