IEUS vs. SLV
IEUS (iShares MSCI Europe Small-Cap ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - IEUS is a Europe Equities fund tracking the MSCI Europe Small Cap Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, IEUS returned 9.01%/yr vs 11.99%/yr for SLV. At a 0.31 correlation, their price movements are largely independent. IEUS charges 0.40%/yr vs 0.50%/yr for SLV.
Performance
IEUS vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, IEUS achieves a 3.19% return, which is significantly higher than SLV's -18.72% return. Over the past 10 years, IEUS has underperformed SLV with an annualized return of 9.01%, while SLV has yielded a comparatively higher 11.99% annualized return.
IEUS
- 1D
- 0.53%
- 1M
- -4.28%
- YTD
- 3.19%
- 6M
- 3.33%
- 1Y
- 9.76%
- 3Y*
- 14.02%
- 5Y*
- 2.86%
- 10Y*
- 9.01%
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%
IEUS vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEUS iShares MSCI Europe Small-Cap ETF | 3.19% | 32.06% | -1.59% | 17.34% | -27.07% | 15.06% | 12.99% | 29.72% | -20.17% | 35.04% |
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 IEUS and SLV is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2007 | 0.31 |
The correlation between IEUS and SLV shifts across timeframes, from 0.31 (all time) to 0.42 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IEUS vs. SLV — Risk / Return Rank
IEUS
SLV
IEUS vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe Small-Cap ETF (IEUS) 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.
| IEUS | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.22 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 1.16 | -0.39 |
| Martin ratioReturn relative to average drawdown | 2.57 | 2.63 | -0.06 |
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Drawdowns
IEUS vs. SLV - Drawdown Comparison
The maximum IEUS drawdown since its inception was -63.09%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for IEUS and SLV.
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Drawdown Indicators
| IEUS | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.09% | -76.28% | +13.19% |
Max Drawdown (1Y)Largest decline over 1 year | -12.81% | -50.97% | +38.16% |
Max Drawdown (3Y)Largest decline over 3 years | -18.05% | -50.97% | +32.92% |
Max Drawdown (5Y)Largest decline over 5 years | -44.86% | -50.97% | +6.11% |
Max Drawdown (10Y)Largest decline over 10 years | -44.86% | -50.97% | +6.11% |
Current DrawdownCurrent decline from peak | -4.28% | -50.42% | +46.14% |
Average DrawdownAverage peak-to-trough decline | -15.49% | -44.66% | +29.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.80% | 22.37% | -18.57% |
Volatility
IEUS vs. SLV - Volatility Comparison
The current volatility for iShares MSCI Europe Small-Cap ETF (IEUS) is 4.84%, while iShares Silver Trust (SLV) has a volatility of 15.50%. This indicates that IEUS 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
| IEUS | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.84% | 15.50% | -10.66% |
Volatility (6M)Calculated over the trailing 6-month period | 13.67% | 59.60% | -45.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.19% | 60.77% | -44.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.84% | 36.74% | -15.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.09% | 32.16% | -12.07% |
IEUS vs. SLV - Expense Ratio Comparison
IEUS has a 0.40% expense ratio, which is lower than SLV's 0.50% expense ratio.
Dividends
IEUS vs. SLV - Dividend Comparison
IEUS's dividend yield for the trailing twelve months is around 3.25%, while SLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEUS iShares MSCI Europe Small-Cap ETF | 3.25% | 3.19% | 3.25% | 2.97% | 3.00% | 2.63% | 1.21% | 4.03% | 3.21% | 2.13% | 2.48% | 2.06% |
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
IEUS and SLV have a correlation of 0.42, 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 IEUS (4.84%). In terms of maximum drawdown, IEUS dropped -63.09% vs SLV's -76.28%.
On 10-year performance, SLV leads with 11.99% vs 9.01% for IEUS. On fees, IEUS is cheaper at 0.40% per year. On volatility, IEUS has been the lower-risk option at 4.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SLV has performed better with a 11.99% return vs 9.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEUS is cheaper with a 0.40% expense ratio, compared with 0.50% for SLV.
IEUS has the higher dividend yield at 3.25%, compared with 0.00% for SLV.
IEUS is categorized as Europe Equities, while SLV is Silver. IEUS tracks MSCI Europe Small Cap Index, while SLV tracks LBMA Silver Price. Their fees differ too: 0.40% for IEUS and 0.50% for SLV.
SLV currently has the higher Sharpe Ratio (0.97 vs 0.61), 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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