PHSP.L vs. CSH.PA

Last updated Jul 18, 2026

PHSP.L (WisdomTree Physical Silver) and CSH.PA (Amundi EUR Overnight Return UCITS ETF Acc) are both exchange-traded funds - PHSP.L is a Silver fund tracking the LBMA Silver Price, while CSH.PA is a Money Market fund tracking the Solactive Euro Overnight Return Index. Both are passively managed. Over the past 10 years, PHSP.L returned 10.07%/yr vs 0.77%/yr for CSH.PA. At a 0.15 correlation, their price movements are largely independent. PHSP.L charges 0.49%/yr vs 0.10%/yr for CSH.PA.

Performance

PHSP.L vs. CSH.PA - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in WisdomTree Physical Silver (PHSP.L) and Amundi EUR Overnight Return UCITS ETF Acc (CSH.PA). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PHSP.L is traded in GBp, while CSH.PA is traded in EUR. To make them comparable, the CSH.PA 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 -22.02% return, which is significantly lower than CSH.PA's -1.57% return. Over the past 10 years, PHSP.L has outperformed CSH.PA with an annualized return of 10.07%, while CSH.PA has yielded a comparatively lower 0.77% annualized return.

PHSP.L

• 1D: -0.64%
• 1M: -16.75%
• 6M: -37.43%
• YTD: -22.02%
• 1Y: 45.55%
• 3Y*: 28.72%
• 5Y*: 16.80%
• 10Y*: 10.07%

CSH.PA

• 1D: 0.00%
• 1M: -1.93%
• 6M: -1.06%
• YTD: -1.57%
• 1Y: -0.02%
• 3Y*: 2.43%
• 5Y*: 1.75%
• 10Y*: 0.77%

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

PHSP.L vs. CSH.PA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHSP.L WisdomTree Physical Silver	-22.02%	129.68%	22.85%	-6.51%	15.50%	-12.11%	40.85%	12.57%	-3.55%	-5.67%
CSH.PA Amundi EUR Overnight Return UCITS ETF Acc	-1.57%	7.72%	-1.02%	1.16%	5.05%	-6.59%	4.93%	-6.25%	0.43%	3.80%

Correlation

The correlation between PHSP.L and CSH.PA is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.01
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jan 2, 2008	0.15

The correlation between PHSP.L and CSH.PA shifts across timeframes, from 0.01 (5 years) to 0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PHSP.L vs. CSH.PA — 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: 27
PHSP.L Sharpe Ratio Rank: 28
PHSP.L Sortino Ratio Rank: 30
PHSP.L Omega Ratio Rank: 33
PHSP.L Calmar Ratio Rank: 24
PHSP.L Martin Ratio Rank: 22

CSH.PA

CSH.PA Risk / Return Rank: 96
CSH.PA Sharpe Ratio Rank: 94
CSH.PA Sortino Ratio Rank: 96
CSH.PA Omega Ratio Rank: 97
CSH.PA Calmar Ratio Rank: 95
CSH.PA Martin Ratio Rank: 97

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. CSH.PA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Physical Silver (PHSP.L) and Amundi EUR Overnight Return UCITS ETF Acc (CSH.PA). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PHSP.L	CSH.PA	Difference
Sharpe ratio: Return per unit of total volatility	0.81	0.06	+0.76
Sortino ratio: Return per unit of downside risk	1.34	0.11	+1.23
Omega ratio: Gain probability vs. loss probability	1.19	1.01	+0.17
Calmar ratio: Return relative to maximum drawdown	0.92	0.08	+0.84
Martin ratio: Return relative to average drawdown	1.96	0.21	+1.75

PHSP.L vs. CSH.PA - Sharpe Ratio Comparison

The current PHSP.L Sharpe Ratio is 0.81, which is higher than the CSH.PA Sharpe Ratio of 0.06. The chart below compares the historical Sharpe Ratios of PHSP.L and CSH.PA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PHSP.L vs. CSH.PA - Drawdown Comparison

The maximum PHSP.L drawdown since its inception was -70.04%, which is greater than CSH.PA's maximum drawdown of -27.56%. Use the drawdown chart below to compare losses from any high point for PHSP.L and CSH.PA.

Drawdown Indicators

	PHSP.L	CSH.PA	Difference
Max Drawdown Largest peak-to-trough decline	-70.04%	-27.56%	-42.48%
Max Drawdown (1Y) Largest decline over 1 year	-49.80%	-2.88%	-46.92%
Max Drawdown (3Y) Largest decline over 3 years	-49.80%	-3.28%	-46.52%
Max Drawdown (5Y) Largest decline over 5 years	-49.80%	-4.92%	-44.88%
Max Drawdown (10Y) Largest decline over 10 years	-49.80%	-13.54%	-36.26%
Current Drawdown Current decline from peak	-49.80%	-5.45%	-44.35%
Average Drawdown Average peak-to-trough decline	-44.03%	-11.20%	-32.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.43%	1.08%	+22.35%

Volatility

PHSP.L vs. CSH.PA - Volatility Comparison

WisdomTree Physical Silver (PHSP.L) has a higher volatility of 12.52% compared to Amundi EUR Overnight Return UCITS ETF Acc (CSH.PA) at 1.13%. This indicates that PHSP.L's price experiences larger fluctuations and is considered to be riskier than CSH.PA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHSP.L	CSH.PA	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.52%	1.13%	+11.39%
Volatility (6M) Calculated over the trailing 6-month period	50.48%	2.69%	+47.79%
Volatility (1Y) Calculated over the trailing 1-year period	56.31%	3.92%	+52.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.72%	5.34%	+31.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.04%	6.58%	+24.46%

PHSP.L vs. CSH.PA - Expense Ratio Comparison

PHSP.L has a 0.49% expense ratio, which is higher than CSH.PA's 0.10% expense ratio.

Dividends

PHSP.L vs. CSH.PA - Dividend Comparison

Neither PHSP.L nor CSH.PA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PHSP.L and CSH.PA in my portfolio?

PHSP.L and CSH.PA have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PHSP.L or CSH.PA?

On fees, CSH.PA is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PHSP.L or CSH.PA?

CSH.PA is cheaper with a 0.10% expense ratio, compared with 0.49% for PHSP.L.

What is the main difference between PHSP.L and CSH.PA?

PHSP.L is categorized as Silver, while CSH.PA is Money Market. PHSP.L tracks LBMA Silver Price, while CSH.PA tracks Solactive Euro Overnight Return Index. They also come from different issuers: WisdomTree and Amundi. Their fees differ too: 0.49% for PHSP.L and 0.10% for CSH.PA.