MNS.TO vs. SIVR

Last updated Jul 1, 2026

MNS.TO (Royal Canadian Mint - Canadian Silver Reserves) and SIVR (abrdn Physical Silver Shares ETF) are both Silver funds - MNS.TO tracks the N/A (Physical Bullion) while SIVR tracks the LBMA Silver Price ($/ozt). Both are passively managed. Over the past 5 years, MNS.TO returned 20.15%/yr vs 20.76%/yr for SIVR. A 0.69 correlation means they provide meaningful diversification when combined. MNS.TO charges 0.45%/yr vs 0.30%/yr for SIVR.

Performance

MNS.TO vs. SIVR - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Royal Canadian Mint - Canadian Silver Reserves (MNS.TO) and abrdn Physical Silver Shares ETF (SIVR). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

MNS.TO is traded in CAD, while SIVR is traded in USD. To make them comparable, the SIVR 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 -22.97% return, which is significantly lower than SIVR's -13.76% return.

MNS.TO

• 1D: 2.91%
• 1M: -18.46%
• YTD: -22.97%
• 6M: -26.52%
• 1Y: 65.22%
• 3Y*: 42.28%
• 5Y*: 20.15%
• 10Y*: —

SIVR

• 1D: 1.73%
• 1M: -19.27%
• YTD: -13.76%
• 6M: -19.39%
• 1Y: 69.68%
• 3Y*: 40.26%
• 5Y*: 20.76%
• 10Y*: 12.32%

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

MNS.TO vs. SIVR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MNS.TO Royal Canadian Mint - Canadian Silver Reserves	-22.97%	161.12%	41.73%	-5.85%	5.27%	-15.46%	45.70%	9.85%	-1.65%	-1.63%
SIVR abrdn Physical Silver Shares ETF	-13.76%	134.14%	31.33%	-3.27%	9.09%	-12.37%	44.02%	10.42%	-1.31%	-1.21%

Correlation

The correlation between MNS.TO and SIVR is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since Sep 27, 2016	0.69

The correlation between MNS.TO and SIVR shifts across timeframes, from 0.69 (all time) to 0.84 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MNS.TO vs. SIVR — Risk / Return Rank

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

MNS.TO

MNS.TO Risk / Return Rank: 33
MNS.TO Sharpe Ratio Rank: 36
MNS.TO Sortino Ratio Rank: 31
MNS.TO Omega Ratio Rank: 42
MNS.TO Calmar Ratio Rank: 31
MNS.TO Martin Ratio Rank: 26

SIVR

SIVR Risk / Return Rank: 30
SIVR Sharpe Ratio Rank: 32
SIVR Sortino Ratio Rank: 29
SIVR Omega Ratio Rank: 40
SIVR Calmar Ratio Rank: 27
SIVR Martin Ratio Rank: 23

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.

MNS.TO vs. SIVR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royal Canadian Mint - Canadian Silver Reserves (MNS.TO) and abrdn Physical Silver Shares ETF (SIVR). 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	SIVR	Difference
Sharpe ratio: Return per unit of total volatility	1.17	1.16	+0.01
Sortino ratio: Return per unit of downside risk	1.53	1.55	-0.02
Omega ratio: Gain probability vs. loss probability	1.24	1.25	-0.01
Calmar ratio: Return relative to maximum drawdown	1.39	1.44	-0.05
Martin ratio: Return relative to average drawdown	3.21	3.12	+0.10

MNS.TO vs. SIVR - Sharpe Ratio Comparison

The current MNS.TO Sharpe Ratio is 1.17, which is comparable to the SIVR Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of MNS.TO and SIVR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MNS.TO vs. SIVR - Drawdown Comparison

The maximum MNS.TO drawdown since its inception was -47.17%, smaller than the maximum SIVR drawdown of -63.83%. Use the drawdown chart below to compare losses from any high point for MNS.TO and SIVR.

Drawdown Indicators

	MNS.TO	SIVR	Difference
Max Drawdown Largest peak-to-trough decline	-47.17%	-63.83%	+16.66%
Max Drawdown (1Y) Largest decline over 1 year	-47.17%	-48.68%	+1.51%
Max Drawdown (3Y) Largest decline over 3 years	-47.17%	-48.68%	+1.51%
Max Drawdown (5Y) Largest decline over 5 years	-47.17%	-48.68%	+1.51%
Max Drawdown (10Y) Largest decline over 10 years	—	-48.68%	—
Current Drawdown Current decline from peak	-42.80%	-46.99%	+4.19%
Average Drawdown Average peak-to-trough decline	-17.78%	-36.63%	+18.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.35%	22.43%	-2.08%

Volatility

MNS.TO vs. SIVR - Volatility Comparison

The current volatility for Royal Canadian Mint - Canadian Silver Reserves (MNS.TO) is 14.74%, while abrdn Physical Silver Shares ETF (SIVR) has a volatility of 15.62%. This indicates that MNS.TO experiences smaller price fluctuations and is considered to be less risky than SIVR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNS.TO	SIVR	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.74%	15.62%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	52.69%	58.73%	-6.04%
Volatility (1Y) Calculated over the trailing 1-year period	55.97%	60.35%	-4.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.55%	37.13%	-2.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.23%	32.73%	-1.50%

MNS.TO vs. SIVR - Expense Ratio Comparison

MNS.TO has a 0.45% expense ratio, which is higher than SIVR's 0.30% expense ratio.

Dividends

MNS.TO vs. SIVR - Dividend Comparison

Neither MNS.TO nor SIVR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MNS.TO and SIVR in my portfolio?

MNS.TO and SIVR have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MNS.TO or SIVR?

On fees, SIVR is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MNS.TO or SIVR?

SIVR is cheaper with a 0.30% expense ratio, compared with 0.45% for MNS.TO.

What is the main difference between MNS.TO and SIVR?

MNS.TO tracks N/A (Physical Bullion), while SIVR tracks LBMA Silver Price ($/ozt). They also come from different issuers: Royal Canadian Mint and abrdn. Their fees differ too: 0.45% for MNS.TO and 0.30% for SIVR.