CEF vs. GPZ
CEF (Sprott Physical Gold and Silver Trust) and GPZ (VanEck Alternative Asset Manager ETF) are both funds - CEF is a Gold fund actively managed by Sprott, while GPZ is a Financials Equities fund tracking the MarketVector Alternative Asset Managers Index. CEF is actively managed, while GPZ is passively managed. Over the past year, CEF returned 27.95% vs -18.94% for GPZ. At a 0.16 correlation, their price movements are largely independent. CEF charges 0.48%/yr vs 0.40%/yr for GPZ.
Performance
CEF vs. GPZ - Performance Comparison
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Returns By Period
In the year-to-date period, CEF achieves a -13.23% return, which is significantly higher than GPZ's -18.31% return.
CEF
- 1D
- -3.26%
- 1M
- -8.75%
- 6M
- -21.20%
- YTD
- -13.23%
- 1Y
- 27.95%
- 3Y*
- 28.70%
- 5Y*
- 15.73%
- 10Y*
- 10.74%
GPZ
- 1D
- -0.85%
- 1M
- -3.14%
- 6M
- -21.68%
- YTD
- -18.31%
- 1Y
- -18.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CEF vs. GPZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CEF Sprott Physical Gold and Silver Trust | -13.23% | 52.72% |
GPZ VanEck Alternative Asset Manager ETF | -18.31% | 9.24% |
Correlation
The correlation between CEF and GPZ is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025 | 0.16 |
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Return for Risk
CEF vs. GPZ — Risk / Return Rank
CEF
GPZ
CEF vs. GPZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Gold and Silver Trust (CEF) and VanEck Alternative Asset Manager ETF (GPZ). 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 | GPZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.39 | ||
| Sortino ratioReturn per unit of downside risk | +1.90 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.90 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | -0.60 | +1.43 |
| Martin ratioReturn relative to average drawdown | 2.00 | -1.12 | +3.12 |
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Drawdowns
CEF vs. GPZ - Drawdown Comparison
The maximum CEF drawdown since its inception was -62.29%, which is greater than GPZ's maximum drawdown of -31.72%. Use the drawdown chart below to compare losses from any high point for CEF and GPZ.
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Drawdown Indicators
| CEF | GPZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.29% | -31.72% | -30.57% |
Max Drawdown (1Y)Largest decline over 1 year | -33.61% | -31.72% | -1.89% |
Max Drawdown (3Y)Largest decline over 3 years | -33.61% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -33.61% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -33.61% | — | — |
Current DrawdownCurrent decline from peak | -32.88% | -24.95% | -7.93% |
Average DrawdownAverage peak-to-trough decline | -27.34% | -12.94% | -14.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.03% | 16.90% | -2.87% |
Volatility
CEF vs. GPZ - Volatility Comparison
Sprott Physical Gold and Silver Trust (CEF) has a higher volatility of 10.82% compared to VanEck Alternative Asset Manager ETF (GPZ) at 7.44%. This indicates that CEF's price experiences larger fluctuations and is considered to be riskier than GPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEF | GPZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.82% | 7.44% | +3.38% |
Volatility (6M)Calculated over the trailing 6-month period | 35.82% | 22.29% | +13.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.86% | 27.79% | +12.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.84% | 27.46% | -2.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.07% | 27.46% | -5.39% |
CEF vs. GPZ - Expense Ratio Comparison
CEF has a 0.48% expense ratio, which is higher than GPZ's 0.40% expense ratio.
Dividends
CEF vs. GPZ - Dividend Comparison
CEF has not paid dividends to shareholders, while GPZ's dividend yield for the trailing twelve months is around 1.01%.
| 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% |
GPZ VanEck Alternative Asset Manager ETF | 1.01% | 0.83% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CEF and GPZ have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEF has higher volatility (10.82%) compared to GPZ (7.44%). In terms of maximum drawdown, CEF dropped -62.29% vs GPZ's -31.72%.
CEF currently has the higher Sharpe Ratio (0.71 vs -0.69), 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.
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