PSLV vs. SLV
PSLV (Sprott Physical Silver Trust) and SLV (iShares Silver Trust) are both Silver funds - PSLV tracks the No Index (Physical Silver) while SLV tracks the LBMA Silver Price. Both are passively managed. Over the past 10 years, PSLV returned 12.48%/yr vs 13.99%/yr for SLV. Their correlation of 0.95 suggests significant overlap in exposure. PSLV charges 0.51%/yr vs 0.50%/yr for SLV.
Performance
PSLV vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, PSLV achieves a -8.84% return, which is significantly lower than SLV's -4.86% return. Over the past 10 years, PSLV has underperformed SLV with an annualized return of 12.48%, while SLV has yielded a comparatively higher 13.99% annualized return.
PSLV
- 1D
- 1.22%
- 1M
- -12.36%
- YTD
- -8.84%
- 6M
- 5.69%
- 1Y
- 76.87%
- 3Y*
- 38.76%
- 5Y*
- 16.68%
- 10Y*
- 12.48%
SLV
- 1D
- 0.77%
- 1M
- -11.23%
- YTD
- -4.86%
- 6M
- 9.25%
- 1Y
- 85.90%
- 3Y*
- 41.27%
- 5Y*
- 18.83%
- 10Y*
- 13.99%
PSLV vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSLV Sprott Physical Silver Trust | -8.84% | 145.08% | 19.43% | -1.94% | 2.74% | -14.13% | 42.81% | 16.99% | -11.83% | 4.28% |
SLV iShares Silver Trust | -4.86% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between PSLV and SLV is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Oct 29, 2010 | 0.95 |
The correlation between PSLV and SLV has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.
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Return for Risk
PSLV vs. SLV — Risk / Return Rank
PSLV
SLV
PSLV vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Silver Trust (PSLV) and iShares Silver Trust (SLV). 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 | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.29 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | 1.89 | -0.17 |
| Martin ratioReturn relative to average drawdown | 3.95 | 4.10 | -0.15 |
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Drawdowns
PSLV vs. SLV - Drawdown Comparison
The maximum PSLV drawdown since its inception was -79.38%, roughly equal to the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for PSLV and SLV.
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Drawdown Indicators
| PSLV | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.38% | -76.28% | -3.10% |
Max Drawdown (1Y)Largest decline over 1 year | -44.86% | -45.40% | +0.54% |
Max Drawdown (3Y)Largest decline over 3 years | -44.86% | -45.40% | +0.54% |
Max Drawdown (5Y)Largest decline over 5 years | -44.86% | -45.40% | +0.54% |
Max Drawdown (10Y)Largest decline over 10 years | -44.86% | -45.40% | +0.54% |
Current DrawdownCurrent decline from peak | -40.70% | -41.96% | +1.26% |
Average DrawdownAverage peak-to-trough decline | -58.11% | -44.66% | -13.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.49% | 20.88% | -1.39% |
Volatility
PSLV vs. SLV - Volatility Comparison
Sprott Physical Silver Trust (PSLV) and iShares Silver Trust (SLV) have volatilities of 16.98% and 16.34%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSLV | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.98% | 16.34% | +0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 58.26% | 59.10% | -0.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.54% | 59.82% | -0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.99% | 36.46% | -0.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.33% | 32.00% | -0.67% |
PSLV vs. SLV - Expense Ratio Comparison
PSLV has a 0.51% expense ratio, which is higher than SLV's 0.50% expense ratio.
Dividends
PSLV vs. SLV - Dividend Comparison
Neither PSLV nor SLV has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, PSLV and SLV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PSLV has higher volatility (16.98%) compared to SLV (16.34%). In terms of maximum drawdown, PSLV dropped -79.38% vs SLV's -76.28%.
On 10-year performance, SLV leads with 13.99% vs 12.48% for PSLV. On fees, SLV is cheaper at 0.50% per year. On volatility, SLV has been the lower-risk option at 16.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SLV has performed better with a 13.99% return vs 12.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLV is cheaper with a 0.50% expense ratio, compared with 0.51% for PSLV.
PSLV and SLV have nearly identical dividend yields, around 0.00%.
PSLV tracks No Index (Physical Silver), while SLV tracks LBMA Silver Price. They also come from different issuers: Sprott and iShares. Their fees differ too: 0.51% for PSLV and 0.50% for SLV.
SLV currently has the higher Sharpe Ratio (1.44 vs 1.30), 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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