How did investors make just 18% profits from silver even when its price nearly doubled?

Silver delivered a 98% return over the one-year period that ended on July 31 but investors managed to make just 18% profit, DSP MF's Netra report said. Notably, 56% of the money invested in silver ETFs was sitting at a loss as of July-end. Since all investors didn't stay invested in silver throughout the past year, their returns are lower.