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HL vs. SLV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HL vs. SLV

Last updated Jul 1, 2026
See Documentation

HL (Hecla Mining Company) is a stock, while SLV (iShares Silver Trust) is Silver fund tracking the LBMA Silver Price. Over the past 10 years, HL returned 11.45%/yr vs 11.05%/yr for SLV. A 0.65 correlation means they provide meaningful diversification when combined.

Performance

HL vs. SLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hecla Mining Company (HL) and iShares Silver Trust (SLV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HL achieves a -19.56% return, which is significantly lower than SLV's -17.00% return. Both investments have delivered pretty close results over the past 10 years, with HL having a 11.45% annualized return and SLV not far behind at 11.05%.

HL

1D
0.19%
1M
-13.17%
YTD
-19.56%
6M
-20.80%
1Y
157.90%
3Y*
44.78%
5Y*
16.35%
10Y*
11.45%

SLV

1D
1.50%
1M
-21.75%
YTD
-17.00%
6M
-22.48%
1Y
62.97%
3Y*
36.79%
5Y*
17.27%
10Y*
11.05%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HL vs. SLV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HL
Hecla Mining Company		-19.56%291.70%2.82%-12.93%6.99%-18.97%91.83%44.43%-40.37%-24.08%
SLV
iShares Silver Trust		-17.00%144.66%20.89%-1.09%2.37%-12.45%47.30%14.88%-9.19%5.82%

Correlation

The correlation between HL and SLV is 0.71, 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

0.71

Correlation (3Y)
Calculated over the trailing 3-year period

0.72

Correlation (5Y)
Calculated over the trailing 5-year period

0.71

Correlation (10Y)
Calculated over the trailing 10-year period

0.67

Correlation (All Time)
Calculated using the full available price history since Apr 28, 2006

0.65

The correlation between HL and SLV has been stable across timeframes, ranging from 0.65 to 0.72 - a consistent structural relationship.

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Hecla Mining Company

iShares Silver Trust

Often compared with HL:
HL vs. AGHL vs. WPMHL vs. SILHL vs. FRES.LHL vs. ASMHL vs. GDXHL vs. UAMY
Often compared with SLV:
SLV vs. GLDSLV vs. SIVRSLV vs. PSLVSLV vs. SILSLV vs. SILJSLV vs. SLVPSLV vs. AGQ

Return for Risk

HL vs. SLV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HL
HL Risk / Return Rank: 8585
Overall Rank
HL Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
HL Sortino Ratio Rank: 8787
Sortino Ratio Rank
HL Omega Ratio Rank: 8484
Omega Ratio Rank
HL Calmar Ratio Rank: 8484
Calmar Ratio Rank
HL Martin Ratio Rank: 8080
Martin Ratio Rank
SLV
SLV Risk / Return Rank: 3030
Overall Rank
SLV Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
SLV Sortino Ratio Rank: 2828
Sortino Ratio Rank
SLV Omega Ratio Rank: 3939
Omega Ratio Rank
SLV Calmar Ratio Rank: 2727
Calmar Ratio Rank
SLV Martin Ratio Rank: 2323
Martin Ratio Rank
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.

HL vs. SLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hecla Mining Company (HL) 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.

HLSLVDifference
Sharpe ratioReturn per unit of total volatility
2.16
1.04

+1.12

Sortino ratioReturn per unit of downside risk
2.62
1.46

+1.16

Omega ratioGain probability vs. loss probability

1.32

1.23

+0.09

Calmar ratioReturn relative to maximum drawdown

2.85

1.24

+1.60

Martin ratioReturn relative to average drawdown

5.91

2.74

+3.16

HL vs. SLV - Sharpe Ratio Comparison

The current HL Sharpe Ratio is 2.16, which is higher than the SLV Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of HL 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.

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Drawdowns

HL vs. SLV - Drawdown Comparison

The maximum HL drawdown since its inception was -97.92%, which is greater than SLV's maximum drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for HL and SLV.

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Drawdown Indicators

HLSLVDifference

Max Drawdown

Largest peak-to-trough decline

-97.92%

-76.28%

-21.64%

Max Drawdown (1Y)

Largest decline over 1 year

-55.81%

-50.97%

-4.84%

Max Drawdown (3Y)

Largest decline over 3 years

-55.81%

-50.97%

-4.84%

Max Drawdown (5Y)

Largest decline over 5 years

-55.81%

-50.97%

-4.84%

Max Drawdown (10Y)

Largest decline over 10 years

-82.45%

-50.97%

-31.48%

Current Drawdown

Current decline from peak

-51.47%

-49.37%

-2.10%

Average Drawdown

Average peak-to-trough decline

-69.91%

-44.66%

-25.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

26.84%

23.01%

+3.83%

Volatility

HL vs. SLV - Volatility Comparison

Hecla Mining Company (HL) has a higher volatility of 21.36% compared to iShares Silver Trust (SLV) at 15.67%. This indicates that HL's price experiences larger fluctuations and is considered to be riskier 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

HLSLVDifference

Volatility (1M)

Calculated over the trailing 1-month period

21.36%

15.67%

+5.69%

Volatility (6M)

Calculated over the trailing 6-month period

54.58%

58.87%

-4.29%

Volatility (1Y)

Calculated over the trailing 1-year period

73.45%

60.75%

+12.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

59.39%

36.74%

+22.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

62.83%

32.12%

+30.71%

Dividends

HL vs. SLV - Dividend Comparison

HL's dividend yield for the trailing twelve months is around 0.10%, while SLV has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
HL
Hecla Mining Company		0.10%0.08%0.81%0.65%0.40%0.72%0.25%0.29%0.42%0.25%0.19%0.53%
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

HL and SLV have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HL has higher volatility (21.36%) compared to SLV (15.67%). In terms of maximum drawdown, HL dropped -97.92% vs SLV's -76.28%.

HL currently has the higher Sharpe Ratio (2.16 vs 1.04), 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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