EEM vs. SLV
EEM (iShares MSCI Emerging Markets ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - EEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index (Net), while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, EEM returned 9.87%/yr vs 12.68%/yr for SLV. At a 0.33 correlation, their price movements are largely independent. EEM charges 0.72%/yr vs 0.50%/yr for SLV.
Performance
EEM vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, EEM achieves a 23.41% return, which is significantly higher than SLV's -13.49% return. Over the past 10 years, EEM has underperformed SLV with an annualized return of 9.87%, while SLV has yielded a comparatively higher 12.68% annualized return.
EEM
- 1D
- -5.67%
- 1M
- 2.49%
- YTD
- 23.41%
- 6M
- 24.32%
- 1Y
- 46.62%
- 3Y*
- 22.58%
- 5Y*
- 6.54%
- 10Y*
- 9.87%
SLV
- 1D
- -5.40%
- 1M
- -18.48%
- YTD
- -13.49%
- 6M
- -14.05%
- 1Y
- 69.08%
- 3Y*
- 39.38%
- 5Y*
- 18.31%
- 10Y*
- 12.68%
EEM vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EEM iShares MSCI Emerging Markets ETF | 23.41% | 33.98% | 6.49% | 8.95% | -20.56% | -3.63% | 17.02% | 18.22% | -15.31% | 37.26% |
SLV iShares Silver Trust | -13.49% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between EEM and SLV is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Apr 28, 2006 | 0.33 |
The correlation between EEM and SLV shifts across timeframes, from 0.33 (all time) to 0.46 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
EEM vs. SLV — Risk / Return Rank
EEM
SLV
EEM vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ETF (EEM) and iShares Silver Trust (SLV). 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.
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.
| EEM | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.91 | ||
| Sortino ratioReturn per unit of downside risk | +1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.25 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.46 | 1.47 | +1.99 |
| Martin ratioReturn relative to average drawdown | 12.70 | 3.16 | +9.53 |
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Drawdowns
EEM vs. SLV - Drawdown Comparison
The maximum EEM drawdown since its inception was -66.43%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for EEM and SLV.
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Drawdown Indicators
| EEM | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.43% | -76.28% | +9.85% |
Max Drawdown (1Y)Largest decline over 1 year | -13.52% | -47.23% | +33.71% |
Max Drawdown (3Y)Largest decline over 3 years | -17.29% | -47.23% | +29.94% |
Max Drawdown (5Y)Largest decline over 5 years | -37.49% | -47.23% | +9.74% |
Max Drawdown (10Y)Largest decline over 10 years | -39.82% | -47.23% | +7.41% |
Current DrawdownCurrent decline from peak | -5.67% | -47.23% | +41.56% |
Average DrawdownAverage peak-to-trough decline | -15.99% | -44.65% | +28.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.68% | 21.91% | -18.23% |
Volatility
EEM vs. SLV - Volatility Comparison
The current volatility for iShares MSCI Emerging Markets ETF (EEM) is 12.59%, while iShares Silver Trust (SLV) has a volatility of 14.34%. This indicates that EEM experiences smaller price fluctuations and is considered to be less risky than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EEM | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.59% | 14.34% | -1.75% |
Volatility (6M)Calculated over the trailing 6-month period | 20.73% | 59.27% | -38.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.77% | 60.33% | -37.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.55% | 36.59% | -17.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.67% | 32.09% | -11.42% |
EEM vs. SLV - Expense Ratio Comparison
EEM has a 0.72% expense ratio, which is higher than SLV's 0.50% expense ratio.
Dividends
EEM vs. SLV - Dividend Comparison
EEM's dividend yield for the trailing twelve months is around 1.66%, while SLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EEM iShares MSCI Emerging Markets ETF | 1.66% | 2.22% | 2.43% | 2.63% | 2.50% | 1.99% | 1.45% | 2.76% | 2.24% | 1.89% | 1.89% | 2.49% |
SLV iShares Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EEM and SLV have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (14.34%) compared to EEM (12.59%). In terms of maximum drawdown, EEM dropped -66.43% vs SLV's -76.28%.
On 10-year performance, SLV leads with 12.68% vs 9.87% for EEM. On fees, SLV is cheaper at 0.50% per year. On volatility, EEM has been the lower-risk option at 12.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SLV has performed better with a 12.68% return vs 9.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLV is cheaper with a 0.50% expense ratio, compared with 0.72% for EEM.
EEM has the higher dividend yield at 1.66%, compared with 0.00% for SLV.
EEM is categorized as Emerging Markets Diversified, while SLV is Silver. EEM tracks MSCI Emerging Markets Index (Net), while SLV tracks LBMA Silver Price. Their fees differ too: 0.72% for EEM and 0.50% for SLV.
EEM currently has the higher Sharpe Ratio (2.06 vs 1.15), 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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