MNS.TO vs. PSLV
MNS.TO (Royal Canadian Mint - Canadian Silver Reserves) and PSLV (Sprott Physical Silver Trust) are both Silver funds - MNS.TO tracks the N/A (Physical Bullion) while PSLV tracks the No Index (Physical Silver). Both are passively managed. Over the past 5 years, MNS.TO returned 19.99%/yr vs 19.32%/yr for PSLV. A 0.68 correlation means they provide meaningful diversification when combined. MNS.TO charges 0.45%/yr vs 0.51%/yr for PSLV.
Performance
MNS.TO vs. PSLV - Performance Comparison
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Different Trading Currencies
MNS.TO is traded in CAD, while PSLV is traded in USD. To make them comparable, the PSLV values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, MNS.TO achieves a -23.86% return, which is significantly lower than PSLV's -15.02% return.
MNS.TO
- 1D
- -5.73%
- 1M
- -20.12%
- YTD
- -23.86%
- 6M
- -23.85%
- 1Y
- 62.59%
- 3Y*
- 42.48%
- 5Y*
- 19.99%
- 10Y*
- —
PSLV
- 1D
- -5.78%
- 1M
- -17.58%
- YTD
- -15.02%
- 6M
- -15.67%
- 1Y
- 63.53%
- 3Y*
- 39.82%
- 5Y*
- 19.32%
- 10Y*
- 12.17%
MNS.TO vs. PSLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MNS.TO Royal Canadian Mint - Canadian Silver Reserves | -23.86% | 161.12% | 41.73% | -5.85% | 5.27% | -15.46% | 45.70% | 9.85% | -1.65% | -1.63% |
PSLV Sprott Physical Silver Trust | -15.02% | 133.89% | 29.54% | -4.27% | 9.25% | -14.18% | 39.42% | 12.17% | -4.42% | -2.78% |
Correlation
The correlation between MNS.TO and PSLV is 0.85, 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 | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2016 | 0.68 |
The correlation between MNS.TO and PSLV shifts across timeframes, from 0.68 (all time) to 0.85 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MNS.TO vs. PSLV — Risk / Return Rank
MNS.TO
PSLV
MNS.TO vs. PSLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Royal Canadian Mint - Canadian Silver Reserves (MNS.TO) 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.
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.
| MNS.TO | PSLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.23 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.45 | 1.44 | +0.01 |
| Martin ratioReturn relative to average drawdown | 3.25 | 3.18 | +0.06 |
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Drawdowns
MNS.TO vs. PSLV - Drawdown Comparison
The maximum MNS.TO drawdown since its inception was -43.46%, smaller than the maximum PSLV drawdown of -69.55%. Use the drawdown chart below to compare losses from any high point for MNS.TO and PSLV.
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Drawdown Indicators
| MNS.TO | PSLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.46% | -69.55% | +26.09% |
Max Drawdown (1Y)Largest decline over 1 year | -43.46% | -44.30% | +0.84% |
Max Drawdown (3Y)Largest decline over 3 years | -43.46% | -44.30% | +0.84% |
Max Drawdown (5Y)Largest decline over 5 years | -43.46% | -44.30% | +0.84% |
Max Drawdown (10Y)Largest decline over 10 years | — | -44.30% | — |
Current DrawdownCurrent decline from peak | -43.46% | -44.30% | +0.84% |
Average DrawdownAverage peak-to-trough decline | -17.73% | -47.88% | +30.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.34% | 20.03% | -0.69% |
Volatility
MNS.TO vs. PSLV - Volatility Comparison
The current volatility for Royal Canadian Mint - Canadian Silver Reserves (MNS.TO) is 12.07%, while Sprott Physical Silver Trust (PSLV) has a volatility of 15.00%. This indicates that MNS.TO 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
| MNS.TO | PSLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.07% | 15.00% | -2.93% |
Volatility (6M)Calculated over the trailing 6-month period | 52.64% | 58.28% | -5.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.40% | 59.74% | -4.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.39% | 36.44% | -2.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.15% | 31.94% | -0.79% |
MNS.TO vs. PSLV - Expense Ratio Comparison
MNS.TO has a 0.45% expense ratio, which is lower than PSLV's 0.51% expense ratio.
Dividends
MNS.TO vs. PSLV - Dividend Comparison
Neither MNS.TO nor PSLV has paid dividends to shareholders.
Frequently Asked Questions
MNS.TO and PSLV have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MNS.TO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MNS.TO is cheaper with a 0.45% expense ratio, compared with 0.51% for PSLV.
MNS.TO tracks N/A (Physical Bullion), while PSLV tracks No Index (Physical Silver). They also come from different issuers: Royal Canadian Mint and Sprott. Their fees differ too: 0.45% for MNS.TO and 0.51% for PSLV.
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