PHSP.L vs. DGSE.L

Last updated Jun 4, 2026

PHSP.L (WisdomTree Physical Silver) and DGSE.L (WisdomTree Emerging Markets SmallCap Dividend UCITS ETF) are both exchange-traded funds - PHSP.L is a Silver fund tracking the LBMA Silver Price, while DGSE.L is a Emerging Markets Equities fund tracking the MSCI Emerging Markets SMID NR USD. Both are passively managed. Over the past 10 years, PHSP.L returned 16.53%/yr vs 7.03%/yr for DGSE.L. At a 0.24 correlation, their price movements are largely independent. PHSP.L charges 0.49%/yr vs 0.54%/yr for DGSE.L.

Performance

PHSP.L vs. DGSE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in WisdomTree Physical Silver (PHSP.L) and WisdomTree Emerging Markets SmallCap Dividend UCITS ETF (DGSE.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PHSP.L achieves a 2.49% return, which is significantly lower than DGSE.L's 10.45% return. Over the past 10 years, PHSP.L has outperformed DGSE.L with an annualized return of 16.53%, while DGSE.L has yielded a comparatively lower 7.03% 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%

DGSE.L

• 1D: -0.57%
• 1M: 1.62%
• YTD: 10.45%
• 6M: 11.02%
• 1Y: 19.83%
• 3Y*: 8.26%
• 5Y*: 4.55%
• 10Y*: 7.03%

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

PHSP.L vs. DGSE.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%
DGSE.L WisdomTree Emerging Markets SmallCap Dividend UCITS ETF	10.45%	7.78%	-0.93%	9.14%	-4.67%	11.05%	-0.71%	8.36%	-12.58%	20.40%

Correlation

The correlation between PHSP.L and DGSE.L is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Nov 21, 2014	0.24

Return for Risk

PHSP.L vs. DGSE.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

DGSE.L

DGSE.L Risk / Return Rank: 43
DGSE.L Sharpe Ratio Rank: 42
DGSE.L Sortino Ratio Rank: 44
DGSE.L Omega Ratio Rank: 43
DGSE.L Calmar Ratio Rank: 45
DGSE.L Martin Ratio Rank: 42

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. DGSE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Physical Silver (PHSP.L) and WisdomTree Emerging Markets SmallCap Dividend UCITS ETF (DGSE.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	DGSE.L	Difference
Sharpe ratio: Return per unit of total volatility	2.08	1.49	+0.60
Sortino ratio: Return per unit of downside risk	2.40	2.20	+0.20
Omega ratio: Gain probability vs. loss probability	1.36	1.28	+0.09
Calmar ratio: Return relative to maximum drawdown	2.90	2.23	+0.68
Martin ratio: Return relative to average drawdown	6.40	6.81	-0.41
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. DGSE.L - Sharpe Ratio Comparison

The current PHSP.L Sharpe Ratio is 2.08, which is higher than the DGSE.L Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of PHSP.L and DGSE.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	DGSE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	1.49	+0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.34	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.45	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.32	+0.05

Drawdowns

PHSP.L vs. DGSE.L - Drawdown Comparison

The maximum PHSP.L drawdown since its inception was -70.01%, which is greater than DGSE.L's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for PHSP.L and DGSE.L.

Drawdown Indicators

	PHSP.L	DGSE.L	Difference
Max Drawdown Largest peak-to-trough decline	-70.01%	-35.43%	-34.58%
Max Drawdown (1Y) Largest decline over 1 year	-38.75%	-8.87%	-29.88%
Max Drawdown (3Y) Largest decline over 3 years	-38.75%	-18.85%	-19.90%
Max Drawdown (5Y) Largest decline over 5 years	-38.75%	-18.85%	-19.90%
Max Drawdown (10Y) Largest decline over 10 years	-38.75%	-35.43%	-3.32%
Current Drawdown Current decline from peak	-34.02%	-1.96%	-32.06%
Average Drawdown Average peak-to-trough decline	-40.07%	-7.71%	-32.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.60%	2.91%	+14.69%

Volatility

PHSP.L vs. DGSE.L - Volatility Comparison

WisdomTree Physical Silver (PHSP.L) has a higher volatility of 16.44% compared to WisdomTree Emerging Markets SmallCap Dividend UCITS ETF (DGSE.L) at 4.50%. This indicates that PHSP.L's price experiences larger fluctuations and is considered to be riskier than DGSE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHSP.L	DGSE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.44%	4.50%	+11.94%
Volatility (6M) Calculated over the trailing 6-month period	51.39%	11.24%	+40.15%
Volatility (1Y) Calculated over the trailing 1-year period	54.02%	13.30%	+40.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.99%	13.37%	+19.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.25%	15.72%	+13.53%

PHSP.L vs. DGSE.L - Expense Ratio Comparison

PHSP.L has a 0.49% expense ratio, which is lower than DGSE.L's 0.54% expense ratio.

Dividends

PHSP.L vs. DGSE.L - Dividend Comparison

PHSP.L has not paid dividends to shareholders, while DGSE.L's dividend yield for the trailing twelve months is around 0.03%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGSE.L WisdomTree Emerging Markets SmallCap Dividend UCITS ETF	0.03%	0.03%	0.05%	0.04%	0.04%	0.03%	0.03%	0.03%	0.03%	0.02%	0.01%	0.03%
PHSP.L WisdomTree Physical Silver	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 PHSP.L and DGSE.L in my portfolio?

PHSP.L and DGSE.L have a correlation of 0.33, 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 DGSE.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 DGSE.L?

PHSP.L is cheaper with a 0.49% expense ratio, compared with 0.54% for DGSE.L.

What is the main difference between PHSP.L and DGSE.L?

PHSP.L is categorized as Silver, while DGSE.L is Emerging Markets Equities. PHSP.L tracks LBMA Silver Price, while DGSE.L tracks MSCI Emerging Markets SMID NR USD. Their fees differ too: 0.49% for PHSP.L and 0.54% for DGSE.L.