SBT.TO vs. FRES.L
SBT.TO (Purpose Silver Bullion Fund) is Silver fund tracking the LBMA Silver Price, while FRES.L (Fresnillo plc) is a stock. Over the past 10 years, SBT.TO returned 11.27%/yr vs 8.09%/yr for FRES.L. At a 0.27 correlation, their price movements are largely independent.
Performance
SBT.TO vs. FRES.L - Performance Comparison
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Different Trading Currencies
SBT.TO is traded in CAD, while FRES.L is traded in GBp. To make them comparable, the FRES.L values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, SBT.TO achieves a -18.66% return, which is significantly lower than FRES.L's -14.16% return. Over the past 10 years, SBT.TO has outperformed FRES.L with an annualized return of 11.27%, while FRES.L has yielded a comparatively lower 8.09% annualized return.
SBT.TO
- 1D
- 2.14%
- 1M
- -22.62%
- YTD
- -18.66%
- 6M
- -23.97%
- 1Y
- 57.19%
- 3Y*
- 34.43%
- 5Y*
- 15.33%
- 10Y*
- 11.27%
FRES.L
- 1D
- -1.39%
- 1M
- -15.30%
- YTD
- -14.16%
- 6M
- -16.15%
- 1Y
- 96.72%
- 3Y*
- 76.90%
- 5Y*
- 34.55%
- 10Y*
- 8.09%
SBT.TO vs. FRES.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SBT.TO Purpose Silver Bullion Fund | -18.66% | 137.07% | 18.55% | -0.86% | 1.99% | -13.18% | 48.01% | 13.31% | -12.82% | -17.07% |
FRES.L Fresnillo plc | -14.16% | 483.19% | 13.20% | -31.12% | -1.32% | -19.56% | 80.02% | -24.22% | -36.86% | 21.48% |
Correlation
The correlation between SBT.TO and FRES.L is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since May 27, 2016 | 0.27 |
Over the past year, SBT.TO and FRES.L have become more correlated (0.62) than their long-term average of 0.27, meaning their price movements have been converging.
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Return for Risk
SBT.TO vs. FRES.L — Risk / Return Rank
SBT.TO
FRES.L
SBT.TO vs. FRES.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Purpose Silver Bullion Fund (SBT.TO) and Fresnillo plc (FRES.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.
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.
| SBT.TO | FRES.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.74 | ||
| Sortino ratioReturn per unit of downside risk | -0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.27 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.10 | 2.62 | -1.52 |
| Martin ratioReturn relative to average drawdown | 2.45 | 5.85 | -3.40 |
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Drawdowns
SBT.TO vs. FRES.L - Drawdown Comparison
The maximum SBT.TO drawdown since its inception was -52.39%, smaller than the maximum FRES.L drawdown of -83.63%. Use the drawdown chart below to compare losses from any high point for SBT.TO and FRES.L.
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Drawdown Indicators
| SBT.TO | FRES.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.39% | -83.63% | +31.24% |
Max Drawdown (1Y)Largest decline over 1 year | -52.39% | -36.73% | -15.66% |
Max Drawdown (3Y)Largest decline over 3 years | -52.39% | -36.73% | -15.66% |
Max Drawdown (5Y)Largest decline over 5 years | -52.39% | -52.46% | +0.07% |
Max Drawdown (10Y)Largest decline over 10 years | -52.39% | -74.26% | +21.87% |
Current DrawdownCurrent decline from peak | -50.25% | -36.73% | -13.52% |
Average DrawdownAverage peak-to-trough decline | -17.17% | -40.31% | +23.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.42% | 16.47% | +6.95% |
Volatility
SBT.TO vs. FRES.L - Volatility Comparison
Purpose Silver Bullion Fund (SBT.TO) and Fresnillo plc (FRES.L) have volatilities of 16.91% and 16.87%, 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
| SBT.TO | FRES.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.91% | 16.87% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 59.53% | 45.25% | +14.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 61.18% | 57.36% | +3.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.75% | 45.56% | -7.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 67.39% | 45.44% | +21.95% |
Dividends
SBT.TO vs. FRES.L - Dividend Comparison
SBT.TO has not paid dividends to shareholders, while FRES.L's dividend yield for the trailing twelve months is around 3.47%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FRES.L Fresnillo plc | 3.47% | 2.00% | 1.36% | 1.98% | 2.44% | 2.66% | 1.00% | 2.35% | 3.49% | 1.73% |
SBT.TO Purpose Silver Bullion Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SBT.TO and FRES.L have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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