MNT.TO vs. PHYS

Last updated Jun 4, 2026

MNT.TO (Royal Canadian Mint - Canadian Gold Reserves) is fund fund, while PHYS (Sprott Physical Gold Trust) is a stock. Over the past 10 years, MNT.TO returned 13.75%/yr vs 13.21%/yr for PHYS. A 0.73 correlation means they provide meaningful diversification when combined.

Performance

MNT.TO vs. PHYS - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Royal Canadian Mint - Canadian Gold Reserves (MNT.TO) and Sprott Physical Gold Trust (PHYS). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

MNT.TO is traded in CAD, while PHYS is traded in USD. To make them comparable, the PHYS values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, MNT.TO achieves a -0.92% return, which is significantly lower than PHYS's 2.93% return. Both investments have delivered pretty close results over the past 10 years, with MNT.TO having a 13.75% annualized return and PHYS not far behind at 13.21%.

MNT.TO

• 1D: -0.59%
• 1M: -2.30%
• YTD: -0.92%
• 6M: 0.86%
• 1Y: 29.56%
• 3Y*: 32.67%
• 5Y*: 21.11%
• 10Y*: 13.75%

PHYS

• 1D: -0.68%
• 1M: 0.23%
• YTD: 2.93%
• 6M: 3.92%
• 1Y: 32.84%
• 3Y*: 31.50%
• 5Y*: 20.77%
• 10Y*: 13.21%

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

MNT.TO vs. PHYS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MNT.TO Royal Canadian Mint - Canadian Gold Reserves	-0.92%	61.23%	44.81%	3.61%	10.52%	-10.51%	26.14%	13.47%	5.87%	5.52%
PHYS Sprott Physical Gold Trust	2.93%	56.43%	37.29%	10.49%	5.19%	-5.70%	21.80%	12.33%	5.61%	5.60%

Correlation

The correlation between MNT.TO and PHYS is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Nov 30, 2011	0.73

The correlation between MNT.TO and PHYS has been stable across timeframes, ranging from 0.68 to 0.76 - a consistent structural relationship.

Return for Risk

MNT.TO vs. PHYS — Risk / Return Rank

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

MNT.TO

MNT.TO Risk / Return Rank: 26
MNT.TO Sharpe Ratio Rank: 27
MNT.TO Sortino Ratio Rank: 26
MNT.TO Omega Ratio Rank: 30
MNT.TO Calmar Ratio Rank: 25
MNT.TO Martin Ratio Rank: 24

PHYS

PHYS Risk / Return Rank: 70
PHYS Sharpe Ratio Rank: 74
PHYS Sortino Ratio Rank: 65
PHYS Omega Ratio Rank: 70
PHYS Calmar Ratio Rank: 70
PHYS Martin Ratio Rank: 71

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.

MNT.TO vs. PHYS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royal Canadian Mint - Canadian Gold Reserves (MNT.TO) and Sprott Physical Gold Trust (PHYS). 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.

	MNT.TO	PHYS	Difference
Sharpe ratio Return per unit of total volatility	0.99	1.26	-0.28
Sortino ratio Return per unit of downside risk	1.45	1.63	-0.19
Omega ratio Gain probability vs. loss probability	1.21	1.25	-0.05
Calmar ratio Return relative to maximum drawdown	1.19	1.82	-0.64
Martin ratio Return relative to average drawdown	3.13	4.49	-1.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MNT.TO vs. PHYS - Sharpe Ratio Comparison

The current MNT.TO Sharpe Ratio is 0.99, which is comparable to the PHYS Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of MNT.TO and PHYS, 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

	MNT.TO	PHYS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.99	1.26	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	1.22	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.84	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.55	-0.12

Drawdowns

MNT.TO vs. PHYS - Drawdown Comparison

The maximum MNT.TO drawdown since its inception was -34.79%, smaller than the maximum PHYS drawdown of -36.76%. Use the drawdown chart below to compare losses from any high point for MNT.TO and PHYS.

Drawdown Indicators

	MNT.TO	PHYS	Difference
Max Drawdown Largest peak-to-trough decline	-34.79%	-36.76%	+1.97%
Max Drawdown (1Y) Largest decline over 1 year	-25.01%	-18.09%	-6.92%
Max Drawdown (3Y) Largest decline over 3 years	-25.01%	-18.09%	-6.92%
Max Drawdown (5Y) Largest decline over 5 years	-25.01%	-18.09%	-6.92%
Max Drawdown (10Y) Largest decline over 10 years	-33.58%	-23.34%	-10.24%
Current Drawdown Current decline from peak	-21.04%	-16.20%	-4.84%
Average Drawdown Average peak-to-trough decline	-15.67%	-13.90%	-1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.46%	7.33%	+2.13%

Volatility

MNT.TO vs. PHYS - Volatility Comparison

The current volatility for Royal Canadian Mint - Canadian Gold Reserves (MNT.TO) is 5.13%, while Sprott Physical Gold Trust (PHYS) has a volatility of 5.51%. This indicates that MNT.TO experiences smaller price fluctuations and is considered to be less risky than PHYS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNT.TO	PHYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.13%	5.51%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	25.08%	22.48%	+2.60%
Volatility (1Y) Calculated over the trailing 1-year period	30.12%	26.17%	+3.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.29%	17.08%	+3.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.57%	15.69%	+3.88%

Dividends

MNT.TO vs. PHYS - Dividend Comparison

Neither MNT.TO nor PHYS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MNT.TO and PHYS in my portfolio?

MNT.TO and PHYS have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.