EWN vs. SLV

Last updated Jun 4, 2026

EWN (iShares MSCI Netherlands ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - EWN is a Europe Equities fund tracking the MSCI Netherlands Investable Market Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, EWN returned 12.79%/yr vs 15.55%/yr for SLV. At a 0.29 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

EWN vs. SLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Netherlands ETF (EWN) 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, EWN achieves a 18.09% return, which is significantly higher than SLV's 2.78% return. Over the past 10 years, EWN has underperformed SLV with an annualized return of 12.79%, while SLV has yielded a comparatively higher 15.55% annualized return.

EWN

• 1D: -1.30%
• 1M: 8.53%
• YTD: 18.09%
• 6M: 18.14%
• 1Y: 33.81%
• 3Y*: 19.93%
• 5Y*: 8.69%
• 10Y*: 12.79%

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)

EWN vs. SLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWN iShares MSCI Netherlands ETF	18.09%	34.87%	1.67%	22.08%	-24.43%	22.74%	23.23%	32.45%	-15.37%	33.73%
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 EWN and SLV is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since May 1, 2006	0.29

EWN vs. SLV - Sectors Allocation Comparison

Sectors	EWN	SLV
Technology	34.8%	-
Financial Services	18.1%	-
Communication Services	14.7%	-
Consumer Defensive	11.5%	-
Industrials	10.2%	-
Basic Materials	3.1%	100.0%
Healthcare	2.6%	-
Energy	2.1%	-
Consumer Cyclical	1.5%	-
Real Estate	0.7%	-
Utilities	-	-

Return for Risk

EWN vs. SLV — Risk / Return Rank

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

EWN

EWN Risk / Return Rank: 51
EWN Sharpe Ratio Rank: 49
EWN Sortino Ratio Rank: 50
EWN Omega Ratio Rank: 47
EWN Calmar Ratio Rank: 52
EWN Martin Ratio Rank: 56

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.

EWN vs. SLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Netherlands ETF (EWN) 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.

	EWN	SLV	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.89	-0.16
Sortino ratio: Return per unit of downside risk	2.47	2.07	+0.41
Omega ratio: Gain probability vs. loss probability	1.30	1.35	-0.05
Calmar ratio: Return relative to maximum drawdown	2.57	2.62	-0.05
Martin ratio: Return relative to average drawdown	9.70	5.64	+4.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWN vs. SLV - Sharpe Ratio Comparison

The current EWN Sharpe Ratio is 1.73, which is comparable to the SLV Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of EWN 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

	EWN	SLV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	1.89	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.58	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.49	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.25	+0.06

Drawdowns

EWN vs. SLV - Drawdown Comparison

The maximum EWN drawdown since its inception was -65.22%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for EWN and SLV.

Drawdown Indicators

	EWN	SLV	Difference
Max Drawdown Largest peak-to-trough decline	-65.22%	-76.28%	+11.06%
Max Drawdown (1Y) Largest decline over 1 year	-13.24%	-42.45%	+29.21%
Max Drawdown (3Y) Largest decline over 3 years	-19.77%	-42.45%	+22.68%
Max Drawdown (5Y) Largest decline over 5 years	-43.57%	-42.45%	-1.12%
Max Drawdown (10Y) Largest decline over 10 years	-43.57%	-42.81%	-0.76%
Current Drawdown Current decline from peak	-1.30%	-37.30%	+36.00%
Average Drawdown Average peak-to-trough decline	-16.35%	-44.67%	+28.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	19.67%	-16.18%

Volatility

EWN vs. SLV - Volatility Comparison

The current volatility for iShares MSCI Netherlands ETF (EWN) is 7.50%, while iShares Silver Trust (SLV) has a volatility of 16.30%. This indicates that EWN 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

	EWN	SLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.50%	16.30%	-8.80%
Volatility (6M) Calculated over the trailing 6-month period	16.37%	58.31%	-41.94%
Volatility (1Y) Calculated over the trailing 1-year period	19.68%	58.90%	-39.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.88%	36.15%	-13.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.36%	31.84%	-10.48%

EWN vs. SLV - Expense Ratio Comparison

Both EWN and SLV have an expense ratio of 0.50%.

Dividends

EWN vs. SLV - Dividend Comparison

EWN's dividend yield for the trailing twelve months is around 4.26%, while SLV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWN iShares MSCI Netherlands ETF	4.26%	5.03%	2.18%	1.79%	1.98%	1.01%	0.78%	2.57%	2.40%	1.68%	2.71%	1.92%
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

Can I hold both EWN and SLV in my portfolio?

EWN and SLV have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWN or SLV?

SLV has higher volatility (16.30%) compared to EWN (7.50%). In terms of maximum drawdown, EWN dropped -65.22% vs SLV's -76.28%.

Which ETF is better, EWN or SLV?

On 10-year performance, SLV leads with 15.55% vs 12.79% for EWN. Both ETFs have the same 0.50% expense ratio. On volatility, EWN has been the lower-risk option at 7.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWN or SLV?

Over the 10-year period, SLV has performed better with a 15.55% return vs 12.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWN or SLV?

EWN and SLV have the same expense ratio: 0.50% per year.

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

EWN has the higher dividend yield at 4.26%, compared with 0.00% for SLV.

What is the main difference between EWN and SLV?

EWN is categorized as Europe Equities, while SLV is Silver. EWN tracks MSCI Netherlands Investable Market Index, while SLV tracks LBMA Silver Price.

Which has better risk-adjusted returns?

SLV currently has the higher Sharpe Ratio (1.89 vs 1.73), 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.