DBP vs. PSLV
DBP (Invesco DB Precious Metals Fund) and PSLV (Sprott Physical Silver Trust) are both exchange-traded funds - DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return, while PSLV is a Silver fund tracking the No Index (Physical Silver). Both are passively managed. Over the past 10 years, DBP returned 12.38%/yr vs 14.02%/yr for PSLV. Their correlation of 0.86 suggests significant overlap in exposure. DBP charges 0.78%/yr vs 0.51%/yr for PSLV.
Performance
DBP vs. PSLV - Performance Comparison
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Returns By Period
In the year-to-date period, DBP achieves a 2.99% return, which is significantly higher than PSLV's -0.89% return. Over the past 10 years, DBP has underperformed PSLV with an annualized return of 12.38%, while PSLV has yielded a comparatively higher 14.02% annualized return.
DBP
- 1D
- 0.84%
- 1M
- -1.26%
- YTD
- 2.99%
- 6M
- 10.06%
- 1Y
- 43.27%
- 3Y*
- 32.69%
- 5Y*
- 17.62%
- 10Y*
- 12.38%
PSLV
- 1D
- 0.90%
- 1M
- -0.64%
- YTD
- -0.89%
- 6M
- 23.11%
- 1Y
- 102.24%
- 3Y*
- 42.33%
- 5Y*
- 18.65%
- 10Y*
- 14.02%
DBP vs. PSLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | 2.99% | 73.43% | 26.71% | 8.68% | -1.51% | -7.10% | 26.79% | 15.89% | -4.31% | 10.58% |
PSLV Sprott Physical Silver Trust | -0.89% | 145.08% | 19.43% | -1.94% | 2.74% | -14.13% | 42.81% | 16.99% | -11.83% | 4.28% |
Correlation
The correlation between DBP and PSLV is 0.87, 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 | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Nov 1, 2010 | 0.86 |
The correlation between DBP and PSLV has been stable across timeframes, ranging from 0.86 to 0.87 - a consistent structural relationship.
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Return for Risk
DBP vs. PSLV — Risk / Return Rank
DBP
PSLV
DBP vs. PSLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) 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.
| DBP | PSLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.33 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | 2.53 | -0.82 |
| Martin ratioReturn relative to average drawdown | 4.03 | 5.58 | -1.55 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DBP | PSLV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.34 | 1.76 | -0.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.85 | 0.53 | +0.32 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.66 | 0.45 | +0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.17 | +0.26 |
Drawdowns
DBP vs. PSLV - Drawdown Comparison
The maximum DBP drawdown since its inception was -53.89%, smaller than the maximum PSLV drawdown of -79.38%. Use the drawdown chart below to compare losses from any high point for DBP and PSLV.
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Drawdown Indicators
| DBP | PSLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.89% | -79.38% | +25.49% |
Max Drawdown (1Y)Largest decline over 1 year | -25.48% | -40.65% | +15.17% |
Max Drawdown (3Y)Largest decline over 3 years | -25.48% | -40.65% | +15.17% |
Max Drawdown (5Y)Largest decline over 5 years | -25.48% | -40.65% | +15.17% |
Max Drawdown (10Y)Largest decline over 10 years | -28.36% | -42.79% | +14.43% |
Current DrawdownCurrent decline from peak | -22.39% | -35.53% | +13.14% |
Average DrawdownAverage peak-to-trough decline | -25.42% | -58.15% | +32.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.76% | 18.38% | -7.62% |
Volatility
DBP vs. PSLV - Volatility Comparison
The current volatility for Invesco DB Precious Metals Fund (DBP) is 7.60%, while Sprott Physical Silver Trust (PSLV) has a volatility of 16.60%. This indicates that DBP experiences smaller price fluctuations and is considered to be less risky than PSLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBP | PSLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.60% | 16.60% | -9.00% |
Volatility (6M)Calculated over the trailing 6-month period | 29.88% | 57.34% | -27.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.56% | 58.49% | -25.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.91% | 35.64% | -14.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.72% | 31.14% | -12.42% |
DBP vs. PSLV - Expense Ratio Comparison
DBP has a 0.78% expense ratio, which is higher than PSLV's 0.51% expense ratio.
Dividends
DBP vs. PSLV - Dividend Comparison
DBP's dividend yield for the trailing twelve months is around 2.36%, while PSLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | 2.36% | 2.44% | 4.21% | 4.47% | 0.45% | 0.00% | 0.00% | 1.26% | 1.24% | 0.12% |
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% |
Frequently Asked Questions
DBP and PSLV have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSLV has higher volatility (16.60%) compared to DBP (7.60%). In terms of maximum drawdown, DBP dropped -53.89% vs PSLV's -79.38%.
On 10-year performance, PSLV leads with 14.02% vs 12.38% for DBP. On fees, PSLV is cheaper at 0.51% per year. On volatility, DBP has been the lower-risk option at 7.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PSLV has performed better with a 14.02% return vs 12.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSLV is cheaper with a 0.51% expense ratio, compared with 0.78% for DBP.
DBP has the higher dividend yield at 2.36%, compared with 0.00% for PSLV.
DBP is categorized as Precious Metals, while PSLV is Silver. DBP tracks DBIQ Optimum Yield Precious Metals Index Excess Return, while PSLV tracks No Index (Physical Silver). They also come from different issuers: Invesco and Sprott. Their fees differ too: 0.78% for DBP and 0.51% for PSLV.
PSLV currently has the higher Sharpe Ratio (1.76 vs 1.34), 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.
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