SIL vs. PSLV
SIL (Global X Silver Miners ETF) and PSLV (Sprott Physical Silver Trust) are both Silver funds - SIL tracks the Solactive Global Silver Miners Total Return Index while PSLV tracks the No Index (Physical Silver). Both are passively managed. Over the past 10 years, SIL returned 9.25%/yr vs 11.73%/yr for PSLV. A 0.76 correlation means they provide meaningful diversification when combined. SIL charges 0.65%/yr vs 0.51%/yr for PSLV.
Performance
SIL vs. PSLV - Performance Comparison
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Returns By Period
In the year-to-date period, SIL achieves a -0.54% return, which is significantly higher than PSLV's -12.85% return. Over the past 10 years, SIL has underperformed PSLV with an annualized return of 9.25%, while PSLV has yielded a comparatively higher 11.73% annualized return.
SIL
- 1D
- -0.79%
- 1M
- -5.72%
- YTD
- -0.54%
- 6M
- -4.65%
- 1Y
- 76.80%
- 3Y*
- 50.15%
- 5Y*
- 15.21%
- 10Y*
- 9.25%
PSLV
- 1D
- -1.86%
- 1M
- -14.98%
- YTD
- -12.85%
- 6M
- -10.08%
- 1Y
- 69.91%
- 3Y*
- 39.09%
- 5Y*
- 17.56%
- 10Y*
- 11.73%
SIL vs. PSLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SIL Global X Silver Miners ETF | -0.54% | 166.16% | 14.62% | 1.31% | -22.83% | -18.35% | 40.30% | 34.78% | -22.42% | 1.67% |
PSLV Sprott Physical Silver Trust | -12.85% | 145.08% | 19.43% | -1.94% | 2.74% | -14.13% | 42.81% | 16.99% | -11.83% | 4.28% |
Correlation
The correlation between SIL and PSLV is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Oct 29, 2010 | 0.76 |
The correlation between SIL and PSLV has been stable across timeframes, ranging from 0.76 to 0.80 - a consistent structural relationship.
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Return for Risk
SIL vs. PSLV — Risk / Return Rank
SIL
PSLV
SIL vs. PSLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Silver Miners ETF (SIL) and Sprott Physical Silver Trust (PSLV). 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.
| SIL | PSLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.25 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 1.57 | +0.52 |
| Martin ratioReturn relative to average drawdown | 5.34 | 3.45 | +1.89 |
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Drawdowns
SIL vs. PSLV - Drawdown Comparison
The maximum SIL drawdown since its inception was -82.99%, roughly equal to the maximum PSLV drawdown of -79.38%. Use the drawdown chart below to compare losses from any high point for SIL and PSLV.
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Drawdown Indicators
| SIL | PSLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.99% | -79.38% | -3.61% |
Max Drawdown (1Y)Largest decline over 1 year | -37.08% | -44.86% | +7.78% |
Max Drawdown (3Y)Largest decline over 3 years | -37.08% | -44.86% | +7.78% |
Max Drawdown (5Y)Largest decline over 5 years | -49.83% | -44.86% | -4.97% |
Max Drawdown (10Y)Largest decline over 10 years | -63.04% | -44.86% | -18.18% |
Current DrawdownCurrent decline from peak | -29.62% | -43.32% | +13.70% |
Average DrawdownAverage peak-to-trough decline | -51.38% | -58.08% | +6.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.42% | 20.32% | -5.90% |
Volatility
SIL vs. PSLV - Volatility Comparison
Global X Silver Miners ETF (SIL) has a higher volatility of 18.75% compared to Sprott Physical Silver Trust (PSLV) at 14.20%. This indicates that SIL's price experiences larger fluctuations and is considered to be riskier than PSLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SIL | PSLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.75% | 14.20% | +4.55% |
Volatility (6M)Calculated over the trailing 6-month period | 44.09% | 58.22% | -14.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.38% | 59.91% | -7.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.76% | 36.06% | +3.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.87% | 31.38% | +8.49% |
SIL vs. PSLV - Expense Ratio Comparison
SIL has a 0.65% expense ratio, which is higher than PSLV's 0.51% expense ratio.
Dividends
SIL vs. PSLV - Dividend Comparison
SIL's dividend yield for the trailing twelve months is around 1.19%, while PSLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PSLV Sprott Physical Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SIL Global X Silver Miners ETF | 1.19% | 1.18% | 2.40% | 0.59% | 0.48% | 1.59% | 1.92% | 1.53% | 1.21% | 0.02% | 3.34% | 0.38% |
Frequently Asked Questions
SIL and PSLV have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SIL has higher volatility (18.75%) compared to PSLV (14.20%). In terms of maximum drawdown, SIL dropped -82.99% vs PSLV's -79.38%.
On 10-year performance, PSLV leads with 11.73% vs 9.25% for SIL. On fees, PSLV is cheaper at 0.51% per year. On volatility, PSLV has been the lower-risk option at 14.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PSLV has performed better with a 11.73% return vs 9.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSLV is cheaper with a 0.51% expense ratio, compared with 0.65% for SIL.
SIL has the higher dividend yield at 1.19%, compared with 0.00% for PSLV.
SIL tracks Solactive Global Silver Miners Total Return Index, while PSLV tracks No Index (Physical Silver). They also come from different issuers: Global X and Sprott. Their fees differ too: 0.65% for SIL and 0.51% for PSLV.
SIL currently has the higher Sharpe Ratio (1.48 vs 1.18), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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