CEF vs SPY
Sprott Physical Gold and Silver Trust vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. CEF delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | CEF | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.46% | 0.09% | |
| AUM | $7.4B | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 4 | 505 | |
| YTD Return | -2.45% | +13.68% | |
| 1Y Return | +45.15% | +21.53% | |
| 3Y Return (annualized) | +36.38% | +21.44% | |
| 5Y Return (annualized) | +21.08% | +13.18% | |
| Volatility (annualized) | 23.0% | 15.3% | |
| Max Drawdown | -62.3% | -56.5% | |
| Fund Family | Sprott Asset Management LP | State Street Investment Management | |
| Category | Commodity | Equity | |
| Inception | Jan 16, 2018 | Jan 22, 1993 |
CEF vs SPY Performance
Sprott Physical Gold and Silver Trust (CEF) is a ETF from Sprott Asset Management LP and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CEF returned +45.15% while SPY returned +21.53%. Year to date, CEF is down 2.45% versus a gain of 13.68% for SPY.
Over three years, CEF compounded at +36.38% per year against +21.44% for SPY; over five years the annualized figures are +21.08% and +13.18% respectively. Across the full 31-year window we track, SPY has the edge at +8.85% annualized vs +7.82%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CEF has been the more volatile fund, with annualized monthly volatility of 23.0% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -62.3% for CEF and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.10. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CEF charges 0.46% per year while SPY charges 0.09%. On a $10,000 position that is $46 vs $9 annually, a gap of $37 per year that compounds over a long holding period. On income, CEF currently yields 0.00% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, CEF or SPY?
CEF has an expense ratio of 0.46% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $37 per year of difference.
Which performed better, CEF or SPY?
Over the past year CEF returned +45.15% vs +21.53% for SPY, so CEF leads on 1-year performance. Over the longest common window we track (31 years), CEF annualized +7.82% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, CEF or SPY?
CEF has been the more volatile fund at 23.0% annualized versus 15.3% for SPY. Worst drawdown: CEF -62.3% vs SPY -56.5%.
Should I hold both CEF and SPY?
CEF and SPY have a monthly-return correlation of 0.10, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, CEF or SPY?
CEF yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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