PICK vs. CEF

Last updated Jun 4, 2026

PICK (iShares MSCI Global Select Metals & Mining Producers ETF) and CEF (Sprott Physical Gold and Silver Trust) are both funds - PICK is a Materials fund tracking the MSCI ACWI Select Metals & Mining Producers Ex Gold & Silver Investable Market Index, while CEF is a Precious Metals fund actively managed by Sprott. PICK is passively managed, while CEF is actively managed. Over the past 10 years, PICK returned 17.67%/yr vs 13.80%/yr for CEF. At a 0.32 correlation, their price movements are largely independent. PICK charges 0.39%/yr vs 0.48%/yr for CEF.

Performance

PICK vs. CEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Global Select Metals & Mining Producers ETF (PICK) and Sprott Physical Gold and Silver Trust (CEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PICK achieves a 30.58% return, which is significantly higher than CEF's 1.16% return. Over the past 10 years, PICK has outperformed CEF with an annualized return of 17.67%, while CEF has yielded a comparatively lower 13.80% annualized return.

PICK

• 1D: -2.74%
• 1M: 11.27%
• YTD: 30.58%
• 6M: 38.84%
• 1Y: 88.13%
• 3Y*: 22.92%
• 5Y*: 11.78%
• 10Y*: 17.67%

CEF

• 1D: -1.74%
• 1M: -0.92%
• YTD: 1.16%
• 6M: 10.23%
• 1Y: 54.90%
• 3Y*: 35.48%
• 5Y*: 18.30%
• 10Y*: 13.80%

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

PICK vs. CEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PICK iShares MSCI Global Select Metals & Mining Producers ETF	30.58%	51.89%	-16.37%	9.69%	2.54%	22.61%	27.46%	16.47%	-18.65%	38.42%
CEF Sprott Physical Gold and Silver Trust	1.16%	92.76%	24.07%	6.80%	1.07%	-8.32%	31.99%	16.91%	-6.34%	18.78%

Correlation

The correlation between PICK and CEF is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Feb 3, 2012	0.32

Over the past year, PICK and CEF have become more correlated (0.60) than their long-term average of 0.32, meaning their price movements have been converging.

Return for Risk

PICK vs. CEF — Risk / Return Rank

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

PICK

PICK Risk / Return Rank: 84
PICK Sharpe Ratio Rank: 90
PICK Sortino Ratio Rank: 79
PICK Omega Ratio Rank: 83
PICK Calmar Ratio Rank: 83
PICK Martin Ratio Rank: 85

CEF

CEF Risk / Return Rank: 25
CEF Sharpe Ratio Rank: 26
CEF Sortino Ratio Rank: 18
CEF Omega Ratio Rank: 29
CEF Calmar Ratio Rank: 30
CEF Martin Ratio Rank: 20

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.

PICK vs. CEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Select Metals & Mining Producers ETF (PICK) and Sprott Physical Gold and Silver Trust (CEF). 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.

	PICK	CEF	Difference
Sharpe ratio Return per unit of total volatility	3.16	1.46	+1.70
Sortino ratio Return per unit of downside risk	3.63	1.79	+1.84
Omega ratio Gain probability vs. loss probability	1.51	1.28	+0.22
Calmar ratio Return relative to maximum drawdown	4.53	2.06	+2.47
Martin ratio Return relative to average drawdown	18.20	5.26	+12.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PICK vs. CEF - Sharpe Ratio Comparison

The current PICK Sharpe Ratio is 3.16, which is higher than the CEF Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of PICK and CEF, 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

	PICK	CEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.16	1.46	+1.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.76	-0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.63	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.22	-0.01

Drawdowns

PICK vs. CEF - Drawdown Comparison

The maximum PICK drawdown since its inception was -68.87%, which is greater than CEF's maximum drawdown of -62.29%. Use the drawdown chart below to compare losses from any high point for PICK and CEF.

Drawdown Indicators

	PICK	CEF	Difference
Max Drawdown Largest peak-to-trough decline	-68.87%	-62.29%	-6.58%
Max Drawdown (1Y) Largest decline over 1 year	-19.54%	-26.77%	+7.23%
Max Drawdown (3Y) Largest decline over 3 years	-32.52%	-26.77%	-5.75%
Max Drawdown (5Y) Largest decline over 5 years	-36.37%	-26.77%	-9.60%
Max Drawdown (10Y) Largest decline over 10 years	-52.72%	-29.10%	-23.62%
Current Drawdown Current decline from peak	-2.74%	-21.75%	+19.01%
Average Drawdown Average peak-to-trough decline	-24.12%	-27.34%	+3.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.86%	10.47%	-5.61%

Volatility

PICK vs. CEF - Volatility Comparison

iShares MSCI Global Select Metals & Mining Producers ETF (PICK) has a higher volatility of 10.99% compared to Sprott Physical Gold and Silver Trust (CEF) at 10.09%. This indicates that PICK's price experiences larger fluctuations and is considered to be riskier than CEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PICK	CEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.99%	10.09%	+0.90%
Volatility (6M) Calculated over the trailing 6-month period	24.11%	35.14%	-11.03%
Volatility (1Y) Calculated over the trailing 1-year period	28.10%	37.84%	-9.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.78%	24.26%	+3.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.37%	21.82%	+6.55%

PICK vs. CEF - Expense Ratio Comparison

PICK has a 0.39% expense ratio, which is lower than CEF's 0.48% expense ratio.

Dividends

PICK vs. CEF - Dividend Comparison

PICK's dividend yield for the trailing twelve months is around 2.20%, while CEF has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEF Sprott Physical Gold and Silver Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	0.07%	0.09%	0.10%
PICK iShares MSCI Global Select Metals & Mining Producers ETF	2.20%	2.88%	3.26%	4.19%	6.93%	5.89%	2.27%	5.51%	4.77%	2.41%	1.15%	15.77%

Frequently Asked Questions

Can I hold both PICK and CEF in my portfolio?

PICK and CEF have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PICK or CEF?

PICK has higher volatility (10.99%) compared to CEF (10.09%). In terms of maximum drawdown, PICK dropped -68.87% vs CEF's -62.29%.

Which has better risk-adjusted returns?

PICK currently has the higher Sharpe Ratio (3.15 vs 1.46), 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.