CEF vs. SLV
CEF (Sprott Physical Gold and Silver Trust) and SLV (iShares Silver Trust) are both funds - CEF is a Gold 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 11.67%/yr vs 12.68%/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
Loading charts...
Returns By Period
In the year-to-date period, CEF achieves a -9.78% return, which is significantly higher than SLV's -13.49% return. Over the past 10 years, CEF has underperformed SLV with an annualized return of 11.67%, while SLV has yielded a comparatively higher 12.68% annualized 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%
SLV
- 1D
- -5.40%
- 1M
- -18.48%
- YTD
- -13.49%
- 6M
- -14.05%
- 1Y
- 69.08%
- 3Y*
- 39.38%
- 5Y*
- 18.31%
- 10Y*
- 12.68%
CEF vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CEF Sprott Physical Gold and Silver Trust | -9.78% | 92.76% | 24.07% | 6.80% | 1.07% | -8.32% | 31.99% | 16.91% | -6.34% | 18.78% |
SLV iShares Silver Trust | -13.49% | 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 0.95, 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 | 0.95 |
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 Apr 28, 2006 | 0.86 |
The correlation between CEF and SLV has been stable across timeframes, ranging from 0.86 to 0.95 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CEF vs. SLV — Risk / Return Rank
CEF
SLV
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.
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 | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.25 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.18 | 1.47 | -0.30 |
| Martin ratioReturn relative to average drawdown | 2.94 | 3.16 | -0.22 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| CEF | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.29% | -76.28% | +13.99% |
Max Drawdown (1Y)Largest decline over 1 year | -30.21% | -47.23% | +17.02% |
Max Drawdown (3Y)Largest decline over 3 years | -30.21% | -47.23% | +17.02% |
Max Drawdown (5Y)Largest decline over 5 years | -30.21% | -47.23% | +17.02% |
Max Drawdown (10Y)Largest decline over 10 years | -30.21% | -47.23% | +17.02% |
Current DrawdownCurrent decline from peak | -30.21% | -47.23% | +17.02% |
Average DrawdownAverage peak-to-trough decline | -27.33% | -44.65% | +17.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.06% | 21.91% | -9.85% |
Volatility
CEF vs. SLV - Volatility Comparison
The current volatility for Sprott Physical Gold and Silver Trust (CEF) is 10.98%, while iShares Silver Trust (SLV) has a volatility of 14.34%. 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.
Loading charts...
Volatility by Period
| CEF | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.98% | 14.34% | -3.36% |
Volatility (6M)Calculated over the trailing 6-month period | 36.46% | 59.27% | -22.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.22% | 60.33% | -21.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.62% | 36.59% | -11.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.02% | 32.09% | -10.07% |
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
With a correlation of 0.95, 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.
SLV has higher volatility (14.34%) compared to CEF (10.98%). In terms of maximum drawdown, CEF dropped -62.29% vs SLV's -76.28%.
SLV currently has the higher Sharpe Ratio (1.15 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.
Find the right allocation for CEF and SLV
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer