XAGUSD=X vs. PSLV

Last updated Jun 6, 2026

XAGUSD=X (Silver Spot Price US Dollar) is a currency, while PSLV (Sprott Physical Silver Trust) is Silver fund tracking the No Index (Physical Silver). Over the past 10 years, XAGUSD=X returned 15.26%/yr vs 13.13%/yr for PSLV. Their correlation of 0.91 suggests significant overlap in exposure.

Performance

XAGUSD=X vs. PSLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Silver Spot Price US Dollar (XAGUSD=X) and Sprott Physical Silver Trust (PSLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XAGUSD=X achieves a -5.75% return, which is significantly higher than PSLV's -8.96% return. Over the past 10 years, XAGUSD=X has outperformed PSLV with an annualized return of 15.26%, while PSLV has yielded a comparatively lower 13.13% annualized return.

XAGUSD=X

• 1D: -8.28%
• 1M: -12.41%
• YTD: -5.75%
• 6M: 16.23%
• 1Y: 89.67%
• 3Y*: 42.06%
• 5Y*: 19.47%
• 10Y*: 15.26%

PSLV

• 1D: -8.15%
• 1M: -14.05%
• YTD: -8.96%
• 6M: 10.52%
• 1Y: 80.47%
• 3Y*: 38.41%
• 5Y*: 16.65%
• 10Y*: 13.13%

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

XAGUSD=X vs. PSLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XAGUSD=X Silver Spot Price US Dollar	-5.75%	148.50%	21.59%	-0.79%	2.85%	-11.48%	47.14%	15.71%	-8.76%	6.61%
PSLV Sprott Physical Silver Trust	-8.96%	145.08%	19.43%	-1.94%	2.74%	-14.13%	42.81%	16.99%	-11.83%	4.28%

Correlation

The correlation between XAGUSD=X and PSLV is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 1, 2010	0.91

The correlation between XAGUSD=X and PSLV has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.

Return for Risk

XAGUSD=X vs. PSLV — Risk / Return Rank

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

XAGUSD=X

XAGUSD=X Risk / Return Rank: 86
XAGUSD=X Sharpe Ratio Rank: 91
XAGUSD=X Sortino Ratio Rank: 86
XAGUSD=X Omega Ratio Rank: 93
XAGUSD=X Calmar Ratio Rank: 82
XAGUSD=X Martin Ratio Rank: 79

PSLV

PSLV Risk / Return Rank: 38
PSLV Sharpe Ratio Rank: 40
PSLV Sortino Ratio Rank: 33
PSLV Omega Ratio Rank: 45
PSLV Calmar Ratio Rank: 41
PSLV Martin Ratio Rank: 31

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.

XAGUSD=X vs. PSLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Silver Spot Price US Dollar (XAGUSD=X) and Sprott Physical Silver Trust (PSLV). 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.

	XAGUSD=X	PSLV	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.37	-0.12
Sortino ratio: Return per unit of downside risk	1.60	1.71	-0.11
Omega ratio: Gain probability vs. loss probability	1.28	1.28	0.00
Calmar ratio: Return relative to maximum drawdown	1.53	1.98	-0.46
Martin ratio: Return relative to average drawdown	3.36	4.35	-0.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XAGUSD=X vs. PSLV - Sharpe Ratio Comparison

The current XAGUSD=X Sharpe Ratio is 1.25, which is comparable to the PSLV Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of XAGUSD=X and PSLV, 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

	XAGUSD=X	PSLV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	1.37	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.47	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.42	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.16	+0.12

Drawdowns

XAGUSD=X vs. PSLV - Drawdown Comparison

The maximum XAGUSD=X drawdown since its inception was -75.36%, smaller than the maximum PSLV drawdown of -79.38%. Use the drawdown chart below to compare losses from any high point for XAGUSD=X and PSLV.

Drawdown Indicators

	XAGUSD=X	PSLV	Difference
Max Drawdown Largest peak-to-trough decline	-75.36%	-79.38%	+4.02%
Max Drawdown (1Y) Largest decline over 1 year	-44.14%	-40.79%	-3.35%
Max Drawdown (3Y) Largest decline over 3 years	-44.14%	-40.79%	-3.35%
Max Drawdown (5Y) Largest decline over 5 years	-44.14%	-40.79%	-3.35%
Max Drawdown (10Y) Largest decline over 10 years	-44.14%	-42.79%	-1.35%
Current Drawdown Current decline from peak	-42.01%	-40.79%	-1.22%
Average Drawdown Average peak-to-trough decline	-44.65%	-58.14%	+13.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.31%	18.56%	+3.75%

Volatility

XAGUSD=X vs. PSLV - Volatility Comparison

The current volatility for Silver Spot Price US Dollar (XAGUSD=X) is 16.05%, while Sprott Physical Silver Trust (PSLV) has a volatility of 17.38%. This indicates that XAGUSD=X experiences smaller price fluctuations and is considered to be less risky than PSLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XAGUSD=X	PSLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.05%	17.38%	-1.33%
Volatility (6M) Calculated over the trailing 6-month period	56.64%	57.99%	-1.35%
Volatility (1Y) Calculated over the trailing 1-year period	54.03%	59.10%	-5.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.84%	35.81%	-0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.15%	31.25%	-0.10%

Frequently Asked Questions

Can I hold both XAGUSD=X and PSLV in my portfolio?

XAGUSD=X and PSLV have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XAGUSD=X or PSLV?

PSLV has higher volatility (17.38%) compared to XAGUSD=X (16.05%). In terms of maximum drawdown, XAGUSD=X dropped -75.36% vs PSLV's -79.38%.

Which has better risk-adjusted returns?

PSLV currently has the higher Sharpe Ratio (1.37 vs 1.25), 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.