COPP vs. PSLV

Last updated Jun 24, 2026

COPP (Sprott Copper Miners ETF) and PSLV (Sprott Physical Silver Trust) are both exchange-traded funds - COPP is a Copper fund tracking the Nasdaq Sprott Copper Miners Index, while PSLV is a Silver fund tracking the No Index (Physical Silver). Both are passively managed. Over the past year, COPP returned 83.48% vs 58.69% for PSLV. A 0.62 correlation means they provide meaningful diversification when combined. COPP charges 0.65%/yr vs 0.51%/yr for PSLV.

Performance

COPP vs. PSLV - Performance Comparison

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

Returns By Period

In the year-to-date period, COPP achieves a 11.86% return, which is significantly higher than PSLV's -17.80% return.

COPP

• 1D: -6.21%
• 1M: -1.59%
• YTD: 11.86%
• 6M: 10.91%
• 1Y: 83.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PSLV

• 1D: -5.68%
• 1M: -19.80%
• YTD: -17.80%
• 6M: -18.11%
• 1Y: 58.69%
• 3Y*: 36.40%
• 5Y*: 16.01%
• 10Y*: 11.08%

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

COPP vs. PSLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
COPP Sprott Copper Miners ETF	11.86%	74.02%	4.25%
PSLV Sprott Physical Silver Trust	-17.80%	145.08%	22.46%

Correlation

The correlation between COPP and PSLV is 0.66, 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	0.66
Correlation (All Time) Calculated using the full available price history since Mar 6, 2024	0.62

The correlation between COPP and PSLV has been stable across timeframes, ranging from 0.62 to 0.66 - a consistent structural relationship.

Return for Risk

COPP vs. PSLV — Risk / Return Rank

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

COPP

COPP Risk / Return Rank: 54
COPP Sharpe Ratio Rank: 57
COPP Sortino Ratio Rank: 48
COPP Omega Ratio Rank: 49
COPP Calmar Ratio Rank: 61
COPP Martin Ratio Rank: 57

PSLV

PSLV Risk / Return Rank: 28
PSLV Sharpe Ratio Rank: 28
PSLV Sortino Ratio Rank: 26
PSLV Omega Ratio Rank: 34
PSLV Calmar Ratio Rank: 26
PSLV Martin Ratio Rank: 23

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.

COPP vs. PSLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Copper Miners ETF (COPP) and Sprott Physical Silver Trust (PSLV). 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.

	COPP	PSLV	Difference
Sharpe ratio: Return per unit of total volatility	1.85	0.98	+0.87
Sortino ratio: Return per unit of downside risk	2.30	1.41	+0.89
Omega ratio: Gain probability vs. loss probability	1.30	1.22	+0.08
Calmar ratio: Return relative to maximum drawdown	2.90	1.27	+1.64
Martin ratio: Return relative to average drawdown	9.67	2.87	+6.80

COPP vs. PSLV - Sharpe Ratio Comparison

The current COPP Sharpe Ratio is 1.85, which is higher than the PSLV Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of COPP and PSLV, 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

COPP vs. PSLV - Drawdown Comparison

The maximum COPP drawdown since its inception was -44.37%, smaller than the maximum PSLV drawdown of -79.38%. Use the drawdown chart below to compare losses from any high point for COPP and PSLV.

Drawdown Indicators

	COPP	PSLV	Difference
Max Drawdown Largest peak-to-trough decline	-44.37%	-79.38%	+35.01%
Max Drawdown (1Y) Largest decline over 1 year	-28.91%	-46.53%	+17.62%
Max Drawdown (3Y) Largest decline over 3 years	—	-46.53%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-46.53%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.53%	—
Current Drawdown Current decline from peak	-14.79%	-46.53%	+31.74%
Average Drawdown Average peak-to-trough decline	-13.90%	-58.08%	+44.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.66%	20.53%	-11.87%

Volatility

COPP vs. PSLV - Volatility Comparison

Sprott Copper Miners ETF (COPP) has a higher volatility of 18.53% compared to Sprott Physical Silver Trust (PSLV) at 14.94%. This indicates that COPP's price experiences larger fluctuations and is considered to be riskier than PSLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COPP	PSLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.53%	14.94%	+3.59%
Volatility (6M) Calculated over the trailing 6-month period	39.30%	58.49%	-19.19%
Volatility (1Y) Calculated over the trailing 1-year period	45.29%	60.09%	-14.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.61%	36.15%	+5.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.61%	31.42%	+10.19%

COPP vs. PSLV - Expense Ratio Comparison

COPP has a 0.65% expense ratio, which is higher than PSLV's 0.51% expense ratio.

Dividends

COPP vs. PSLV - Dividend Comparison

COPP's dividend yield for the trailing twelve months is around 2.12%, while PSLV has not paid dividends to shareholders.

Position	TTM	2025	2024
COPP Sprott Copper Miners ETF	2.12%	2.37%	2.59%
PSLV Sprott Physical Silver Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both COPP and PSLV in my portfolio?

COPP and PSLV have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, COPP or PSLV?

COPP has higher volatility (18.53%) compared to PSLV (14.94%). In terms of maximum drawdown, COPP dropped -44.37% vs PSLV's -79.38%.

Which ETF is better, COPP or PSLV?

On 1-year performance, COPP leads with 83.48% vs 58.69% for PSLV. On fees, PSLV is cheaper at 0.51% per year. On volatility, PSLV has been the lower-risk option at 14.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COPP or PSLV?

Over the 1-year period, COPP has performed better with a 83.48% return vs 58.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COPP or PSLV?

PSLV is cheaper with a 0.51% expense ratio, compared with 0.65% for COPP.

Which ETF pays a higher dividend yield, COPP or PSLV?

COPP has the higher dividend yield at 2.12%, compared with 0.00% for PSLV.

What is the main difference between COPP and PSLV?

COPP is categorized as Copper, while PSLV is Silver. COPP tracks Nasdaq Sprott Copper Miners Index, while PSLV tracks No Index (Physical Silver). Their fees differ too: 0.65% for COPP and 0.51% for PSLV.

Which has better risk-adjusted returns?

COPP currently has the higher Sharpe Ratio (1.85 vs 0.98), 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.