SBT.TO vs. ION

Last updated Jul 1, 2026

SBT.TO (Purpose Silver Bullion Fund) and ION (Proshares S&P Global Core Battery Metals ETF) are both exchange-traded funds - SBT.TO is a Silver fund tracking the LBMA Silver Price, while ION is a Lithium & Battery Metals fund tracking the S&P Global Core Battery Metals Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, SBT.TO returned 34.43%/yr vs 15.75%/yr for ION. At a 0.30 correlation, their price movements are largely independent. SBT.TO charges 0.36%/yr vs 0.58%/yr for ION.

Performance

SBT.TO vs. ION - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Purpose Silver Bullion Fund (SBT.TO) and Proshares S&P Global Core Battery Metals ETF (ION). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SBT.TO is traded in CAD, while ION is traded in USD. To make them comparable, the ION 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 ION's 2.52% 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%

ION

• 1D: 2.02%
• 1M: -12.71%
• YTD: 2.52%
• 6M: 2.40%
• 1Y: 85.04%
• 3Y*: 15.75%
• 5Y*: —
• 10Y*: —

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

SBT.TO vs. ION - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SBT.TO Purpose Silver Bullion Fund	-18.66%	137.07%	18.55%	-0.86%	10.03%
ION Proshares S&P Global Core Battery Metals ETF	2.52%	98.86%	-13.25%	-16.14%	-7.50%

Correlation

The correlation between SBT.TO and ION is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (All Time) Calculated using the full available price history since Dec 1, 2022	0.30

The correlation between SBT.TO and ION shifts across timeframes, from 0.30 (all time) to 0.45 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SBT.TO vs. ION — Risk / Return Rank

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

SBT.TO

SBT.TO Risk / Return Rank: 28
SBT.TO Sharpe Ratio Rank: 28
SBT.TO Sortino Ratio Rank: 27
SBT.TO Omega Ratio Rank: 36
SBT.TO Calmar Ratio Rank: 25
SBT.TO Martin Ratio Rank: 22

ION

ION Risk / Return Rank: 64
ION Sharpe Ratio Rank: 73
ION Sortino Ratio Rank: 60
ION Omega Ratio Rank: 58
ION Calmar Ratio Rank: 69
ION Martin Ratio Rank: 60

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.

SBT.TO vs. ION - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose Silver Bullion Fund (SBT.TO) and Proshares S&P Global Core Battery Metals ETF (ION). 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	ION	Difference
Sharpe ratio: Return per unit of total volatility	0.94	2.18	-1.24
Sortino ratio: Return per unit of downside risk	1.38	2.60	-1.22
Omega ratio: Gain probability vs. loss probability	1.22	1.33	-0.11
Calmar ratio: Return relative to maximum drawdown	1.10	3.60	-2.51
Martin ratio: Return relative to average drawdown	2.45	10.68	-8.23

SBT.TO vs. ION - Sharpe Ratio Comparison

The current SBT.TO Sharpe Ratio is 0.94, which is lower than the ION Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of SBT.TO and ION, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SBT.TO vs. ION - Drawdown Comparison

The maximum SBT.TO drawdown since its inception was -52.39%, which is greater than ION's maximum drawdown of -48.98%. Use the drawdown chart below to compare losses from any high point for SBT.TO and ION.

Drawdown Indicators

	SBT.TO	ION	Difference
Max Drawdown Largest peak-to-trough decline	-52.39%	-48.98%	-3.41%
Max Drawdown (1Y) Largest decline over 1 year	-52.39%	-23.73%	-28.66%
Max Drawdown (3Y) Largest decline over 3 years	-52.39%	-42.18%	-10.21%
Max Drawdown (5Y) Largest decline over 5 years	-52.39%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-52.39%	—	—
Current Drawdown Current decline from peak	-50.25%	-22.19%	-28.06%
Average Drawdown Average peak-to-trough decline	-17.17%	-22.22%	+5.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.42%	7.99%	+15.43%

Volatility

SBT.TO vs. ION - Volatility Comparison

Purpose Silver Bullion Fund (SBT.TO) has a higher volatility of 16.91% compared to Proshares S&P Global Core Battery Metals ETF (ION) at 13.82%. This indicates that SBT.TO's price experiences larger fluctuations and is considered to be riskier than ION based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBT.TO	ION	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.91%	13.82%	+3.09%
Volatility (6M) Calculated over the trailing 6-month period	59.53%	32.06%	+27.47%
Volatility (1Y) Calculated over the trailing 1-year period	61.18%	39.19%	+21.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.75%	31.50%	+6.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.39%	31.50%	+35.89%

SBT.TO vs. ION - Expense Ratio Comparison

SBT.TO has a 0.36% expense ratio, which is lower than ION's 0.58% expense ratio.

Dividends

SBT.TO vs. ION - Dividend Comparison

SBT.TO has not paid dividends to shareholders, while ION's dividend yield for the trailing twelve months is around 1.50%.

Position	TTM	2025	2024	2023	2022
ION Proshares S&P Global Core Battery Metals ETF	1.50%	1.63%	1.74%	2.23%	0.13%
SBT.TO Purpose Silver Bullion Fund	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SBT.TO and ION in my portfolio?

SBT.TO and ION have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SBT.TO or ION?

On fees, SBT.TO is cheaper at 0.36% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SBT.TO or ION?

SBT.TO is cheaper with a 0.36% expense ratio, compared with 0.58% for ION.

What is the main difference between SBT.TO and ION?

SBT.TO is categorized as Silver, while ION is Lithium & Battery Metals. SBT.TO tracks LBMA Silver Price, while ION tracks S&P Global Core Battery Metals Index - Benchmark TR Net. They also come from different issuers: Purpose Investments and ProShares. Their fees differ too: 0.36% for SBT.TO and 0.58% for ION.