GBUG vs. PAAS

Last updated Jun 5, 2026

GBUG (Sprott Active Gold & Silver Miners ETF) is Gold fund actively managed by Sprott, while PAAS (Pan American Silver Corp.) is a stock. Over the past year, GBUG returned 63.04% vs 102.22% for PAAS. Their correlation of 0.88 suggests significant overlap in exposure.

Performance

GBUG vs. PAAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Active Gold & Silver Miners ETF (GBUG) and Pan American Silver Corp. (PAAS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GBUG achieves a -1.44% return, which is significantly lower than PAAS's 3.00% return.

GBUG

• 1D: 1.17%
• 1M: 0.96%
• YTD: -1.44%
• 6M: 7.57%
• 1Y: 63.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAAS

• 1D: 0.87%
• 1M: 5.35%
• YTD: 3.00%
• 6M: 20.73%
• 1Y: 102.22%
• 3Y*: 53.57%
• 5Y*: 12.68%
• 10Y*: 14.77%

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

GBUG vs. PAAS - Yearly Performance Comparison

	2026 (YTD)	2025
GBUG Sprott Active Gold & Silver Miners ETF	-1.44%	119.00%
PAAS Pan American Silver Corp.	3.00%	106.48%

Correlation

The correlation between GBUG and PAAS is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.88

The correlation between GBUG and PAAS has been stable across timeframes, ranging from 0.88 to 0.88 - a consistent structural relationship.

Return for Risk

GBUG vs. PAAS — Risk / Return Rank

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

GBUG

GBUG Risk / Return Rank: 37
GBUG Sharpe Ratio Rank: 38
GBUG Sortino Ratio Rank: 33
GBUG Omega Ratio Rank: 38
GBUG Calmar Ratio Rank: 41
GBUG Martin Ratio Rank: 34

PAAS

PAAS Risk / Return Rank: 83
PAAS Sharpe Ratio Rank: 87
PAAS Sortino Ratio Rank: 80
PAAS Omega Ratio Rank: 81
PAAS Calmar Ratio Rank: 84
PAAS Martin Ratio Rank: 85

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.

GBUG vs. PAAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Active Gold & Silver Miners ETF (GBUG) and Pan American Silver Corp. (PAAS). 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.

	GBUG	PAAS	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.90	-0.57
Sortino ratio: Return per unit of downside risk	1.74	2.34	-0.60
Omega ratio: Gain probability vs. loss probability	1.24	1.31	-0.07
Calmar ratio: Return relative to maximum drawdown	1.97	3.22	-1.25
Martin ratio: Return relative to average drawdown	5.05	8.81	-3.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBUG vs. PAAS - Sharpe Ratio Comparison

The current GBUG Sharpe Ratio is 1.33, which is comparable to the PAAS Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of GBUG and PAAS, 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

	GBUG	PAAS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	1.90	-0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.27	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.30	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.74	0.17	+1.57

Drawdowns

GBUG vs. PAAS - Drawdown Comparison

The maximum GBUG drawdown since its inception was -32.10%, smaller than the maximum PAAS drawdown of -85.10%. Use the drawdown chart below to compare losses from any high point for GBUG and PAAS.

Drawdown Indicators

	GBUG	PAAS	Difference
Max Drawdown Largest peak-to-trough decline	-32.10%	-85.10%	+53.00%
Max Drawdown (1Y) Largest decline over 1 year	-32.10%	-31.90%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	—	-31.90%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-60.02%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-66.74%	—
Current Drawdown Current decline from peak	-25.98%	-22.32%	-3.66%
Average Drawdown Average peak-to-trough decline	-7.68%	-41.65%	+33.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.52%	11.64%	+0.88%

Volatility

GBUG vs. PAAS - Volatility Comparison

The current volatility for Sprott Active Gold & Silver Miners ETF (GBUG) is 15.44%, while Pan American Silver Corp. (PAAS) has a volatility of 19.47%. This indicates that GBUG experiences smaller price fluctuations and is considered to be less risky than PAAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBUG	PAAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.44%	19.47%	-4.03%
Volatility (6M) Calculated over the trailing 6-month period	39.41%	43.85%	-4.44%
Volatility (1Y) Calculated over the trailing 1-year period	47.62%	54.19%	-6.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.31%	47.69%	-0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.31%	49.47%	-2.16%

Dividends

GBUG vs. PAAS - Dividend Comparison

GBUG's dividend yield for the trailing twelve months is around 1.58%, more than PAAS's 1.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GBUG Sprott Active Gold & Silver Miners ETF	1.58%	1.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PAAS Pan American Silver Corp.	1.17%	0.89%	1.98%	2.45%	2.75%	1.36%	0.64%	0.59%	0.96%	0.64%	0.33%	4.23%

Frequently Asked Questions

Can I hold both GBUG and PAAS in my portfolio?

GBUG and PAAS have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GBUG or PAAS?

PAAS has higher volatility (19.47%) compared to GBUG (15.44%). In terms of maximum drawdown, GBUG dropped -32.10% vs PAAS's -85.10%.

Which has better risk-adjusted returns?

PAAS currently has the higher Sharpe Ratio (1.90 vs 1.33), 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.