SPPP vs. CEF

Last updated Jun 4, 2026

SPPP (Sprott Physical Platinum and Palladium Trust) and CEF (Sprott Physical Gold and Silver Trust) are both Precious Metals funds from Sprott. Both are actively managed. Over the past 10 years, SPPP returned 8.53%/yr vs 13.80%/yr for CEF. A 0.50 correlation means they provide meaningful diversification when combined. SPPP charges 1.02%/yr vs 0.48%/yr for CEF.

Performance

SPPP vs. CEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Physical Platinum and Palladium Trust (SPPP) and Sprott Physical Gold and Silver Trust (CEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPPP achieves a -14.37% return, which is significantly lower than CEF's 1.16% return. Over the past 10 years, SPPP has underperformed CEF with an annualized return of 8.53%, while CEF has yielded a comparatively higher 13.80% annualized return.

SPPP

• 1D: -4.12%
• 1M: -6.42%
• YTD: -14.37%
• 6M: -2.30%
• 1Y: 39.19%
• 3Y*: 5.59%
• 5Y*: -6.33%
• 10Y*: 8.53%

CEF

• 1D: -1.74%
• 1M: -0.92%
• YTD: 1.16%
• 6M: 10.23%
• 1Y: 54.90%
• 3Y*: 35.48%
• 5Y*: 18.30%
• 10Y*: 13.80%

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

SPPP vs. CEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPPP Sprott Physical Platinum and Palladium Trust	-14.37%	89.43%	-11.89%	-25.86%	-2.37%	-21.77%	23.84%	46.00%	5.53%	35.36%
CEF Sprott Physical Gold and Silver Trust	1.16%	92.76%	24.07%	6.80%	1.07%	-8.32%	31.99%	16.91%	-6.34%	18.78%

Correlation

The correlation between SPPP and CEF is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Dec 20, 2012	0.50

Over the past year, SPPP and CEF have become more correlated (0.75) than their long-term average of 0.50, meaning their price movements have been converging.

Return for Risk

SPPP vs. CEF — Risk / Return Rank

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

SPPP

SPPP Risk / Return Rank: 22
SPPP Sharpe Ratio Rank: 22
SPPP Sortino Ratio Rank: 23
SPPP Omega Ratio Rank: 25
SPPP Calmar Ratio Rank: 23
SPPP Martin Ratio Rank: 20

CEF

CEF Risk / Return Rank: 25
CEF Sharpe Ratio Rank: 26
CEF Sortino Ratio Rank: 18
CEF Omega Ratio Rank: 29
CEF Calmar Ratio Rank: 30
CEF Martin Ratio Rank: 20

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.

SPPP vs. CEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Platinum and Palladium Trust (SPPP) and Sprott Physical Gold and Silver Trust (CEF). 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.

	SPPP	CEF	Difference
Sharpe ratio: Return per unit of total volatility	0.77	1.46	-0.69
Sortino ratio: Return per unit of downside risk	1.23	1.79	-0.56
Omega ratio: Gain probability vs. loss probability	1.18	1.28	-0.11
Calmar ratio: Return relative to maximum drawdown	1.05	2.06	-1.01
Martin ratio: Return relative to average drawdown	2.23	5.26	-3.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPPP vs. CEF - Sharpe Ratio Comparison

The current SPPP Sharpe Ratio is 0.77, which is lower than the CEF Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of SPPP and CEF, 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

	SPPP	CEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.77	1.46	-0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.18	0.76	-0.94
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.63	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.22	-0.13

Drawdowns

SPPP vs. CEF - Drawdown Comparison

The maximum SPPP drawdown since its inception was -59.09%, smaller than the maximum CEF drawdown of -62.29%. Use the drawdown chart below to compare losses from any high point for SPPP and CEF.

Drawdown Indicators

	SPPP	CEF	Difference
Max Drawdown Largest peak-to-trough decline	-59.09%	-62.29%	+3.20%
Max Drawdown (1Y) Largest decline over 1 year	-37.42%	-26.77%	-10.65%
Max Drawdown (3Y) Largest decline over 3 years	-37.42%	-26.77%	-10.65%
Max Drawdown (5Y) Largest decline over 5 years	-58.50%	-26.77%	-31.73%
Max Drawdown (10Y) Largest decline over 10 years	-59.09%	-29.10%	-29.99%
Current Drawdown Current decline from peak	-36.14%	-21.75%	-14.39%
Average Drawdown Average peak-to-trough decline	-26.48%	-27.34%	+0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.60%	10.47%	+7.13%

Volatility

SPPP vs. CEF - Volatility Comparison

Sprott Physical Platinum and Palladium Trust (SPPP) has a higher volatility of 10.71% compared to Sprott Physical Gold and Silver Trust (CEF) at 10.09%. This indicates that SPPP's price experiences larger fluctuations and is considered to be riskier than CEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPPP	CEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.71%	10.09%	+0.62%
Volatility (6M) Calculated over the trailing 6-month period	45.53%	35.14%	+10.39%
Volatility (1Y) Calculated over the trailing 1-year period	50.97%	37.84%	+13.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.89%	24.26%	+10.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.10%	21.82%	+11.28%

SPPP vs. CEF - Expense Ratio Comparison

SPPP has a 1.02% expense ratio, which is higher than CEF's 0.48% expense ratio.

Dividends

SPPP vs. CEF - Dividend Comparison

Neither SPPP nor CEF has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEF Sprott Physical Gold and Silver Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	0.07%	0.09%	0.10%
SPPP Sprott Physical Platinum and Palladium 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%

Frequently Asked Questions

Can I hold both SPPP and CEF in my portfolio?

SPPP and CEF have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPPP or CEF?

SPPP has higher volatility (10.71%) compared to CEF (10.09%). In terms of maximum drawdown, SPPP dropped -59.09% vs CEF's -62.29%.

Which has better risk-adjusted returns?

CEF currently has the higher Sharpe Ratio (1.46 vs 0.77), 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.