WPM vs. CEF

Last updated Jun 13, 2026

WPM (Wheaton Precious Metals Corp.) is a stock, while CEF (Sprott Physical Gold and Silver Trust) is Gold fund actively managed by Sprott. Over the past 10 years, WPM returned 20.59%/yr vs 12.56%/yr for CEF. A 0.70 correlation means they provide meaningful diversification when combined.

Performance

WPM vs. CEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wheaton Precious Metals Corp. (WPM) 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, WPM achieves a -0.90% return, which is significantly higher than CEF's -4.91% return. Over the past 10 years, WPM has outperformed CEF with an annualized return of 20.59%, while CEF has yielded a comparatively lower 12.56% annualized return.

WPM

• 1D: 3.05%
• 1M: -10.84%
• YTD: -0.90%
• 6M: -0.91%
• 1Y: 27.43%
• 3Y*: 38.53%
• 5Y*: 20.71%
• 10Y*: 20.59%

CEF

• 1D: 0.62%
• 1M: -9.04%
• YTD: -4.91%
• 6M: 0.53%
• 1Y: 40.89%
• 3Y*: 33.17%
• 5Y*: 16.96%
• 10Y*: 12.56%

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

WPM vs. CEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WPM Wheaton Precious Metals Corp.	-0.90%	110.52%	15.24%	27.91%	-7.53%	4.22%	41.82%	54.62%	-10.04%	16.41%
CEF Sprott Physical Gold and Silver Trust	-4.91%	92.76%	24.07%	6.80%	1.07%	-8.32%	31.99%	16.91%	-6.34%	18.78%

Correlation

The correlation between WPM and CEF is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.70

The correlation between WPM and CEF has been stable across timeframes, ranging from 0.70 to 0.78 - a consistent structural relationship.

Return for Risk

WPM vs. CEF — Risk / Return Rank

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

WPM

WPM Risk / Return Rank: 61
WPM Sharpe Ratio Rank: 64
WPM Sortino Ratio Rank: 58
WPM Omega Ratio Rank: 59
WPM Calmar Ratio Rank: 61
WPM Martin Ratio Rank: 65

CEF

CEF Risk / Return Rank: 23
CEF Sharpe Ratio Rank: 23
CEF Sortino Ratio Rank: 20
CEF Omega Ratio Rank: 29
CEF Calmar Ratio Rank: 23
CEF Martin Ratio Rank: 18

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.

WPM vs. CEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wheaton Precious Metals Corp. (WPM) 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.

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.

	WPM	CEF	Difference
Sharpe ratio: Return per unit of total volatility	0.64	1.09	-0.45
Sortino ratio: Return per unit of downside risk	1.05	1.45	-0.40
Omega ratio: Gain probability vs. loss probability	1.14	1.22	-0.08
Calmar ratio: Return relative to maximum drawdown	0.84	1.41	-0.57
Martin ratio: Return relative to average drawdown	2.40	3.72	-1.32

WPM vs. CEF - Sharpe Ratio Comparison

The current WPM Sharpe Ratio is 0.64, which is lower than the CEF Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of WPM 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.

Drawdowns

WPM vs. CEF - Drawdown Comparison

The maximum WPM drawdown since its inception was -48.64%, smaller than the maximum CEF drawdown of -62.29%. Use the drawdown chart below to compare losses from any high point for WPM and CEF.

Drawdown Indicators

	WPM	CEF	Difference
Max Drawdown Largest peak-to-trough decline	-48.64%	-62.29%	+13.65%
Max Drawdown (1Y) Largest decline over 1 year	-34.92%	-30.01%	-4.91%
Max Drawdown (3Y) Largest decline over 3 years	-34.92%	-30.01%	-4.91%
Max Drawdown (5Y) Largest decline over 5 years	-43.29%	-30.01%	-13.28%
Max Drawdown (10Y) Largest decline over 10 years	-48.64%	-30.01%	-18.63%
Current Drawdown Current decline from peak	-29.73%	-26.45%	-3.28%
Average Drawdown Average peak-to-trough decline	-18.87%	-27.33%	+8.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.22%	11.35%	+0.87%

Volatility

WPM vs. CEF - Volatility Comparison

Wheaton Precious Metals Corp. (WPM) has a higher volatility of 16.76% compared to Sprott Physical Gold and Silver Trust (CEF) at 11.51%. This indicates that WPM'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

	WPM	CEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.76%	11.51%	+5.25%
Volatility (6M) Calculated over the trailing 6-month period	39.19%	36.13%	+3.06%
Volatility (1Y) Calculated over the trailing 1-year period	45.96%	38.81%	+7.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.44%	24.54%	+10.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.78%	21.96%	+14.82%

Dividends

WPM vs. CEF - Dividend Comparison

WPM's dividend yield for the trailing twelve months is around 0.62%, while CEF has not 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%
WPM Wheaton Precious Metals Corp.	0.62%	0.56%	1.10%	1.22%	1.54%	1.33%	1.01%	1.21%	1.84%	1.49%	1.09%	0.00%

Frequently Asked Questions

Can I hold both WPM and CEF in my portfolio?

WPM and CEF have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WPM or CEF?

WPM has higher volatility (16.76%) compared to CEF (11.51%). In terms of maximum drawdown, WPM dropped -48.64% vs CEF's -62.29%.

Which has better risk-adjusted returns?

CEF currently has the higher Sharpe Ratio (1.09 vs 0.64), 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.