PSLV vs SPY
Sprott Physical Silver Trust vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. PSLV delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | PSLV | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.56% | 0.09% | |
| AUM | $12.6B | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 3 | 505 | |
| YTD Return | -11.64% | +13.68% | |
| 1Y Return | +66.61% | +21.53% | |
| 3Y Return (annualized) | +40.21% | +21.44% | |
| 5Y Return (annualized) | +21.22% | +13.18% | |
| Volatility (annualized) | 32.5% | 15.3% | |
| Max Drawdown | -79.4% | -56.5% | |
| Fund Family | Sprott Asset Management LP | State Street Investment Management | |
| Category | Commodity | Equity | |
| Inception | Oct 27, 2010 | Jan 22, 1993 |
PSLV vs SPY Performance
Sprott Physical Silver Trust (PSLV) 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 PSLV returned +66.61% while SPY returned +21.53%. Year to date, PSLV is down 11.64% versus a gain of 13.68% for SPY.
Over three years, PSLV compounded at +40.21% per year against +21.44% for SPY; over five years the annualized figures are +21.22% and +13.18% respectively. Across the full 16-year window we track, SPY has the edge at +8.85% annualized vs +4.91%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PSLV has been the more volatile fund, with annualized monthly volatility of 32.5% 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 -79.4% for PSLV 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 0.27. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PSLV charges 0.56% per year while SPY charges 0.09%. On a $10,000 position that is $56 vs $9 annually, a gap of $47 per year that compounds over a long holding period. On income, PSLV currently yields 0.00% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, PSLV or SPY?
PSLV has an expense ratio of 0.56% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $47 per year of difference.
Which performed better, PSLV or SPY?
Over the past year PSLV returned +66.61% vs +21.53% for SPY, so PSLV leads on 1-year performance. Over the longest common window we track (16 years), PSLV annualized +4.91% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, PSLV or SPY?
PSLV has been the more volatile fund at 32.5% annualized versus 15.3% for SPY. Worst drawdown: PSLV -79.4% vs SPY -56.5%.
Should I hold both PSLV and SPY?
PSLV and SPY have a monthly-return correlation of 0.27, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, PSLV or SPY?
PSLV yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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