PSLV vs. GDX
PSLV (Sprott Physical Silver Trust) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - PSLV is a Silver fund tracking the No Index (Physical Silver), while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, PSLV returned 11.08%/yr vs 12.36%/yr for GDX. A 0.72 correlation means they provide meaningful diversification when combined. Both charge a 0.51% expense ratio.
Performance
PSLV vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, PSLV achieves a -17.80% return, which is significantly lower than GDX's -9.46% return. Over the past 10 years, PSLV has underperformed GDX with an annualized return of 11.08%, while GDX has yielded a comparatively higher 12.36% annualized return.
PSLV
- 1D
- -5.68%
- 1M
- -19.80%
- YTD
- -17.80%
- 6M
- -18.11%
- 1Y
- 58.69%
- 3Y*
- 36.40%
- 5Y*
- 16.01%
- 10Y*
- 11.08%
GDX
- 1D
- -4.64%
- 1M
- -8.66%
- YTD
- -9.46%
- 6M
- -13.97%
- 1Y
- 47.29%
- 3Y*
- 39.25%
- 5Y*
- 19.30%
- 10Y*
- 12.36%
PSLV vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSLV Sprott Physical Silver Trust | -17.80% | 145.08% | 19.43% | -1.94% | 2.74% | -14.13% | 42.81% | 16.99% | -11.83% | 4.28% |
GDX VanEck Gold Miners ETF | -9.46% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between PSLV and GDX is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Oct 29, 2010 | 0.72 |
The correlation between PSLV and GDX has been stable across timeframes, ranging from 0.72 to 0.78 - a consistent structural relationship.
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Return for Risk
PSLV vs. GDX — Risk / Return Rank
PSLV
GDX
PSLV vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Silver Trust (PSLV) and VanEck Gold Miners ETF (GDX). 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 | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.20 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.27 | 1.31 | -0.04 |
| Martin ratioReturn relative to average drawdown | 2.87 | 3.44 | -0.58 |
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Drawdowns
PSLV vs. GDX - Drawdown Comparison
The maximum PSLV drawdown since its inception was -79.38%, roughly equal to the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for PSLV and GDX.
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Drawdown Indicators
| PSLV | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.38% | -80.34% | +0.96% |
Max Drawdown (1Y)Largest decline over 1 year | -46.53% | -36.28% | -10.25% |
Max Drawdown (3Y)Largest decline over 3 years | -46.53% | -36.28% | -10.25% |
Max Drawdown (5Y)Largest decline over 5 years | -46.53% | -46.51% | -0.02% |
Max Drawdown (10Y)Largest decline over 10 years | -46.53% | -49.79% | +3.26% |
Current DrawdownCurrent decline from peak | -46.53% | -32.96% | -13.57% |
Average DrawdownAverage peak-to-trough decline | -58.08% | -40.40% | -17.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.53% | 13.78% | +6.75% |
Volatility
PSLV vs. GDX - Volatility Comparison
The current volatility for Sprott Physical Silver Trust (PSLV) is 14.94%, while VanEck Gold Miners ETF (GDX) has a volatility of 17.61%. This indicates that PSLV experiences smaller price fluctuations and is considered to be less risky than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSLV | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.94% | 17.61% | -2.67% |
Volatility (6M)Calculated over the trailing 6-month period | 58.49% | 40.05% | +18.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.09% | 47.64% | +12.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.15% | 36.89% | -0.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.42% | 37.37% | -5.95% |
PSLV vs. GDX - Expense Ratio Comparison
Both PSLV and GDX have an expense ratio of 0.51%.
Dividends
PSLV vs. GDX - Dividend Comparison
PSLV has not paid dividends to shareholders, while GDX's dividend yield for the trailing twelve months is around 0.82%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.82% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
PSLV and GDX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (17.61%) compared to PSLV (14.94%). In terms of maximum drawdown, PSLV dropped -79.38% vs GDX's -80.34%.
On 10-year performance, GDX leads with 12.36% vs 11.08% for PSLV. Both ETFs have the same 0.51% expense ratio. On volatility, PSLV has been the lower-risk option at 14.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDX has performed better with a 12.36% return vs 11.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSLV and GDX have the same expense ratio: 0.51% per year.
GDX has the higher dividend yield at 0.82%, compared with 0.00% for PSLV.
PSLV is categorized as Silver, while GDX is Gold. PSLV tracks No Index (Physical Silver), while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: Sprott and VanEck.
GDX currently has the higher Sharpe Ratio (1.00 vs 0.98), 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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