PSLV vs. SSLV.L

Last updated Jun 5, 2026

PSLV (Sprott Physical Silver Trust) and SSLV.L (Invesco Physical Silver ETC) are both Silver funds - PSLV tracks the No Index (Physical Silver) while SSLV.L tracks the LBMA Silver Price. Both are passively managed. Over the past 10 years, PSLV returned 14.02%/yr vs 15.85%/yr for SSLV.L. A 0.68 correlation means they provide meaningful diversification when combined. PSLV charges 0.51%/yr vs 0.19%/yr for SSLV.L.

Performance

PSLV vs. SSLV.L - Performance Comparison

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

Returns By Period

In the year-to-date period, PSLV achieves a -0.89% return, which is significantly lower than SSLV.L's 2.90% return. Over the past 10 years, PSLV has underperformed SSLV.L with an annualized return of 14.02%, while SSLV.L has yielded a comparatively higher 15.85% annualized return.

PSLV

• 1D: 0.90%
• 1M: -0.64%
• YTD: -0.89%
• 6M: 23.11%
• 1Y: 102.24%
• 3Y*: 42.33%
• 5Y*: 18.65%
• 10Y*: 14.02%

SSLV.L

• 1D: 0.44%
• 1M: 0.09%
• YTD: 2.90%
• 6M: 29.12%
• 1Y: 113.89%
• 3Y*: 45.99%
• 5Y*: 21.31%
• 10Y*: 15.85%

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

PSLV vs. SSLV.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSLV Sprott Physical Silver Trust	-0.89%	145.08%	19.43%	-1.94%	2.74%	-14.13%	42.81%	16.99%	-11.83%	4.28%
SSLV.L Invesco Physical Silver ETC	2.90%	147.68%	21.10%	-0.93%	3.59%	-12.95%	45.93%	16.33%	-8.71%	3.69%

Correlation

The correlation between PSLV and SSLV.L is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Apr 19, 2011	0.68

The correlation between PSLV and SSLV.L shifts across timeframes, from 0.68 (all time) to 0.83 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PSLV vs. SSLV.L — Risk / Return Rank

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

PSLV

PSLV Risk / Return Rank: 47
PSLV Sharpe Ratio Rank: 52
PSLV Sortino Ratio Rank: 39
PSLV Omega Ratio Rank: 54
PSLV Calmar Ratio Rank: 52
PSLV Martin Ratio Rank: 37

SSLV.L

SSLV.L Risk / Return Rank: 52
SSLV.L Sharpe Ratio Rank: 60
SSLV.L Sortino Ratio Rank: 48
SSLV.L Omega Ratio Rank: 58
SSLV.L Calmar Ratio Rank: 57
SSLV.L Martin Ratio Rank: 39

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. SSLV.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Silver Trust (PSLV) and Invesco Physical Silver ETC (SSLV.L). 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	SSLV.L	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.99	-0.23
Sortino ratio: Return per unit of downside risk	1.99	2.32	-0.34
Omega ratio: Gain probability vs. loss probability	1.33	1.35	-0.02
Calmar ratio: Return relative to maximum drawdown	2.53	2.79	-0.26
Martin ratio: Return relative to average drawdown	5.58	6.08	-0.50
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. SSLV.L - Sharpe Ratio Comparison

The current PSLV Sharpe Ratio is 1.76, which is comparable to the SSLV.L Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of PSLV and SSLV.L, 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	SSLV.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	1.99	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.60	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.51	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.11	+0.06

Drawdowns

PSLV vs. SSLV.L - Drawdown Comparison

The maximum PSLV drawdown since its inception was -79.38%, which is greater than SSLV.L's maximum drawdown of -74.62%. Use the drawdown chart below to compare losses from any high point for PSLV and SSLV.L.

Drawdown Indicators

	PSLV	SSLV.L	Difference
Max Drawdown Largest peak-to-trough decline	-79.38%	-74.62%	-4.76%
Max Drawdown (1Y) Largest decline over 1 year	-40.65%	-40.61%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-40.65%	-40.61%	-0.04%
Max Drawdown (5Y) Largest decline over 5 years	-40.65%	-40.61%	-0.04%
Max Drawdown (10Y) Largest decline over 10 years	-42.79%	-42.74%	-0.05%
Current Drawdown Current decline from peak	-35.53%	-35.24%	-0.29%
Average Drawdown Average peak-to-trough decline	-58.15%	-52.25%	-5.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.38%	18.65%	-0.27%

Volatility

PSLV vs. SSLV.L - Volatility Comparison

Sprott Physical Silver Trust (PSLV) and Invesco Physical Silver ETC (SSLV.L) have volatilities of 16.60% and 17.44%, 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.

Volatility by Period

	PSLV	SSLV.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.60%	17.44%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	57.34%	54.09%	+3.25%
Volatility (1Y) Calculated over the trailing 1-year period	58.49%	56.84%	+1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.64%	35.50%	+0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.14%	30.89%	+0.25%

PSLV vs. SSLV.L - Expense Ratio Comparison

PSLV has a 0.51% expense ratio, which is higher than SSLV.L's 0.19% expense ratio.

Dividends

PSLV vs. SSLV.L - Dividend Comparison

Neither PSLV nor SSLV.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PSLV and SSLV.L in my portfolio?

PSLV and SSLV.L have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PSLV or SSLV.L?

On fees, SSLV.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PSLV or SSLV.L?

SSLV.L is cheaper with a 0.19% expense ratio, compared with 0.51% for PSLV.

What is the main difference between PSLV and SSLV.L?

PSLV tracks No Index (Physical Silver), while SSLV.L tracks LBMA Silver Price. They also come from different issuers: Sprott and Invesco. Their fees differ too: 0.51% for PSLV and 0.19% for SSLV.L.