Sprott Physical Gold and Silver ETF (CEF) Performance
CEF total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −15.6% since Dec 31, 2025
- 1 year
- +1.5% total return
- 5 years
- +16.4% a year
- 10 years
- +11.3% a year
- Since first price
- +5.6% a year since 1986
CEF trailing returns vs SPY, QQQ, AGG
| Period | CEF total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −11.0% | −11.0% | −1.0% | −5.0% | +0.9% |
| 3 months | −3.2% | −3.2% | +3.2% | +1.9% | −0.4% |
| 6 months | −20.0% | −20.0% | +7.8% | +8.4% | −1.5% |
| YTD | −15.6% | −15.6% | +12.3% | +15.1% | −1.0% |
| 1 year | +1.5% | +1.5% | +14.4% | +15.9% | −1.1% |
| 3 years | +110.2%+28.1%/yr | +110.2% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +113.5%+16.4%/yr | +113.5% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +192.4%+11.3%/yr | +192.0% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +84.9%+4.2%/yr | +84.0% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| 20 years | +377.7%+8.1%/yr | +373.2% | +696.9%+10.9%/yr | +1,839.9%+16.0%/yr | +79.6%+3.0%/yr |
| 30 years | +721.6%+7.3%/yr | +693.0% | +1,693.8%+10.1%/yr | — | — |
| Since inceptionApr 3, 1986 | +826.1%+5.6%/yr | +735.9% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: CEF vs SPY
From Jan 29, 1993: CEF grew to $110,796, SPY to $315,901.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
CEF returns by calendar year
23 of 39 full years positive. Best 2025 (+92.8%), worst 2013 (−37.0%). 2026 is year to date.
CEF annual returns table
| Year | CEF | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −15.6% | −34.7% | +12.3% | +15.1% | −1.0% |
| 2025 | +92.8% | −11.2% | +17.7% | +20.8% | +7.2% |
| 2024 | +24.1% | −10.7% | +24.9% | +25.6% | +1.3% |
| 2023 | +6.8% | −15.5% | +26.2% | +54.9% | +5.7% |
| 2022 | +1.1% | −25.6% | −18.2% | −32.6% | −13.0% |
| 2021 | −8.3% | −17.1% | +28.7% | +27.4% | −1.8% |
| 2020 | +32.0% | −21.7% | +18.3% | +48.6% | +7.5% |
| 2019 | +16.9% | −10.4% | +31.2% | +39.0% | +8.5% |
| 2018 | −6.4% | −16.5% | −4.6% | −0.1% | +0.1% |
| 2017 | +18.8% | −10.7% | +21.7% | +32.7% | +3.6% |
| 2016 | +13.1% | −23.9% | +12.0% | +7.1% | +2.4% |
| 2015 | −13.7% | −27.1% | +1.2% | +9.4% | +0.5% |
| 2014 | −12.5% | −27.2% | +13.5% | +19.2% | +6.0% |
| 2013 | −37.0% | −41.5% | +32.3% | +36.6% | −2.0% |
| 2012 | +7.3% | −22.7% | +16.0% | +18.1% | +3.8% |
| 2011 | −5.4% | −28.6% | +1.9% | +3.4% | +7.7% |
| 2010 | +50.5% | −14.5% | +15.1% | +19.9% | +6.4% |
| 2009 | +22.9% | −15.7% | +26.4% | +54.7% | +3.0% |
| 2008 | +3.9% | −44.7% | −36.8% | −41.7% | +7.9% |
| 2007 | +15.9% | −11.3% | +5.1% | +19.0% | +6.6% |
| 2006 | +37.3% | −23.6% | +15.8% | +7.1% | +3.9% |
| 2005 | +24.7% | −10.9% | +4.8% | +1.6% | +2.3% |
| 2004 | +4.4% | −21.8% | +10.7% | +10.5% | +3.8% |
| 2003 | +10.3% | −25.3% | +28.2% | +49.7% | — |
| 2002 | +43.6% | −19.8% | −21.6% | −37.4% | — |
| 2001 | +4.8% | −14.7% | −11.8% | −33.3% | — |
| 2000 | −23.6% | −25.6% | −9.7% | −36.1% | — |
| 1999 | +22.1% | −16.7% | +20.4% | — | — |
| 1998 | −10.9% | −24.3% | +28.7% | — | — |
| 1997 | −12.4% | −24.1% | +33.5% | — | — |
| 1996 | −1.2% | −18.4% | +22.6% | — | — |
| 1995 | −4.0% | −14.2% | +38.0% | — | — |
| 1994 | −8.5% | −21.2% | +0.4% | — | — |
| 1993 | +44.1% | −26.6% | — | — | — |
| 1992 | −8.0% | −18.8% | — | — | — |
| 1991 | −8.6% | −21.1% | — | — | — |
| 1990 | −22.6% | −33.2% | — | — | — |
| 1989 | +16.0% | −15.5% | — | — | — |
| 1988 | −13.9% | −23.5% | — | — | — |
| 1987 | +15.9% | −34.8% | — | — | — |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
CEF largest drawdowns
Now 34.7% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Aug 22, 2011 | −62.3% | Dec 15, 2015 | Oct 22, 2024 | 4.3 years | 13.2 years |
| Aug 3, 1987 | −61.8% | Oct 31, 2000 | Jan 27, 2006 | 13.2 years | 18.5 years |
| Mar 17, 2008 | −44.7% | Oct 23, 2008 | Nov 25, 2009 | 7 months | 1.7 years |
| Jan 29, 2026 | −34.7% | Oct 23, 2026 | not yet | 9 months | 9 months so far |
| May 11, 2006 | −23.6% | Sep 20, 2006 | Oct 26, 2007 | 4 months | 1.5 years |
| Apr 27, 2011 | −20.5% | May 5, 2011 | Aug 18, 2011 | 8 days | 4 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
CEF risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 1986 |
|---|---|---|---|---|
| Annualized return | +33.9% | +19.4% | +11.6% | +5.9% |
| Volatility (annualized) | 24.3% | 22.4% | 20.6% | 23.0% |
| Sharpe ratio | 1.16 | 0.75 | 0.53 | — |
| Sortino ratio | 1.93 | 1.24 | 0.87 | — |
| Best month | +13.9% | +13.9% | +16.4% | +27.9% |
| Worst month | −15.6% | −15.6% | −15.6% | −19.0% |
| Best 12 months | +116.7% | +116.7% | +116.7% | +116.7% |
| Worst 12 months | +13.2% | −14.3% | −14.3% | −40.7% |
| Positive months | 69% | 58% | 54% | 50% |
| Beta vs S&P 500 | 0.17 | 0.35 | 0.26 | — |
| Correlation with S&P 500 | 0.09 | 0.25 | 0.19 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
CEF rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 475 | −40.7% | +2.9% | +116.7% | 56% |
| 3-year (a year) | 451 | −23.9% | +5.1% | +49.1% | 63% |
| 5-year (a year) | 427 | −13.5% | +3.9% | +25.5% | 66% |
| 10-year (a year) | 367 | −5.9% | +2.6% | +23.1% | 72% |
Every holding period starting at a month-end since 1986. Returns for 3 years and longer are annualized.
CEF performance overview
Sprott Physical Gold and Silver ETF (CEF) returned +1.5% over the past year and +11.3% a year over ten years, with distributions reinvested. Since its first recorded price in 1986 it has returned +5.6% a year, turning $10,000 into about $92,612. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −62.3%, from Aug 22, 2011 to Dec 15, 2015, and it took 8.9 years to get back to the old high. CEF finished 23 of its 39 full calendar years with a gain; the best year was 2025 (+92.8%) and the worst 2013 (−37.0%). Volatility has been 23.0% a year.
Related: CEF chart. See the CEF overview for the latest quote and fund facts.
CEF performance FAQ
What is the CEF return over the past year?
CEF returned +1.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 1.5%.
What is the average annual return of CEF?
CEF has returned +16.4% a year over 5 years, +11.3% a year over 10 years, +5.6% a year since April 3, 1986 (total return, distributions reinvested).
How much would $10,000 invested in CEF be worth?
$10,000 invested in CEF at its first recorded close on April 3, 1986 would be worth about $92,612 on October 23, 2026 with distributions reinvested.
What was the worst year for CEF?
The worst calendar year was 2013, with a total return of −37.0%. The best was 2025 at +92.8%.
What is the biggest drawdown of CEF?
The largest peak-to-trough decline was −62.3% between August 22, 2011 and December 15, 2015. It recovered to the old high on October 22, 2024, 8.9 years after the bottom.
How volatile is CEF?
Over the past 3 years CEF had an annualized volatility of 24.3% and a Sharpe ratio of 1.16 (excess return over 1–3 month T-bills per unit of risk).