PSLV vs. SIL
PSLV (Sprott Physical Silver Trust) and SIL (Global X Silver Miners ETF) are both Silver funds - PSLV tracks the No Index (Physical Silver) while SIL tracks the Solactive Global Silver Miners Total Return Index. Both are passively managed. Over the past 10 years, PSLV returned 12.43%/yr vs 10.02%/yr for SIL. A 0.76 correlation means they provide meaningful diversification when combined. PSLV charges 0.51%/yr vs 0.65%/yr for SIL.
Performance
PSLV vs. SIL - Performance Comparison
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Returns By Period
In the year-to-date period, PSLV achieves a -9.22% return, which is significantly lower than SIL's 2.91% return. Over the past 10 years, PSLV has outperformed SIL with an annualized return of 12.43%, while SIL has yielded a comparatively lower 10.02% annualized return.
PSLV
- 1D
- -3.94%
- 1M
- -14.12%
- YTD
- -9.22%
- 6M
- -2.05%
- 1Y
- 71.62%
- 3Y*
- 37.77%
- 5Y*
- 18.27%
- 10Y*
- 12.43%
SIL
- 1D
- -3.68%
- 1M
- -5.14%
- YTD
- 2.91%
- 6M
- 5.18%
- 1Y
- 77.52%
- 3Y*
- 49.05%
- 5Y*
- 16.11%
- 10Y*
- 10.02%
PSLV vs. SIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSLV Sprott Physical Silver Trust | -9.22% | 145.08% | 19.43% | -1.94% | 2.74% | -14.13% | 42.81% | 16.99% | -11.83% | 4.28% |
SIL Global X Silver Miners ETF | 2.91% | 166.16% | 14.62% | 1.31% | -22.83% | -18.35% | 40.30% | 34.78% | -22.42% | 1.67% |
Correlation
The correlation between PSLV and SIL is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Oct 29, 2010 | 0.76 |
The correlation between PSLV and SIL has been stable across timeframes, ranging from 0.76 to 0.80 - a consistent structural relationship.
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Return for Risk
PSLV vs. SIL — Risk / Return Rank
PSLV
SIL
PSLV vs. SIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Silver Trust (PSLV) and Global X Silver Miners ETF (SIL). 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 | SIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.26 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | 2.10 | -0.50 |
| Martin ratioReturn relative to average drawdown | 3.60 | 5.48 | -1.88 |
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Drawdowns
PSLV vs. SIL - Drawdown Comparison
The maximum PSLV drawdown since its inception was -79.38%, roughly equal to the maximum SIL drawdown of -82.99%. Use the drawdown chart below to compare losses from any high point for PSLV and SIL.
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Drawdown Indicators
| PSLV | SIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.38% | -82.99% | +3.61% |
Max Drawdown (1Y)Largest decline over 1 year | -44.86% | -37.08% | -7.78% |
Max Drawdown (3Y)Largest decline over 3 years | -44.86% | -37.08% | -7.78% |
Max Drawdown (5Y)Largest decline over 5 years | -44.86% | -49.95% | +5.09% |
Max Drawdown (10Y)Largest decline over 10 years | -44.86% | -63.04% | +18.18% |
Current DrawdownCurrent decline from peak | -40.95% | -27.18% | -13.77% |
Average DrawdownAverage peak-to-trough decline | -58.09% | -51.39% | -6.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.96% | 14.19% | +5.77% |
Volatility
PSLV vs. SIL - Volatility Comparison
The current volatility for Sprott Physical Silver Trust (PSLV) is 14.98%, while Global X Silver Miners ETF (SIL) has a volatility of 19.52%. This indicates that PSLV experiences smaller price fluctuations and is considered to be less risky than SIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSLV | SIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.98% | 19.52% | -4.54% |
Volatility (6M)Calculated over the trailing 6-month period | 58.28% | 44.02% | +14.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.80% | 52.25% | +7.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.02% | 39.74% | -3.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.36% | 39.85% | -8.49% |
PSLV vs. SIL - Expense Ratio Comparison
PSLV has a 0.51% expense ratio, which is lower than SIL's 0.65% expense ratio.
Dividends
PSLV vs. SIL - Dividend Comparison
PSLV has not paid dividends to shareholders, while SIL's dividend yield for the trailing twelve months is around 1.15%.
| Position | 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% |
SIL Global X Silver Miners ETF | 1.15% | 1.18% | 2.40% | 0.59% | 0.48% | 1.59% | 1.92% | 1.53% | 1.21% | 0.02% | 3.34% | 0.38% |
Frequently Asked Questions
PSLV and SIL have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SIL has higher volatility (19.52%) compared to PSLV (14.98%). In terms of maximum drawdown, PSLV dropped -79.38% vs SIL's -82.99%.
On 10-year performance, PSLV leads with 12.43% vs 10.02% for SIL. On fees, PSLV is cheaper at 0.51% per year. On volatility, PSLV has been the lower-risk option at 14.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PSLV has performed better with a 12.43% return vs 10.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSLV is cheaper with a 0.51% expense ratio, compared with 0.65% for SIL.
SIL has the higher dividend yield at 1.15%, compared with 0.00% for PSLV.
PSLV tracks No Index (Physical Silver), while SIL tracks Solactive Global Silver Miners Total Return Index. They also come from different issuers: Sprott and Global X. Their fees differ too: 0.51% for PSLV and 0.65% for SIL.
SIL currently has the higher Sharpe Ratio (1.49 vs 1.20), 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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