SETM vs. PAAS

Last updated Apr 1, 2026

Compare and contrast key facts about Sprott Energy Transition Materials ETF (SETM) and Pan American Silver Corp. (PAAS).

SETM is a passively managed fund by Sprott that tracks the performance of the Nasdaq Sprott Energy Transition Materials Select Index - AUD - Benchmark TR Gross. It was launched on Feb 1, 2023.

Performance

SETM vs. PAAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Energy Transition Materials ETF (SETM) and Pan American Silver Corp. (PAAS). The values are adjusted to include any dividend payments, if applicable.

SETM vs. PAAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SETM Sprott Energy Transition Materials ETF	14.27%	95.27%	-13.24%	-11.03%
PAAS Pan American Silver Corp.	5.72%	160.40%	26.61%	-9.32%

Returns By Period

In the year-to-date period, SETM achieves a 14.27% return, which is significantly higher than PAAS's 5.72% return.

SETM

• 1D: 5.82%
• 1M: -14.37%
• YTD: 14.27%
• 6M: 33.70%
• 1Y: 137.98%
• 3Y*: 26.40%
• 5Y*: —
• 10Y*: —

PAAS

• 1D: 6.78%
• 1M: -20.27%
• YTD: 5.72%
• 6M: 41.96%
• 1Y: 114.60%
• 3Y*: 47.16%
• 5Y*: 13.99%
• 10Y*: 19.06%

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

Return for Risk

SETM vs. PAAS — Risk / Return Rank

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

SETM

SETM Risk / Return Rank: 96
SETM Sharpe Ratio Rank: 98
SETM Sortino Ratio Rank: 96
SETM Omega Ratio Rank: 94
SETM Calmar Ratio Rank: 97
SETM Martin Ratio Rank: 96

PAAS

PAAS Risk / Return Rank: 88
PAAS Sharpe Ratio Rank: 91
PAAS Sortino Ratio Rank: 84
PAAS Omega Ratio Rank: 86
PAAS Calmar Ratio Rank: 89
PAAS Martin Ratio Rank: 91

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.

SETM vs. PAAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Energy Transition Materials ETF (SETM) and Pan American Silver Corp. (PAAS). 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.

	SETM	PAAS	Difference
Sharpe ratio Return per unit of total volatility	3.03	2.00	+1.03
Sortino ratio Return per unit of downside risk	3.18	2.32	+0.86
Omega ratio Gain probability vs. loss probability	1.44	1.34	+0.10
Calmar ratio Return relative to maximum drawdown	5.08	3.57	+1.52
Martin ratio Return relative to average drawdown	17.14	11.55	+5.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SETM vs. PAAS - Sharpe Ratio Comparison

The current SETM Sharpe Ratio is 3.03, which is higher than the PAAS Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of SETM and PAAS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SETM	PAAS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.03	2.00	+1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.30	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.17	+0.35

Correlation

The correlation between SETM and PAAS is 0.56, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SETM vs. PAAS - Dividend Comparison

SETM's dividend yield for the trailing twelve months is around 1.37%, more than PAAS's 0.99% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SETM Sprott Energy Transition Materials ETF	1.37%	1.56%	2.07%	2.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PAAS Pan American Silver Corp.	0.99%	0.89%	1.98%	2.45%	2.75%	1.36%	0.64%	0.59%	0.96%	0.64%	0.33%	4.23%

Drawdowns

SETM vs. PAAS - Drawdown Comparison

The maximum SETM drawdown since its inception was -42.81%, smaller than the maximum PAAS drawdown of -85.10%. Use the drawdown chart below to compare losses from any high point for SETM and PAAS.

Drawdown Indicators

	SETM	PAAS	Difference
Max Drawdown Largest peak-to-trough decline	-42.81%	-85.10%	+42.29%
Max Drawdown (1Y) Largest decline over 1 year	-25.85%	-31.90%	+6.05%
Max Drawdown (5Y) Largest decline over 5 years	—	-63.00%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-66.74%	—
Current Drawdown Current decline from peak	-16.74%	-20.27%	+3.53%
Average Drawdown Average peak-to-trough decline	-14.59%	-41.79%	+27.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.67%	9.85%	-2.18%

Volatility

SETM vs. PAAS - Volatility Comparison

Sprott Energy Transition Materials ETF (SETM) and Pan American Silver Corp. (PAAS) have volatilities of 18.23% and 19.05%, 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.

Volatility by Period

	SETM	PAAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.23%	19.05%	-0.82%
Volatility (6M) Calculated over the trailing 6-month period	36.72%	45.40%	-8.68%
Volatility (1Y) Calculated over the trailing 1-year period	45.92%	57.58%	-11.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.22%	47.60%	-11.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.22%	49.68%	-13.46%