PHYS vs. VBR

Last updated Jun 13, 2026

PHYS (Sprott Physical Gold Trust) is a stock, while VBR (Vanguard Small-Cap Value ETF) is Small Cap Value Equities fund tracking the CRSP US Small Cap Value Index. Over the past 10 years, PHYS returned 11.42%/yr vs 10.99%/yr for VBR. At a 0.04 correlation, their price movements are largely independent.

Performance

PHYS vs. VBR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Physical Gold Trust (PHYS) and Vanguard Small-Cap Value ETF (VBR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PHYS achieves a -3.85% return, which is significantly lower than VBR's 14.60% return. Both investments have delivered pretty close results over the past 10 years, with PHYS having a 11.42% annualized return and VBR not far behind at 10.99%.

PHYS

• 1D: 0.19%
• 1M: -9.95%
• YTD: -3.85%
• 6M: -3.47%
• 1Y: 20.77%
• 3Y*: 28.00%
• 5Y*: 16.26%
• 10Y*: 11.42%

VBR

• 1D: 0.87%
• 1M: 4.49%
• YTD: 14.60%
• 6M: 12.92%
• 1Y: 29.93%
• 3Y*: 16.09%
• 5Y*: 8.36%
• 10Y*: 10.99%

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

PHYS vs. VBR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHYS Sprott Physical Gold Trust	-3.85%	63.95%	26.43%	12.98%	-1.81%	-4.84%	23.89%	18.14%	-2.64%	12.78%
VBR Vanguard Small-Cap Value ETF	14.60%	9.09%	12.40%	16.00%	-9.38%	28.08%	5.90%	22.78%	-12.28%	11.81%

Correlation

The correlation between PHYS and VBR is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Feb 26, 2010	0.04

The correlation between PHYS and VBR shifts across timeframes, from 0.04 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PHYS vs. VBR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PHYS

PHYS Risk / Return Rank: 64
PHYS Sharpe Ratio Rank: 69
PHYS Sortino Ratio Rank: 60
PHYS Omega Ratio Rank: 64
PHYS Calmar Ratio Rank: 62
PHYS Martin Ratio Rank: 66

VBR

VBR Risk / Return Rank: 67
VBR Sharpe Ratio Rank: 64
VBR Sortino Ratio Rank: 68
VBR Omega Ratio Rank: 59
VBR Calmar Ratio Rank: 72
VBR Martin Ratio Rank: 70

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.

PHYS vs. VBR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Gold Trust (PHYS) and Vanguard Small-Cap Value ETF (VBR). 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.

	PHYS	VBR	Difference
Sharpe ratio: Return per unit of total volatility	0.81	1.83	-1.02
Sortino ratio: Return per unit of downside risk	1.15	2.67	-1.53
Omega ratio: Gain probability vs. loss probability	1.17	1.31	-0.14
Calmar ratio: Return relative to maximum drawdown	0.92	3.17	-2.25
Martin ratio: Return relative to average drawdown	2.64	11.22	-8.58

PHYS vs. VBR - Sharpe Ratio Comparison

The current PHYS Sharpe Ratio is 0.81, which is lower than the VBR Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of PHYS and VBR, 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

PHYS vs. VBR - Drawdown Comparison

The maximum PHYS drawdown since its inception was -48.16%, smaller than the maximum VBR drawdown of -61.98%. Use the drawdown chart below to compare losses from any high point for PHYS and VBR.

Drawdown Indicators

	PHYS	VBR	Difference
Max Drawdown Largest peak-to-trough decline	-48.16%	-61.98%	+13.82%
Max Drawdown (1Y) Largest decline over 1 year	-24.80%	-8.85%	-15.95%
Max Drawdown (3Y) Largest decline over 3 years	-24.80%	-24.19%	-0.61%
Max Drawdown (5Y) Largest decline over 5 years	-24.80%	-24.19%	-0.61%
Max Drawdown (10Y) Largest decline over 10 years	-24.80%	-45.28%	+20.48%
Current Drawdown Current decline from peak	-22.43%	0.00%	-22.43%
Average Drawdown Average peak-to-trough decline	-20.99%	-8.26%	-12.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.60%	2.50%	+6.10%

Volatility

PHYS vs. VBR - Volatility Comparison

Sprott Physical Gold Trust (PHYS) has a higher volatility of 7.80% compared to Vanguard Small-Cap Value ETF (VBR) at 4.43%. This indicates that PHYS's price experiences larger fluctuations and is considered to be riskier than VBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHYS	VBR	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.80%	4.43%	+3.37%
Volatility (6M) Calculated over the trailing 6-month period	24.75%	10.65%	+14.10%
Volatility (1Y) Calculated over the trailing 1-year period	28.17%	15.36%	+12.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.53%	19.79%	-1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.41%	21.74%	-5.33%

Dividends

PHYS vs. VBR - Dividend Comparison

PHYS has not paid dividends to shareholders, while VBR's dividend yield for the trailing twelve months is around 1.71%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHYS Sprott Physical Gold Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VBR Vanguard Small-Cap Value ETF	1.71%	1.95%	1.98%	2.12%	2.03%	1.75%	1.68%	2.06%	2.35%	1.79%	1.77%	1.99%

Frequently Asked Questions

Can I hold both PHYS and VBR in my portfolio?

PHYS and VBR have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PHYS or VBR?

PHYS has higher volatility (7.80%) compared to VBR (4.43%). In terms of maximum drawdown, PHYS dropped -48.16% vs VBR's -61.98%.

Which has better risk-adjusted returns?

VBR currently has the higher Sharpe Ratio (1.83 vs 0.81), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.