PSLV vs. FAS
PSLV (Sprott Physical Silver Trust) and FAS (Direxion Daily Financial Bull 3X Shares) are both exchange-traded funds - PSLV is a Silver fund tracking the No Index (Physical Silver), while FAS is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (300%). Both are passively managed. Over the past 10 years, PSLV returned 13.97%/yr vs 18.36%/yr for FAS. At a 0.09 correlation, their price movements are largely independent. PSLV charges 0.51%/yr vs 1.00%/yr for FAS.
Performance
PSLV vs. FAS - Performance Comparison
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Returns By Period
In the year-to-date period, PSLV achieves a -1.78% return, which is significantly higher than FAS's -24.46% return. Over the past 10 years, PSLV has underperformed FAS with an annualized return of 13.97%, while FAS has yielded a comparatively higher 18.36% annualized return.
PSLV
- 1D
- -2.76%
- 1M
- -1.61%
- YTD
- -1.78%
- 6M
- 18.46%
- 1Y
- 100.09%
- 3Y*
- 41.73%
- 5Y*
- 18.43%
- 10Y*
- 13.97%
FAS
- 1D
- -3.47%
- 1M
- -5.15%
- YTD
- -24.46%
- 6M
- -18.86%
- 1Y
- -12.36%
- 3Y*
- 34.13%
- 5Y*
- 3.01%
- 10Y*
- 18.36%
PSLV vs. FAS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSLV Sprott Physical Silver Trust | -1.78% | 145.08% | 19.43% | -1.94% | 2.74% | -14.13% | 42.81% | 16.99% | -11.83% | 4.28% |
FAS Direxion Daily Financial Bull 3X Shares | -24.46% | 21.48% | 84.47% | 14.92% | -43.19% | 116.59% | -34.97% | 113.04% | -33.84% | 67.37% |
Correlation
The correlation between PSLV and FAS is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Nov 1, 2010 | 0.09 |
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Return for Risk
PSLV vs. FAS — Risk / Return Rank
PSLV
FAS
PSLV vs. FAS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Silver Trust (PSLV) and Direxion Daily Financial Bull 3X Shares (FAS). 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.
| PSLV | FAS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.01 | ||
| Sortino ratioReturn per unit of downside risk | +2.09 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.98 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | -0.30 | +2.78 |
| Martin ratioReturn relative to average drawdown | 5.50 | -0.71 | +6.21 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PSLV | FAS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.72 | -0.29 | +2.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.52 | 0.05 | +0.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.45 | 0.30 | +0.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.17 | 0.19 | -0.02 |
Drawdowns
PSLV vs. FAS - Drawdown Comparison
The maximum PSLV drawdown since its inception was -79.38%, smaller than the maximum FAS drawdown of -91.61%. Use the drawdown chart below to compare losses from any high point for PSLV and FAS.
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Drawdown Indicators
| PSLV | FAS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.38% | -91.61% | +12.23% |
Max Drawdown (1Y)Largest decline over 1 year | -40.65% | -40.88% | +0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -40.65% | -43.10% | +2.45% |
Max Drawdown (5Y)Largest decline over 5 years | -40.65% | -66.88% | +26.23% |
Max Drawdown (10Y)Largest decline over 10 years | -42.79% | -85.99% | +43.20% |
Current DrawdownCurrent decline from peak | -36.11% | -30.69% | -5.42% |
Average DrawdownAverage peak-to-trough decline | -58.15% | -31.11% | -27.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.25% | 17.51% | +0.74% |
Volatility
PSLV vs. FAS - Volatility Comparison
Sprott Physical Silver Trust (PSLV) has a higher volatility of 16.57% compared to Direxion Daily Financial Bull 3X Shares (FAS) at 9.50%. This indicates that PSLV's price experiences larger fluctuations and is considered to be riskier than FAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSLV | FAS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.57% | 9.50% | +7.07% |
Volatility (6M)Calculated over the trailing 6-month period | 57.35% | 32.51% | +24.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.49% | 42.76% | +15.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.64% | 55.49% | -19.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.14% | 61.29% | -30.15% |
PSLV vs. FAS - Expense Ratio Comparison
PSLV has a 0.51% expense ratio, which is lower than FAS's 1.00% expense ratio.
Dividends
PSLV vs. FAS - Dividend Comparison
PSLV has not paid dividends to shareholders, while FAS's dividend yield for the trailing twelve months is around 11.04%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X Shares | 11.04% | 8.21% | 0.76% | 1.77% | 0.91% | 0.60% | 0.47% | 0.62% | 1.43% | 0.11% |
PSLV Sprott Physical Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PSLV and FAS have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSLV has higher volatility (16.57%) compared to FAS (9.50%). In terms of maximum drawdown, PSLV dropped -79.38% vs FAS's -91.61%.
On 10-year performance, FAS leads with 18.36% vs 13.97% for PSLV. On fees, PSLV is cheaper at 0.51% per year. On volatility, FAS has been the lower-risk option at 9.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FAS has performed better with a 18.36% return vs 13.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSLV is cheaper with a 0.51% expense ratio, compared with 1.00% for FAS.
FAS has the higher dividend yield at 11.04%, compared with 0.00% for PSLV.
PSLV is categorized as Silver, while FAS is Leveraged Equities. PSLV tracks No Index (Physical Silver), while FAS tracks Russell 1000 Financial Services Index (300%). They also come from different issuers: Sprott and Direxion. Their fees differ too: 0.51% for PSLV and 1.00% for FAS.
PSLV currently has the higher Sharpe Ratio (1.72 vs -0.29), 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.
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