PSLV vs. AG

Last updated Aug 1, 2026

PSLV (Sprott Physical Silver Trust) is Silver fund tracking the No Index (Physical Silver), while AG (First Majestic Silver Corp.) is a stock. Over the past 10 years, PSLV returned 8.96%/yr vs -1.67%/yr for AG. Their 0.68 correlation means they have sometimes moved together and sometimes differently.

Performance

PSLV vs. AG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Physical Silver Trust (PSLV) and First Majestic Silver Corp. (AG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSLV achieves a -20.51% return, which is significantly lower than AG's -9.68% return. Over the past 10 years, PSLV has outperformed AG with an annualized return of 8.96%, while AG has yielded a comparatively lower -1.67% annualized return.

PSLV

• 1D: -1.98%
• 1M: -3.34%
• 6M: -28.81%
• YTD: -20.51%
• 1Y: 50.16%
• 3Y*: 31.33%
• 5Y*: 16.13%
• 10Y*: 8.96%
• ALL TIME*: 4.09%

AG

• 1D: -4.21%
• 1M: -15.66%
• 6M: -27.79%
• YTD: -9.68%
• 1Y: 92.36%
• 3Y*: 33.31%
• 5Y*: 2.14%
• 10Y*: -1.67%
• ALL TIME*: 0.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AG First Majestic Silver Corp.	$178.27M	$175.82M	$226.19M
PSLV Sprott Physical Silver Trust	$153.19M	$135.68M	$193.34M

PSLV vs. AG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSLV Sprott Physical Silver Trust	-20.51%	145.08%	19.43%	-1.94%	2.74%	-14.13%	42.81%	16.99%	-11.83%	4.28%
AG First Majestic Silver Corp.	-9.68%	204.32%	-10.47%	-25.99%	-24.73%	-17.24%	9.62%	108.15%	-12.61%	-11.66%

Correlation

The correlation between PSLV and AG is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (5Y) Shows whether the relationship held over a longer period.	0.71
Correlation (10Y) Provides a long-term view across more market conditions.	0.69
Correlation (All Time) Calculated using the full available price history since Dec 15, 2010	0.68

The correlation between PSLV and AG has been stable across timeframes, ranging from 0.68 to 0.76 - a consistent structural relationship.

Fundamentals

Market Cap PSLV : $14.73B AG : $7.41B
EPS PSLV : $13.57 AG : $0.70
PE Ratio PSLV : 1.71 AG : 21.51
PEG Ratio PSLV : 0.00 AG : 0.38
PS Ratio PSLV : 218.98 AG : 4.54
PB Ratio PSLV : 0.90 AG : 2.54
Total Revenue (TTM) PSLV : $64.19M AG : $1.64B
Gross Profit (TTM) PSLV : $404.67M AG : $863.95M
EBITDA (TTM) PSLV : $8.21B AG : $1.02B

Return for Risk

PSLV vs. AG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PSLV

PSLV Risk / Return Rank: 33
PSLV Sharpe Ratio Rank: 34
PSLV Sortino Ratio Rank: 34
PSLV Omega Ratio Rank: 42
PSLV Calmar Ratio Rank: 31
PSLV Martin Ratio Rank: 25

AG

AG Risk / Return Rank: 76
AG Sharpe Ratio Rank: 80
AG Sortino Ratio Rank: 77
AG Omega Ratio Rank: 75
AG Calmar Ratio Rank: 76
AG Martin Ratio Rank: 73

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PSLV vs. AG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Silver Trust (PSLV) and First Majestic Silver Corp. (AG). 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.

	PSLV	AG	Difference
Sharpe ratio: Return per unit of total volatility	0.84	1.20	-0.36
Sortino ratio: Return per unit of downside risk	1.30	1.86	-0.56
Omega ratio: Gain probability vs. loss probability	1.20	1.22	-0.03
Calmar ratio: Return relative to maximum drawdown	1.02	1.70	-0.68
Martin ratio: Return relative to average drawdown	1.99	3.35	-1.36

PSLV vs. AG - Sharpe Ratio Comparison

The current PSLV Sharpe Ratio is 0.84, which is comparable to the AG Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of PSLV and AG, 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

PSLV vs. AG - Drawdown Comparison

The maximum PSLV drawdown since its inception was -79.38%, smaller than the maximum AG drawdown of -90.20%. Use the drawdown chart below to compare losses from any high point for PSLV and AG.

Drawdown Indicators

	PSLV	AG	Difference
Max Drawdown Largest peak-to-trough decline	-79.38%	-90.20%	+10.82%
Max Drawdown (1Y) Largest decline over 1 year	-50.83%	-53.00%	+2.17%
Max Drawdown (3Y) Largest decline over 3 years	-50.83%	-53.00%	+2.17%
Max Drawdown (5Y) Largest decline over 5 years	-50.83%	-70.28%	+19.45%
Max Drawdown (10Y) Largest decline over 10 years	-50.83%	-80.82%	+29.99%
Current Drawdown Current decline from peak	-48.29%	-53.00%	+4.71%
Average Drawdown Average peak-to-trough decline	-58.02%	-59.08%	+1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.92%	26.79%	-0.87%

Volatility

PSLV vs. AG - Volatility Comparison

The current volatility for Sprott Physical Silver Trust (PSLV) is 11.59%, while First Majestic Silver Corp. (AG) has a volatility of 18.02%. This indicates that PSLV experiences smaller price fluctuations and is considered to be less risky than AG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSLV	AG	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.59%	18.02%	-6.43%
Volatility (6M) Calculated over the trailing 6-month period	55.13%	57.35%	-2.22%
Volatility (1Y) Calculated over the trailing 1-year period	61.20%	74.97%	-13.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.54%	62.17%	-25.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.54%	61.87%	-30.33%

Dividends

PSLV vs. AG - Dividend Comparison

PSLV has not paid dividends to shareholders, while AG's dividend yield for the trailing twelve months is around 0.24%.

Position	TTM	2025	2024	2023	2022	2021
AG First Majestic Silver Corp.	0.24%	0.12%	0.33%	0.34%	0.31%	0.14%
PSLV Sprott Physical Silver Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PSLV and AG in my portfolio?

PSLV and AG have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSLV or AG?

AG has higher volatility (18.02%) compared to PSLV (11.59%). In terms of maximum drawdown, PSLV dropped -79.38% vs AG's -90.20%.

Which has better risk-adjusted returns?

AG currently has the higher Sharpe Ratio (1.20 vs 0.84), 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.