FRES.L vs. SIVR

Last updated Jul 1, 2026

FRES.L (Fresnillo plc) is a stock, while SIVR (abrdn Physical Silver Shares ETF) is Silver fund tracking the LBMA Silver Price ($/ozt). Over the past 10 years, FRES.L returned 7.10%/yr vs 11.31%/yr for SIVR. At a 0.45 correlation, their price movements are largely independent.

Performance

FRES.L vs. SIVR - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Fresnillo plc (FRES.L) and abrdn Physical Silver Shares ETF (SIVR). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FRES.L is traded in GBp, while SIVR is traded in USD. To make them comparable, the SIVR values have been converted to GBp using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with FRES.L having a -15.96% return and SIVR slightly higher at -15.42%. Over the past 10 years, FRES.L has underperformed SIVR with an annualized return of 7.10%, while SIVR has yielded a comparatively higher 11.31% annualized return.

FRES.L

• 1D: -1.44%
• 1M: -16.59%
• YTD: -15.96%
• 6M: -17.88%
• 1Y: 96.36%
• 3Y*: 70.39%
• 5Y*: 31.92%
• 10Y*: 7.10%

SIVR

• 1D: 1.71%
• 1M: -20.42%
• YTD: -15.42%
• 6M: -21.01%
• 1Y: 69.40%
• 3Y*: 35.13%
• 5Y*: 18.41%
• 10Y*: 11.31%

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

FRES.L vs. SIVR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRES.L Fresnillo plc	-15.96%	468.21%	6.13%	-32.98%	3.90%	-18.79%	78.92%	-24.01%	-38.26%	18.98%
SIVR abrdn Physical Silver Shares ETF	-15.42%	127.86%	23.20%	-5.87%	14.79%	-11.50%	43.18%	10.79%	-3.57%	-3.20%

Correlation

The correlation between FRES.L and SIVR is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jul 24, 2009	0.45

The correlation between FRES.L and SIVR shifts across timeframes, from 0.45 (all time) to 0.58 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FRES.L vs. SIVR — Risk / Return Rank

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

FRES.L

FRES.L Risk / Return Rank: 82
FRES.L Sharpe Ratio Rank: 87
FRES.L Sortino Ratio Rank: 82
FRES.L Omega Ratio Rank: 80
FRES.L Calmar Ratio Rank: 82
FRES.L Martin Ratio Rank: 81

SIVR

SIVR Risk / Return Rank: 30
SIVR Sharpe Ratio Rank: 32
SIVR Sortino Ratio Rank: 29
SIVR Omega Ratio Rank: 40
SIVR Calmar Ratio Rank: 27
SIVR Martin Ratio Rank: 23

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.

FRES.L vs. SIVR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fresnillo plc (FRES.L) and abrdn Physical Silver Shares ETF (SIVR). 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.

	FRES.L	SIVR	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.19	+0.52
Sortino ratio: Return per unit of downside risk	2.28	1.57	+0.70
Omega ratio: Gain probability vs. loss probability	1.28	1.25	+0.02
Calmar ratio: Return relative to maximum drawdown	2.59	1.44	+1.15
Martin ratio: Return relative to average drawdown	6.08	3.19	+2.89

FRES.L vs. SIVR - Sharpe Ratio Comparison

The current FRES.L Sharpe Ratio is 1.71, which is higher than the SIVR Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of FRES.L and SIVR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FRES.L vs. SIVR - Drawdown Comparison

The maximum FRES.L drawdown since its inception was -82.49%, which is greater than SIVR's maximum drawdown of -69.37%. Use the drawdown chart below to compare losses from any high point for FRES.L and SIVR.

Drawdown Indicators

	FRES.L	SIVR	Difference
Max Drawdown Largest peak-to-trough decline	-82.49%	-69.37%	-13.12%
Max Drawdown (1Y) Largest decline over 1 year	-37.00%	-48.54%	+11.54%
Max Drawdown (3Y) Largest decline over 3 years	-37.00%	-48.54%	+11.54%
Max Drawdown (5Y) Largest decline over 5 years	-53.75%	-48.54%	-5.21%
Max Drawdown (10Y) Largest decline over 10 years	-74.56%	-48.54%	-26.02%
Current Drawdown Current decline from peak	-37.00%	-47.13%	+10.13%
Average Drawdown Average peak-to-trough decline	-42.85%	-39.99%	-2.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.78%	21.80%	-6.02%

Volatility

FRES.L vs. SIVR - Volatility Comparison

Fresnillo plc (FRES.L) has a higher volatility of 16.50% compared to abrdn Physical Silver Shares ETF (SIVR) at 14.80%. This indicates that FRES.L's price experiences larger fluctuations and is considered to be riskier than SIVR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRES.L	SIVR	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.50%	14.80%	+1.70%
Volatility (6M) Calculated over the trailing 6-month period	43.75%	56.69%	-12.94%
Volatility (1Y) Calculated over the trailing 1-year period	56.04%	58.79%	-2.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.80%	34.54%	+8.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.23%	30.48%	+12.75%

Dividends

FRES.L vs. SIVR - Dividend Comparison

FRES.L's dividend yield for the trailing twelve months is around 3.47%, while SIVR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRES.L Fresnillo plc	3.47%	2.00%	1.36%	1.98%	2.44%	2.66%	1.00%	2.35%	3.49%	1.73%
SIVR abrdn Physical Silver Shares ETF	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 FRES.L and SIVR in my portfolio?

FRES.L and SIVR have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.