DBP vs. SLVO
DBP (Invesco DB Precious Metals Fund) and SLVO (UBS ETRACS Silver Shares Covered Call ETN) are both exchange-traded funds - DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return, while SLVO is a Silver fund tracking the Credit Suisse NASDAQ Silver FLOWS 106 Index. Both are passively managed. Over the past year, DBP returned 42.65% vs 62.53% for SLVO. A 0.80 correlation means they provide meaningful diversification when combined. DBP charges 0.78%/yr vs 0.65%/yr for SLVO.
Performance
DBP vs. SLVO - Performance Comparison
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Returns By Period
In the year-to-date period, DBP achieves a 2.13% return, which is significantly lower than SLVO's 13.49% return.
DBP
- 1D
- -1.42%
- 1M
- -1.48%
- YTD
- 2.13%
- 6M
- 8.68%
- 1Y
- 42.65%
- 3Y*
- 32.54%
- 5Y*
- 17.43%
- 10Y*
- 12.31%
SLVO
- 1D
- -1.17%
- 1M
- 4.05%
- YTD
- 13.49%
- 6M
- 17.86%
- 1Y
- 62.53%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DBP vs. SLVO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DBP Invesco DB Precious Metals Fund | 2.13% | 73.43% | 8.50% |
SLVO UBS ETRACS Silver Shares Covered Call ETN | 13.49% | 71.20% | 1.24% |
Correlation
The correlation between DBP and SLVO is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024 | 0.80 |
The correlation between DBP and SLVO has been stable across timeframes, ranging from 0.77 to 0.80 - a consistent structural relationship.
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Return for Risk
DBP vs. SLVO — Risk / Return Rank
DBP
SLVO
DBP vs. SLVO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) and UBS ETRACS Silver Shares Covered Call ETN (SLVO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| DBP | SLVO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.44 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | 3.65 | -1.97 |
| Martin ratioReturn relative to average drawdown | 4.01 | 15.01 | -11.00 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DBP | SLVO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.32 | 2.13 | -0.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.84 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.66 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 1.61 | -1.18 |
Drawdowns
DBP vs. SLVO - Drawdown Comparison
The maximum DBP drawdown since its inception was -53.89%, which is greater than SLVO's maximum drawdown of -17.23%. Use the drawdown chart below to compare losses from any high point for DBP and SLVO.
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Drawdown Indicators
| DBP | SLVO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.89% | -17.23% | -36.66% |
Max Drawdown (1Y)Largest decline over 1 year | -25.48% | -17.23% | -8.25% |
Max Drawdown (3Y)Largest decline over 3 years | -25.48% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -25.48% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -28.36% | — | — |
Current DrawdownCurrent decline from peak | -23.04% | -3.22% | -19.82% |
Average DrawdownAverage peak-to-trough decline | -25.42% | -3.13% | -22.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.67% | 4.18% | +6.49% |
Volatility
DBP vs. SLVO - Volatility Comparison
Invesco DB Precious Metals Fund (DBP) has a higher volatility of 7.57% compared to UBS ETRACS Silver Shares Covered Call ETN (SLVO) at 6.39%. This indicates that DBP's price experiences larger fluctuations and is considered to be riskier than SLVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBP | SLVO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.57% | 6.39% | +1.18% |
Volatility (6M)Calculated over the trailing 6-month period | 29.87% | 27.33% | +2.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.57% | 29.53% | +3.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.91% | 25.23% | -4.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.72% | 25.23% | -6.51% |
DBP vs. SLVO - Expense Ratio Comparison
DBP has a 0.78% expense ratio, which is higher than SLVO's 0.65% expense ratio.
Dividends
DBP vs. SLVO - Dividend Comparison
DBP's dividend yield for the trailing twelve months is around 2.38%, less than SLVO's 46.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | 2.38% | 2.44% | 4.21% | 4.47% | 0.45% | 0.00% | 0.00% | 1.26% | 1.24% | 0.12% |
SLVO UBS ETRACS Silver Shares Covered Call ETN | 46.44% | 19.35% | 14.45% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DBP and SLVO have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBP has higher volatility (7.57%) compared to SLVO (6.39%). In terms of maximum drawdown, DBP dropped -53.89% vs SLVO's -17.23%.
On 1-year performance, SLVO leads with 62.53% vs 42.65% for DBP. On fees, SLVO is cheaper at 0.65% per year. On volatility, SLVO has been the lower-risk option at 6.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SLVO has performed better with a 62.53% return vs 42.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLVO is cheaper with a 0.65% expense ratio, compared with 0.78% for DBP.
SLVO has the higher dividend yield at 46.44%, compared with 2.38% for DBP.
DBP is categorized as Precious Metals, while SLVO is Silver. DBP tracks DBIQ Optimum Yield Precious Metals Index Excess Return, while SLVO tracks Credit Suisse NASDAQ Silver FLOWS 106 Index. They also come from different issuers: Invesco and UBS. Their fees differ too: 0.78% for DBP and 0.65% for SLVO.
SLVO currently has the higher Sharpe Ratio (2.13 vs 1.32), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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