IAUP.L vs. SSLV.L
IAUP.L (iShares Gold Producers UCITS ETF USD Acc) and SSLV.L (Invesco Physical Silver ETC) are both exchange-traded funds - IAUP.L is a Gold fund tracking the S&P Commodity Producers Gold Index, while SSLV.L is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, IAUP.L returned 14.14%/yr vs 15.85%/yr for SSLV.L. A 0.69 correlation means they provide meaningful diversification when combined. IAUP.L charges 0.55%/yr vs 0.19%/yr for SSLV.L.
Performance
IAUP.L vs. SSLV.L - Performance Comparison
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Returns By Period
In the year-to-date period, IAUP.L achieves a 1.67% return, which is significantly lower than SSLV.L's 2.90% return. Over the past 10 years, IAUP.L has underperformed SSLV.L with an annualized return of 14.14%, while SSLV.L has yielded a comparatively higher 15.85% annualized return.
IAUP.L
- 1D
- 0.89%
- 1M
- -0.28%
- YTD
- 1.67%
- 6M
- 7.47%
- 1Y
- 63.58%
- 3Y*
- 42.10%
- 5Y*
- 18.73%
- 10Y*
- 14.14%
SSLV.L
- 1D
- 0.44%
- 1M
- 0.09%
- YTD
- 2.90%
- 6M
- 29.12%
- 1Y
- 113.89%
- 3Y*
- 45.99%
- 5Y*
- 21.31%
- 10Y*
- 15.85%
IAUP.L vs. SSLV.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAUP.L iShares Gold Producers UCITS ETF USD Acc | 1.67% | 153.95% | 11.53% | 9.39% | -11.06% | -10.31% | 23.60% | 45.64% | -9.60% | 6.75% |
SSLV.L Invesco Physical Silver ETC | 2.90% | 147.68% | 21.10% | -0.93% | 3.59% | -12.95% | 45.93% | 16.33% | -8.71% | 3.69% |
Correlation
The correlation between IAUP.L and SSLV.L is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Sep 20, 2011 | 0.69 |
The correlation between IAUP.L and SSLV.L has been stable across timeframes, ranging from 0.69 to 0.78 - a consistent structural relationship.
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Return for Risk
IAUP.L vs. SSLV.L — Risk / Return Rank
IAUP.L
SSLV.L
IAUP.L vs. SSLV.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Producers UCITS ETF USD Acc (IAUP.L) and Invesco Physical Silver ETC (SSLV.L). 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.
| IAUP.L | SSLV.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.35 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | 2.79 | -0.57 |
| Martin ratioReturn relative to average drawdown | 5.66 | 6.08 | -0.42 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IAUP.L | SSLV.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.46 | 1.99 | -0.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.53 | 0.60 | -0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | 0.51 | -0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | 0.11 | -0.02 |
Drawdowns
IAUP.L vs. SSLV.L - Drawdown Comparison
The maximum IAUP.L drawdown since its inception was -79.95%, which is greater than SSLV.L's maximum drawdown of -74.62%. Use the drawdown chart below to compare losses from any high point for IAUP.L and SSLV.L.
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Drawdown Indicators
| IAUP.L | SSLV.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.95% | -74.62% | -5.33% |
Max Drawdown (1Y)Largest decline over 1 year | -28.57% | -40.61% | +12.04% |
Max Drawdown (3Y)Largest decline over 3 years | -28.57% | -40.61% | +12.04% |
Max Drawdown (5Y)Largest decline over 5 years | -44.90% | -40.61% | -4.29% |
Max Drawdown (10Y)Largest decline over 10 years | -51.26% | -42.74% | -8.52% |
Current DrawdownCurrent decline from peak | -24.01% | -35.24% | +11.23% |
Average DrawdownAverage peak-to-trough decline | -49.54% | -52.25% | +2.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.20% | 18.65% | -7.45% |
Volatility
IAUP.L vs. SSLV.L - Volatility Comparison
The current volatility for iShares Gold Producers UCITS ETF USD Acc (IAUP.L) is 14.96%, while Invesco Physical Silver ETC (SSLV.L) has a volatility of 17.44%. This indicates that IAUP.L experiences smaller price fluctuations and is considered to be less risky than SSLV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IAUP.L | SSLV.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.96% | 17.44% | -2.48% |
Volatility (6M)Calculated over the trailing 6-month period | 35.03% | 54.09% | -19.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.36% | 56.84% | -13.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.32% | 35.50% | -0.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.55% | 30.89% | +3.66% |
IAUP.L vs. SSLV.L - Expense Ratio Comparison
IAUP.L has a 0.55% expense ratio, which is higher than SSLV.L's 0.19% expense ratio.
Dividends
IAUP.L vs. SSLV.L - Dividend Comparison
Neither IAUP.L nor SSLV.L has paid dividends to shareholders.
Frequently Asked Questions
IAUP.L and SSLV.L have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SSLV.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SSLV.L is cheaper with a 0.19% expense ratio, compared with 0.55% for IAUP.L.
IAUP.L is categorized as Gold, while SSLV.L is Silver. IAUP.L tracks S&P Commodity Producers Gold Index, while SSLV.L tracks LBMA Silver Price. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.55% for IAUP.L and 0.19% for SSLV.L.
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