NIKL vs. PSLV
NIKL (Sprott Nickel Miners ETF) and PSLV (Sprott Physical Silver Trust) are both exchange-traded funds - NIKL is a Energy Equities fund tracking the Nasdaq Sprott Nickel Miners Index - Benchmark TR Gross, while PSLV is a Silver fund tracking the No Index (Physical Silver). Both are passively managed. Over the past 3 years, NIKL returned -3.02%/yr vs 42.33%/yr for PSLV. At a 0.46 correlation, their price movements are largely independent. NIKL charges 0.75%/yr vs 0.51%/yr for PSLV.
Performance
NIKL vs. PSLV - Performance Comparison
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Returns By Period
In the year-to-date period, NIKL achieves a -7.50% return, which is significantly lower than PSLV's -0.89% return.
NIKL
- 1D
- 0.76%
- 1M
- -13.19%
- YTD
- -7.50%
- 6M
- 4.95%
- 1Y
- 27.58%
- 3Y*
- -3.02%
- 5Y*
- —
- 10Y*
- —
PSLV
- 1D
- 0.90%
- 1M
- -0.64%
- YTD
- -0.89%
- 6M
- 23.11%
- 1Y
- 102.24%
- 3Y*
- 42.33%
- 5Y*
- 18.65%
- 10Y*
- 14.02%
NIKL vs. PSLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NIKL Sprott Nickel Miners ETF | -7.50% | 52.05% | -22.48% | -17.88% |
PSLV Sprott Physical Silver Trust | -0.89% | 145.08% | 19.43% | 2.02% |
Correlation
The correlation between NIKL and PSLV is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Mar 23, 2023 | 0.46 |
The correlation between NIKL and PSLV shifts across timeframes, from 0.46 (all time) to 0.58 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
NIKL vs. PSLV — Risk / Return Rank
NIKL
PSLV
NIKL vs. PSLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Nickel Miners ETF (NIKL) 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.
| NIKL | PSLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.33 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.93 | 2.53 | -1.60 |
| Martin ratioReturn relative to average drawdown | 2.23 | 5.58 | -3.36 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NIKL | PSLV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.66 | 1.76 | -1.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.53 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.45 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.10 | 0.17 | -0.28 |
Drawdowns
NIKL vs. PSLV - Drawdown Comparison
The maximum NIKL drawdown since its inception was -60.23%, smaller than the maximum PSLV drawdown of -79.38%. Use the drawdown chart below to compare losses from any high point for NIKL and PSLV.
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Drawdown Indicators
| NIKL | PSLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.23% | -79.38% | +19.15% |
Max Drawdown (1Y)Largest decline over 1 year | -29.87% | -40.65% | +10.78% |
Max Drawdown (3Y)Largest decline over 3 years | -60.23% | -40.65% | -19.58% |
Max Drawdown (5Y)Largest decline over 5 years | — | -40.65% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -42.79% | — |
Current DrawdownCurrent decline from peak | -29.33% | -35.53% | +6.20% |
Average DrawdownAverage peak-to-trough decline | -26.58% | -58.15% | +31.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.42% | 18.38% | -5.96% |
Volatility
NIKL vs. PSLV - Volatility Comparison
The current volatility for Sprott Nickel Miners ETF (NIKL) is 15.35%, while Sprott Physical Silver Trust (PSLV) has a volatility of 16.60%. This indicates that NIKL 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
| NIKL | PSLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.35% | 16.60% | -1.25% |
Volatility (6M)Calculated over the trailing 6-month period | 35.55% | 57.34% | -21.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.12% | 58.49% | -16.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.60% | 35.64% | -3.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.60% | 31.14% | +1.46% |
NIKL vs. PSLV - Expense Ratio Comparison
NIKL has a 0.75% expense ratio, which is higher than PSLV's 0.51% expense ratio.
Dividends
NIKL vs. PSLV - Dividend Comparison
NIKL's dividend yield for the trailing twelve months is around 2.73%, while PSLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
NIKL Sprott Nickel Miners ETF | 2.73% | 2.53% | 3.49% | 19.52% |
PSLV Sprott Physical Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NIKL and PSLV have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSLV has higher volatility (16.60%) compared to NIKL (15.35%). In terms of maximum drawdown, NIKL dropped -60.23% vs PSLV's -79.38%.
On 3-year performance, PSLV leads with 42.33% vs -3.02% for NIKL. On fees, PSLV is cheaper at 0.51% per year. On volatility, NIKL has been the lower-risk option at 15.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PSLV has performed better with a 42.33% return vs -3.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSLV is cheaper with a 0.51% expense ratio, compared with 0.75% for NIKL.
NIKL has the higher dividend yield at 2.73%, compared with 0.00% for PSLV.
NIKL is categorized as Energy Equities, while PSLV is Silver. NIKL tracks Nasdaq Sprott Nickel Miners Index - Benchmark TR Gross, while PSLV tracks No Index (Physical Silver). Their fees differ too: 0.75% for NIKL and 0.51% for PSLV.
PSLV currently has the higher Sharpe Ratio (1.76 vs 0.66), 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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