PALL vs. GSM

Last updated Jun 4, 2026

PALL (Aberdeen Standard Physical Palladium Shares ETF) is Precious Metals fund tracking the Palladium London PM Fix ($/ozt), while GSM (Ferroglobe PLC) is a stock. Over the past 10 years, PALL returned 8.36%/yr vs -6.84%/yr for GSM. At a 0.25 correlation, their price movements are largely independent.

Performance

PALL vs. GSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aberdeen Standard Physical Palladium Shares ETF (PALL) and Ferroglobe PLC (GSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PALL achieves a -18.39% return, which is significantly lower than GSM's -6.52% return. Over the past 10 years, PALL has outperformed GSM with an annualized return of 8.36%, while GSM has yielded a comparatively lower -6.84% annualized return.

PALL

• 1D: -4.89%
• 1M: -11.74%
• YTD: -18.39%
• 6M: -11.90%
• 1Y: 28.17%
• 3Y*: -3.26%
• 5Y*: -14.89%
• 10Y*: 8.36%

GSM

• 1D: -3.36%
• 1M: -7.89%
• YTD: -6.52%
• 6M: -8.99%
• 1Y: 19.37%
• 3Y*: -2.38%
• 5Y*: -4.16%
• 10Y*: -6.84%

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

PALL vs. GSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PALL Aberdeen Standard Physical Palladium Shares ETF	-18.39%	74.07%	-17.38%	-38.77%	-6.28%	-23.26%	25.27%	53.94%	17.23%	55.73%
GSM Ferroglobe PLC	-6.52%	23.75%	-40.95%	69.09%	-38.00%	278.66%	74.47%	-40.88%	-90.06%	49.58%

Correlation

The correlation between PALL and GSM is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jan 15, 2010	0.25

Return for Risk

PALL vs. GSM — Risk / Return Rank

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

PALL

PALL Risk / Return Rank: 19
PALL Sharpe Ratio Rank: 17
PALL Sortino Ratio Rank: 19
PALL Omega Ratio Rank: 21
PALL Calmar Ratio Rank: 19
PALL Martin Ratio Rank: 17

GSM

GSM Risk / Return Rank: 52
GSM Sharpe Ratio Rank: 53
GSM Sortino Ratio Rank: 51
GSM Omega Ratio Rank: 49
GSM Calmar Ratio Rank: 54
GSM Martin Ratio Rank: 54

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.

PALL vs. GSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aberdeen Standard Physical Palladium Shares ETF (PALL) and Ferroglobe PLC (GSM). 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.

	PALL	GSM	Difference
Sharpe ratio: Return per unit of total volatility	0.56	0.35	+0.22
Sortino ratio: Return per unit of downside risk	1.04	0.87	+0.16
Omega ratio: Gain probability vs. loss probability	1.14	1.11	+0.04
Calmar ratio: Return relative to maximum drawdown	0.78	0.59	+0.19
Martin ratio: Return relative to average drawdown	1.74	1.21	+0.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PALL vs. GSM - Sharpe Ratio Comparison

The current PALL Sharpe Ratio is 0.56, which is higher than the GSM Sharpe Ratio of 0.35. The chart below compares the historical Sharpe Ratios of PALL and GSM, 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

	PALL	GSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	0.35	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.35	-0.07	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.22	-0.09	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	-0.03	+0.21

Drawdowns

PALL vs. GSM - Drawdown Comparison

The maximum PALL drawdown since its inception was -73.63%, smaller than the maximum GSM drawdown of -98.30%. Use the drawdown chart below to compare losses from any high point for PALL and GSM.

Drawdown Indicators

	PALL	GSM	Difference
Max Drawdown Largest peak-to-trough decline	-73.63%	-98.30%	+24.67%
Max Drawdown (1Y) Largest decline over 1 year	-36.18%	-33.09%	-3.09%
Max Drawdown (3Y) Largest decline over 3 years	-40.47%	-53.69%	+13.22%
Max Drawdown (5Y) Largest decline over 5 years	-73.63%	-67.30%	-6.33%
Max Drawdown (10Y) Largest decline over 10 years	-73.63%	-97.84%	+24.21%
Current Drawdown Current decline from peak	-59.78%	-79.53%	+19.75%
Average Drawdown Average peak-to-trough decline	-26.81%	-54.93%	+28.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.25%	16.06%	+0.19%

Volatility

PALL vs. GSM - Volatility Comparison

The current volatility for Aberdeen Standard Physical Palladium Shares ETF (PALL) is 10.54%, while Ferroglobe PLC (GSM) has a volatility of 21.66%. This indicates that PALL experiences smaller price fluctuations and is considered to be less risky than GSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PALL	GSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.54%	21.66%	-11.12%
Volatility (6M) Calculated over the trailing 6-month period	41.87%	39.69%	+2.18%
Volatility (1Y) Calculated over the trailing 1-year period	50.24%	56.03%	-5.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.46%	57.05%	-14.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.91%	74.63%	-36.72%

Dividends

PALL vs. GSM - Dividend Comparison

PALL has not paid dividends to shareholders, while GSM's dividend yield for the trailing twelve months is around 1.32%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSM Ferroglobe PLC	1.32%	1.21%	1.37%	0.00%	0.00%	0.00%	0.00%	0.00%	7.55%	0.00%	2.95%	2.98%
PALL Aberdeen Standard Physical Palladium Shares ETF	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 PALL and GSM in my portfolio?

PALL and GSM have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PALL or GSM?

GSM has higher volatility (21.66%) compared to PALL (10.54%). In terms of maximum drawdown, PALL dropped -73.63% vs GSM's -98.30%.

Which has better risk-adjusted returns?

PALL currently has the higher Sharpe Ratio (0.56 vs 0.35), 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.