PHSP.L vs. 3SIL.L

Last updated Jun 4, 2026

PHSP.L (WisdomTree Physical Silver) and 3SIL.L (WisdomTree Silver 3x Daily Leveraged) are both Silver funds from WisdomTree - PHSP.L tracks the LBMA Silver Price while 3SIL.L tracks the Solactive Silver Commodity Futures SL Index (3x). Both are passively managed. Over the past 10 years, PHSP.L returned 16.53%/yr vs -0.80%/yr for 3SIL.L. Their correlation of 0.94 suggests significant overlap in exposure. PHSP.L charges 0.49%/yr vs 0.99%/yr for 3SIL.L.

Performance

PHSP.L vs. 3SIL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in WisdomTree Physical Silver (PHSP.L) and WisdomTree Silver 3x Daily Leveraged (3SIL.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PHSP.L is traded in GBp, while 3SIL.L is traded in USD. To make them comparable, the 3SIL.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, PHSP.L achieves a 2.49% return, which is significantly higher than 3SIL.L's -58.55% return. Over the past 10 years, PHSP.L has outperformed 3SIL.L with an annualized return of 16.53%, while 3SIL.L has yielded a comparatively lower -0.80% annualized return.

PHSP.L

• 1D: -3.07%
• 1M: -1.75%
• YTD: 2.49%
• 6M: 23.74%
• 1Y: 113.09%
• 3Y*: 41.45%
• 5Y*: 22.12%
• 10Y*: 16.53%

3SIL.L

• 1D: -9.86%
• 1M: -16.87%
• YTD: -58.55%
• 6M: -38.58%
• 1Y: 139.58%
• 3Y*: 42.93%
• 5Y*: 1.42%
• 10Y*: -0.80%

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

PHSP.L vs. 3SIL.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHSP.L WisdomTree Physical Silver	2.49%	129.68%	22.85%	-6.51%	15.50%	-12.11%	40.85%	12.57%	-3.55%	-5.67%
3SIL.L WisdomTree Silver 3x Daily Leveraged	-58.55%	636.29%	18.78%	-33.76%	-12.75%	-53.43%	39.40%	22.40%	-32.68%	-13.90%

Correlation

The correlation between PHSP.L and 3SIL.L is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Dec 24, 2012	0.94

The correlation between PHSP.L and 3SIL.L has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

PHSP.L vs. 3SIL.L — Risk / Return Rank

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

PHSP.L

PHSP.L Risk / Return Rank: 53
PHSP.L Sharpe Ratio Rank: 61
PHSP.L Sortino Ratio Rank: 48
PHSP.L Omega Ratio Rank: 59
PHSP.L Calmar Ratio Rank: 58
PHSP.L Martin Ratio Rank: 40

3SIL.L

3SIL.L Risk / Return Rank: 33
3SIL.L Sharpe Ratio Rank: 23
3SIL.L Sortino Ratio Rank: 41
3SIL.L Omega Ratio Rank: 50
3SIL.L Calmar Ratio Rank: 32
3SIL.L Martin Ratio Rank: 23

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.

PHSP.L vs. 3SIL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Physical Silver (PHSP.L) and WisdomTree Silver 3x Daily Leveraged (3SIL.L). 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.

	PHSP.L	3SIL.L	Difference
Sharpe ratio: Return per unit of total volatility	2.08	0.80	+1.28
Sortino ratio: Return per unit of downside risk	2.40	2.07	+0.33
Omega ratio: Gain probability vs. loss probability	1.36	1.31	+0.05
Calmar ratio: Return relative to maximum drawdown	2.90	1.56	+1.34
Martin ratio: Return relative to average drawdown	6.40	2.86	+3.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHSP.L vs. 3SIL.L - Sharpe Ratio Comparison

The current PHSP.L Sharpe Ratio is 2.08, which is higher than the 3SIL.L Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of PHSP.L and 3SIL.L, 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

	PHSP.L	3SIL.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	0.80	+1.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.01	+0.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	-0.01	+0.57
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	-0.21	+0.58

Drawdowns

PHSP.L vs. 3SIL.L - Drawdown Comparison

The maximum PHSP.L drawdown since its inception was -70.01%, smaller than the maximum 3SIL.L drawdown of -99.08%. Use the drawdown chart below to compare losses from any high point for PHSP.L and 3SIL.L.

Drawdown Indicators

	PHSP.L	3SIL.L	Difference
Max Drawdown Largest peak-to-trough decline	-70.01%	-99.08%	+29.07%
Max Drawdown (1Y) Largest decline over 1 year	-38.75%	-89.09%	+50.34%
Max Drawdown (3Y) Largest decline over 3 years	-38.75%	-89.09%	+50.34%
Max Drawdown (5Y) Largest decline over 5 years	-38.75%	-89.09%	+50.34%
Max Drawdown (10Y) Largest decline over 10 years	-38.75%	-91.41%	+52.66%
Current Drawdown Current decline from peak	-34.02%	-95.30%	+61.28%
Average Drawdown Average peak-to-trough decline	-40.07%	-93.86%	+53.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.60%	48.67%	-31.07%

Volatility

PHSP.L vs. 3SIL.L - Volatility Comparison

The current volatility for WisdomTree Physical Silver (PHSP.L) is 16.44%, while WisdomTree Silver 3x Daily Leveraged (3SIL.L) has a volatility of 56.07%. This indicates that PHSP.L experiences smaller price fluctuations and is considered to be less risky than 3SIL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHSP.L	3SIL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.44%	56.07%	-39.63%
Volatility (6M) Calculated over the trailing 6-month period	51.39%	178.27%	-126.88%
Volatility (1Y) Calculated over the trailing 1-year period	54.02%	172.87%	-118.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.99%	107.58%	-74.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.25%	93.73%	-64.48%

PHSP.L vs. 3SIL.L - Expense Ratio Comparison

PHSP.L has a 0.49% expense ratio, which is lower than 3SIL.L's 0.99% expense ratio.

Dividends

PHSP.L vs. 3SIL.L - Dividend Comparison

Neither PHSP.L nor 3SIL.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PHSP.L and 3SIL.L in my portfolio?

With a correlation of 0.97, PHSP.L and 3SIL.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, PHSP.L or 3SIL.L?

On fees, PHSP.L is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PHSP.L or 3SIL.L?

PHSP.L is cheaper with a 0.49% expense ratio, compared with 0.99% for 3SIL.L.

What is the main difference between PHSP.L and 3SIL.L?

PHSP.L tracks LBMA Silver Price, while 3SIL.L tracks Solactive Silver Commodity Futures SL Index (3x). Their fees differ too: 0.49% for PHSP.L and 0.99% for 3SIL.L.