CEF vs. WPM

Last updated Jun 14, 2026

CEF (Sprott Physical Gold and Silver Trust) is Gold fund actively managed by Sprott, while WPM (Wheaton Precious Metals Corp.) is a stock. Over the past 10 years, CEF returned 12.56%/yr vs 20.59%/yr for WPM. A 0.70 correlation means they provide meaningful diversification when combined.

Performance

CEF vs. WPM - Performance Comparison

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

Returns By Period

In the year-to-date period, CEF achieves a -4.91% return, which is significantly lower than WPM's -0.90% return. Over the past 10 years, CEF has underperformed WPM with an annualized return of 12.56%, while WPM has yielded a comparatively higher 20.59% annualized return.

CEF

• 1D: 0.62%
• 1M: -9.04%
• YTD: -4.91%
• 6M: 0.53%
• 1Y: 40.89%
• 3Y*: 33.17%
• 5Y*: 16.96%
• 10Y*: 12.56%

WPM

• 1D: 3.05%
• 1M: -10.84%
• YTD: -0.90%
• 6M: -0.91%
• 1Y: 27.43%
• 3Y*: 38.53%
• 5Y*: 20.71%
• 10Y*: 20.59%

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

CEF vs. WPM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEF Sprott Physical Gold and Silver Trust	-4.91%	92.76%	24.07%	6.80%	1.07%	-8.32%	31.99%	16.91%	-6.34%	18.78%
WPM Wheaton Precious Metals Corp.	-0.90%	110.52%	15.24%	27.91%	-7.53%	4.22%	41.82%	54.62%	-10.04%	16.41%

Correlation

The correlation between CEF and WPM is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.70

The correlation between CEF and WPM has been stable across timeframes, ranging from 0.70 to 0.78 - a consistent structural relationship.

Return for Risk

CEF vs. WPM — Risk / Return Rank

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

CEF

CEF Risk / Return Rank: 23
CEF Sharpe Ratio Rank: 23
CEF Sortino Ratio Rank: 20
CEF Omega Ratio Rank: 29
CEF Calmar Ratio Rank: 23
CEF Martin Ratio Rank: 18

WPM

WPM Risk / Return Rank: 61
WPM Sharpe Ratio Rank: 64
WPM Sortino Ratio Rank: 58
WPM Omega Ratio Rank: 59
WPM Calmar Ratio Rank: 61
WPM Martin Ratio Rank: 65

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. WPM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Gold and Silver Trust (CEF) and Wheaton Precious Metals Corp. (WPM). 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	WPM	Difference
Sharpe ratio: Return per unit of total volatility	1.09	0.64	+0.45
Sortino ratio: Return per unit of downside risk	1.45	1.05	+0.40
Omega ratio: Gain probability vs. loss probability	1.22	1.14	+0.08
Calmar ratio: Return relative to maximum drawdown	1.41	0.84	+0.57
Martin ratio: Return relative to average drawdown	3.72	2.40	+1.32

CEF vs. WPM - Sharpe Ratio Comparison

The current CEF Sharpe Ratio is 1.09, which is higher than the WPM Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of CEF and WPM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CEF vs. WPM - Drawdown Comparison

The maximum CEF drawdown since its inception was -62.29%, which is greater than WPM's maximum drawdown of -48.64%. Use the drawdown chart below to compare losses from any high point for CEF and WPM.

Drawdown Indicators

	CEF	WPM	Difference
Max Drawdown Largest peak-to-trough decline	-62.29%	-48.64%	-13.65%
Max Drawdown (1Y) Largest decline over 1 year	-30.01%	-34.92%	+4.91%
Max Drawdown (3Y) Largest decline over 3 years	-30.01%	-34.92%	+4.91%
Max Drawdown (5Y) Largest decline over 5 years	-30.01%	-43.29%	+13.28%
Max Drawdown (10Y) Largest decline over 10 years	-30.01%	-48.64%	+18.63%
Current Drawdown Current decline from peak	-26.45%	-29.73%	+3.28%
Average Drawdown Average peak-to-trough decline	-27.33%	-18.87%	-8.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.35%	12.22%	-0.87%

Volatility

CEF vs. WPM - Volatility Comparison

The current volatility for Sprott Physical Gold and Silver Trust (CEF) is 11.51%, while Wheaton Precious Metals Corp. (WPM) has a volatility of 16.76%. This indicates that CEF experiences smaller price fluctuations and is considered to be less risky than WPM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEF	WPM	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.51%	16.76%	-5.25%
Volatility (6M) Calculated over the trailing 6-month period	36.13%	39.19%	-3.06%
Volatility (1Y) Calculated over the trailing 1-year period	38.81%	45.96%	-7.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.54%	35.44%	-10.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.96%	36.78%	-14.82%

Dividends

CEF vs. WPM - Dividend Comparison

CEF has not paid dividends to shareholders, while WPM's dividend yield for the trailing twelve months is around 0.62%.

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%
WPM Wheaton Precious Metals Corp.	0.62%	0.56%	1.10%	1.22%	1.54%	1.33%	1.01%	1.21%	1.84%	1.49%	1.09%	0.00%

Frequently Asked Questions

Can I hold both CEF and WPM in my portfolio?

CEF and WPM have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CEF or WPM?

WPM has higher volatility (16.76%) compared to CEF (11.51%). In terms of maximum drawdown, CEF dropped -62.29% vs WPM's -48.64%.

Which has better risk-adjusted returns?

CEF currently has the higher Sharpe Ratio (1.09 vs 0.64), 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.