HUZ.TO vs. SLVO

Last updated Jun 4, 2026

HUZ.TO (Global X Silver ETF) and SLVO (UBS ETRACS Silver Shares Covered Call ETN) are both Silver funds - HUZ.TO tracks the Solactive Silver Front Month MD Rolling Futures Index while SLVO tracks the Credit Suisse NASDAQ Silver FLOWS 106 Index. Both are passively managed. Over the past year, HUZ.TO returned 101.00% vs 64.63% for SLVO. A 0.79 correlation means they provide meaningful diversification when combined. HUZ.TO charges 1.18%/yr vs 0.65%/yr for SLVO.

Performance

HUZ.TO vs. SLVO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Silver ETF (HUZ.TO) and UBS ETRACS Silver Shares Covered Call ETN (SLVO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HUZ.TO is traded in CAD, while SLVO is traded in USD. To make them comparable, the SLVO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HUZ.TO achieves a 2.35% return, which is significantly lower than SLVO's 14.93% return.

HUZ.TO

• 1D: -2.50%
• 1M: 0.23%
• YTD: 2.35%
• 6M: 22.30%
• 1Y: 101.00%
• 3Y*: 40.00%
• 5Y*: 17.25%
• 10Y*: 12.04%

SLVO

• 1D: -0.76%
• 1M: 6.12%
• YTD: 14.93%
• 6M: 17.40%
• 1Y: 64.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HUZ.TO vs. SLVO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HUZ.TO Global X Silver ETF	2.35%	129.20%	-7.04%
SLVO UBS ETRACS Silver Shares Covered Call ETN	14.93%	63.34%	6.84%

Correlation

The correlation between HUZ.TO and SLVO is 0.76, 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	0.76
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	0.79

The correlation between HUZ.TO and SLVO has been stable across timeframes, ranging from 0.76 to 0.79 - a consistent structural relationship.

Return for Risk

HUZ.TO vs. SLVO — Risk / Return Rank

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

HUZ.TO

HUZ.TO Risk / Return Rank: 45
HUZ.TO Sharpe Ratio Rank: 51
HUZ.TO Sortino Ratio Rank: 38
HUZ.TO Omega Ratio Rank: 54
HUZ.TO Calmar Ratio Rank: 48
HUZ.TO Martin Ratio Rank: 34

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.

HUZ.TO vs. SLVO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Silver ETF (HUZ.TO) 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.

	HUZ.TO	SLVO	Difference
Sharpe ratio: Return per unit of total volatility	1.72	2.27	-0.55
Sortino ratio: Return per unit of downside risk	1.95	2.57	-0.61
Omega ratio: Gain probability vs. loss probability	1.33	1.47	-0.14
Calmar ratio: Return relative to maximum drawdown	2.36	4.11	-1.76
Martin ratio: Return relative to average drawdown	5.07	17.03	-11.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HUZ.TO vs. SLVO - Sharpe Ratio Comparison

The current HUZ.TO Sharpe Ratio is 1.72, which is comparable to the SLVO Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of HUZ.TO 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

	HUZ.TO	SLVO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	2.27	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	1.73	-1.52

Drawdowns

HUZ.TO vs. SLVO - Drawdown Comparison

The maximum HUZ.TO drawdown since its inception was -81.06%, which is greater than SLVO's maximum drawdown of -15.79%. Use the drawdown chart below to compare losses from any high point for HUZ.TO and SLVO.

Drawdown Indicators

	HUZ.TO	SLVO	Difference
Max Drawdown Largest peak-to-trough decline	-81.06%	-15.79%	-65.27%
Max Drawdown (1Y) Largest decline over 1 year	-43.11%	-15.79%	-27.32%
Max Drawdown (3Y) Largest decline over 3 years	-43.11%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-43.11%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-48.84%	—	—
Current Drawdown Current decline from peak	-38.13%	-1.88%	-36.25%
Average Drawdown Average peak-to-trough decline	-54.91%	-3.01%	-51.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.99%	3.81%	+16.18%

Volatility

HUZ.TO vs. SLVO - Volatility Comparison

Global X Silver ETF (HUZ.TO) has a higher volatility of 16.29% compared to UBS ETRACS Silver Shares Covered Call ETN (SLVO) at 6.35%. This indicates that HUZ.TO's price experiences larger fluctuations and is considered to be riskier than SLVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HUZ.TO	SLVO	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.29%	6.35%	+9.94%
Volatility (6M) Calculated over the trailing 6-month period	58.22%	26.33%	+31.89%
Volatility (1Y) Calculated over the trailing 1-year period	58.94%	28.56%	+30.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.28%	24.25%	+13.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.24%	24.25%	+8.99%

HUZ.TO vs. SLVO - Expense Ratio Comparison

HUZ.TO has a 1.18% expense ratio, which is higher than SLVO's 0.65% expense ratio.

Dividends

HUZ.TO vs. SLVO - Dividend Comparison

HUZ.TO has not paid dividends to shareholders, while SLVO's dividend yield for the trailing twelve months is around 46.44%.

Position	TTM	2025	2024
HUZ.TO Global X Silver ETF	0.00%	0.00%	0.00%
SLVO UBS ETRACS Silver Shares Covered Call ETN	46.44%	19.35%	14.45%

Frequently Asked Questions

Can I hold both HUZ.TO and SLVO in my portfolio?

HUZ.TO and SLVO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HUZ.TO or SLVO?

On fees, SLVO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HUZ.TO or SLVO?

SLVO is cheaper with a 0.65% expense ratio, compared with 1.18% for HUZ.TO.

What is the main difference between HUZ.TO and SLVO?

HUZ.TO tracks Solactive Silver Front Month MD Rolling Futures Index, while SLVO tracks Credit Suisse NASDAQ Silver FLOWS 106 Index. They also come from different issuers: Global X and UBS. Their fees differ too: 1.18% for HUZ.TO and 0.65% for SLVO.