PSLV vs. PHYS

Last updated Jun 4, 2026

PSLV (Sprott Physical Silver Trust) is Silver fund tracking the No Index (Physical Silver), while PHYS (Sprott Physical Gold Trust) is a stock. Over the past 10 years, PSLV returned 13.97%/yr vs 12.40%/yr for PHYS. A 0.76 correlation means they provide meaningful diversification when combined.

Performance

PSLV vs. PHYS - Performance Comparison

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

Returns By Period

In the year-to-date period, PSLV achieves a -1.78% return, which is significantly lower than PHYS's 1.64% return. Over the past 10 years, PSLV has outperformed PHYS with an annualized return of 13.97%, while PHYS has yielded a comparatively lower 12.40% 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%

PHYS

• 1D: -1.09%
• 1M: -1.73%
• YTD: 1.64%
• 6M: 4.32%
• 1Y: 31.14%
• 3Y*: 29.99%
• 5Y*: 17.41%
• 10Y*: 12.40%

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

PSLV vs. PHYS - 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%
PHYS Sprott Physical Gold Trust	1.64%	63.95%	26.43%	12.98%	-1.81%	-4.84%	23.89%	18.14%	-2.64%	12.78%

Correlation

The correlation between PSLV and PHYS is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Nov 1, 2010	0.76

The correlation between PSLV and PHYS has been stable across timeframes, ranging from 0.74 to 0.76 - a consistent structural relationship.

Fundamentals

Market Cap PSLV : $14.73B PHYS : $16.17B
EPS PSLV : $13.57 PHYS : $11.91
PE Ratio PSLV : 1.71 PHYS : 2.82
PEG Ratio PSLV : 0.00 PHYS : 0.03
PS Ratio PSLV : 218.98 PHYS : 14.95
PB Ratio PSLV : 0.90 PHYS : 0.94
Total Revenue (TTM) PSLV : $64.19M PHYS : $1.06B
Gross Profit (TTM) PSLV : $404.67M PHYS : $3.03B
EBITDA (TTM) PSLV : $8.21B PHYS : $5.61B

Return for Risk

PSLV vs. PHYS — Risk / Return Rank

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

PSLV

PSLV Risk / Return Rank: 79
PSLV Sharpe Ratio Rank: 84
PSLV Sortino Ratio Rank: 74
PSLV Omega Ratio Rank: 81
PSLV Calmar Ratio Rank: 78
PSLV Martin Ratio Rank: 76

PHYS

PHYS Risk / Return Rank: 70
PHYS Sharpe Ratio Rank: 74
PHYS Sortino Ratio Rank: 65
PHYS Omega Ratio Rank: 70
PHYS Calmar Ratio Rank: 70
PHYS Martin Ratio Rank: 71

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. PHYS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Silver Trust (PSLV) and Sprott Physical Gold Trust (PHYS). 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	PHYS	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.14	+0.58
Sortino ratio: Return per unit of downside risk	1.96	1.51	+0.46
Omega ratio: Gain probability vs. loss probability	1.32	1.23	+0.09
Calmar ratio: Return relative to maximum drawdown	2.48	1.62	+0.86
Martin ratio: Return relative to average drawdown	5.50	3.99	+1.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSLV vs. PHYS - Sharpe Ratio Comparison

The current PSLV Sharpe Ratio is 1.72, which is higher than the PHYS Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of PSLV and PHYS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PSLV	PHYS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	1.14	+0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.96	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.76	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.45	-0.27

Drawdowns

PSLV vs. PHYS - Drawdown Comparison

The maximum PSLV drawdown since its inception was -79.38%, which is greater than PHYS's maximum drawdown of -48.16%. Use the drawdown chart below to compare losses from any high point for PSLV and PHYS.

Drawdown Indicators

	PSLV	PHYS	Difference
Max Drawdown Largest peak-to-trough decline	-79.38%	-48.16%	-31.22%
Max Drawdown (1Y) Largest decline over 1 year	-40.65%	-19.35%	-21.30%
Max Drawdown (3Y) Largest decline over 3 years	-40.65%	-19.35%	-21.30%
Max Drawdown (5Y) Largest decline over 5 years	-40.65%	-21.80%	-18.85%
Max Drawdown (10Y) Largest decline over 10 years	-42.79%	-23.75%	-19.04%
Current Drawdown Current decline from peak	-36.11%	-18.01%	-18.10%
Average Drawdown Average peak-to-trough decline	-58.15%	-21.00%	-37.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.25%	7.82%	+10.43%

Volatility

PSLV vs. PHYS - Volatility Comparison

Sprott Physical Silver Trust (PSLV) has a higher volatility of 16.57% compared to Sprott Physical Gold Trust (PHYS) at 5.66%. This indicates that PSLV's price experiences larger fluctuations and is considered to be riskier than PHYS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSLV	PHYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.57%	5.66%	+10.91%
Volatility (6M) Calculated over the trailing 6-month period	57.35%	23.87%	+33.48%
Volatility (1Y) Calculated over the trailing 1-year period	58.49%	27.43%	+31.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.64%	18.31%	+17.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.14%	16.30%	+14.84%

Dividends

PSLV vs. PHYS - Dividend Comparison

Neither PSLV nor PHYS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PSLV and PHYS in my portfolio?

PSLV and PHYS have a correlation of 0.74, 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 PHYS?

PSLV has higher volatility (16.57%) compared to PHYS (5.66%). In terms of maximum drawdown, PSLV dropped -79.38% vs PHYS's -48.16%.

Which has better risk-adjusted returns?

PSLV currently has the higher Sharpe Ratio (1.72 vs 1.14), 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.