- ISIN
- US22542D4491
- CUSIP
- 22542D449
- Issuer
- UBS
- Inception Date
- Apr 17, 2013
- Region
- North America (U.S.)
- Category
- Silver, Derivative Income, Precious Metals
- Leveraged
- 1x (No leverage)
- Index Tracked
- Credit Suisse NASDAQ Silver FLOWS 106 Index
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
- Asset Class Size
- Multi-Cap
- Assets Under Management
- $392M
Highlights
- Avg. Volume (1M)
- 261K
- Avg. Volume Value (1M)
- $16.45M
Share Price Chart
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Performance
SLVO Performance Chart
UBS ETRACS Silver Shares Covered Call ETN (SLVO) is down 4.6% since the beginning of the year. SLVO is currently trading at $63 per share.
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Returns By Period
UBS ETRACS Silver Shares Covered Call ETN (SLVO) has returned -4.64% so far this year and 28.85% over the past 12 months.
UBS ETRACS Silver Shares Covered Call ETN
- 1D
- -1.56%
- 1M
- -3.21%
- 6M
- -0.08%
- YTD
- -4.64%
- 1Y
- 28.85%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 26.05%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
SLVO Monthly Returns History
Based on dividend-adjusted daily data since Jun 3, 2024, SLVO's average daily return is +0.11%, while the average monthly return is +2.18%. At this rate, an investment would double in approximately 2.7 years.
Historically, 62% of months were positive and 38% were negative. The best month was Feb 2026 with a return of +21.0%, while the worst month was Jun 2026 at -16.3%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 2 months.
On a daily basis, SLVO closed higher 60% of trading days. The best single day was Mar 31, 2026 with a return of +6.3%, while the worst single day was Jan 30, 2026 at -12.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -4.57% | 20.97% | -7.38% | 2.17% | 5.05% | -16.33% | -0.69% | -4.64% | |||||
| 2025 | 7.79% | 0.23% | 8.35% | -3.18% | 2.29% | 5.44% | 2.82% | 7.79% | 8.81% | -0.15% | 10.99% | 4.79% | 71.20% |
| 2024 | -0.90% | 0.90% | -0.44% | 5.24% | 5.96% | -4.57% | -4.71% | 0.94% |
Benchmark Metrics
UBS ETRACS Silver Shares Covered Call ETN has an annualized alpha of 17.12%, beta of 0.63, and R2 of 0.14 versus S&P 500 Index. Calculated based on daily prices since June 03, 2024.
- This ETF captured 83.42% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -21.13%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.63 may look defensive, but with R2 of 0.14 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.14 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 17.12%
- Beta
- 0.63
- R²
- 0.14
- Upside Capture
- 83.42%
- Downside Capture
- -21.13%
Expense Ratio
SLVO has an expense ratio of 0.65%, placing it in the medium range.
Return for Risk
Risk / Return Rank
SLVO ranks 37 for risk / return — above 37% of ETFs peers on PortfoliosLab. Its historical combined result is below the peer median.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for UBS ETRACS Silver Shares Covered Call ETN (SLVO) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SLVO | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.25 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.35 | 2.00 | -0.65 |
| Martin ratioReturn relative to average drawdown | 3.86 | 8.49 | -4.63 |
Dividends
Dividend History
UBS ETRACS Silver Shares Covered Call ETN provided a 73.29% dividend yield over the last twelve months, with an annual payout of $45.90 per share.
| Period | TTM | 2025 | 2024 |
|---|---|---|---|
| Dividend | $45.90 | $19.32 | $10.56 |
Dividend yield | 73.29% | 19.35% | 14.45% |
Monthly Dividends
The table displays the monthly dividend distributions for UBS ETRACS Silver Shares Covered Call ETN. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $5.79 | $7.91 | $3.97 | $4.85 | $4.73 | $7.04 | $2.00 | $36.29 | |||||
| 2025 | $0.74 | $1.06 | $1.29 | $2.08 | $2.16 | $1.33 | $1.06 | $1.58 | $1.25 | $1.18 | $2.92 | $2.69 | $19.32 |
| 2024 | $1.57 | $1.36 | $1.55 | $1.74 | $2.15 | $1.24 | $0.94 | $10.56 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the UBS ETRACS Silver Shares Covered Call ETN. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the UBS ETRACS Silver Shares Covered Call ETN was 22.21%, occurring on Jul 16, 2026. The portfolio has not yet recovered.
The current UBS ETRACS Silver Shares Covered Call ETN drawdown is 18.68%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-22.21%Jul 2026 | 2mo 3d | — | 2mo 21dMay 2026 - now | — |
-17.23%Mar 2026 | 15d | 1mo 16d | 2mo 1dMar 2026 - May 2026 | — |
-12.78%Aug 2024 | 21d | 2mo 5d | 2mo 26dJul 2024 - Oct 2024 | — |
-12.63%Jan 2026 | 1d | 24d | 25dJan 2026 - Feb 2026 | — |
-11.17%Apr 2025 | 7d | 1mo 29d | 2mo 6dMar 2025 - Jun 2025 | 2025 selloff2025 |
Drawdown Indicators
| SLVO | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.21% | -56.78% | +34.57% |
Max Drawdown (1Y)Largest decline over 1 year | -22.21% | -9.10% | -13.11% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -18.68% | -1.58% | -17.10% |
Average DrawdownAverage peak-to-trough decline | -4.06% | -10.70% | +6.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.75% | 2.14% | +5.61% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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