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CEF vs. GPZ
Performance
Return for Risk
Dividends
Drawdowns
Volatility

CEF vs. GPZ

Last updated Apr 1, 2026

Compare and contrast key facts about Sprott Physical Gold and Silver Trust (CEF) and VanEck ETF Trust (GPZ).

CEF is an actively managed fund by Sprott. It was launched on Jan 16, 2018. GPZ is a passively managed fund by VanEck that tracks the performance of the MarketVector Alternative Asset Managers Index. It was launched on Jun 4, 2025.

Performance

CEF vs. GPZ - Performance Comparison

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

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CEF vs. GPZ - Yearly Performance Comparison

2026 (YTD)2025
CEF
Sprott Physical Gold and Silver Trust		4.19%51.71%
GPZ
VanEck ETF Trust		-20.90%9.43%

Returns By Period

In the year-to-date period, CEF achieves a 4.19% return, which is significantly higher than GPZ's -20.90% return.

CEF

1D
5.58%
1M
-15.38%
YTD
4.19%
6M
30.06%
1Y
67.97%
3Y*
36.15%
5Y*
21.95%
10Y*
15.03%

GPZ

1D
2.65%
1M
-2.74%
YTD
-20.90%
6M
-21.63%
1Y
—
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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Sprott Physical Gold and Silver Trust

VanEck ETF Trust

Often compared with CEF:
CEF vs. GLTRCEF vs. SMHCEF vs. PSLVCEF vs. PICKCEF vs. SILJCEF vs. SLVCEF vs. TYG
Often compared with GPZ:
GPZ vs. RAAXGPZ vs. PSPGPZ vs. GDLCGPZ vs. REMXGPZ vs. GDXJGPZ vs. IPRV.LGPZ vs. QQQM

CEF vs. GPZ - Expense Ratio Comparison

CEF has a 0.48% expense ratio, which is higher than GPZ's 0.40% expense ratio.

CEF
Sprott Physical Gold and Silver Trust
GPZ
VanEck ETF Trust

Return for Risk

CEF vs. GPZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CEF
CEF Risk / Return Rank: 8787
Overall Rank
CEF Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
CEF Sortino Ratio Rank: 8383
Sortino Ratio Rank
CEF Omega Ratio Rank: 8484
Omega Ratio Rank
CEF Calmar Ratio Rank: 9191
Calmar Ratio Rank
CEF Martin Ratio Rank: 8989
Martin Ratio Rank
GPZ
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. 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 ETF Trust (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.

CEFGPZDifference

Sharpe ratio

Return per unit of total volatility

1.83

—

—

Sortino ratio

Return per unit of downside risk

2.12

—

—

Omega ratio

Gain probability vs. loss probability

1.34

—

—

Calmar ratio

Return relative to maximum drawdown

2.61

—

—

Martin ratio

Return relative to average drawdown

9.68

—

—

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. GPZ - Sharpe Ratio Comparison

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Sharpe Ratios by Period

CEFGPZDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.83

—

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.93

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.70

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.23

-0.61

+0.84

Correlation

The correlation between CEF and GPZ is -0.00. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

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 1.05%.

TTM20252024202320222021202020192018201720162015
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 ETF Trust		1.05%0.83%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

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

CEFGPZDifference

Max Drawdown

Largest peak-to-trough decline

-62.29%

-31.72%

-30.57%

Max Drawdown (1Y)

Largest decline over 1 year

-26.77%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-26.77%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-29.10%

—

—

Current Drawdown

Current decline from peak

-19.41%

-27.34%

+7.93%

Average Drawdown

Average peak-to-trough decline

-27.38%

-9.54%

-17.84%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.23%

—

—

Volatility

CEF vs. GPZ - Volatility Comparison

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Volatility by Period

CEFGPZDifference

Volatility (1M)

Calculated over the trailing 1-month period

14.73%

—

—

Volatility (6M)

Calculated over the trailing 6-month period

35.36%

—

—

Volatility (1Y)

Calculated over the trailing 1-year period

37.38%

26.76%

+10.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.78%

26.76%

-2.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.58%

26.76%

-5.18%