PSLV vs. GBUG

Last updated Jun 26, 2026

PSLV (Sprott Physical Silver Trust) and GBUG (Sprott Active Gold & Silver Miners ETF) are both exchange-traded funds - PSLV is a Silver fund tracking the No Index (Physical Silver), while GBUG is a Gold fund actively managed by Sprott. PSLV is passively managed, while GBUG is actively managed. Over the past year, PSLV returned 49.35% vs 55.70% for GBUG. A 0.75 correlation means they provide meaningful diversification when combined. PSLV charges 0.51%/yr vs 0.89%/yr for GBUG.

Performance

PSLV vs. GBUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Physical Silver Trust (PSLV) and Sprott Active Gold & Silver Miners ETF (GBUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSLV achieves a -22.33% return, which is significantly lower than GBUG's -11.69% return.

PSLV

• 1D: 1.38%
• 1M: -25.75%
• YTD: -22.33%
• 6M: -23.33%
• 1Y: 49.35%
• 3Y*: 33.10%
• 5Y*: 14.66%
• 10Y*: 10.45%

GBUG

• 1D: 2.23%
• 1M: -13.12%
• YTD: -11.69%
• 6M: -14.96%
• 1Y: 55.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSLV vs. GBUG - Yearly Performance Comparison

	2026 (YTD)	2025
PSLV Sprott Physical Silver Trust	-22.33%	113.06%
GBUG Sprott Active Gold & Silver Miners ETF	-11.69%	122.37%

Correlation

The correlation between PSLV and GBUG is 0.76, 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	0.76
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.75

The correlation between PSLV and GBUG has been stable across timeframes, ranging from 0.75 to 0.76 - a consistent structural relationship.

Return for Risk

PSLV vs. GBUG — Risk / Return Rank

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

PSLV

PSLV Risk / Return Rank: 25
PSLV Sharpe Ratio Rank: 25
PSLV Sortino Ratio Rank: 25
PSLV Omega Ratio Rank: 32
PSLV Calmar Ratio Rank: 23
PSLV Martin Ratio Rank: 21

GBUG

GBUG Risk / Return Rank: 32
GBUG Sharpe Ratio Rank: 34
GBUG Sortino Ratio Rank: 31
GBUG Omega Ratio Rank: 35
GBUG Calmar Ratio Rank: 33
GBUG Martin Ratio Rank: 30

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.

PSLV vs. GBUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Silver Trust (PSLV) and Sprott Active Gold & Silver Miners ETF (GBUG). 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	GBUG	Difference
Sharpe ratio: Return per unit of total volatility	0.82	1.11	-0.29
Sortino ratio: Return per unit of downside risk	1.27	1.55	-0.27
Omega ratio: Gain probability vs. loss probability	1.20	1.21	-0.01
Calmar ratio: Return relative to maximum drawdown	0.99	1.52	-0.53
Martin ratio: Return relative to average drawdown	2.36	3.89	-1.53

PSLV vs. GBUG - Sharpe Ratio Comparison

The current PSLV Sharpe Ratio is 0.82, which is comparable to the GBUG Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of PSLV and GBUG, 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. GBUG - Drawdown Comparison

The maximum PSLV drawdown since its inception was -79.38%, which is greater than GBUG's maximum drawdown of -36.90%. Use the drawdown chart below to compare losses from any high point for PSLV and GBUG.

Drawdown Indicators

	PSLV	GBUG	Difference
Max Drawdown Largest peak-to-trough decline	-79.38%	-36.90%	-42.48%
Max Drawdown (1Y) Largest decline over 1 year	-50.17%	-36.90%	-13.27%
Max Drawdown (3Y) Largest decline over 3 years	-50.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-50.17%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-50.17%	—	—
Current Drawdown Current decline from peak	-49.48%	-33.68%	-15.80%
Average Drawdown Average peak-to-trough decline	-58.08%	-8.62%	-49.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.00%	14.37%	+6.63%

Volatility

PSLV vs. GBUG - Volatility Comparison

The current volatility for Sprott Physical Silver Trust (PSLV) is 15.92%, while Sprott Active Gold & Silver Miners ETF (GBUG) has a volatility of 19.23%. This indicates that PSLV experiences smaller price fluctuations and is considered to be less risky than GBUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSLV	GBUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.92%	19.23%	-3.31%
Volatility (6M) Calculated over the trailing 6-month period	58.74%	42.45%	+16.29%
Volatility (1Y) Calculated over the trailing 1-year period	60.50%	50.44%	+10.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.28%	48.64%	-12.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.49%	48.64%	-17.15%

PSLV vs. GBUG - Expense Ratio Comparison

PSLV has a 0.51% expense ratio, which is lower than GBUG's 0.89% expense ratio.

Dividends

PSLV vs. GBUG - Dividend Comparison

PSLV has not paid dividends to shareholders, while GBUG's dividend yield for the trailing twelve months is around 1.76%.

Position	TTM	2025
GBUG Sprott Active Gold & Silver Miners ETF	1.76%	1.56%
PSLV Sprott Physical Silver Trust	0.00%	0.00%

Frequently Asked Questions

Can I hold both PSLV and GBUG in my portfolio?

PSLV and GBUG 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 GBUG?

GBUG has higher volatility (19.23%) compared to PSLV (15.92%). In terms of maximum drawdown, PSLV dropped -79.38% vs GBUG's -36.90%.

Which ETF is better, PSLV or GBUG?

On 1-year performance, GBUG leads with 55.70% vs 49.35% for PSLV. On fees, PSLV is cheaper at 0.51% per year. On volatility, PSLV has been the lower-risk option at 15.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSLV or GBUG?

Over the 1-year period, GBUG has performed better with a 55.70% return vs 49.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSLV or GBUG?

PSLV is cheaper with a 0.51% expense ratio, compared with 0.89% for GBUG.

Which ETF pays a higher dividend yield, PSLV or GBUG?

GBUG has the higher dividend yield at 1.76%, compared with 0.00% for PSLV.

What is the main difference between PSLV and GBUG?

PSLV is categorized as Silver, while GBUG is Gold. Their fees differ too: 0.51% for PSLV and 0.89% for GBUG.

Which has better risk-adjusted returns?

GBUG currently has the higher Sharpe Ratio (1.11 vs 0.82), 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.