SPPP vs. PHYS
SPPP (Sprott Physical Platinum and Palladium Trust) is Precious Metals fund actively managed by Sprott, while PHYS (Sprott Physical Gold Trust) is a stock. Over the past 10 years, SPPP returned 7.16%/yr vs 10.92%/yr for PHYS. At a 0.46 correlation, their price movements are largely independent.
Performance
SPPP vs. PHYS - Performance Comparison
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Returns By Period
In the year-to-date period, SPPP achieves a -23.16% return, which is significantly lower than PHYS's -6.30% return. Over the past 10 years, SPPP has underperformed PHYS with an annualized return of 7.16%, while PHYS has yielded a comparatively higher 10.92% annualized return.
SPPP
- 1D
- -1.97%
- 1M
- -12.98%
- YTD
- -23.16%
- 6M
- -30.73%
- 1Y
- 12.52%
- 3Y*
- 4.71%
- 5Y*
- -6.90%
- 10Y*
- 7.16%
PHYS
- 1D
- -2.06%
- 1M
- -9.29%
- YTD
- -6.30%
- 6M
- -10.24%
- 1Y
- 19.41%
- 3Y*
- 27.81%
- 5Y*
- 16.99%
- 10Y*
- 10.92%
SPPP vs. PHYS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPPP Sprott Physical Platinum and Palladium Trust | -23.16% | 89.43% | -11.89% | -25.86% | -2.37% | -21.77% | 23.84% | 46.00% | 5.53% | 35.36% |
PHYS Sprott Physical Gold Trust | -6.30% | 63.95% | 26.43% | 12.98% | -1.81% | -4.84% | 23.89% | 18.14% | -2.64% | 12.78% |
Correlation
The correlation between SPPP and PHYS is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2012 | 0.46 |
Over the past year, SPPP and PHYS have become more correlated (0.70) than their long-term average of 0.46, meaning their price movements have been converging.
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Return for Risk
SPPP vs. PHYS — Risk / Return Rank
SPPP
PHYS
SPPP vs. PHYS - 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 Trust (PHYS). 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 | PHYS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.15 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.29 | 0.79 | -0.49 |
| Martin ratioReturn relative to average drawdown | 0.63 | 2.11 | -1.48 |
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Drawdowns
SPPP vs. PHYS - Drawdown Comparison
The maximum SPPP drawdown since its inception was -59.09%, which is greater than PHYS's maximum drawdown of -48.16%. Use the drawdown chart below to compare losses from any high point for SPPP and PHYS.
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Drawdown Indicators
| SPPP | PHYS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.09% | -48.16% | -10.93% |
Max Drawdown (1Y)Largest decline over 1 year | -42.69% | -24.80% | -17.89% |
Max Drawdown (3Y)Largest decline over 3 years | -42.69% | -24.80% | -17.89% |
Max Drawdown (5Y)Largest decline over 5 years | -58.50% | -24.80% | -33.70% |
Max Drawdown (10Y)Largest decline over 10 years | -59.09% | -24.80% | -34.29% |
Current DrawdownCurrent decline from peak | -42.69% | -24.41% | -18.28% |
Average DrawdownAverage peak-to-trough decline | -26.52% | -21.00% | -5.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.78% | 9.22% | +10.56% |
Volatility
SPPP vs. PHYS - Volatility Comparison
Sprott Physical Platinum and Palladium Trust (SPPP) has a higher volatility of 11.75% compared to Sprott Physical Gold Trust (PHYS) at 8.13%. This indicates that SPPP's price experiences larger fluctuations and is considered to be riskier than PHYS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPPP | PHYS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.75% | 8.13% | +3.62% |
Volatility (6M)Calculated over the trailing 6-month period | 46.33% | 25.01% | +21.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.46% | 28.34% | +23.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.04% | 18.55% | +16.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.25% | 16.36% | +16.89% |
Dividends
SPPP vs. PHYS - Dividend Comparison
Neither SPPP nor PHYS has paid dividends to shareholders.
Frequently Asked Questions
SPPP and PHYS have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPPP has higher volatility (11.75%) compared to PHYS (8.13%). In terms of maximum drawdown, SPPP dropped -59.09% vs PHYS's -48.16%.
PHYS currently has the higher Sharpe Ratio (0.69 vs 0.24), 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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