SBT.TO vs. SLVU.TO

Last updated Jun 4, 2026

SBT.TO (Purpose Silver Bullion Fund) and SLVU.TO (BetaPro Silver 2x Daily Bull ETF) are both Silver funds - SBT.TO tracks the LBMA Silver Price while SLVU.TO tracks the Solactive Silver Front Month MD Rolling Futures Index ER. Both are passively managed. Over the past 10 years, SBT.TO returned 13.84%/yr vs 7.42%/yr for SLVU.TO. At a 0.44 correlation, their price movements are largely independent. SBT.TO charges 0.36%/yr vs 2.20%/yr for SLVU.TO.

Performance

SBT.TO vs. SLVU.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Purpose Silver Bullion Fund (SBT.TO) and BetaPro Silver 2x Daily Bull ETF (SLVU.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SBT.TO achieves a 2.24% return, which is significantly higher than SLVU.TO's -32.84% return. Over the past 10 years, SBT.TO has outperformed SLVU.TO with an annualized return of 13.84%, while SLVU.TO has yielded a comparatively lower 7.42% annualized return.

SBT.TO

• 1D: -2.53%
• 1M: 0.38%
• YTD: 2.24%
• 6M: 24.07%
• 1Y: 105.34%
• 3Y*: 42.09%
• 5Y*: 18.84%
• 10Y*: 13.84%

SLVU.TO

• 1D: -5.36%
• 1M: -2.10%
• YTD: -32.84%
• 6M: -7.57%
• 1Y: 133.37%
• 3Y*: 49.77%
• 5Y*: 12.11%
• 10Y*: 7.42%

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

SBT.TO vs. SLVU.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SBT.TO Purpose Silver Bullion Fund	2.24%	137.07%	18.55%	-0.86%	1.99%	-13.18%	48.01%	13.31%	-12.82%	-17.07%
SLVU.TO BetaPro Silver 2x Daily Bull ETF	-32.84%	349.11%	20.71%	-16.01%	-10.21%	-34.59%	55.46%	16.28%	-26.54%	1.00%

Correlation

The correlation between SBT.TO and SLVU.TO is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since May 30, 2016	0.44

Over the past year, SBT.TO and SLVU.TO have become more correlated (0.93) than their long-term average of 0.44, meaning their price movements have been converging.

Return for Risk

SBT.TO vs. SLVU.TO — 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: 46
SBT.TO Sharpe Ratio Rank: 52
SBT.TO Sortino Ratio Rank: 39
SBT.TO Omega Ratio Rank: 55
SBT.TO Calmar Ratio Rank: 50
SBT.TO Martin Ratio Rank: 34

SLVU.TO

SLVU.TO Risk / Return Rank: 36
SLVU.TO Sharpe Ratio Rank: 32
SLVU.TO Sortino Ratio Rank: 36
SLVU.TO Omega Ratio Rank: 51
SLVU.TO Calmar Ratio Rank: 36
SLVU.TO Martin Ratio Rank: 25

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. SLVU.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose Silver Bullion Fund (SBT.TO) and BetaPro Silver 2x Daily Bull ETF (SLVU.TO). 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.

	SBT.TO	SLVU.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.14	+0.66
Sortino ratio: Return per unit of downside risk	2.02	1.87	+0.16
Omega ratio: Gain probability vs. loss probability	1.34	1.32	+0.03
Calmar ratio: Return relative to maximum drawdown	2.48	1.75	+0.73
Martin ratio: Return relative to average drawdown	5.33	3.33	+2.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SBT.TO vs. SLVU.TO - Sharpe Ratio Comparison

The current SBT.TO Sharpe Ratio is 1.80, which is higher than the SLVU.TO Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of SBT.TO and SLVU.TO, 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

	SBT.TO	SLVU.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	1.14	+0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.17	+0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.11	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	-0.01	+0.22

Drawdowns

SBT.TO vs. SLVU.TO - Drawdown Comparison

The maximum SBT.TO drawdown since its inception was -47.82%, smaller than the maximum SLVU.TO drawdown of -98.60%. Use the drawdown chart below to compare losses from any high point for SBT.TO and SLVU.TO.

Drawdown Indicators

	SBT.TO	SLVU.TO	Difference
Max Drawdown Largest peak-to-trough decline	-47.82%	-98.60%	+50.78%
Max Drawdown (1Y) Largest decline over 1 year	-42.69%	-76.62%	+33.93%
Max Drawdown (3Y) Largest decline over 3 years	-42.69%	-76.62%	+33.93%
Max Drawdown (5Y) Largest decline over 5 years	-42.69%	-76.62%	+33.93%
Max Drawdown (10Y) Largest decline over 10 years	-47.82%	-80.27%	+32.45%
Current Drawdown Current decline from peak	-37.47%	-90.63%	+53.16%
Average Drawdown Average peak-to-trough decline	-16.92%	-82.56%	+65.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.84%	40.19%	-20.35%

Volatility

SBT.TO vs. SLVU.TO - Volatility Comparison

The current volatility for Purpose Silver Bullion Fund (SBT.TO) is 17.19%, while BetaPro Silver 2x Daily Bull ETF (SLVU.TO) has a volatility of 34.08%. This indicates that SBT.TO experiences smaller price fluctuations and is considered to be less risky than SLVU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBT.TO	SLVU.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.19%	34.08%	-16.89%
Volatility (6M) Calculated over the trailing 6-month period	57.92%	132.13%	-74.21%
Volatility (1Y) Calculated over the trailing 1-year period	59.01%	118.13%	-59.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.64%	73.80%	-37.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.58%	65.52%	+1.06%

SBT.TO vs. SLVU.TO - Expense Ratio Comparison

SBT.TO has a 0.36% expense ratio, which is lower than SLVU.TO's 2.20% expense ratio.

Dividends

SBT.TO vs. SLVU.TO - Dividend Comparison

Neither SBT.TO nor SLVU.TO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.93, SBT.TO and SLVU.TO 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.

Which ETF is better, SBT.TO or SLVU.TO?

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 SLVU.TO?

SBT.TO is cheaper with a 0.36% expense ratio, compared with 2.20% for SLVU.TO.

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

SBT.TO tracks LBMA Silver Price, while SLVU.TO tracks Solactive Silver Front Month MD Rolling Futures Index ER. They also come from different issuers: Purpose Investments and Global X. Their fees differ too: 0.36% for SBT.TO and 2.20% for SLVU.TO.