PHSP.L vs. SSLV.L

Last updated Jun 4, 2026

PHSP.L (WisdomTree Physical Silver) and SSLV.L (Invesco Physical Silver ETC) are both Silver funds tracking the LBMA Silver Price, from WisdomTree and Invesco respectively. Both are passively managed. Over the past 10 years, PHSP.L returned 16.53%/yr vs 16.78%/yr for SSLV.L. Their correlation of 0.89 suggests significant overlap in exposure. PHSP.L charges 0.49%/yr vs 0.19%/yr for SSLV.L.

Performance

PHSP.L vs. SSLV.L - Performance Comparison

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

Different Trading Currencies

PHSP.L is traded in GBp, while SSLV.L is traded in USD. To make them comparable, the SSLV.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 lower than SSLV.L's 2.83% return. Both investments have delivered pretty close results over the past 10 years, with PHSP.L having a 16.53% annualized return and SSLV.L not far ahead at 16.78%.

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%

SSLV.L

• 1D: -3.03%
• 1M: -2.34%
• YTD: 2.83%
• 6M: 24.38%
• 1Y: 113.97%
• 3Y*: 41.83%
• 5Y*: 22.50%
• 10Y*: 16.78%

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

PHSP.L vs. SSLV.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%
SSLV.L Invesco Physical Silver ETC	2.83%	130.03%	23.22%	-5.88%	15.90%	-12.13%	41.64%	11.90%	-3.30%	-5.28%

Correlation

The correlation between PHSP.L and SSLV.L is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Apr 19, 2011	0.89

The correlation between PHSP.L and SSLV.L shifts across timeframes, from 0.89 (all time) to 0.99 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PHSP.L vs. SSLV.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

SSLV.L

SSLV.L Risk / Return Rank: 52
SSLV.L Sharpe Ratio Rank: 59
SSLV.L Sortino Ratio Rank: 47
SSLV.L Omega Ratio Rank: 57
SSLV.L Calmar Ratio Rank: 56
SSLV.L Martin Ratio Rank: 39

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. SSLV.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Physical Silver (PHSP.L) and Invesco Physical Silver ETC (SSLV.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	SSLV.L	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.04	+0.04
Sortino ratio: Return per unit of downside risk	2.40	2.37	+0.02
Omega ratio: Gain probability vs. loss probability	1.36	1.36	0.00
Calmar ratio: Return relative to maximum drawdown	2.90	2.93	-0.03
Martin ratio: Return relative to average drawdown	6.40	6.45	-0.05
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. SSLV.L - Sharpe Ratio Comparison

The current PHSP.L Sharpe Ratio is 2.08, which is comparable to the SSLV.L Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of PHSP.L and SSLV.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	SSLV.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	2.04	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.66	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.56	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.16	+0.21

Drawdowns

PHSP.L vs. SSLV.L - Drawdown Comparison

The maximum PHSP.L drawdown since its inception was -70.01%, roughly equal to the maximum SSLV.L drawdown of -67.74%. Use the drawdown chart below to compare losses from any high point for PHSP.L and SSLV.L.

Drawdown Indicators

	PHSP.L	SSLV.L	Difference
Max Drawdown Largest peak-to-trough decline	-70.01%	-67.74%	-2.27%
Max Drawdown (1Y) Largest decline over 1 year	-38.75%	-38.71%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-38.75%	-38.71%	-0.04%
Max Drawdown (5Y) Largest decline over 5 years	-38.75%	-38.71%	-0.04%
Max Drawdown (10Y) Largest decline over 10 years	-38.75%	-38.71%	-0.04%
Current Drawdown Current decline from peak	-34.02%	-33.92%	-0.10%
Average Drawdown Average peak-to-trough decline	-40.07%	-43.04%	+2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.60%	17.61%	-0.01%

Volatility

PHSP.L vs. SSLV.L - Volatility Comparison

WisdomTree Physical Silver (PHSP.L) and Invesco Physical Silver ETC (SSLV.L) have volatilities of 16.44% and 17.13%, 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

	PHSP.L	SSLV.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.44%	17.13%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	51.39%	52.96%	-1.57%
Volatility (1Y) Calculated over the trailing 1-year period	54.02%	55.62%	-1.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.99%	33.89%	-0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.25%	30.07%	-0.82%

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

PHSP.L has a 0.49% expense ratio, which is higher than SSLV.L's 0.19% expense ratio.

Dividends

PHSP.L vs. SSLV.L - Dividend Comparison

Neither PHSP.L nor SSLV.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.99, PHSP.L and SSLV.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 SSLV.L?

On fees, SSLV.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PHSP.L or SSLV.L?

SSLV.L is cheaper with a 0.19% expense ratio, compared with 0.49% for PHSP.L.

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

Both ETFs track LBMA Silver Price. They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.49% for PHSP.L and 0.19% for SSLV.L.