PHAU vs SLV: returns, risk and drawdowns compared
WisdomTree Physical Gold against iShares Silver Trust, over the same 16 years (February 2010 to October 2026) with dividends reinvested.
Data updated October 2026
From February 2010 to October 2026, PHAU returned 9.2% a year and SLV 7.4% a year on average, so PHAU came out ahead by 1.8% a year. SLV was the more volatile of the two (32.0% against 15.7% a year), and the deepest falls from a month-end high were 37.2% for PHAU and 72.2% for SLV.
The correlation of monthly returns was 0.60: they moved together only in part. Over 166 rolling 3-year periods, PHAU did better in 67% and SLV in 33%.
PHAU trades in EUR and SLV in USD: each return is in its own currency, so part of the gap reflects the move of the euro against the dollar.
Side by side
| PHAU | SLV | |
|---|---|---|
| Annual return (CAGR) | +9.2% | +7.4% |
| Total return | +338% | +231% |
| Annual volatility | 15.7% | 32.0% |
| Maximum drawdown (month-end) | −37.2% | −72.2% |
| Worst month | −13.1% | −28.5% |
| Best month | +14.0% | +33.2% |
| Positive months | 55% | 50% |
| Best year | 2025: +47.9% | 2025: +144.7% |
| Worst year | 2013: −30.6% | 2013: −36.3% |
| 1-year return | +3.8% | +19.3% |
| 5 years, a year | +18.1% | +18.5% |
| 10 years, a year | +11.6% | +12.2% |
| Trading currency | EUR | USD |
First nine rows: the same 201 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: PHAU vs SLV
Returns by calendar year
| Year | PHAU | SLV |
|---|---|---|
| 2025 | +47.9% | +144.7% |
| 2024 | +33.5% | +20.9% |
| 2023 | +9.5% | −1.1% |
| 2022 | +5.8% | +2.4% |
| 2021 | +3.8% | −12.3% |
| 2020 | +13.2% | +48.1% |
| 2019 | +20.5% | +14.9% |
| 2018 | +2.5% | −9.2% |
| 2017 | −1.3% | +5.8% |
| 2016 | +12.3% | +14.6% |
| 2015 | −2.1% | −12.4% |
| 2014 | +13.0% | −19.5% |
| 2013 | −30.6% | −36.3% |
| 2012 | +2.9% | +9.0% |
| 2011 | +14.2% | −10.7% |
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, PHAU or SLV?
From February 2010 to October 2026, PHAU returned +9.2% a year and SLV +7.4% a year, with dividends reinvested, each in its own trading currency (EUR and USD). Over rolling 3-year periods PHAU did better in 67% of cases. Past returns do not predict future returns.
Which is riskier, PHAU or SLV?
Over the same months annual volatility was 15.7% for PHAU and 32.0% for SLV; the deepest fall from a month-end high was 37.2% and 72.2%, and the worst single month −13.1% and −28.5%.
How correlated are PHAU and SLV?
The correlation of their monthly returns was 0.60: they moved together only in part. Combining them has historically given some diversification.
More comparisons
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.