PPLT vs. ION

Last updated Jul 1, 2026

PPLT (abrdn Physical Platinum Shares ETF) and ION (Proshares S&P Global Core Battery Metals ETF) are both exchange-traded funds - PPLT is a Precious Metals fund tracking the LBMA Platinum Price PM, while ION is a Lithium & Battery Metals fund tracking the S&P Global Core Battery Metals Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, PPLT returned 19.09%/yr vs 13.08%/yr for ION. At a 0.45 correlation, their price movements are largely independent. PPLT charges 0.60%/yr vs 0.58%/yr for ION.

Performance

PPLT vs. ION - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in abrdn Physical Platinum Shares ETF (PPLT) and Proshares S&P Global Core Battery Metals ETF (ION). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PPLT achieves a -24.21% return, which is significantly lower than ION's -1.19% return.

PPLT

• 1D: -1.40%
• 1M: -19.03%
• YTD: -24.21%
• 6M: -28.86%
• 1Y: 15.00%
• 3Y*: 19.09%
• 5Y*: 6.84%
• 10Y*: 3.32%

ION

• 1D: 1.88%
• 1M: -15.33%
• YTD: -1.19%
• 6M: -1.36%
• 1Y: 78.17%
• 3Y*: 13.08%
• 5Y*: —
• 10Y*: —

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

PPLT vs. ION - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PPLT abrdn Physical Platinum Shares ETF	-24.21%	124.48%	-8.90%	-8.18%	3.60%
ION Proshares S&P Global Core Battery Metals ETF	-1.19%	108.37%	-20.02%	-14.10%	-8.45%

Correlation

The correlation between PPLT and ION is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (All Time) Calculated using the full available price history since Dec 1, 2022	0.45

Return for Risk

PPLT vs. ION — Risk / Return Rank

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

PPLT

PPLT Risk / Return Rank: 14
PPLT Sharpe Ratio Rank: 13
PPLT Sortino Ratio Rank: 15
PPLT Omega Ratio Rank: 16
PPLT Calmar Ratio Rank: 13
PPLT Martin Ratio Rank: 12

ION

ION Risk / Return Rank: 64
ION Sharpe Ratio Rank: 73
ION Sortino Ratio Rank: 60
ION Omega Ratio Rank: 58
ION Calmar Ratio Rank: 69
ION Martin Ratio Rank: 60

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.

PPLT vs. ION - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn Physical Platinum Shares ETF (PPLT) and Proshares S&P Global Core Battery Metals ETF (ION). 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.

	PPLT	ION	Difference
Sharpe ratio: Return per unit of total volatility	0.30	1.99	-1.69
Sortino ratio: Return per unit of downside risk	0.72	2.42	-1.71
Omega ratio: Gain probability vs. loss probability	1.10	1.31	-0.21
Calmar ratio: Return relative to maximum drawdown	0.34	2.93	-2.58
Martin ratio: Return relative to average drawdown	0.78	9.15	-8.38

PPLT vs. ION - Sharpe Ratio Comparison

The current PPLT Sharpe Ratio is 0.30, which is lower than the ION Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of PPLT and ION, 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

PPLT vs. ION - Drawdown Comparison

The maximum PPLT drawdown since its inception was -70.73%, which is greater than ION's maximum drawdown of -52.08%. Use the drawdown chart below to compare losses from any high point for PPLT and ION.

Drawdown Indicators

	PPLT	ION	Difference
Max Drawdown Largest peak-to-trough decline	-70.73%	-52.08%	-18.65%
Max Drawdown (1Y) Largest decline over 1 year	-43.98%	-26.85%	-17.13%
Max Drawdown (3Y) Largest decline over 3 years	-43.98%	-46.47%	+2.49%
Max Drawdown (5Y) Largest decline over 5 years	-43.98%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.14%	—	—
Current Drawdown Current decline from peak	-43.98%	-25.47%	-18.51%
Average Drawdown Average peak-to-trough decline	-39.94%	-23.60%	-16.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.30%	8.57%	+10.73%

Volatility

PPLT vs. ION - Volatility Comparison

The current volatility for abrdn Physical Platinum Shares ETF (PPLT) is 12.58%, while Proshares S&P Global Core Battery Metals ETF (ION) has a volatility of 13.79%. This indicates that PPLT experiences smaller price fluctuations and is considered to be less risky than ION based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPLT	ION	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.58%	13.79%	-1.21%
Volatility (6M) Calculated over the trailing 6-month period	43.67%	32.01%	+11.66%
Volatility (1Y) Calculated over the trailing 1-year period	50.52%	39.57%	+10.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.78%	31.57%	+1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.21%	31.57%	-2.36%

PPLT vs. ION - Expense Ratio Comparison

PPLT has a 0.60% expense ratio, which is higher than ION's 0.58% expense ratio.

Dividends

PPLT vs. ION - Dividend Comparison

PPLT has not paid dividends to shareholders, while ION's dividend yield for the trailing twelve months is around 1.50%.

Position	TTM	2025	2024	2023	2022
ION Proshares S&P Global Core Battery Metals ETF	1.50%	1.63%	1.74%	2.23%	0.13%
PPLT abrdn Physical Platinum Shares ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PPLT and ION in my portfolio?

PPLT and ION have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PPLT or ION?

ION has higher volatility (13.79%) compared to PPLT (12.58%). In terms of maximum drawdown, PPLT dropped -70.73% vs ION's -52.08%.

Which ETF is better, PPLT or ION?

On 3-year performance, PPLT leads with 19.09% vs 13.08% for ION. On fees, ION is cheaper at 0.58% per year. On volatility, PPLT has been the lower-risk option at 12.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PPLT or ION?

Over the 3-year period, PPLT has performed better with a 19.09% return vs 13.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PPLT or ION?

ION is cheaper with a 0.58% expense ratio, compared with 0.60% for PPLT.

Which ETF pays a higher dividend yield, PPLT or ION?

ION has the higher dividend yield at 1.50%, compared with 0.00% for PPLT.

What is the main difference between PPLT and ION?

PPLT is categorized as Precious Metals, while ION is Lithium & Battery Metals. PPLT tracks LBMA Platinum Price PM, while ION tracks S&P Global Core Battery Metals Index - Benchmark TR Net. They also come from different issuers: abrdn and ProShares. Their fees differ too: 0.60% for PPLT and 0.58% for ION.

Which has better risk-adjusted returns?

ION currently has the higher Sharpe Ratio (1.99 vs 0.30), 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.