CEF vs. SLV

Last updated Jun 4, 2026

CEF (Sprott Physical Gold and Silver Trust) and SLV (iShares Silver Trust) are both funds - CEF is a Precious Metals fund actively managed by Sprott, while SLV is a Silver fund tracking the LBMA Silver Price. CEF is actively managed, while SLV is passively managed. Over the past 10 years, CEF returned 13.80%/yr vs 15.55%/yr for SLV. Their correlation of 0.86 suggests significant overlap in exposure. CEF charges 0.48%/yr vs 0.50%/yr for SLV.

Performance

CEF vs. SLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Physical Gold and Silver Trust (CEF) and iShares Silver Trust (SLV). 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 SLV's 2.78% return. Over the past 10 years, CEF has underperformed SLV with an annualized return of 13.80%, while SLV has yielded a comparatively higher 15.55% 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%

SLV

• 1D: -2.62%
• 1M: 0.41%
• YTD: 2.78%
• 6M: 24.76%
• 1Y: 110.59%
• 3Y*: 45.06%
• 5Y*: 20.76%
• 10Y*: 15.55%

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

CEF vs. SLV - 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%
SLV iShares Silver Trust	2.78%	144.66%	20.89%	-1.09%	2.37%	-12.45%	47.30%	14.88%	-9.19%	5.82%

Correlation

The correlation between CEF and SLV is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since May 1, 2006	0.86

The correlation between CEF and SLV has been stable across timeframes, ranging from 0.86 to 0.93 - a consistent structural relationship.

Return for Risk

CEF vs. SLV — 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

SLV

SLV Risk / Return Rank: 47
SLV Sharpe Ratio Rank: 54
SLV Sortino Ratio Rank: 40
SLV Omega Ratio Rank: 56
SLV Calmar Ratio Rank: 52
SLV Martin Ratio Rank: 36

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. SLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Gold and Silver Trust (CEF) and iShares Silver Trust (SLV). 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	SLV	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.89	-0.43
Sortino ratio: Return per unit of downside risk	1.79	2.07	-0.28
Omega ratio: Gain probability vs. loss probability	1.28	1.35	-0.07
Calmar ratio: Return relative to maximum drawdown	2.06	2.62	-0.56
Martin ratio: Return relative to average drawdown	5.26	5.64	-0.38
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. SLV - Sharpe Ratio Comparison

The current CEF Sharpe Ratio is 1.46, which is comparable to the SLV Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of CEF and SLV, 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	SLV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	1.89	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.58	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.49	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.25	-0.02

Drawdowns

CEF vs. SLV - Drawdown Comparison

The maximum CEF drawdown since its inception was -62.29%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for CEF and SLV.

Drawdown Indicators

	CEF	SLV	Difference
Max Drawdown Largest peak-to-trough decline	-62.29%	-76.28%	+13.99%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-42.45%	+15.68%
Max Drawdown (3Y) Largest decline over 3 years	-26.77%	-42.45%	+15.68%
Max Drawdown (5Y) Largest decline over 5 years	-26.77%	-42.45%	+15.68%
Max Drawdown (10Y) Largest decline over 10 years	-29.10%	-42.81%	+13.71%
Current Drawdown Current decline from peak	-21.75%	-37.30%	+15.55%
Average Drawdown Average peak-to-trough decline	-27.34%	-44.67%	+17.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.47%	19.67%	-9.20%

Volatility

CEF vs. SLV - Volatility Comparison

The current volatility for Sprott Physical Gold and Silver Trust (CEF) is 10.09%, while iShares Silver Trust (SLV) has a volatility of 16.30%. This indicates that CEF experiences smaller price fluctuations and is considered to be less risky than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEF	SLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.09%	16.30%	-6.21%
Volatility (6M) Calculated over the trailing 6-month period	35.14%	58.31%	-23.17%
Volatility (1Y) Calculated over the trailing 1-year period	37.84%	58.90%	-21.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.26%	36.15%	-11.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.82%	31.84%	-10.02%

CEF vs. SLV - Expense Ratio Comparison

CEF has a 0.48% expense ratio, which is lower than SLV's 0.50% expense ratio.

Dividends

CEF vs. SLV - Dividend Comparison

Neither CEF nor SLV has paid dividends to shareholders.

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%
SLV iShares Silver 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%

Frequently Asked Questions

Can I hold both CEF and SLV in my portfolio?

With a correlation of 0.93, CEF and SLV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CEF or SLV?

SLV has higher volatility (16.30%) compared to CEF (10.09%). In terms of maximum drawdown, CEF dropped -62.29% vs SLV's -76.28%.

Which has better risk-adjusted returns?

SLV currently has the higher Sharpe Ratio (1.89 vs 1.46), 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.