SBT.TO vs. SPY

Last updated Jun 4, 2026

SBT.TO (Purpose Silver Bullion Fund) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SBT.TO is a Silver fund tracking the LBMA Silver Price, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SBT.TO returned 13.84%/yr vs 16.36%/yr for SPY. At a 0.04 correlation, their price movements are largely independent. SBT.TO charges 0.36%/yr vs 0.09%/yr for SPY.

Performance

SBT.TO vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Purpose Silver Bullion Fund (SBT.TO) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SBT.TO is traded in CAD, while SPY is traded in USD. To make them comparable, the SPY 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 2.24% return, which is significantly lower than SPY's 12.65% return. Over the past 10 years, SBT.TO has underperformed SPY with an annualized return of 13.84%, while SPY has yielded a comparatively higher 16.36% 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%

SPY

• 1D: 0.00%
• 1M: 7.46%
• YTD: 12.65%
• 6M: 10.82%
• 1Y: 30.02%
• 3Y*: 23.90%
• 5Y*: 17.15%
• 10Y*: 16.36%

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

SBT.TO vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	12.32%	12.32%	35.62%	23.40%	-12.34%	27.57%	16.33%	24.77%	3.52%	13.96%

Correlation

The correlation between SBT.TO and SPY is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since May 30, 2016	0.04

Return for Risk

SBT.TO vs. SPY — 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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose Silver Bullion Fund (SBT.TO) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.80	2.59	-0.79
Sortino ratio: Return per unit of downside risk	2.02	3.47	-1.45
Omega ratio: Gain probability vs. loss probability	1.34	1.49	-0.15
Calmar ratio: Return relative to maximum drawdown	2.48	3.50	-1.02
Martin ratio: Return relative to average drawdown	5.33	13.31	-7.98
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. SPY - Sharpe Ratio Comparison

The current SBT.TO Sharpe Ratio is 1.80, which is lower than the SPY Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of SBT.TO and SPY, 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	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	2.59	-0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	1.14	-0.62
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	1.01	-0.80
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	1.13	-0.93

Drawdowns

SBT.TO vs. SPY - Drawdown Comparison

The maximum SBT.TO drawdown since its inception was -47.82%, which is greater than SPY's maximum drawdown of -27.34%. Use the drawdown chart below to compare losses from any high point for SBT.TO and SPY.

Drawdown Indicators

	SBT.TO	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-47.82%	-27.34%	-20.48%
Max Drawdown (1Y) Largest decline over 1 year	-42.69%	-8.62%	-34.07%
Max Drawdown (3Y) Largest decline over 3 years	-42.69%	-19.00%	-23.69%
Max Drawdown (5Y) Largest decline over 5 years	-42.69%	-22.08%	-20.61%
Max Drawdown (10Y) Largest decline over 10 years	-47.82%	-27.34%	-20.48%
Current Drawdown Current decline from peak	-37.47%	0.00%	-37.47%
Average Drawdown Average peak-to-trough decline	-16.92%	-3.21%	-13.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.84%	2.26%	+17.58%

Volatility

SBT.TO vs. SPY - Volatility Comparison

Purpose Silver Bullion Fund (SBT.TO) has a higher volatility of 17.19% compared to State Street SPDR S&P 500 ETF (SPY) at 2.61%. This indicates that SBT.TO's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBT.TO	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.19%	2.61%	+14.58%
Volatility (6M) Calculated over the trailing 6-month period	57.92%	8.79%	+49.13%
Volatility (1Y) Calculated over the trailing 1-year period	59.01%	11.66%	+47.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.64%	15.15%	+21.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.58%	16.19%	+50.39%

SBT.TO vs. SPY - Expense Ratio Comparison

SBT.TO has a 0.36% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SBT.TO vs. SPY - Dividend Comparison

SBT.TO has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

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

SBT.TO and SPY 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.

Which ETF is better, SBT.TO or SPY?

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SBT.TO or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.36% for SBT.TO.

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

SBT.TO is categorized as Silver, while SPY is S&P 500. SBT.TO tracks LBMA Silver Price, while SPY tracks S&P 500 Index. They also come from different issuers: Purpose Investments and State Street. Their fees differ too: 0.36% for SBT.TO and 0.09% for SPY.