SPPP vs. GLDI
SPPP (Sprott Physical Platinum and Palladium Trust) and GLDI (Credit Suisse X-Links Gold Shares Covered Call ETN) are both Precious Metals funds. SPPP is actively managed, while GLDI is passively managed. Over the past 10 years, SPPP returned 8.53%/yr vs 8.99%/yr for GLDI. At a 0.42 correlation, their price movements are largely independent. SPPP charges 1.02%/yr vs 0.65%/yr for GLDI.
Performance
SPPP vs. GLDI - Performance Comparison
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Returns By Period
In the year-to-date period, SPPP achieves a -14.37% return, which is significantly lower than GLDI's 2.06% return. Over the past 10 years, SPPP has underperformed GLDI with an annualized return of 8.53%, while GLDI has yielded a comparatively higher 8.99% 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%
GLDI
- 1D
- -0.81%
- 1M
- 0.90%
- YTD
- 2.06%
- 6M
- 4.42%
- 1Y
- 21.23%
- 3Y*
- 19.54%
- 5Y*
- 11.15%
- 10Y*
- 8.99%
SPPP vs. GLDI - 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% |
GLDI Credit Suisse X-Links Gold Shares Covered Call ETN | 2.06% | 34.25% | 17.76% | 8.93% | -1.11% | -3.42% | 23.50% | 14.40% | -0.54% | 8.94% |
Correlation
The correlation between SPPP and GLDI is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2013 | 0.42 |
The correlation between SPPP and GLDI shifts across timeframes, from 0.40 (10 years) to 0.57 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPPP vs. GLDI — Risk / Return Rank
SPPP
GLDI
SPPP vs. GLDI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Platinum and Palladium Trust (SPPP) and Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI). 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 | GLDI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.30 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.05 | 1.55 | -0.50 |
| Martin ratioReturn relative to average drawdown | 2.23 | 6.07 | -3.84 |
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
| SPPP | GLDI | 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 | 0.99 | -1.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | 0.79 | -0.54 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | 0.37 | -0.27 |
Drawdowns
SPPP vs. GLDI - Drawdown Comparison
The maximum SPPP drawdown since its inception was -59.09%, which is greater than GLDI's maximum drawdown of -32.26%. Use the drawdown chart below to compare losses from any high point for SPPP and GLDI.
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Drawdown Indicators
| SPPP | GLDI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.09% | -32.26% | -26.83% |
Max Drawdown (1Y)Largest decline over 1 year | -37.42% | -13.73% | -23.69% |
Max Drawdown (3Y)Largest decline over 3 years | -37.42% | -13.73% | -23.69% |
Max Drawdown (5Y)Largest decline over 5 years | -58.50% | -14.07% | -44.43% |
Max Drawdown (10Y)Largest decline over 10 years | -59.09% | -14.94% | -44.15% |
Current DrawdownCurrent decline from peak | -36.14% | -7.37% | -28.77% |
Average DrawdownAverage peak-to-trough decline | -26.48% | -14.00% | -12.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.60% | 3.50% | +14.10% |
Volatility
SPPP vs. GLDI - Volatility Comparison
Sprott Physical Platinum and Palladium Trust (SPPP) has a higher volatility of 10.71% compared to Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI) at 3.88%. This indicates that SPPP's price experiences larger fluctuations and is considered to be riskier than GLDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPPP | GLDI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.71% | 3.88% | +6.83% |
Volatility (6M)Calculated over the trailing 6-month period | 45.53% | 12.87% | +32.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.97% | 14.57% | +36.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.89% | 11.31% | +23.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.10% | 11.35% | +21.75% |
SPPP vs. GLDI - Expense Ratio Comparison
SPPP has a 1.02% expense ratio, which is higher than GLDI's 0.65% expense ratio.
Dividends
SPPP vs. GLDI - Dividend Comparison
SPPP has not paid dividends to shareholders, while GLDI's dividend yield for the trailing twelve months is around 22.37%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLDI Credit Suisse X-Links Gold Shares Covered Call ETN | 22.37% | 16.15% | 10.45% | 10.02% | 13.73% | 10.65% | 14.25% | 7.25% | 5.33% | 7.77% | 17.26% | 10.07% |
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
SPPP and GLDI have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPPP has higher volatility (10.71%) compared to GLDI (3.88%). In terms of maximum drawdown, SPPP dropped -59.09% vs GLDI's -32.26%.
On 10-year performance, GLDI leads with 8.99% vs 8.53% for SPPP. On fees, GLDI is cheaper at 0.65% per year. On volatility, GLDI has been the lower-risk option at 3.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLDI has performed better with a 8.99% return vs 8.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDI is cheaper with a 0.65% expense ratio, compared with 1.02% for SPPP.
GLDI has the higher dividend yield at 22.37%, compared with 0.00% for SPPP.
They also come from different issuers: Sprott and Credit Suisse. Their fees differ too: 1.02% for SPPP and 0.65% for GLDI.
GLDI 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.
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