At a glance
It has $10.70B in assets, the largest of that group. Over the past year it returned +2.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +25.4% a year. At its worst it fell 11.9% in the 2020 crash (S&P 500: 33.7%) and 21.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 7 months after the lows.
The short version
Sprott Physical Gold Trust (PHYS) is a trust from Sprott that, as its name says, is built to hold physical gold rather than stocks, bonds or a basket of commodities. With about $10.7 billion in assets, it is the largest fund in its comparison group. It pays no distributions. Its price follows gold, which has swung sharply: up 64% in 2025, then down 7.1% year to date through October 27, 2026.
Price history
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PHYS +2.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PHYS price data to Oct 27, 2026 | -7.1% | +2.4% | +25.4% | +16.7% | +11.3% | +7.2% |
- Over the year to Oct 27, 2026, PHYS returned +2.4%, 8th of 8 among similar funds.
- Its 5-year annualized return was +16.7% and its 10-year +11.3%.
- In the 2020 COVID crash it fell 11.9% and regained its old high 0.7 months after the low.
- Its worst full calendar year was 2013 (-29.9%); its best was 2025 (+64.0%).
- The deepest fall in its price history was 48.2% (Aug 22, 2011 to Dec 17, 2015), recovered by Mar 6, 2024.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -7.1% |
| 2025 | +64.0% |
| 2024 | +26.4% |
| 2023 | +13.0% |
| 2022 | -1.8% |
| 2021 | -4.8% |
| 2020 | +23.9% |
| 2019 | +18.1% |
| 2018 | -2.6% |
| 2017 | +12.8% |
| 2016 | +7.6% |
| 2015 | -10.6% |
| 2014 | -1.9% |
| 2013 | -29.9% |
| 2012 | +3.0% |
| 2011 | +11.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 4% over that stretch · deepest drop along the way 11.9%, back to its old high 0.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8.1% over that stretch · deepest drop along the way 21.8%, back to its old high 7.2 months after the low |
How it works
PHYS does not track an index, and no manager picks stocks for it. It is a trust built to hold physical gold, so its value rises and falls with the gold price, minus the trust's running costs. It holds one metal, so there are no weights to set and nothing to rebalance. The trust does not use leverage or options.
That sets it apart from the funds it is often grouped with. Most of its comparison group are broad commodity funds, such as Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) and abrdn Bloomberg All Commodity Strategy K-1 Free ETF (BCI). Those funds spread their money across many commodities instead of holding gold alone, so they follow a different strategy.
Gold earns no interest or dividends, and PHYS has paid no distributions. Sprott's offering documents set out the practical details: where the gold is stored, how it is audited and insured, and whether holders can exchange shares for bullion. They are worth reading before investing. The trust's fee is listed there too. For comparison, the funds in its group charge between 0.26% and 1.02% a year, an average of 0.66%.
What it really costs
In a retirement portfolio
Gold has sometimes moved differently from stocks, but PHYS pays no income and has gone through long, deep losses, so it suits a supporting role rather than the center of a portfolio.
PHYS launched in February 2010, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell 11.9% from March 9 to March 16, 2020, and was back to its earlier high by April 6. During the 2022 bear market it lost 8.1%. Within that period it had a deeper 21.8% drop that took about seven months to recover, by May 2023. Its worst stretch was much longer: a 48.2% fall from August 2011 to December 2015 that was not fully made up until March 2024, more than eight years later. Its worst calendar year was 2013, at -29.9%.
Because PHYS pays nothing, any cash it provides has to come from cashing out shares, and that could mean doing so after a steep fall. Compare its fee with the 0.66% average of similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want exposure to gold alone, held in a trust, rather than a broad basket of commodities.
- Long-term holders who can sit through long slumps, like the 48.2% fall from 2011 that took until March 2024 to recover.
- Portfolios looking for a holding that has sometimes moved differently from stocks, without leverage or options.
Look elsewhere if
- Anyone who needs income: PHYS has paid no distributions, so drawing money from it means cashing out shares.
- Investors uncomfortable with big swings: one-year volatility was 29.9%, and the price fell 13.5% over six months through October 27, 2026.
- Those who want broad commodity exposure. Funds like PDBC or BCI spread across many commodities, though they follow a different strategy.
Close alternatives
Matched by legacy category (no holdings report for this fund).
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PHYS this fund | — | $10.70B | +2.4% | +25.4% |
| PDBC Invesco Optimum Yield Diversified Commodity… | 0.59% | $4.90B | +53.4% | +14.8% |
| FTGC First Trust Global Tactical Commodity Strat… | 1.02% | $2.50B | +37.4% | +16.9% |
| BCI abrdn Bloomberg All Commodity Strategy K-1 … | 0.26% | $1.40B | +37.6% | +14.9% |
| DBC Invesco DB Commodity Index Tracking Fund | 0.85% | $1.30B | +52.2% | +15.3% |
| GSG iShares S&P GSCI Commodity-Indexed Trust | 0.75% | $1.10B | +59.6% | +18.7% |
| COMT iShares U.S. ETF Trust iShares GSCI Commodi… | 0.48% | $683.2M | +54.4% | +17.0% |
| DJP iPath Bloomberg Commodity Index Total Retur… | 0.7% | $604.1M | +42.5% | +16.5% |
Questions investors ask
Does PHYS pay a dividend?
No. Sprott Physical Gold Trust has paid no distributions. It holds gold, and gold produces no interest or dividends. Any return comes only from changes in the gold price, reflected in the share price. Investors who need regular cash from this holding would have to cash out shares, possibly at a low point. For that reason it is usually held for diversification, not income.
What's the difference between PHYS and PDBC?
PHYS holds physical gold. PDBC, the Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF, spreads its money across many commodities, so it follows a different strategy and is not a close substitute. Their results have differed sharply. Over one year through October 27, 2026, PHYS returned 2.4% and PDBC returned 53.4%. Over three years, PHYS averaged 25.4% a year and PDBC averaged 14.8%. PDBC's expense ratio is 0.59%.
How much has PHYS returned over 10 years?
PHYS returned about 11.3% a year on average over the 10 years through October 27, 2026, a cumulative gain of about 191%. Over five years it averaged 16.7% a year. The path was uneven. The trust gained 64% in 2025 but was down 7.1% year to date in 2026 through October 27. Its worst calendar year was 2013, at -29.9%.
Is PHYS a risky investment?
Yes. Its price can swing a lot. One-year volatility was 29.9% and three-year volatility was 21.9% as of October 27, 2026. Its deepest decline was 48.2%, from August 2011 to December 2015, and it took until March 2024 to recover. In the 2022 bear market it dropped 21.8% at its worst before recovering in May 2023. The trust does not use leverage or options, but gold itself is volatile.
What is the expense ratio of PHYS?
Sprott publishes the trust's management fee and expenses in its offering documents, which are the place to confirm the exact cost. For comparison, the commodity funds PHYS is grouped with charge between 0.26% (BCI) and 1.02% (FTGC) a year, an average of 0.66%. Those funds hold broad commodity baskets rather than gold alone, so cost is only one point of comparison.