PSLV vs. USOY
PSLV (Sprott Physical Silver Trust) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - PSLV is a Silver fund tracking the No Index (Physical Silver), while USOY is a Derivative Income fund actively managed by Defiance. PSLV is passively managed, while USOY is actively managed. Over the past year, PSLV returned 100.09% vs 57.29% for USOY. At a 0.04 correlation, their price movements are largely independent. PSLV charges 0.51%/yr vs 1.22%/yr for USOY.
Performance
PSLV vs. USOY - Performance Comparison
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Returns By Period
In the year-to-date period, PSLV achieves a -1.78% return, which is significantly lower than USOY's 62.18% 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%
USOY
- 1D
- 1.45%
- 1M
- -3.43%
- YTD
- 62.18%
- 6M
- 59.35%
- 1Y
- 57.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PSLV vs. USOY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PSLV Sprott Physical Silver Trust | -1.78% | 145.08% | 1.26% |
USOY Defiance Oil Enhanced Options Income ETF | 62.18% | -7.93% | 7.27% |
Correlation
The correlation between PSLV and USOY is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since May 13, 2024 | 0.04 |
The correlation between PSLV and USOY shifts across timeframes, from -0.12 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PSLV vs. USOY — Risk / Return Rank
PSLV
USOY
PSLV vs. USOY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Silver Trust (PSLV) and Defiance Oil Enhanced Options Income ETF (USOY). 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 | USOY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.35 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 4.03 | -1.55 |
| Martin ratioReturn relative to average drawdown | 5.50 | 7.74 | -2.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PSLV | USOY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.72 | 1.89 | -0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.52 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.45 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.17 | 0.99 | -0.82 |
Drawdowns
PSLV vs. USOY - Drawdown Comparison
The maximum PSLV drawdown since its inception was -79.38%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for PSLV and USOY.
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Drawdown Indicators
| PSLV | USOY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.38% | -17.46% | -61.92% |
Max Drawdown (1Y)Largest decline over 1 year | -40.65% | -14.29% | -26.36% |
Max Drawdown (3Y)Largest decline over 3 years | -40.65% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -40.65% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -42.79% | — | — |
Current DrawdownCurrent decline from peak | -36.11% | -5.11% | -31.00% |
Average DrawdownAverage peak-to-trough decline | -58.15% | -6.47% | -51.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.25% | 7.42% | +10.83% |
Volatility
PSLV vs. USOY - Volatility Comparison
Sprott Physical Silver Trust (PSLV) has a higher volatility of 16.57% compared to Defiance Oil Enhanced Options Income ETF (USOY) at 11.62%. This indicates that PSLV's price experiences larger fluctuations and is considered to be riskier than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSLV | USOY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.57% | 11.62% | +4.95% |
Volatility (6M)Calculated over the trailing 6-month period | 57.35% | 27.18% | +30.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.49% | 30.44% | +28.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.64% | 26.13% | +9.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.14% | 26.13% | +5.01% |
PSLV vs. USOY - Expense Ratio Comparison
PSLV has a 0.51% expense ratio, which is lower than USOY's 1.22% expense ratio.
Dividends
PSLV vs. USOY - Dividend Comparison
PSLV has not paid dividends to shareholders, while USOY's dividend yield for the trailing twelve months is around 54.16%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
PSLV Sprott Physical Silver Trust | 0.00% | 0.00% | 0.00% |
USOY Defiance Oil Enhanced Options Income ETF | 54.16% | 104.32% | 48.60% |
Frequently Asked Questions
PSLV and USOY have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSLV has higher volatility (16.57%) compared to USOY (11.62%). In terms of maximum drawdown, PSLV dropped -79.38% vs USOY's -17.46%.
On 1-year performance, PSLV leads with 100.09% vs 57.29% for USOY. On fees, PSLV is cheaper at 0.51% per year. On volatility, USOY has been the lower-risk option at 11.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PSLV has performed better with a 100.09% return vs 57.29%. 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 1.22% for USOY.
USOY has the higher dividend yield at 54.16%, compared with 0.00% for PSLV.
PSLV is categorized as Silver, while USOY is Derivative Income. They also come from different issuers: Sprott and Defiance. Their fees differ too: 0.51% for PSLV and 1.22% for USOY.
USOY currently has the higher Sharpe Ratio (1.89 vs 1.72), 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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