SPPP vs. GLDY

Last updated Jun 26, 2026

SPPP (Sprott Physical Platinum and Palladium Trust) and GLDY (Defiance Gold Enhanced Options Income ETF) are both exchange-traded funds - SPPP is a Precious Metals fund actively managed by Sprott, while GLDY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, SPPP returned 6.36% vs 2.54% for GLDY. A 0.56 correlation means they provide meaningful diversification when combined. SPPP charges 1.02%/yr vs 0.99%/yr for GLDY.

Performance

SPPP vs. GLDY - Performance Comparison

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

Returns By Period

In the year-to-date period, SPPP achieves a -25.48% return, which is significantly lower than GLDY's -10.89% return.

SPPP

• 1D: 2.28%
• 1M: -17.16%
• YTD: -25.48%
• 6M: -30.01%
• 1Y: 6.36%
• 3Y*: 3.47%
• 5Y*: -7.64%
• 10Y*: 6.70%

GLDY

• 1D: 1.09%
• 1M: -9.57%
• YTD: -10.89%
• 6M: -13.79%
• 1Y: 2.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPPP vs. GLDY - Yearly Performance Comparison

	2026 (YTD)	2025
SPPP Sprott Physical Platinum and Palladium Trust	-25.48%	70.45%
GLDY Defiance Gold Enhanced Options Income ETF	-10.89%	15.15%

Correlation

The correlation between SPPP and GLDY is 0.61, 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	0.61
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.56

The correlation between SPPP and GLDY has been stable across timeframes, ranging from 0.56 to 0.61 - a consistent structural relationship.

Return for Risk

SPPP vs. GLDY — Risk / Return Rank

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

SPPP

SPPP Risk / Return Rank: 11
SPPP Sharpe Ratio Rank: 11
SPPP Sortino Ratio Rank: 12
SPPP Omega Ratio Rank: 13
SPPP Calmar Ratio Rank: 10
SPPP Martin Ratio Rank: 10

GLDY

GLDY Risk / Return Rank: 10
GLDY Sharpe Ratio Rank: 10
GLDY Sortino Ratio Rank: 10
GLDY Omega Ratio Rank: 11
GLDY Calmar Ratio Rank: 10
GLDY Martin Ratio Rank: 11

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. GLDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Platinum and Palladium Trust (SPPP) and Defiance Gold Enhanced Options Income ETF (GLDY). 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.

	SPPP	GLDY	Difference
Sharpe ratio: Return per unit of total volatility	0.12	0.10	+0.02
Sortino ratio: Return per unit of downside risk	0.51	0.29	+0.22
Omega ratio: Gain probability vs. loss probability	1.07	1.05	+0.02
Calmar ratio: Return relative to maximum drawdown	0.14	0.10	+0.04
Martin ratio: Return relative to average drawdown	0.32	0.36	-0.04

SPPP vs. GLDY - Sharpe Ratio Comparison

The current SPPP Sharpe Ratio is 0.12, which is comparable to the GLDY Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of SPPP and GLDY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPPP vs. GLDY - Drawdown Comparison

The maximum SPPP drawdown since its inception was -59.09%, which is greater than GLDY's maximum drawdown of -25.90%. Use the drawdown chart below to compare losses from any high point for SPPP and GLDY.

Drawdown Indicators

	SPPP	GLDY	Difference
Max Drawdown Largest peak-to-trough decline	-59.09%	-25.90%	-33.19%
Max Drawdown (1Y) Largest decline over 1 year	-45.66%	-25.90%	-19.76%
Max Drawdown (3Y) Largest decline over 3 years	-45.66%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-58.50%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-59.09%	—	—
Current Drawdown Current decline from peak	-44.42%	-20.76%	-23.66%
Average Drawdown Average peak-to-trough decline	-26.53%	-4.58%	-21.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.18%	7.15%	+13.03%

Volatility

SPPP vs. GLDY - Volatility Comparison

The current volatility for Sprott Physical Platinum and Palladium Trust (SPPP) is 12.63%, while Defiance Gold Enhanced Options Income ETF (GLDY) has a volatility of 15.17%. This indicates that SPPP experiences smaller price fluctuations and is considered to be less risky than GLDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPPP	GLDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.63%	15.17%	-2.54%
Volatility (6M) Calculated over the trailing 6-month period	46.29%	23.43%	+22.86%
Volatility (1Y) Calculated over the trailing 1-year period	51.74%	24.79%	+26.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.13%	23.39%	+11.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.29%	23.39%	+9.90%

SPPP vs. GLDY - Expense Ratio Comparison

SPPP has a 1.02% expense ratio, which is higher than GLDY's 0.99% expense ratio.

Dividends

SPPP vs. GLDY - Dividend Comparison

SPPP has not paid dividends to shareholders, while GLDY's dividend yield for the trailing twelve months is around 53.62%.

Position	TTM	2025
GLDY Defiance Gold Enhanced Options Income ETF	53.62%	37.38%
SPPP Sprott Physical Platinum and Palladium Trust	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPPP and GLDY in my portfolio?

SPPP and GLDY have a correlation of 0.61, 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 GLDY?

GLDY has higher volatility (15.17%) compared to SPPP (12.63%). In terms of maximum drawdown, SPPP dropped -59.09% vs GLDY's -25.90%.

Which ETF is better, SPPP or GLDY?

On 1-year performance, SPPP leads with 6.36% vs 2.54% for GLDY. On fees, GLDY is cheaper at 0.99% per year. On volatility, SPPP has been the lower-risk option at 12.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPPP or GLDY?

Over the 1-year period, SPPP has performed better with a 6.36% return vs 2.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPPP or GLDY?

GLDY is cheaper with a 0.99% expense ratio, compared with 1.02% for SPPP.

Which ETF pays a higher dividend yield, SPPP or GLDY?

GLDY has the higher dividend yield at 53.62%, compared with 0.00% for SPPP.

What is the main difference between SPPP and GLDY?

SPPP is categorized as Precious Metals, while GLDY is Derivative Income. They also come from different issuers: Sprott and Defiance. Their fees differ too: 1.02% for SPPP and 0.99% for GLDY.

Which has better risk-adjusted returns?

SPPP currently has the higher Sharpe Ratio (0.12 vs 0.10), 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.