SPAP.L vs. ISLN.L
SPAP.L (Invesco Physical Palladium) and ISLN.L (iShares Physical Silver ETC) are both exchange-traded funds - SPAP.L is a Precious Metals fund tracking the Palladium, while ISLN.L is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, SPAP.L returned 9.55%/yr vs 16.65%/yr for ISLN.L. At a 0.40 correlation, their price movements are largely independent. SPAP.L charges 0.19%/yr vs 0.20%/yr for ISLN.L.
Performance
SPAP.L vs. ISLN.L - Performance Comparison
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Different Trading Currencies
SPAP.L is traded in GBp, while ISLN.L is traded in USD. To make them comparable, the ISLN.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPAP.L achieves a -16.50% return, which is significantly lower than ISLN.L's 2.81% return. Over the past 10 years, SPAP.L has underperformed ISLN.L with an annualized return of 9.55%, while ISLN.L has yielded a comparatively higher 16.65% annualized return.
SPAP.L
- 1D
- -1.09%
- 1M
- -11.47%
- YTD
- -16.50%
- 6M
- -9.54%
- 1Y
- 33.92%
- 3Y*
- -4.77%
- 5Y*
- -13.39%
- 10Y*
- 9.55%
ISLN.L
- 1D
- 0.00%
- 1M
- 0.56%
- YTD
- 2.81%
- 6M
- 27.61%
- 1Y
- 114.86%
- 3Y*
- 42.09%
- 5Y*
- 22.50%
- 10Y*
- 16.65%
SPAP.L vs. ISLN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPAP.L Invesco Physical Palladium | -16.50% | 62.74% | -17.91% | -41.14% | 5.62% | -19.64% | 19.57% | 47.38% | 24.58% | 42.70% |
ISLN.L iShares Physical Silver ETC | 3.28% | 129.95% | 23.24% | -5.73% | 15.69% | -12.02% | 41.57% | 11.93% | -3.35% | -5.28% |
Correlation
The correlation between SPAP.L and ISLN.L is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2014 | 0.40 |
Over the past year, SPAP.L and ISLN.L have become more correlated (0.66) than their long-term average of 0.40, meaning their price movements have been converging.
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Return for Risk
SPAP.L vs. ISLN.L — Risk / Return Rank
SPAP.L
ISLN.L
SPAP.L vs. ISLN.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Palladium (SPAP.L) and iShares Physical Silver ETC (ISLN.L). 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.
| SPAP.L | ISLN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.29 | ||
| Sortino ratioReturn per unit of downside risk | -1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.36 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.91 | 2.94 | -2.04 |
| Martin ratioReturn relative to average drawdown | 2.00 | 6.45 | -4.45 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPAP.L | ISLN.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.76 | 2.05 | -1.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | 0.66 | -0.98 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | 0.55 | -0.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 0.17 | -0.01 |
Drawdowns
SPAP.L vs. ISLN.L - Drawdown Comparison
The maximum SPAP.L drawdown since its inception was -70.89%, roughly equal to the maximum ISLN.L drawdown of -69.93%. Use the drawdown chart below to compare losses from any high point for SPAP.L and ISLN.L.
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Drawdown Indicators
| SPAP.L | ISLN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.89% | -69.93% | -0.96% |
Max Drawdown (1Y)Largest decline over 1 year | -37.19% | -38.79% | +1.60% |
Max Drawdown (3Y)Largest decline over 3 years | -40.66% | -38.79% | -1.87% |
Max Drawdown (5Y)Largest decline over 5 years | -70.89% | -38.79% | -32.10% |
Max Drawdown (10Y)Largest decline over 10 years | -70.89% | -38.79% | -32.10% |
Current DrawdownCurrent decline from peak | -57.83% | -33.94% | -23.89% |
Average DrawdownAverage peak-to-trough decline | -27.17% | -45.59% | +18.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.88% | 17.73% | -0.85% |
Volatility
SPAP.L vs. ISLN.L - Volatility Comparison
The current volatility for Invesco Physical Palladium (SPAP.L) is 9.69%, while iShares Physical Silver ETC (ISLN.L) has a volatility of 17.01%. This indicates that SPAP.L experiences smaller price fluctuations and is considered to be less risky than ISLN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPAP.L | ISLN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.69% | 17.01% | -7.32% |
Volatility (6M)Calculated over the trailing 6-month period | 36.67% | 52.85% | -16.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.32% | 55.64% | -11.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.71% | 33.87% | +7.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.38% | 30.10% | +7.28% |
SPAP.L vs. ISLN.L - Expense Ratio Comparison
SPAP.L has a 0.19% expense ratio, which is lower than ISLN.L's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPAP.L vs. ISLN.L - Dividend Comparison
Neither SPAP.L nor ISLN.L has paid dividends to shareholders.
Frequently Asked Questions
SPAP.L and ISLN.L have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPAP.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPAP.L is cheaper with a 0.19% expense ratio, compared with 0.20% for ISLN.L.
SPAP.L is categorized as Precious Metals, while ISLN.L is Silver. SPAP.L tracks Palladium, while ISLN.L tracks LBMA Silver Price. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for SPAP.L and 0.20% for ISLN.L.
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