CEF vs. PHYS

Last updated Apr 1, 2026

Compare and contrast key facts about Sprott Physical Gold and Silver Trust (CEF) and Sprott Physical Gold Trust (PHYS).

CEF is an actively managed fund by Sprott. It was launched on Jan 16, 2018.

Performance

CEF vs. PHYS - Performance Comparison

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

CEF vs. PHYS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEF Sprott Physical Gold and Silver Trust	4.19%	92.76%	24.07%	6.80%	1.07%	-8.32%	31.99%	16.91%	-6.34%	18.78%
PHYS Sprott Physical Gold Trust	7.33%	63.95%	26.43%	12.98%	-1.81%	-4.84%	23.89%	18.14%	-2.64%	12.78%

Returns By Period

In the year-to-date period, CEF achieves a 4.19% return, which is significantly lower than PHYS's 7.33% return. Over the past 10 years, CEF has outperformed PHYS with an annualized return of 15.03%, while PHYS has yielded a comparatively lower 13.41% annualized 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%

PHYS

• 1D: 3.81%
• 1M: -11.73%
• YTD: 7.33%
• 6M: 19.65%
• 1Y: 47.30%
• 3Y*: 31.85%
• 5Y*: 21.17%
• 10Y*: 13.41%

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

Return for Risk

CEF vs. PHYS — Risk / Return Rank

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

CEF

CEF Risk / Return Rank: 87
CEF Sharpe Ratio Rank: 90
CEF Sortino Ratio Rank: 83
CEF Omega Ratio Rank: 84
CEF Calmar Ratio Rank: 91
CEF Martin Ratio Rank: 89

PHYS

PHYS Risk / Return Rank: 84
PHYS Sharpe Ratio Rank: 87
PHYS Sortino Ratio Rank: 80
PHYS Omega Ratio Rank: 83
PHYS Calmar Ratio Rank: 83
PHYS Martin Ratio Rank: 88

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. PHYS - Risk-Adjusted Trends Comparison

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

	CEF	PHYS	Difference
Sharpe ratio Return per unit of total volatility	1.83	1.67	+0.16
Sortino ratio Return per unit of downside risk	2.12	2.05	+0.07
Omega ratio Gain probability vs. loss probability	1.34	1.31	+0.03
Calmar ratio Return relative to maximum drawdown	2.61	2.52	+0.09
Martin ratio Return relative to average drawdown	9.68	9.16	+0.52
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. PHYS - Sharpe Ratio Comparison

The current CEF Sharpe Ratio is 1.83, which is comparable to the PHYS Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of CEF and PHYS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CEF	PHYS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	1.67	+0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.93	1.18	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.83	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.47	-0.25

Correlation

The correlation between CEF and PHYS is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

CEF vs. PHYS - Dividend Comparison

Neither CEF nor PHYS has paid dividends to shareholders.

	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%
PHYS Sprott Physical Gold Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

CEF vs. PHYS - Drawdown Comparison

The maximum CEF drawdown since its inception was -62.29%, which is greater than PHYS's maximum drawdown of -48.16%. Use the drawdown chart below to compare losses from any high point for CEF and PHYS.

Drawdown Indicators

	CEF	PHYS	Difference
Max Drawdown Largest peak-to-trough decline	-62.29%	-48.16%	-14.13%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-19.35%	-7.42%
Max Drawdown (5Y) Largest decline over 5 years	-26.77%	-21.80%	-4.97%
Max Drawdown (10Y) Largest decline over 10 years	-29.10%	-23.75%	-5.35%
Current Drawdown Current decline from peak	-19.41%	-13.41%	-6.00%
Average Drawdown Average peak-to-trough decline	-27.38%	-21.07%	-6.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.23%	5.33%	+1.90%

Volatility

CEF vs. PHYS - Volatility Comparison

Sprott Physical Gold and Silver Trust (CEF) has a higher volatility of 14.73% compared to Sprott Physical Gold Trust (PHYS) at 11.34%. This indicates that CEF'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	PHYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.73%	11.34%	+3.39%
Volatility (6M) Calculated over the trailing 6-month period	35.36%	25.16%	+10.20%
Volatility (1Y) Calculated over the trailing 1-year period	37.38%	28.55%	+8.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.78%	18.02%	+5.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.58%	16.25%	+5.33%