GPZ vs. CEF
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 Gold fund actively managed by Sprott. GPZ is passively managed, while CEF is actively managed. Over the past year, GPZ returned -18.94% vs 27.95% for CEF. At a 0.16 correlation, their price movements are largely independent. GPZ charges 0.40%/yr vs 0.48%/yr for CEF.
Performance
GPZ vs. CEF - Performance Comparison
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Returns By Period
In the year-to-date period, GPZ achieves a -18.31% return, which is significantly lower than CEF's -13.23% return.
GPZ
- 1D
- -0.85%
- 1M
- -3.14%
- 6M
- -21.68%
- YTD
- -18.31%
- 1Y
- -18.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CEF
- 1D
- -3.26%
- 1M
- -8.75%
- 6M
- -21.20%
- YTD
- -13.23%
- 1Y
- 27.95%
- 3Y*
- 28.70%
- 5Y*
- 15.73%
- 10Y*
- 10.74%
GPZ vs. CEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GPZ VanEck Alternative Asset Manager ETF | -18.31% | 9.24% |
CEF Sprott Physical Gold and Silver Trust | -13.23% | 52.72% |
Correlation
The correlation between GPZ and CEF is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025 | 0.16 |
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Return for Risk
GPZ vs. CEF — Risk / Return Rank
GPZ
CEF
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.
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.
| GPZ | CEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.39 | ||
| Sortino ratioReturn per unit of downside risk | -1.90 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.16 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 0.84 | -1.43 |
| Martin ratioReturn relative to average drawdown | -1.12 | 2.00 | -3.12 |
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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.
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Drawdown Indicators
| GPZ | CEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.72% | -62.29% | +30.57% |
Max Drawdown (1Y)Largest decline over 1 year | -31.72% | -33.61% | +1.89% |
Max Drawdown (3Y)Largest decline over 3 years | — | -33.61% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.61% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.61% | — |
Current DrawdownCurrent decline from peak | -24.95% | -32.88% | +7.93% |
Average DrawdownAverage peak-to-trough decline | -12.94% | -27.34% | +14.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.90% | 14.03% | +2.87% |
Volatility
GPZ vs. CEF - Volatility Comparison
The current volatility for VanEck Alternative Asset Manager ETF (GPZ) is 7.44%, while Sprott Physical Gold and Silver Trust (CEF) has a volatility of 10.82%. This indicates that GPZ experiences smaller price fluctuations and is considered to be less risky than CEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GPZ | CEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.44% | 10.82% | -3.38% |
Volatility (6M)Calculated over the trailing 6-month period | 22.29% | 35.82% | -13.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.79% | 39.86% | -12.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.46% | 24.84% | +2.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.46% | 22.07% | +5.39% |
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 1.01%, 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 | 1.01% | 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
GPZ and CEF have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEF has higher volatility (10.82%) compared to GPZ (7.44%). In terms of maximum drawdown, GPZ dropped -31.72% vs CEF's -62.29%.
CEF currently has the higher Sharpe Ratio (0.71 vs -0.69), 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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