GPZ vs. CEF

Last updated Jun 4, 2026

GPZ (VanEck Alternative Asset Manager ETF) and CEF (Sprott Physical Gold and Silver Trust) are both funds - GPZ is a Financials Equities fund tracking the MarketVector Alternative Asset Managers Index, while CEF is a Precious Metals fund actively managed by Sprott. GPZ is passively managed, while CEF is actively managed. At a 0.08 correlation, their price movements are largely independent. GPZ charges 0.40%/yr vs 0.48%/yr for CEF.

Performance

GPZ vs. CEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Alternative Asset Manager ETF (GPZ) and Sprott Physical Gold and Silver Trust (CEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GPZ achieves a -19.37% return, which is significantly lower than CEF's 1.16% return.

GPZ

• 1D: -4.70%
• 1M: -6.69%
• YTD: -19.37%
• 6M: -16.71%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CEF

• 1D: -1.74%
• 1M: -0.92%
• YTD: 1.16%
• 6M: 10.23%
• 1Y: 54.90%
• 3Y*: 35.48%
• 5Y*: 18.30%
• 10Y*: 13.80%

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

GPZ vs. CEF - Yearly Performance Comparison

	2026 (YTD)	2025
GPZ VanEck Alternative Asset Manager ETF	-19.37%	9.43%
CEF Sprott Physical Gold and Silver Trust	1.16%	51.71%

Correlation

The correlation between GPZ and CEF is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 6, 2025	0.08

Return for Risk

GPZ vs. CEF — Risk / Return Rank

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

CEF

CEF Risk / Return Rank: 25
CEF Sharpe Ratio Rank: 26
CEF Sortino Ratio Rank: 18
CEF Omega Ratio Rank: 29
CEF Calmar Ratio Rank: 30
CEF Martin Ratio Rank: 20

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.

GPZ vs. CEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Alternative Asset Manager ETF (GPZ) and Sprott Physical Gold and Silver Trust (CEF). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	GPZ	CEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.46	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.76	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.44	0.22	-0.66

Drawdowns

GPZ vs. CEF - Drawdown Comparison

The maximum GPZ drawdown since its inception was -31.72%, smaller than the maximum CEF drawdown of -62.29%. Use the drawdown chart below to compare losses from any high point for GPZ and CEF.

Drawdown Indicators

	GPZ	CEF	Difference
Max Drawdown Largest peak-to-trough decline	-31.72%	-62.29%	+30.57%
Max Drawdown (1Y) Largest decline over 1 year	—	-26.77%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-26.77%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.77%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-29.10%	—
Current Drawdown Current decline from peak	-25.93%	-21.75%	-4.18%
Average Drawdown Average peak-to-trough decline	-11.74%	-27.34%	+15.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	10.47%	—

Volatility

Volatility by Period

	GPZ	CEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.09%	—
Volatility (6M) Calculated over the trailing 6-month period	—	35.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	27.33%	37.84%	-10.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.33%	24.26%	+3.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.33%	21.82%	+5.51%

GPZ vs. CEF - Expense Ratio Comparison

GPZ has a 0.40% expense ratio, which is lower than CEF's 0.48% expense ratio.

Dividends

GPZ vs. CEF - Dividend Comparison

GPZ's dividend yield for the trailing twelve months is around 1.03%, while CEF has not paid dividends to shareholders.

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%
GPZ VanEck Alternative Asset Manager ETF	1.03%	0.83%	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 GPZ and CEF in my portfolio?

GPZ and CEF have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.