PHSP.L vs. USML.L
PHSP.L (WisdomTree Physical Silver) and USML.L (Invesco S&P SmallCap 600 UCITS ETF A) are both exchange-traded funds - PHSP.L is a Silver fund tracking the LBMA Silver Price, while USML.L is a Small Cap Blend Equities fund tracking the Russell 2000 TR USD. Both are passively managed. Over the past 5 years, PHSP.L returned 17.45%/yr vs 8.27%/yr for USML.L. At a 0.09 correlation, their price movements are largely independent. PHSP.L charges 0.49%/yr vs 0.14%/yr for USML.L.
Performance
PHSP.L vs. USML.L - Performance Comparison
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Different Trading Currencies
PHSP.L is traded in GBp, while USML.L is traded in USD. To make them comparable, the USML.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 -19.82% return, which is significantly lower than USML.L's 20.47% return.
PHSP.L
- 1D
- -2.83%
- 1M
- -18.78%
- 6M
- -37.35%
- YTD
- -19.82%
- 1Y
- 51.09%
- 3Y*
- 30.44%
- 5Y*
- 17.45%
- 10Y*
- 10.35%
USML.L
- 1D
- -0.27%
- 1M
- 0.88%
- 6M
- 15.16%
- YTD
- 20.47%
- 1Y
- 30.88%
- 3Y*
- 13.66%
- 5Y*
- 8.27%
- 10Y*
- —
PHSP.L vs. USML.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PHSP.L WisdomTree Physical Silver | -19.82% | 129.68% | 22.85% | -6.51% | 15.50% | -12.11% | 40.85% | 14.00% |
USML.L Invesco S&P SmallCap 600 UCITS ETF A | 20.47% | -1.02% | 9.66% | 11.65% | -5.95% | 27.68% | 7.85% | 10.88% |
Correlation
The correlation between PHSP.L and USML.L is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2019 | 0.09 |
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Return for Risk
PHSP.L vs. USML.L — Risk / Return Rank
PHSP.L
USML.L
PHSP.L vs. USML.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Physical Silver (PHSP.L) and Invesco S&P SmallCap 600 UCITS ETF A (USML.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.
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 | USML.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.95 | ||
| Sortino ratioReturn per unit of downside risk | -1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.33 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.05 | 4.35 | -3.30 |
| Martin ratioReturn relative to average drawdown | 2.21 | 13.67 | -11.46 |
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Drawdowns
PHSP.L vs. USML.L - Drawdown Comparison
The maximum PHSP.L drawdown since its inception was -70.04%, which is greater than USML.L's maximum drawdown of -35.94%. Use the drawdown chart below to compare losses from any high point for PHSP.L and USML.L.
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Drawdown Indicators
| PHSP.L | USML.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.04% | -35.94% | -34.10% |
Max Drawdown (1Y)Largest decline over 1 year | -48.38% | -7.06% | -41.32% |
Max Drawdown (3Y)Largest decline over 3 years | -48.38% | -30.43% | -17.95% |
Max Drawdown (5Y)Largest decline over 5 years | -48.38% | -30.43% | -17.95% |
Max Drawdown (10Y)Largest decline over 10 years | -48.38% | — | — |
Current DrawdownCurrent decline from peak | -48.38% | -3.80% | -44.58% |
Average DrawdownAverage peak-to-trough decline | -44.03% | -8.06% | -35.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.01% | 2.25% | +20.76% |
Volatility
PHSP.L vs. USML.L - Volatility Comparison
WisdomTree Physical Silver (PHSP.L) has a higher volatility of 13.45% compared to Invesco S&P SmallCap 600 UCITS ETF A (USML.L) at 4.82%. This indicates that PHSP.L's price experiences larger fluctuations and is considered to be riskier than USML.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHSP.L | USML.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.45% | 4.82% | +8.63% |
Volatility (6M)Calculated over the trailing 6-month period | 50.53% | 12.44% | +38.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.27% | 16.60% | +39.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.73% | 20.19% | +16.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.04% | 22.57% | +8.47% |
PHSP.L vs. USML.L - Expense Ratio Comparison
PHSP.L has a 0.49% expense ratio, which is higher than USML.L's 0.14% expense ratio.
Dividends
PHSP.L vs. USML.L - Dividend Comparison
Neither PHSP.L nor USML.L has paid dividends to shareholders.
Frequently Asked Questions
PHSP.L and USML.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.
On fees, USML.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USML.L is cheaper with a 0.14% expense ratio, compared with 0.49% for PHSP.L.
PHSP.L is categorized as Silver, while USML.L is Small Cap Blend Equities. PHSP.L tracks LBMA Silver Price, while USML.L tracks Russell 2000 TR USD. They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.49% for PHSP.L and 0.14% for USML.L.
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