CEF vs. GDE

Last updated Jun 24, 2026

CEF (Sprott Physical Gold and Silver Trust) and GDE (WisdomTree Efficient Gold Plus Equity Strategy Fund) are both Gold funds. Both are actively managed. Over the past 3 years, CEF returned 32.09%/yr vs 40.84%/yr for GDE. A 0.71 correlation means they provide meaningful diversification when combined. CEF charges 0.48%/yr vs 0.20%/yr for GDE.

Performance

CEF vs. GDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Physical Gold and Silver Trust (CEF) and WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CEF achieves a -9.78% return, which is significantly lower than GDE's -0.50% return.

CEF

• 1D: -3.46%
• 1M: -12.70%
• YTD: -9.78%
• 6M: -12.85%
• 1Y: 35.34%
• 3Y*: 32.09%
• 5Y*: 17.15%
• 10Y*: 11.67%

GDE

• 1D: -3.14%
• 1M: -10.04%
• YTD: -0.50%
• 6M: -5.03%
• 1Y: 37.19%
• 3Y*: 40.84%
• 5Y*: —
• 10Y*: —

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

CEF vs. GDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CEF Sprott Physical Gold and Silver Trust	-9.78%	92.76%	24.07%	6.80%	-7.24%
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund	-0.50%	73.76%	44.79%	33.85%	-8.58%

Correlation

The correlation between CEF and GDE is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022	0.71

The correlation between CEF and GDE has been stable across timeframes, ranging from 0.71 to 0.81 - a consistent structural relationship.

Return for Risk

CEF vs. GDE — Risk / Return Rank

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

CEF

CEF Risk / Return Rank: 13
CEF Sharpe Ratio Rank: 12
CEF Sortino Ratio Rank: 12
CEF Omega Ratio Rank: 16
CEF Calmar Ratio Rank: 13
CEF Martin Ratio Rank: 11

GDE

GDE Risk / Return Rank: 34
GDE Sharpe Ratio Rank: 36
GDE Sortino Ratio Rank: 32
GDE Omega Ratio Rank: 37
GDE Calmar Ratio Rank: 34
GDE Martin Ratio Rank: 32

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. GDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Gold and Silver Trust (CEF) and WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE). 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	GDE	Difference
Sharpe ratio: Return per unit of total volatility	0.91	1.23	-0.33
Sortino ratio: Return per unit of downside risk	1.28	1.65	-0.37
Omega ratio: Gain probability vs. loss probability	1.19	1.24	-0.04
Calmar ratio: Return relative to maximum drawdown	1.18	1.65	-0.47
Martin ratio: Return relative to average drawdown	2.94	4.59	-1.65

CEF vs. GDE - Sharpe Ratio Comparison

The current CEF Sharpe Ratio is 0.91, which is comparable to the GDE Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of CEF and GDE, 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 vs. GDE - Drawdown Comparison

The maximum CEF drawdown since its inception was -62.29%, which is greater than GDE's maximum drawdown of -32.01%. Use the drawdown chart below to compare losses from any high point for CEF and GDE.

Drawdown Indicators

	CEF	GDE	Difference
Max Drawdown Largest peak-to-trough decline	-62.29%	-32.01%	-30.28%
Max Drawdown (1Y) Largest decline over 1 year	-30.21%	-22.66%	-7.55%
Max Drawdown (3Y) Largest decline over 3 years	-30.21%	-22.66%	-7.55%
Max Drawdown (5Y) Largest decline over 5 years	-30.21%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.21%	—	—
Current Drawdown Current decline from peak	-30.21%	-19.50%	-10.71%
Average Drawdown Average peak-to-trough decline	-27.33%	-7.97%	-19.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.06%	8.12%	+3.94%

Volatility

CEF vs. GDE - Volatility Comparison

Sprott Physical Gold and Silver Trust (CEF) and WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE) have volatilities of 10.98% and 11.41%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEF	GDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.98%	11.41%	-0.43%
Volatility (6M) Calculated over the trailing 6-month period	36.46%	26.51%	+9.95%
Volatility (1Y) Calculated over the trailing 1-year period	39.22%	30.33%	+8.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.62%	27.15%	-2.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.02%	27.15%	-5.13%

CEF vs. GDE - Expense Ratio Comparison

CEF has a 0.48% expense ratio, which is higher than GDE's 0.20% expense ratio.

Dividends

CEF vs. GDE - Dividend Comparison

CEF has not paid dividends to shareholders, while GDE's dividend yield for the trailing twelve months is around 4.34%.

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%
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund	4.34%	4.32%	7.14%	2.22%	0.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CEF and GDE in my portfolio?

CEF and GDE have a correlation of 0.81, 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 GDE?

GDE has higher volatility (11.41%) compared to CEF (10.98%). In terms of maximum drawdown, CEF dropped -62.29% vs GDE's -32.01%.

Which has better risk-adjusted returns?

GDE currently has the higher Sharpe Ratio (1.23 vs 0.91), 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.