NIKL vs. PSLV

Last updated Apr 2, 2026

Compare and contrast key facts about Sprott Nickel Miners ETF (NIKL) and Sprott Physical Silver Trust (PSLV).

NIKL is a passively managed fund by Sprott that tracks the performance of the Nasdaq Sprott Nickel Miners Index - Benchmark TR Gross. It was launched on Mar 21, 2023.

Performance

NIKL vs. PSLV - Performance Comparison

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

NIKL vs. PSLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NIKL Sprott Nickel Miners ETF	4.61%	52.05%	-22.48%	-17.88%
PSLV Sprott Physical Silver Trust	3.34%	145.08%	19.43%	2.02%

Returns By Period

In the year-to-date period, NIKL achieves a 4.61% return, which is significantly higher than PSLV's 3.34% return.

NIKL

• 1D: 2.78%
• 1M: -15.83%
• YTD: 4.61%
• 6M: 12.89%
• 1Y: 90.01%
• 3Y*: -1.58%
• 5Y*: —
• 10Y*: —

PSLV

• 1D: 0.21%
• 1M: -17.82%
• YTD: 3.34%
• 6M: 53.32%
• 1Y: 112.15%
• 3Y*: 43.10%
• 5Y*: 22.22%
• 10Y*: 14.89%

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

Return for Risk

NIKL vs. PSLV — Risk / Return Rank

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

NIKL

NIKL Risk / Return Rank: 87
NIKL Sharpe Ratio Rank: 92
NIKL Sortino Ratio Rank: 91
NIKL Omega Ratio Rank: 83
NIKL Calmar Ratio Rank: 88
NIKL Martin Ratio Rank: 80

PSLV

PSLV Risk / Return Rank: 85
PSLV Sharpe Ratio Rank: 90
PSLV Sortino Ratio Rank: 80
PSLV Omega Ratio Rank: 88
PSLV Calmar Ratio Rank: 83
PSLV Martin Ratio Rank: 86

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.

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 ratio Return per unit of total volatility	2.19	2.00	+0.19
Sortino ratio Return per unit of downside risk	2.72	2.14	+0.58
Omega ratio Gain probability vs. loss probability	1.34	1.37	-0.03
Calmar ratio Return relative to maximum drawdown	3.03	2.72	+0.31
Martin ratio Return relative to average drawdown	9.50	8.63	+0.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NIKL vs. PSLV - Sharpe Ratio Comparison

The current NIKL Sharpe Ratio is 2.19, which is comparable to the PSLV Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of NIKL and PSLV, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NIKL	PSLV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	2.00	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.65	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.49	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.01	0.19	-0.17

Correlation

The correlation between NIKL and PSLV is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

NIKL vs. PSLV - Dividend Comparison

NIKL's dividend yield for the trailing twelve months is around 2.42%, while PSLV has not paid dividends to shareholders.

	TTM	2025	2024	2023
NIKL Sprott Nickel Miners ETF	2.42%	2.53%	3.49%	19.52%
PSLV Sprott Physical Silver Trust	0.00%	0.00%	0.00%	0.00%

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.

Drawdown Indicators

	NIKL	PSLV	Difference
Max Drawdown Largest peak-to-trough decline	-60.23%	-79.38%	+19.15%
Max Drawdown (1Y) Largest decline over 1 year	-29.33%	-40.65%	+11.32%
Max Drawdown (5Y) Largest decline over 5 years	—	-40.65%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.79%	—
Current Drawdown Current decline from peak	-20.08%	-32.78%	+12.70%
Average Drawdown Average peak-to-trough decline	-27.00%	-58.44%	+31.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.35%	12.83%	-3.48%

Volatility

NIKL vs. PSLV - Volatility Comparison

The current volatility for Sprott Nickel Miners ETF (NIKL) is 16.87%, while Sprott Physical Silver Trust (PSLV) has a volatility of 17.89%. 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.

Volatility by Period

	NIKL	PSLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.87%	17.89%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	33.15%	56.41%	-23.26%
Volatility (1Y) Calculated over the trailing 1-year period	41.35%	56.50%	-15.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.74%	34.62%	-2.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.74%	30.69%	+1.05%