CPA vs. PSLV

Last updated Jun 4, 2026

CPA (Copa Holdings, S.A.) is a stock, while PSLV (Sprott Physical Silver Trust) is Silver fund tracking the No Index (Physical Silver). Over the past 10 years, CPA returned 13.32%/yr vs 13.97%/yr for PSLV. At a 0.13 correlation, their price movements are largely independent.

Performance

CPA vs. PSLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Copa Holdings, S.A. (CPA) 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, CPA achieves a 15.33% return, which is significantly higher than PSLV's -1.78% return. Both investments have delivered pretty close results over the past 10 years, with CPA having a 13.32% annualized return and PSLV not far ahead at 13.97%.

CPA

• 1D: -0.72%
• 1M: 23.88%
• YTD: 15.33%
• 6M: 15.37%
• 1Y: 31.49%
• 3Y*: 14.36%
• 5Y*: 16.57%
• 10Y*: 13.32%

PSLV

• 1D: -2.76%
• 1M: -1.61%
• YTD: -1.78%
• 6M: 18.46%
• 1Y: 100.09%
• 3Y*: 41.73%
• 5Y*: 18.43%
• 10Y*: 13.97%

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

CPA vs. PSLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CPA Copa Holdings, S.A.	15.33%	45.60%	-11.54%	32.38%	0.62%	7.03%	-27.90%	41.09%	-39.17%	50.74%
PSLV Sprott Physical Silver Trust	-1.78%	145.08%	19.43%	-1.94%	2.74%	-14.13%	42.81%	16.99%	-11.83%	4.28%

Correlation

The correlation between CPA and PSLV is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Nov 1, 2010	0.13

Fundamentals

Market Cap CPA : $5.59B PSLV : $14.73B
EPS CPA : $17.16 PSLV : $13.57
PE Ratio CPA : 7.92 PSLV : 1.71
PEG Ratio CPA : 0.04 PSLV : 0.00
PS Ratio CPA : 1.48 PSLV : 218.98
PB Ratio CPA : 1.95 PSLV : 0.90
Total Revenue (TTM) CPA : $3.77B PSLV : $64.19M
Gross Profit (TTM) CPA : $1.23B PSLV : $404.67M
EBITDA (TTM) CPA : $1.20B PSLV : $8.21B

Return for Risk

CPA vs. PSLV — Risk / Return Rank

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

CPA

CPA Risk / Return Rank: 64
CPA Sharpe Ratio Rank: 66
CPA Sortino Ratio Rank: 63
CPA Omega Ratio Rank: 63
CPA Calmar Ratio Rank: 62
CPA Martin Ratio Rank: 65

PSLV

PSLV Risk / Return Rank: 79
PSLV Sharpe Ratio Rank: 84
PSLV Sortino Ratio Rank: 74
PSLV Omega Ratio Rank: 81
PSLV Calmar Ratio Rank: 78
PSLV Martin Ratio Rank: 76

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.

CPA vs. PSLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Copa Holdings, S.A. (CPA) 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.

	CPA	PSLV	Difference
Sharpe ratio: Return per unit of total volatility	0.80	1.72	-0.92
Sortino ratio: Return per unit of downside risk	1.43	1.96	-0.53
Omega ratio: Gain probability vs. loss probability	1.18	1.32	-0.14
Calmar ratio: Return relative to maximum drawdown	1.08	2.48	-1.39
Martin ratio: Return relative to average drawdown	2.84	5.50	-2.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPA vs. PSLV - Sharpe Ratio Comparison

The current CPA Sharpe Ratio is 0.80, which is lower than the PSLV Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of CPA 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.

Sharpe Ratios by Period

	CPA	PSLV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.80	1.72	-0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.52	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.45	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.17	+0.09

Drawdowns

CPA vs. PSLV - Drawdown Comparison

The maximum CPA drawdown since its inception was -78.99%, roughly equal to the maximum PSLV drawdown of -79.38%. Use the drawdown chart below to compare losses from any high point for CPA and PSLV.

Drawdown Indicators

	CPA	PSLV	Difference
Max Drawdown Largest peak-to-trough decline	-78.99%	-79.38%	+0.39%
Max Drawdown (1Y) Largest decline over 1 year	-29.22%	-40.65%	+11.43%
Max Drawdown (3Y) Largest decline over 3 years	-33.47%	-40.65%	+7.18%
Max Drawdown (5Y) Largest decline over 5 years	-42.52%	-40.65%	-1.87%
Max Drawdown (10Y) Largest decline over 10 years	-78.94%	-42.79%	-36.15%
Current Drawdown Current decline from peak	-9.73%	-36.11%	+26.38%
Average Drawdown Average peak-to-trough decline	-27.80%	-58.15%	+30.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.13%	18.25%	-7.12%

Volatility

CPA vs. PSLV - Volatility Comparison

Copa Holdings, S.A. (CPA) has a higher volatility of 21.24% compared to Sprott Physical Silver Trust (PSLV) at 16.57%. This indicates that CPA'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

	CPA	PSLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.24%	16.57%	+4.67%
Volatility (6M) Calculated over the trailing 6-month period	33.66%	57.35%	-23.69%
Volatility (1Y) Calculated over the trailing 1-year period	39.73%	58.49%	-18.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.06%	35.64%	+0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.82%	31.14%	+13.68%

Dividends

CPA vs. PSLV - Dividend Comparison

CPA's dividend yield for the trailing twelve months is around 4.89%, while PSLV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPA Copa Holdings, S.A.	4.89%	5.34%	7.33%	3.09%	0.00%	0.00%	1.04%	2.41%	4.42%	1.88%	2.25%	6.96%
PSLV Sprott Physical 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 CPA and PSLV in my portfolio?

CPA and PSLV have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPA or PSLV?

CPA has higher volatility (21.24%) compared to PSLV (16.57%). In terms of maximum drawdown, CPA dropped -78.99% vs PSLV's -79.38%.

Which has better risk-adjusted returns?

PSLV currently has the higher Sharpe Ratio (1.72 vs 0.80), 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.