GLDI vs. SLVO

Last updated Jun 4, 2026

GLDI (Credit Suisse X-Links Gold Shares Covered Call ETN) and SLVO (UBS ETRACS Silver Shares Covered Call ETN) are both exchange-traded funds - GLDI is a Precious Metals fund tracking the Credit Suisse NASDAQ Gold FLOWS 103 Index, while SLVO is a Silver fund tracking the Credit Suisse NASDAQ Silver FLOWS 106 Index. Both are passively managed. Over the past year, GLDI returned 21.23% vs 62.53% for SLVO. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.65% expense ratio.

Performance

GLDI vs. SLVO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI) and UBS ETRACS Silver Shares Covered Call ETN (SLVO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLDI achieves a 2.06% return, which is significantly lower than SLVO's 13.49% return.

GLDI

• 1D: -0.81%
• 1M: 0.90%
• YTD: 2.06%
• 6M: 4.42%
• 1Y: 21.23%
• 3Y*: 19.54%
• 5Y*: 11.15%
• 10Y*: 8.99%

SLVO

• 1D: -1.17%
• 1M: 4.05%
• YTD: 13.49%
• 6M: 17.86%
• 1Y: 62.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GLDI vs. SLVO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GLDI Credit Suisse X-Links Gold Shares Covered Call ETN	2.06%	34.25%	9.69%
SLVO UBS ETRACS Silver Shares Covered Call ETN	13.49%	71.20%	1.24%

Correlation

The correlation between GLDI and SLVO is 0.67, 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	0.67
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	0.67

The correlation between GLDI and SLVO has been stable across timeframes, ranging from 0.67 to 0.67 - a consistent structural relationship.

Return for Risk

GLDI vs. SLVO — Risk / Return Rank

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

GLDI

GLDI Risk / Return Rank: 38
GLDI Sharpe Ratio Rank: 40
GLDI Sortino Ratio Rank: 35
GLDI Omega Ratio Rank: 47
GLDI Calmar Ratio Rank: 31
GLDI Martin Ratio Rank: 38

SLVO

SLVO Risk / Return Rank: 66
SLVO Sharpe Ratio Rank: 62
SLVO Sortino Ratio Rank: 48
SLVO Omega Ratio Rank: 72
SLVO Calmar Ratio Rank: 72
SLVO Martin Ratio Rank: 77

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.

GLDI vs. SLVO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI) 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.

	GLDI	SLVO	Difference
Sharpe ratio: Return per unit of total volatility	1.46	2.13	-0.66
Sortino ratio: Return per unit of downside risk	1.90	2.39	-0.50
Omega ratio: Gain probability vs. loss probability	1.30	1.44	-0.14
Calmar ratio: Return relative to maximum drawdown	1.55	3.65	-2.09
Martin ratio: Return relative to average drawdown	6.07	15.01	-8.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLDI vs. SLVO - Sharpe Ratio Comparison

The current GLDI Sharpe Ratio is 1.46, which is lower than the SLVO Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of GLDI and SLVO, 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

	GLDI	SLVO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	2.13	-0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	1.61	-1.24

Drawdowns

GLDI vs. SLVO - Drawdown Comparison

The maximum GLDI drawdown since its inception was -32.26%, which is greater than SLVO's maximum drawdown of -17.23%. Use the drawdown chart below to compare losses from any high point for GLDI and SLVO.

Drawdown Indicators

	GLDI	SLVO	Difference
Max Drawdown Largest peak-to-trough decline	-32.26%	-17.23%	-15.03%
Max Drawdown (1Y) Largest decline over 1 year	-13.73%	-17.23%	+3.50%
Max Drawdown (3Y) Largest decline over 3 years	-13.73%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.07%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-14.94%	—	—
Current Drawdown Current decline from peak	-7.37%	-3.22%	-4.15%
Average Drawdown Average peak-to-trough decline	-14.00%	-3.13%	-10.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	4.18%	-0.68%

Volatility

GLDI vs. SLVO - Volatility Comparison

The current volatility for Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI) is 3.88%, while UBS ETRACS Silver Shares Covered Call ETN (SLVO) has a volatility of 6.39%. This indicates that GLDI experiences smaller price fluctuations and is considered to be less risky than SLVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDI	SLVO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	6.39%	-2.51%
Volatility (6M) Calculated over the trailing 6-month period	12.87%	27.33%	-14.46%
Volatility (1Y) Calculated over the trailing 1-year period	14.57%	29.53%	-14.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.31%	25.23%	-13.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.35%	25.23%	-13.88%

GLDI vs. SLVO - Expense Ratio Comparison

Both GLDI and SLVO have an expense ratio of 0.65%.

Dividends

GLDI vs. SLVO - Dividend Comparison

GLDI's dividend yield for the trailing twelve months is around 22.37%, less than SLVO's 46.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLDI Credit Suisse X-Links Gold Shares Covered Call ETN	22.37%	16.15%	10.45%	10.02%	13.73%	10.65%	14.25%	7.25%	5.33%	7.77%	17.26%	10.07%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLDI and SLVO in my portfolio?

GLDI and SLVO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLDI or SLVO?

SLVO has higher volatility (6.39%) compared to GLDI (3.88%). In terms of maximum drawdown, GLDI dropped -32.26% vs SLVO's -17.23%.

Which ETF is better, GLDI or SLVO?

On 1-year performance, SLVO leads with 62.53% vs 21.23% for GLDI. Both ETFs have the same 0.65% expense ratio. On volatility, GLDI has been the lower-risk option at 3.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLDI or SLVO?

Over the 1-year period, SLVO has performed better with a 62.53% return vs 21.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLDI or SLVO?

GLDI and SLVO have the same expense ratio: 0.65% per year.

Which ETF pays a higher dividend yield, GLDI or SLVO?

SLVO has the higher dividend yield at 46.44%, compared with 22.37% for GLDI.

What is the main difference between GLDI and SLVO?

GLDI is categorized as Precious Metals, while SLVO is Silver. GLDI tracks Credit Suisse NASDAQ Gold FLOWS 103 Index, while SLVO tracks Credit Suisse NASDAQ Silver FLOWS 106 Index. They also come from different issuers: Credit Suisse and UBS.

Which has better risk-adjusted returns?

SLVO currently has the higher Sharpe Ratio (2.13 vs 1.46), 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.