PSLV vs. GDX
Compare and contrast key facts about Sprott Physical Silver Trust (PSLV) and VanEck Gold Miners ETF (GDX).
GDX is a passively managed fund by VanEck that tracks the performance of the NYSE MarketVector Global Gold Miners Index. It was launched on May 16, 2006.
Performance
PSLV vs. GDX - Performance Comparison
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PSLV vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSLV Sprott Physical Silver Trust | 3.13% | 145.08% | 19.43% | -1.94% | 2.74% | -14.13% | 42.81% | 16.99% | -11.83% | 4.28% |
GDX VanEck Gold Miners ETF | 7.00% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Returns By Period
In the year-to-date period, PSLV achieves a 3.13% return, which is significantly lower than GDX's 7.00% return. Over the past 10 years, PSLV has underperformed GDX with an annualized return of 14.87%, while GDX has yielded a comparatively higher 17.53% annualized return.
PSLV
- 1D
- 7.49%
- 1M
- -21.04%
- YTD
- 3.13%
- 6M
- 55.35%
- 1Y
- 110.26%
- 3Y*
- 43.00%
- 5Y*
- 22.17%
- 10Y*
- 14.87%
GDX
- 1D
- 6.97%
- 1M
- -20.78%
- YTD
- 7.00%
- 6M
- 20.99%
- 1Y
- 101.08%
- 3Y*
- 43.23%
- 5Y*
- 23.96%
- 10Y*
- 17.53%
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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.
| PSLV | GDX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.96 | 2.21 | -0.25 |
Sortino ratioReturn per unit of downside risk | 2.11 | 2.45 | -0.33 |
Omega ratioGain probability vs. loss probability | 1.37 | 1.36 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | 2.72 | 3.34 | -0.61 |
Martin ratioReturn relative to average drawdown | 8.74 | 12.07 | -3.33 |
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 | GDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.96 | 2.21 | -0.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.64 | 0.67 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.49 | 0.47 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 0.14 | +0.05 |
Correlation
The correlation between PSLV and GDX is 0.72, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
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 0.69%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
GDX VanEck Gold Miners ETF | 0.69% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
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 | -40.65% | -30.84% | -9.81% |
Max Drawdown (5Y)Largest decline over 5 years | -40.65% | -46.51% | +5.86% |
Max Drawdown (10Y)Largest decline over 10 years | -42.79% | -49.79% | +7.00% |
Current DrawdownCurrent decline from peak | -32.92% | -20.78% | -12.14% |
Average DrawdownAverage peak-to-trough decline | -58.45% | -40.61% | -17.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.66% | 8.52% | +4.14% |
Volatility
PSLV vs. GDX - Volatility Comparison
Sprott Physical Silver Trust (PSLV) has a higher volatility of 19.87% compared to VanEck Gold Miners ETF (GDX) at 18.51%. This indicates that PSLV's price experiences larger fluctuations and is considered to be riskier 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 | 19.87% | 18.51% | +1.36% |
Volatility (6M)Calculated over the trailing 6-month period | 56.42% | 38.19% | +18.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.50% | 46.00% | +10.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.63% | 35.73% | -1.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.69% | 37.44% | -6.75% |