HEEM vs. SLV
HEEM (iShares Currency Hedged MSCI Emerging Markets ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - HEEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets 100% USD Hedged Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, HEEM returned 9.87%/yr vs 10.38%/yr for SLV. At a 0.26 correlation, their price movements are largely independent. HEEM charges 0.72%/yr vs 0.50%/yr for SLV.
Performance
HEEM vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, HEEM achieves a 18.57% return, which is significantly higher than SLV's -21.17% return. Over the past 10 years, HEEM has underperformed SLV with an annualized return of 9.87%, while SLV has yielded a comparatively higher 10.38% annualized return.
HEEM
- 1D
- -0.70%
- 1M
- -7.25%
- 6M
- 11.58%
- YTD
- 18.57%
- 1Y
- 38.27%
- 3Y*
- 21.93%
- 5Y*
- 8.93%
- 10Y*
- 9.87%
SLV
- 1D
- 0.77%
- 1M
- -16.22%
- 6M
- -37.32%
- YTD
- -21.17%
- 1Y
- 46.55%
- 3Y*
- 30.23%
- 5Y*
- 16.39%
- 10Y*
- 10.38%
HEEM vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HEEM iShares Currency Hedged MSCI Emerging Markets ETF | 18.57% | 34.02% | 12.59% | 10.14% | -16.85% | -1.82% | 17.94% | 18.53% | -11.09% | 27.59% |
SLV iShares Silver Trust | -21.17% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between HEEM and SLV is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2014 | 0.26 |
The correlation between HEEM and SLV shifts across timeframes, from 0.26 (all time) to 0.44 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HEEM vs. SLV — Risk / Return Rank
HEEM
SLV
HEEM vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) 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.
| HEEM | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.00 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.19 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 3.49 | 0.89 | +2.59 |
| Martin ratioReturn relative to average drawdown | 11.17 | 1.84 | +9.34 |
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Drawdowns
HEEM vs. SLV - Drawdown Comparison
The maximum HEEM drawdown since its inception was -33.53%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for HEEM and SLV.
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Drawdown Indicators
| HEEM | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.53% | -76.28% | +42.75% |
Max Drawdown (1Y)Largest decline over 1 year | -11.02% | -52.28% | +41.26% |
Max Drawdown (3Y)Largest decline over 3 years | -14.82% | -52.28% | +37.46% |
Max Drawdown (5Y)Largest decline over 5 years | -28.38% | -52.28% | +23.90% |
Max Drawdown (10Y)Largest decline over 10 years | -33.53% | -52.28% | +18.75% |
Current DrawdownCurrent decline from peak | -11.02% | -51.91% | +40.89% |
Average DrawdownAverage peak-to-trough decline | -11.08% | -44.67% | +33.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.44% | 25.43% | -21.99% |
Volatility
HEEM vs. SLV - Volatility Comparison
The current volatility for iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) is 10.34%, while iShares Silver Trust (SLV) has a volatility of 12.98%. This indicates that HEEM 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
| HEEM | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.34% | 12.98% | -2.64% |
Volatility (6M)Calculated over the trailing 6-month period | 19.92% | 56.51% | -36.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.84% | 61.12% | -39.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.92% | 36.87% | -18.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.31% | 32.18% | -13.87% |
HEEM vs. SLV - Expense Ratio Comparison
HEEM has a 0.72% expense ratio, which is higher than SLV's 0.50% expense ratio.
Dividends
HEEM vs. SLV - Dividend Comparison
HEEM's dividend yield for the trailing twelve months is around 3.24%, while SLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEEM iShares Currency Hedged MSCI Emerging Markets ETF | 3.24% | 3.98% | 2.38% | 2.75% | 7.49% | 1.93% | 1.49% | 3.04% | 2.37% | 2.05% | 1.84% | 6.28% |
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
HEEM and SLV have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (12.98%) compared to HEEM (10.34%). In terms of maximum drawdown, HEEM dropped -33.53% vs SLV's -76.28%.
On 10-year performance, SLV leads with 10.38% vs 9.87% for HEEM. On fees, SLV is cheaper at 0.50% per year. On volatility, HEEM has been the lower-risk option at 10.34%. 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 10.38% 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 HEEM.
HEEM has the higher dividend yield at 3.24%, compared with 0.00% for SLV.
HEEM is categorized as Emerging Markets Diversified, while SLV is Silver. HEEM tracks MSCI Emerging Markets 100% USD Hedged Index, while SLV tracks LBMA Silver Price. Their fees differ too: 0.72% for HEEM and 0.50% for SLV.
HEEM currently has the higher Sharpe Ratio (1.76 vs 0.77), 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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