MUX vs. PSLV

Last updated Jun 4, 2026

MUX (McEwen Mining Inc.) is a stock, while PSLV (Sprott Physical Silver Trust) is Silver fund tracking the No Index (Physical Silver). Over the past 10 years, MUX returned -1.40%/yr vs 13.97%/yr for PSLV. A 0.57 correlation means they provide meaningful diversification when combined.

Performance

MUX vs. PSLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in McEwen Mining Inc. (MUX) and Sprott Physical Silver Trust (PSLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MUX achieves a 12.64% return, which is significantly higher than PSLV's -1.78% return. Over the past 10 years, MUX has underperformed PSLV with an annualized return of -1.40%, while PSLV has yielded a comparatively higher 13.97% annualized return.

MUX

• 1D: -6.54%
• 1M: 2.21%
• YTD: 12.64%
• 6M: 10.96%
• 1Y: 131.92%
• 3Y*: 37.16%
• 5Y*: 7.68%
• 10Y*: -1.40%

PSLV

• 1D: -2.76%
• 1M: -1.61%
• YTD: -1.78%
• 6M: 18.46%
• 1Y: 100.09%
• 3Y*: 41.73%
• 5Y*: 18.43%
• 10Y*: 13.97%

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

MUX vs. PSLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MUX McEwen Mining Inc.	12.64%	137.92%	7.91%	23.04%	-33.90%	-10.00%	-22.44%	-30.01%	-19.78%	-21.37%
PSLV Sprott Physical Silver Trust	-1.78%	145.08%	19.43%	-1.94%	2.74%	-14.13%	42.81%	16.99%	-11.83%	4.28%

Correlation

The correlation between MUX and PSLV is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Nov 1, 2010	0.57

The correlation between MUX and PSLV shifts across timeframes, from 0.57 (all time) to 0.68 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap MUX : $1.51B PSLV : $14.73B
EPS MUX : $1.26 PSLV : $13.57
PE Ratio MUX : 16.60 PSLV : 1.71
PEG Ratio MUX : 0.48 PSLV : 0.00
PS Ratio MUX : 7.58 PSLV : 218.98
PB Ratio MUX : 2.32 PSLV : 0.90
Total Revenue (TTM) MUX : $161.86M PSLV : $64.19M
Gross Profit (TTM) MUX : $53.23M PSLV : $404.67M
EBITDA (TTM) MUX : $52.58M PSLV : $8.21B

Return for Risk

MUX vs. PSLV — Risk / Return Rank

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

MUX

MUX Risk / Return Rank: 84
MUX Sharpe Ratio Rank: 87
MUX Sortino Ratio Rank: 82
MUX Omega Ratio Rank: 80
MUX Calmar Ratio Rank: 86
MUX Martin Ratio Rank: 84

PSLV

PSLV Risk / Return Rank: 79
PSLV Sharpe Ratio Rank: 84
PSLV Sortino Ratio Rank: 74
PSLV Omega Ratio Rank: 81
PSLV Calmar Ratio Rank: 78
PSLV Martin Ratio Rank: 76

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.

MUX vs. PSLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for McEwen Mining Inc. (MUX) 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.

	MUX	PSLV	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.72	+0.28
Sortino ratio: Return per unit of downside risk	2.43	1.96	+0.46
Omega ratio: Gain probability vs. loss probability	1.31	1.32	-0.01
Calmar ratio: Return relative to maximum drawdown	3.66	2.48	+1.18
Martin ratio: Return relative to average drawdown	8.43	5.50	+2.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MUX vs. PSLV - Sharpe Ratio Comparison

The current MUX Sharpe Ratio is 2.00, which is comparable to the PSLV Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of MUX and PSLV, 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

	MUX	PSLV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	1.72	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.52	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	0.45	-0.47
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	0.17	-0.18

Drawdowns

MUX vs. PSLV - Drawdown Comparison

The maximum MUX drawdown since its inception was -99.67%, which is greater than PSLV's maximum drawdown of -79.38%. Use the drawdown chart below to compare losses from any high point for MUX and PSLV.

Drawdown Indicators

	MUX	PSLV	Difference
Max Drawdown Largest peak-to-trough decline	-99.67%	-79.38%	-20.29%
Max Drawdown (1Y) Largest decline over 1 year	-36.28%	-40.65%	+4.37%
Max Drawdown (3Y) Largest decline over 3 years	-46.49%	-40.65%	-5.84%
Max Drawdown (5Y) Largest decline over 5 years	-82.48%	-40.65%	-41.83%
Max Drawdown (10Y) Largest decline over 10 years	-93.89%	-42.79%	-51.10%
Current Drawdown Current decline from peak	-93.07%	-36.11%	-56.96%
Average Drawdown Average peak-to-trough decline	-86.48%	-58.15%	-28.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.72%	18.25%	-2.53%

Volatility

MUX vs. PSLV - Volatility Comparison

McEwen Mining Inc. (MUX) has a higher volatility of 19.74% compared to Sprott Physical Silver Trust (PSLV) at 16.57%. This indicates that MUX's price experiences larger fluctuations and is considered to be riskier than PSLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUX	PSLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.74%	16.57%	+3.17%
Volatility (6M) Calculated over the trailing 6-month period	48.43%	57.35%	-8.92%
Volatility (1Y) Calculated over the trailing 1-year period	66.36%	58.49%	+7.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.25%	35.64%	+27.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.84%	31.14%	+32.70%

Dividends

MUX vs. PSLV - Dividend Comparison

Neither MUX nor PSLV has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUX McEwen Mining Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.39%	0.55%	0.44%	0.34%	0.47%
PSLV Sprott Physical Silver Trust	0.00%	0.00%	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 MUX and PSLV in my portfolio?

MUX and PSLV have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MUX or PSLV?

MUX has higher volatility (19.74%) compared to PSLV (16.57%). In terms of maximum drawdown, MUX dropped -99.67% vs PSLV's -79.38%.

Which has better risk-adjusted returns?

MUX currently has the higher Sharpe Ratio (2.00 vs 1.72), 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.