EMGF vs. SLV

Last updated Jun 4, 2026

EMGF (iShares Edge MSCI Multifactor Emerging Markets ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - EMGF is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Diversified Multiple-Factor Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, EMGF returned 11.48%/yr vs 15.55%/yr for SLV. At a 0.33 correlation, their price movements are largely independent. EMGF charges 0.45%/yr vs 0.50%/yr for SLV.

Performance

EMGF vs. SLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) and iShares Silver Trust (SLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMGF achieves a 30.01% return, which is significantly higher than SLV's 2.78% return. Over the past 10 years, EMGF has underperformed SLV with an annualized return of 11.48%, while SLV has yielded a comparatively higher 15.55% annualized return.

EMGF

• 1D: -1.20%
• 1M: 9.65%
• YTD: 30.01%
• 6M: 32.52%
• 1Y: 55.31%
• 3Y*: 26.88%
• 5Y*: 10.38%
• 10Y*: 11.48%

SLV

• 1D: -2.62%
• 1M: 0.41%
• YTD: 2.78%
• 6M: 24.76%
• 1Y: 110.59%
• 3Y*: 45.06%
• 5Y*: 20.76%
• 10Y*: 15.55%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EMGF vs. SLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF	30.01%	31.41%	9.06%	10.86%	-16.55%	6.65%	10.27%	20.96%	-19.71%	42.37%
SLV iShares Silver Trust	2.78%	144.66%	20.89%	-1.09%	2.37%	-12.45%	47.30%	14.88%	-9.19%	5.82%

Correlation

The correlation between EMGF and SLV is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Dec 11, 2015	0.33

The correlation between EMGF and SLV shifts across timeframes, from 0.33 (all time) to 0.45 (3 years), reflecting how their relationship changes across market environments.

EMGF vs. SLV - Sectors Allocation Comparison

Sectors	EMGF	SLV
Technology	34.7%	-
Financial Services	19.2%	-
Consumer Cyclical	10.4%	-
Industrials	7.8%	-
Communication Services	7.4%	-
Basic Materials	5.8%	100.0%
Energy	4.3%	-
Consumer Defensive	3.8%	-
Healthcare	2.9%	-
Utilities	2.5%	-
Real Estate	1.1%	-

Return for Risk

EMGF vs. SLV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EMGF

EMGF Risk / Return Rank: 81
EMGF Sharpe Ratio Rank: 84
EMGF Sortino Ratio Rank: 80
EMGF Omega Ratio Rank: 83
EMGF Calmar Ratio Rank: 79
EMGF Martin Ratio Rank: 80

SLV

SLV Risk / Return Rank: 47
SLV Sharpe Ratio Rank: 54
SLV Sortino Ratio Rank: 40
SLV Omega Ratio Rank: 56
SLV Calmar Ratio Rank: 52
SLV Martin Ratio Rank: 36

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EMGF vs. SLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) 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.

	EMGF	SLV	Difference
Sharpe ratio: Return per unit of total volatility	2.78	1.89	+0.89
Sortino ratio: Return per unit of downside risk	3.62	2.07	+1.56
Omega ratio: Gain probability vs. loss probability	1.51	1.35	+0.15
Calmar ratio: Return relative to maximum drawdown	4.11	2.62	+1.49
Martin ratio: Return relative to average drawdown	15.84	5.64	+10.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMGF vs. SLV - Sharpe Ratio Comparison

The current EMGF Sharpe Ratio is 2.78, which is higher than the SLV Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of EMGF and SLV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EMGF	SLV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.78	1.89	+0.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.58	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.49	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.25	+0.32

Drawdowns

EMGF vs. SLV - Drawdown Comparison

The maximum EMGF drawdown since its inception was -40.23%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for EMGF and SLV.

Drawdown Indicators

	EMGF	SLV	Difference
Max Drawdown Largest peak-to-trough decline	-40.23%	-76.28%	+36.05%
Max Drawdown (1Y) Largest decline over 1 year	-13.54%	-42.45%	+28.91%
Max Drawdown (3Y) Largest decline over 3 years	-17.65%	-42.45%	+24.80%
Max Drawdown (5Y) Largest decline over 5 years	-28.60%	-42.45%	+13.85%
Max Drawdown (10Y) Largest decline over 10 years	-40.23%	-42.81%	+2.58%
Current Drawdown Current decline from peak	-1.20%	-37.30%	+36.10%
Average Drawdown Average peak-to-trough decline	-10.05%	-44.67%	+34.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	19.67%	-16.17%

Volatility

EMGF vs. SLV - Volatility Comparison

The current volatility for iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) is 9.20%, while iShares Silver Trust (SLV) has a volatility of 16.30%. This indicates that EMGF 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.

Volatility by Period

	EMGF	SLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.20%	16.30%	-7.10%
Volatility (6M) Calculated over the trailing 6-month period	17.50%	58.31%	-40.81%
Volatility (1Y) Calculated over the trailing 1-year period	19.99%	58.90%	-38.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.69%	36.15%	-18.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.48%	31.84%	-12.36%

EMGF vs. SLV - Expense Ratio Comparison

EMGF has a 0.45% expense ratio, which is lower than SLV's 0.50% expense ratio.

Dividends

EMGF vs. SLV - Dividend Comparison

EMGF's dividend yield for the trailing twelve months is around 1.94%, while SLV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF	1.94%	2.52%	3.42%	5.94%	4.04%	2.48%	1.95%	2.63%	2.73%	1.94%	2.04%
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%

Frequently Asked Questions

Can I hold both EMGF and SLV in my portfolio?

EMGF and SLV have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMGF or SLV?

SLV has higher volatility (16.30%) compared to EMGF (9.20%). In terms of maximum drawdown, EMGF dropped -40.23% vs SLV's -76.28%.

Which ETF is better, EMGF or SLV?

On 10-year performance, SLV leads with 15.55% vs 11.48% for EMGF. On fees, EMGF is cheaper at 0.45% per year. On volatility, EMGF has been the lower-risk option at 9.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMGF or SLV?

Over the 10-year period, SLV has performed better with a 15.55% return vs 11.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMGF or SLV?

EMGF is cheaper with a 0.45% expense ratio, compared with 0.50% for SLV.

Which ETF pays a higher dividend yield, EMGF or SLV?

EMGF has the higher dividend yield at 1.94%, compared with 0.00% for SLV.

What is the main difference between EMGF and SLV?

EMGF is categorized as Emerging Markets Equities, while SLV is Silver. EMGF tracks MSCI Emerging Markets Diversified Multiple-Factor Index, while SLV tracks LBMA Silver Price. Their fees differ too: 0.45% for EMGF and 0.50% for SLV.

Which has better risk-adjusted returns?

EMGF currently has the higher Sharpe Ratio (2.78 vs 1.89), 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.