PHSP.L vs. USFR.L

Last updated Jun 4, 2026

PHSP.L (WisdomTree Physical Silver) and USFR.L (WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD) are both exchange-traded funds - PHSP.L is a Silver fund tracking the LBMA Silver Price, while USFR.L is a Government Bonds fund tracking the Bloomberg US Treasury Floating Rate Bond Index. Both are passively managed. Over the past 5 years, PHSP.L returned 22.12%/yr vs 4.70%/yr for USFR.L. At a correlation of -0.08, they often move in opposite directions. PHSP.L charges 0.49%/yr vs 0.15%/yr for USFR.L.

Performance

PHSP.L vs. USFR.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in WisdomTree Physical Silver (PHSP.L) and WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD (USFR.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PHSP.L is traded in GBp, while USFR.L is traded in USD. To make them comparable, the USFR.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 USFR.L's 1.96% 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%

USFR.L

• 1D: 0.30%
• 1M: 1.61%
• YTD: 1.96%
• 6M: 1.38%
• 1Y: 4.78%
• 3Y*: 2.15%
• 5Y*: 4.70%
• 10Y*: —

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

PHSP.L vs. USFR.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PHSP.L WisdomTree Physical Silver	2.49%	129.68%	22.85%	-6.51%	15.50%	-12.11%	40.85%	16.79%
USFR.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD	1.96%	-3.29%	7.25%	-0.31%	14.18%	0.79%	-2.38%	1.04%

Correlation

The correlation between PHSP.L and USFR.L is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	-0.13
Correlation (5Y) Calculated over the trailing 5-year period	-0.13
Correlation (All Time) Calculated using the full available price history since Mar 27, 2019	-0.08

Return for Risk

PHSP.L vs. USFR.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

USFR.L

USFR.L Risk / Return Rank: 97
USFR.L Sharpe Ratio Rank: 94
USFR.L Sortino Ratio Rank: 97
USFR.L Omega Ratio Rank: 97
USFR.L Calmar Ratio Rank: 98
USFR.L Martin Ratio Rank: 98

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. USFR.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Physical Silver (PHSP.L) and WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD (USFR.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	USFR.L	Difference
Sharpe ratio: Return per unit of total volatility	2.08	0.72	+1.36
Sortino ratio: Return per unit of downside risk	2.40	1.06	+1.34
Omega ratio: Gain probability vs. loss probability	1.36	1.13	+0.24
Calmar ratio: Return relative to maximum drawdown	2.90	0.93	+1.97
Martin ratio: Return relative to average drawdown	6.40	2.50	+3.90
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. USFR.L - Sharpe Ratio Comparison

The current PHSP.L Sharpe Ratio is 2.08, which is higher than the USFR.L Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of PHSP.L and USFR.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	USFR.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	0.72	+1.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.55	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.29	+0.09

Drawdowns

PHSP.L vs. USFR.L - Drawdown Comparison

The maximum PHSP.L drawdown since its inception was -70.01%, which is greater than USFR.L's maximum drawdown of -18.16%. Use the drawdown chart below to compare losses from any high point for PHSP.L and USFR.L.

Drawdown Indicators

	PHSP.L	USFR.L	Difference
Max Drawdown Largest peak-to-trough decline	-70.01%	-18.16%	-51.85%
Max Drawdown (1Y) Largest decline over 1 year	-38.75%	-5.09%	-33.66%
Max Drawdown (3Y) Largest decline over 3 years	-38.75%	-9.80%	-28.95%
Max Drawdown (5Y) Largest decline over 5 years	-38.75%	-15.70%	-23.05%
Max Drawdown (10Y) Largest decline over 10 years	-38.75%	—	—
Current Drawdown Current decline from peak	-34.02%	-5.94%	-28.08%
Average Drawdown Average peak-to-trough decline	-40.07%	-8.93%	-31.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.60%	1.91%	+15.69%

Volatility

PHSP.L vs. USFR.L - Volatility Comparison

WisdomTree Physical Silver (PHSP.L) has a higher volatility of 16.44% compared to WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD (USFR.L) at 1.93%. This indicates that PHSP.L's price experiences larger fluctuations and is considered to be riskier than USFR.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHSP.L	USFR.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.44%	1.93%	+14.51%
Volatility (6M) Calculated over the trailing 6-month period	51.39%	5.05%	+46.34%
Volatility (1Y) Calculated over the trailing 1-year period	54.02%	6.64%	+47.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.99%	8.60%	+24.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.25%	8.90%	+20.35%

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

PHSP.L has a 0.49% expense ratio, which is higher than USFR.L's 0.15% expense ratio.

Dividends

PHSP.L vs. USFR.L - Dividend Comparison

PHSP.L has not paid dividends to shareholders, while USFR.L's dividend yield for the trailing twelve months is around 3.99%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
PHSP.L WisdomTree Physical Silver	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USFR.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD	3.99%	4.32%	5.24%	4.58%	0.78%	0.00%	0.57%	1.09%

Frequently Asked Questions

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

PHSP.L and USFR.L have a correlation of -0.14, 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 USFR.L?

On fees, USFR.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

USFR.L is cheaper with a 0.15% expense ratio, compared with 0.49% for PHSP.L.

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

PHSP.L is categorized as Silver, while USFR.L is Government Bonds. PHSP.L tracks LBMA Silver Price, while USFR.L tracks Bloomberg US Treasury Floating Rate Bond Index. Their fees differ too: 0.49% for PHSP.L and 0.15% for USFR.L.