PSLV vs. SETM

Last updated Jun 26, 2026

PSLV (Sprott Physical Silver Trust) and SETM (Sprott Critical Materials ETF) are both exchange-traded funds - PSLV is a Silver fund tracking the No Index (Physical Silver), while SETM is a Materials fund tracking the Nasdaq Sprott Critical Materials Index. Both are passively managed. Over the past 3 years, PSLV returned 33.10%/yr vs 23.87%/yr for SETM. A 0.54 correlation means they provide meaningful diversification when combined. PSLV charges 0.51%/yr vs 0.65%/yr for SETM.

Performance

PSLV vs. SETM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Physical Silver Trust (PSLV) and Sprott Critical Materials ETF (SETM). 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 SETM's 8.12% 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%

SETM

• 1D: -0.35%
• 1M: -13.27%
• YTD: 8.12%
• 6M: 5.43%
• 1Y: 88.77%
• 3Y*: 23.87%
• 5Y*: —
• 10Y*: —

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

PSLV vs. SETM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PSLV Sprott Physical Silver Trust	-22.33%	145.08%	19.43%	-0.74%
SETM Sprott Critical Materials ETF	8.12%	95.27%	-13.24%	-13.11%

Correlation

The correlation between PSLV and SETM is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.54

The correlation between PSLV and SETM has been stable across timeframes, ranging from 0.54 to 0.63 - a consistent structural relationship.

Return for Risk

PSLV vs. SETM — 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

SETM

SETM Risk / Return Rank: 64
SETM Sharpe Ratio Rank: 69
SETM Sortino Ratio Rank: 55
SETM Omega Ratio Rank: 55
SETM Calmar Ratio Rank: 77
SETM Martin Ratio Rank: 62

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. SETM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Silver Trust (PSLV) and Sprott Critical Materials ETF (SETM). 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	SETM	Difference
Sharpe ratio: Return per unit of total volatility	0.82	1.91	-1.09
Sortino ratio: Return per unit of downside risk	1.27	2.30	-1.03
Omega ratio: Gain probability vs. loss probability	1.20	1.30	-0.10
Calmar ratio: Return relative to maximum drawdown	0.99	3.45	-2.46
Martin ratio: Return relative to average drawdown	2.36	9.64	-7.29

PSLV vs. SETM - Sharpe Ratio Comparison

The current PSLV Sharpe Ratio is 0.82, which is lower than the SETM Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of PSLV and SETM, 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. SETM - Drawdown Comparison

The maximum PSLV drawdown since its inception was -79.38%, which is greater than SETM's maximum drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for PSLV and SETM.

Drawdown Indicators

	PSLV	SETM	Difference
Max Drawdown Largest peak-to-trough decline	-79.38%	-42.81%	-36.57%
Max Drawdown (1Y) Largest decline over 1 year	-50.17%	-25.85%	-24.32%
Max Drawdown (3Y) Largest decline over 3 years	-50.17%	-42.81%	-7.36%
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%	-21.22%	-28.26%
Average Drawdown Average peak-to-trough decline	-58.08%	-15.04%	-43.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.00%	9.24%	+11.76%

Volatility

PSLV vs. SETM - Volatility Comparison

The current volatility for Sprott Physical Silver Trust (PSLV) is 15.92%, while Sprott Critical Materials ETF (SETM) has a volatility of 16.87%. This indicates that PSLV experiences smaller price fluctuations and is considered to be less risky than SETM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSLV	SETM	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.92%	16.87%	-0.95%
Volatility (6M) Calculated over the trailing 6-month period	58.74%	37.44%	+21.30%
Volatility (1Y) Calculated over the trailing 1-year period	60.50%	46.76%	+13.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.28%	37.21%	-0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.49%	37.21%	-5.72%

PSLV vs. SETM - Expense Ratio Comparison

PSLV has a 0.51% expense ratio, which is lower than SETM's 0.65% expense ratio.

Dividends

PSLV vs. SETM - Dividend Comparison

PSLV has not paid dividends to shareholders, while SETM's dividend yield for the trailing twelve months is around 1.45%.

Position	TTM	2025	2024	2023
PSLV Sprott Physical Silver Trust	0.00%	0.00%	0.00%	0.00%
SETM Sprott Critical Materials ETF	1.45%	1.56%	2.07%	2.47%

Frequently Asked Questions

Can I hold both PSLV and SETM in my portfolio?

PSLV and SETM have a correlation of 0.63, 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 SETM?

SETM has higher volatility (16.87%) compared to PSLV (15.92%). In terms of maximum drawdown, PSLV dropped -79.38% vs SETM's -42.81%.

Which ETF is better, PSLV or SETM?

On 3-year performance, PSLV leads with 33.10% vs 23.87% for SETM. 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 SETM?

Over the 3-year period, PSLV has performed better with a 33.10% return vs 23.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSLV or SETM?

PSLV is cheaper with a 0.51% expense ratio, compared with 0.65% for SETM.

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

SETM has the higher dividend yield at 1.45%, compared with 0.00% for PSLV.

What is the main difference between PSLV and SETM?

PSLV is categorized as Silver, while SETM is Materials. PSLV tracks No Index (Physical Silver), while SETM tracks Nasdaq Sprott Critical Materials Index. Their fees differ too: 0.51% for PSLV and 0.65% for SETM.

Which has better risk-adjusted returns?

SETM currently has the higher Sharpe Ratio (1.91 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.