PALL vs. SPPP

Last updated Jun 4, 2026

PALL (Aberdeen Standard Physical Palladium Shares ETF) and SPPP (Sprott Physical Platinum and Palladium Trust) are both Precious Metals funds. PALL is passively managed, while SPPP is actively managed. Over the past 10 years, PALL returned 8.36%/yr vs 8.53%/yr for SPPP. Their correlation of 0.85 suggests significant overlap in exposure. PALL charges 0.60%/yr vs 1.02%/yr for SPPP.

Performance

PALL vs. SPPP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aberdeen Standard Physical Palladium Shares ETF (PALL) and Sprott Physical Platinum and Palladium Trust (SPPP). 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 SPPP's -14.37% return. Both investments have delivered pretty close results over the past 10 years, with PALL having a 8.36% annualized return and SPPP not far ahead at 8.53%.

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%

SPPP

• 1D: -4.12%
• 1M: -6.42%
• YTD: -14.37%
• 6M: -2.30%
• 1Y: 39.19%
• 3Y*: 5.59%
• 5Y*: -6.33%
• 10Y*: 8.53%

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

PALL vs. SPPP - 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%
SPPP Sprott Physical Platinum and Palladium Trust	-14.37%	89.43%	-11.89%	-25.86%	-2.37%	-21.77%	23.84%	46.00%	5.53%	35.36%

Correlation

The correlation between PALL and SPPP is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Dec 20, 2012	0.85

The correlation between PALL and SPPP has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

Return for Risk

PALL vs. SPPP — 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

SPPP

SPPP Risk / Return Rank: 22
SPPP Sharpe Ratio Rank: 22
SPPP Sortino Ratio Rank: 23
SPPP Omega Ratio Rank: 25
SPPP Calmar Ratio Rank: 23
SPPP Martin Ratio Rank: 20

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. SPPP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aberdeen Standard Physical Palladium Shares ETF (PALL) and Sprott Physical Platinum and Palladium Trust (SPPP). 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	SPPP	Difference
Sharpe ratio Return per unit of total volatility	0.56	0.77	-0.21
Sortino ratio Return per unit of downside risk	1.04	1.23	-0.19
Omega ratio Gain probability vs. loss probability	1.14	1.18	-0.03
Calmar ratio Return relative to maximum drawdown	0.78	1.05	-0.27
Martin ratio Return relative to average drawdown	1.74	2.23	-0.50
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. SPPP - Sharpe Ratio Comparison

The current PALL Sharpe Ratio is 0.56, which is comparable to the SPPP Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of PALL and SPPP, 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	SPPP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	0.77	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.35	-0.18	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.22	0.26	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.09	+0.08

Drawdowns

PALL vs. SPPP - Drawdown Comparison

The maximum PALL drawdown since its inception was -73.63%, which is greater than SPPP's maximum drawdown of -59.09%. Use the drawdown chart below to compare losses from any high point for PALL and SPPP.

Drawdown Indicators

	PALL	SPPP	Difference
Max Drawdown Largest peak-to-trough decline	-73.63%	-59.09%	-14.54%
Max Drawdown (1Y) Largest decline over 1 year	-36.18%	-37.42%	+1.24%
Max Drawdown (3Y) Largest decline over 3 years	-40.47%	-37.42%	-3.05%
Max Drawdown (5Y) Largest decline over 5 years	-73.63%	-58.50%	-15.13%
Max Drawdown (10Y) Largest decline over 10 years	-73.63%	-59.09%	-14.54%
Current Drawdown Current decline from peak	-59.78%	-36.14%	-23.64%
Average Drawdown Average peak-to-trough decline	-26.81%	-26.48%	-0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.25%	17.60%	-1.35%

Volatility

PALL vs. SPPP - Volatility Comparison

Aberdeen Standard Physical Palladium Shares ETF (PALL) and Sprott Physical Platinum and Palladium Trust (SPPP) have volatilities of 10.54% and 10.71%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PALL	SPPP	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.54%	10.71%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	41.87%	45.53%	-3.66%
Volatility (1Y) Calculated over the trailing 1-year period	50.24%	50.97%	-0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.46%	34.89%	+7.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.91%	33.10%	+4.81%

PALL vs. SPPP - Expense Ratio Comparison

PALL has a 0.60% expense ratio, which is lower than SPPP's 1.02% expense ratio.

Dividends

PALL vs. SPPP - Dividend Comparison

Neither PALL nor SPPP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PALL and SPPP in my portfolio?

PALL and SPPP have a correlation of 0.87, 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 SPPP?

SPPP has higher volatility (10.71%) compared to PALL (10.54%). In terms of maximum drawdown, PALL dropped -73.63% vs SPPP's -59.09%.

Which ETF is better, PALL or SPPP?

On 10-year performance, SPPP leads with 8.53% vs 8.36% for PALL. On fees, PALL is cheaper at 0.60% per year. On volatility, PALL has been the lower-risk option at 10.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PALL or SPPP?

Over the 10-year period, SPPP has performed better with a 8.53% return vs 8.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PALL or SPPP?

PALL is cheaper with a 0.60% expense ratio, compared with 1.02% for SPPP.

Which ETF pays a higher dividend yield, PALL or SPPP?

PALL and SPPP have nearly identical dividend yields, around 0.00%.

What is the main difference between PALL and SPPP?

They also come from different issuers: Aberdeen and Sprott. Their fees differ too: 0.60% for PALL and 1.02% for SPPP.

Which has better risk-adjusted returns?

SPPP currently has the higher Sharpe Ratio (0.77 vs 0.56), 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.