SPAP.L vs. SSLN.L
SPAP.L (Invesco Physical Palladium) and SSLN.L (iShares Physical Silver ETC) are both exchange-traded funds - SPAP.L is a Precious Metals fund tracking the Palladium, while SSLN.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 16.71%/yr for SSLN.L. At a 0.39 correlation, their price movements are largely independent. SPAP.L charges 0.19%/yr vs 0.20%/yr for SSLN.L.
Performance
SPAP.L vs. SSLN.L - Performance Comparison
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Returns By Period
In the year-to-date period, SPAP.L achieves a -16.50% return, which is significantly lower than SSLN.L's 3.18% return. Over the past 10 years, SPAP.L has underperformed SSLN.L with an annualized return of 9.55%, while SSLN.L has yielded a comparatively higher 16.71% 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%
SSLN.L
- 1D
- 0.48%
- 1M
- 1.18%
- YTD
- 3.18%
- 6M
- 28.32%
- 1Y
- 115.93%
- 3Y*
- 42.31%
- 5Y*
- 22.99%
- 10Y*
- 16.71%
SPAP.L vs. SSLN.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% |
SSLN.L iShares Physical Silver ETC | 3.18% | 130.26% | 23.21% | -6.20% | 15.75% | -11.64% | 40.73% | 12.68% | -3.48% | -5.59% |
Correlation
The correlation between SPAP.L and SSLN.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 | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
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 | 0.39 |
Over the past year, SPAP.L and SSLN.L have become more correlated (0.66) than their long-term average of 0.39, meaning their price movements have been converging.
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Return for Risk
SPAP.L vs. SSLN.L — Risk / Return Rank
SPAP.L
SSLN.L
SPAP.L vs. SSLN.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 (SSLN.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 | SSLN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.35 | ||
| Sortino ratioReturn per unit of downside risk | -1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.37 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.91 | 2.98 | -2.07 |
| Martin ratioReturn relative to average drawdown | 2.00 | 6.53 | -4.52 |
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 | SSLN.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.76 | 2.11 | -1.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | 0.70 | -1.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | 0.57 | -0.31 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 0.17 | -0.01 |
Drawdowns
SPAP.L vs. SSLN.L - Drawdown Comparison
The maximum SPAP.L drawdown since its inception was -70.89%, roughly equal to the maximum SSLN.L drawdown of -69.95%. Use the drawdown chart below to compare losses from any high point for SPAP.L and SSLN.L.
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Drawdown Indicators
| SPAP.L | SSLN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.89% | -69.95% | -0.94% |
Max Drawdown (1Y)Largest decline over 1 year | -37.19% | -38.72% | +1.53% |
Max Drawdown (3Y)Largest decline over 3 years | -40.66% | -38.72% | -1.94% |
Max Drawdown (5Y)Largest decline over 5 years | -70.89% | -38.72% | -32.17% |
Max Drawdown (10Y)Largest decline over 10 years | -70.89% | -38.72% | -32.17% |
Current DrawdownCurrent decline from peak | -57.83% | -33.62% | -24.21% |
Average DrawdownAverage peak-to-trough decline | -27.17% | -45.32% | +18.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.88% | 17.69% | -0.81% |
Volatility
SPAP.L vs. SSLN.L - Volatility Comparison
The current volatility for Invesco Physical Palladium (SPAP.L) is 9.69%, while iShares Physical Silver ETC (SSLN.L) has a volatility of 16.31%. This indicates that SPAP.L experiences smaller price fluctuations and is considered to be less risky than SSLN.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 | SSLN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.69% | 16.31% | -6.62% |
Volatility (6M)Calculated over the trailing 6-month period | 36.67% | 51.81% | -15.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.32% | 54.53% | -10.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.71% | 33.31% | +8.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.38% | 29.69% | +7.69% |
SPAP.L vs. SSLN.L - Expense Ratio Comparison
SPAP.L has a 0.19% expense ratio, which is lower than SSLN.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. SSLN.L - Dividend Comparison
Neither SPAP.L nor SSLN.L has paid dividends to shareholders.
Frequently Asked Questions
SPAP.L and SSLN.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 SSLN.L.
SPAP.L is categorized as Precious Metals, while SSLN.L is Silver. SPAP.L tracks Palladium, while SSLN.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 SSLN.L.
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