IBTO vs. SLV

Last updated Jun 4, 2026

IBTO (iShares iBonds Dec 2033 Term Treasury ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - IBTO is a Intermediate Core Bond fund tracking the ICE 2033 Maturity US Treasury Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past year, IBTO returned 4.04% vs 110.59% for SLV. At a 0.14 correlation, their price movements are largely independent. IBTO charges 0.07%/yr vs 0.50%/yr for SLV.

Performance

IBTO vs. SLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2033 Term Treasury ETF (IBTO) and iShares Silver Trust (SLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBTO achieves a -0.58% return, which is significantly lower than SLV's 2.78% return.

IBTO

• 1D: -0.21%
• 1M: -0.17%
• YTD: -0.58%
• 6M: -1.02%
• 1Y: 4.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SLV

• 1D: -2.62%
• 1M: 0.41%
• YTD: 2.78%
• 6M: 24.76%
• 1Y: 110.59%
• 3Y*: 45.06%
• 5Y*: 20.76%
• 10Y*: 15.55%

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

IBTO vs. SLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IBTO iShares iBonds Dec 2033 Term Treasury ETF	-0.58%	8.23%	-0.87%	1.71%
SLV iShares Silver Trust	2.78%	144.66%	20.89%	5.12%

Correlation

The correlation between IBTO and SLV is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (All Time) Calculated using the full available price history since Jun 30, 2023	0.14

Return for Risk

IBTO vs. SLV — Risk / Return Rank

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

IBTO

IBTO Risk / Return Rank: 25
IBTO Sharpe Ratio Rank: 26
IBTO Sortino Ratio Rank: 26
IBTO Omega Ratio Rank: 24
IBTO Calmar Ratio Rank: 24
IBTO Martin Ratio Rank: 25

SLV

SLV Risk / Return Rank: 47
SLV Sharpe Ratio Rank: 54
SLV Sortino Ratio Rank: 40
SLV Omega Ratio Rank: 56
SLV Calmar Ratio Rank: 52
SLV Martin Ratio Rank: 36

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.

IBTO vs. SLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2033 Term Treasury ETF (IBTO) 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.

	IBTO	SLV	Difference
Sharpe ratio: Return per unit of total volatility	0.91	1.89	-0.98
Sortino ratio: Return per unit of downside risk	1.38	2.07	-0.69
Omega ratio: Gain probability vs. loss probability	1.16	1.35	-0.19
Calmar ratio: Return relative to maximum drawdown	1.11	2.62	-1.51
Martin ratio: Return relative to average drawdown	3.21	5.64	-2.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBTO vs. SLV - Sharpe Ratio Comparison

The current IBTO Sharpe Ratio is 0.91, which is lower than the SLV Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of IBTO 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.

Sharpe Ratios by Period

	IBTO	SLV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.91	1.89	-0.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.58	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.49	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.25	+0.18

Drawdowns

IBTO vs. SLV - Drawdown Comparison

The maximum IBTO drawdown since its inception was -8.36%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for IBTO and SLV.

Drawdown Indicators

	IBTO	SLV	Difference
Max Drawdown Largest peak-to-trough decline	-8.36%	-76.28%	+67.92%
Max Drawdown (1Y) Largest decline over 1 year	-3.66%	-42.45%	+38.79%
Max Drawdown (3Y) Largest decline over 3 years	—	-42.45%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-42.45%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.81%	—
Current Drawdown Current decline from peak	-2.63%	-37.30%	+34.67%
Average Drawdown Average peak-to-trough decline	-2.37%	-44.67%	+42.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	19.67%	-18.41%

Volatility

IBTO vs. SLV - Volatility Comparison

The current volatility for iShares iBonds Dec 2033 Term Treasury ETF (IBTO) is 1.32%, while iShares Silver Trust (SLV) has a volatility of 16.30%. This indicates that IBTO 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.

Volatility by Period

	IBTO	SLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	16.30%	-14.98%
Volatility (6M) Calculated over the trailing 6-month period	3.02%	58.31%	-55.29%
Volatility (1Y) Calculated over the trailing 1-year period	4.46%	58.90%	-54.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.61%	36.15%	-29.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.61%	31.84%	-25.23%

IBTO vs. SLV - Expense Ratio Comparison

IBTO has a 0.07% expense ratio, which is lower than SLV's 0.50% expense ratio.

Dividends

IBTO vs. SLV - Dividend Comparison

IBTO's dividend yield for the trailing twelve months is around 4.15%, while SLV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
IBTO iShares iBonds Dec 2033 Term Treasury ETF	4.15%	4.05%	4.23%	1.66%
SLV iShares Silver Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBTO and SLV in my portfolio?

IBTO and SLV have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBTO or SLV?

SLV has higher volatility (16.30%) compared to IBTO (1.32%). In terms of maximum drawdown, IBTO dropped -8.36% vs SLV's -76.28%.

Which ETF is better, IBTO or SLV?

On 1-year performance, SLV leads with 110.59% vs 4.04% for IBTO. On fees, IBTO is cheaper at 0.07% per year. On volatility, IBTO has been the lower-risk option at 1.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBTO or SLV?

Over the 1-year period, SLV has performed better with a 110.59% return vs 4.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBTO or SLV?

IBTO is cheaper with a 0.07% expense ratio, compared with 0.50% for SLV.

Which ETF pays a higher dividend yield, IBTO or SLV?

IBTO has the higher dividend yield at 4.15%, compared with 0.00% for SLV.

What is the main difference between IBTO and SLV?

IBTO is categorized as Intermediate Core Bond, while SLV is Silver. IBTO tracks ICE 2033 Maturity US Treasury Index, while SLV tracks LBMA Silver Price. Their fees differ too: 0.07% for IBTO and 0.50% for SLV.

Which has better risk-adjusted returns?

SLV currently has the higher Sharpe Ratio (1.89 vs 0.91), 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.