HEZU vs. SLV
HEZU (iShares Currency Hedged MSCI Eurozone ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - HEZU is a Europe Equities fund tracking the MSCI EMU 100% USD Hedged Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, HEZU returned 13.39%/yr vs 11.99%/yr for SLV. At a 0.13 correlation, their price movements are largely independent. HEZU charges 0.52%/yr vs 0.50%/yr for SLV.
Performance
HEZU vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, HEZU achieves a 13.40% return, which is significantly higher than SLV's -18.72% return. Over the past 10 years, HEZU has outperformed SLV with an annualized return of 13.39%, while SLV has yielded a comparatively lower 11.99% annualized return.
HEZU
- 1D
- 1.06%
- 1M
- 3.04%
- YTD
- 13.40%
- 6M
- 13.42%
- 1Y
- 26.69%
- 3Y*
- 19.44%
- 5Y*
- 12.98%
- 10Y*
- 13.39%
SLV
- 1D
- 1.12%
- 1M
- -24.90%
- YTD
- -18.72%
- 6M
- -19.72%
- 1Y
- 58.62%
- 3Y*
- 35.82%
- 5Y*
- 16.71%
- 10Y*
- 11.99%
HEZU vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HEZU iShares Currency Hedged MSCI Eurozone ETF | 13.40% | 25.93% | 10.63% | 22.98% | -9.54% | 23.51% | 0.52% | 29.48% | -10.23% | 14.26% |
SLV iShares Silver Trust | -18.72% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between HEZU and SLV is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Aug 7, 2014 | 0.13 |
The correlation between HEZU and SLV shifts across timeframes, from 0.13 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HEZU vs. SLV — Risk / Return Rank
HEZU
SLV
HEZU vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Eurozone ETF (HEZU) 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.
| HEZU | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.22 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 1.16 | +1.29 |
| Martin ratioReturn relative to average drawdown | 9.61 | 2.63 | +6.98 |
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Drawdowns
HEZU vs. SLV - Drawdown Comparison
The maximum HEZU drawdown since its inception was -38.80%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for HEZU and SLV.
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Drawdown Indicators
| HEZU | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.80% | -76.28% | +37.48% |
Max Drawdown (1Y)Largest decline over 1 year | -10.95% | -50.97% | +40.02% |
Max Drawdown (3Y)Largest decline over 3 years | -14.83% | -50.97% | +36.14% |
Max Drawdown (5Y)Largest decline over 5 years | -22.79% | -50.97% | +28.18% |
Max Drawdown (10Y)Largest decline over 10 years | -38.80% | -50.97% | +12.17% |
Current DrawdownCurrent decline from peak | -1.13% | -50.42% | +49.29% |
Average DrawdownAverage peak-to-trough decline | -5.81% | -44.66% | +38.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.78% | 22.37% | -19.59% |
Volatility
HEZU vs. SLV - Volatility Comparison
The current volatility for iShares Currency Hedged MSCI Eurozone ETF (HEZU) is 5.41%, while iShares Silver Trust (SLV) has a volatility of 15.50%. This indicates that HEZU 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
| HEZU | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.41% | 15.50% | -10.09% |
Volatility (6M)Calculated over the trailing 6-month period | 13.26% | 59.60% | -46.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.55% | 60.77% | -45.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.60% | 36.74% | -20.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.17% | 32.16% | -13.99% |
HEZU vs. SLV - Expense Ratio Comparison
HEZU has a 0.52% expense ratio, which is higher than SLV's 0.50% expense ratio.
Dividends
HEZU vs. SLV - Dividend Comparison
HEZU's dividend yield for the trailing twelve months is around 2.58%, while SLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEZU iShares Currency Hedged MSCI Eurozone ETF | 2.58% | 2.92% | 2.77% | 2.52% | 23.26% | 2.25% | 2.32% | 5.40% | 3.48% | 1.92% | 3.11% | 2.68% |
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
HEZU and SLV have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (15.50%) compared to HEZU (5.41%). In terms of maximum drawdown, HEZU dropped -38.80% vs SLV's -76.28%.
On 10-year performance, HEZU leads with 13.39% vs 11.99% for SLV. On fees, SLV is cheaper at 0.50% per year. On volatility, HEZU has been the lower-risk option at 5.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HEZU has performed better with a 13.39% return vs 11.99%. 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 0.52% for HEZU.
HEZU has the higher dividend yield at 2.58%, compared with 0.00% for SLV.
HEZU is categorized as Europe Equities, while SLV is Silver. HEZU tracks MSCI EMU 100% USD Hedged Index, while SLV tracks LBMA Silver Price. Their fees differ too: 0.52% for HEZU and 0.50% for SLV.
HEZU currently has the higher Sharpe Ratio (1.73 vs 0.97), 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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