IFED vs. SLVO

Last updated Aug 5, 2026

IFED (ETRACS IFED Invest with the Fed TR Index ETN) and SLVO (UBS ETRACS Silver Shares Covered Call ETN) are both exchange-traded funds - IFED is a Leveraged Equities fund tracking the IFED Large-Cap US Equity Index - Benchmark TR Gross, while SLVO is a Silver fund tracking the Credit Suisse NASDAQ Silver FLOWS 106 Index. Both are passively managed. Over the past year, IFED returned 9.27% vs 30.47% for SLVO. Their 0.20 correlation means their historical movements had little consistent relationship. IFED charges 0.45%/yr vs 0.65%/yr for SLVO.

Performance

IFED vs. SLVO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS IFED Invest with the Fed TR Index ETN (IFED) and UBS ETRACS Silver Shares Covered Call ETN (SLVO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IFED achieves a 6.57% return, which is significantly higher than SLVO's -2.43% return.

IFED

• 1D: 0.00%
• 1M: 10.34%
• 6M: 12.77%
• YTD: 6.57%
• 1Y: 9.27%
• 3Y*: 18.28%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.61%

SLVO

• 1D: 2.23%
• 1M: -0.97%
• 6M: -5.92%
• YTD: -2.43%
• 1Y: 30.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 27.24%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IFED ETRACS IFED Invest with the Fed TR Index ETN	$121.94K	$80.88K	$45.76K
SLVO UBS ETRACS Silver Shares Covered Call ETN	$28.00M	$15.87M	$13.53M

IFED vs. SLVO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IFED ETRACS IFED Invest with the Fed TR Index ETN	6.57%	15.02%	9.46%
SLVO UBS ETRACS Silver Shares Covered Call ETN	-2.43%	71.20%	0.94%

Correlation

The correlation between IFED and SLVO is 0.27, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.27
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.20

Return for Risk

IFED vs. SLVO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IFED

IFED Risk / Return Rank: 19
IFED Sharpe Ratio Rank: 17
IFED Sortino Ratio Rank: 18
IFED Omega Ratio Rank: 23
IFED Calmar Ratio Rank: 17
IFED Martin Ratio Rank: 20

SLVO

SLVO Risk / Return Rank: 35
SLVO Sharpe Ratio Rank: 34
SLVO Sortino Ratio Rank: 30
SLVO Omega Ratio Rank: 38
SLVO Calmar Ratio Rank: 36
SLVO Martin Ratio Rank: 36

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IFED vs. SLVO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS IFED Invest with the Fed TR Index ETN (IFED) 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.

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.

	IFED	SLVO	Difference
Sharpe ratio: Return per unit of total volatility	0.32	0.91	-0.60
Sortino ratio: Return per unit of downside risk	0.67	1.24	-0.58
Omega ratio: Gain probability vs. loss probability	1.11	1.20	-0.09
Calmar ratio: Return relative to maximum drawdown	0.46	1.38	-0.92
Martin ratio: Return relative to average drawdown	1.43	3.86	-2.43

IFED vs. SLVO - Sharpe Ratio Comparison

The current IFED Sharpe Ratio is 0.32, which is lower than the SLVO Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of IFED 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.

Drawdowns

IFED vs. SLVO - Drawdown Comparison

The maximum IFED drawdown since its inception was -22.36%, roughly equal to the maximum SLVO drawdown of -22.21%. Use the drawdown chart below to compare losses from any high point for IFED and SLVO.

Drawdown Indicators

	IFED	SLVO	Difference
Max Drawdown Largest peak-to-trough decline	-22.36%	-22.21%	-0.15%
Max Drawdown (1Y) Largest decline over 1 year	-20.18%	-22.21%	+2.03%
Max Drawdown (3Y) Largest decline over 3 years	-22.36%	—	—
Current Drawdown Current decline from peak	-10.51%	-16.79%	+6.28%
Average Drawdown Average peak-to-trough decline	-5.85%	-4.11%	-1.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.50%	7.91%	-1.41%

Volatility

IFED vs. SLVO - Volatility Comparison

ETRACS IFED Invest with the Fed TR Index ETN (IFED) has a higher volatility of 24.37% compared to UBS ETRACS Silver Shares Covered Call ETN (SLVO) at 9.98%. This indicates that IFED'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

	IFED	SLVO	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.37%	9.98%	+14.39%
Volatility (6M) Calculated over the trailing 6-month period	28.12%	28.31%	-0.19%
Volatility (1Y) Calculated over the trailing 1-year period	29.47%	33.51%	-4.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.59%	26.76%	-4.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.59%	26.76%	-4.17%

IFED vs. SLVO - Expense Ratio Comparison

IFED has a 0.45% expense ratio, which is lower than SLVO's 0.65% expense ratio.

Dividends

IFED vs. SLVO - Dividend Comparison

IFED has not paid dividends to shareholders, while SLVO's dividend yield for the trailing twelve months is around 71.63%.

Position	TTM	2025	2024
IFED ETRACS IFED Invest with the Fed TR Index ETN	0.00%	0.00%	0.00%
SLVO UBS ETRACS Silver Shares Covered Call ETN	71.63%	19.35%	14.45%

Frequently Asked Questions

Can I hold both IFED and SLVO in my portfolio?

IFED and SLVO have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IFED or SLVO?

IFED has higher volatility (24.37%) compared to SLVO (9.98%). In terms of maximum drawdown, IFED dropped -22.36% vs SLVO's -22.21%.

Which ETF is better, IFED or SLVO?

On 1-year performance, SLVO leads with 30.47% vs 9.27% for IFED. On fees, IFED is cheaper at 0.45% per year. On volatility, SLVO has been the lower-risk option at 9.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IFED or SLVO?

Over the 1-year period, SLVO has performed better with a 30.47% return vs 9.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IFED or SLVO?

IFED is cheaper with a 0.45% expense ratio, compared with 0.65% for SLVO.

Which ETF pays a higher dividend yield, IFED or SLVO?

SLVO has the higher dividend yield at 71.63%, compared with 0.00% for IFED.

What is the main difference between IFED and SLVO?

IFED is categorized as Leveraged Equities, while SLVO is Silver. IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross, while SLVO tracks Credit Suisse NASDAQ Silver FLOWS 106 Index. Their fees differ too: 0.45% for IFED and 0.65% for SLVO.

Which has better risk-adjusted returns?

SLVO currently has the higher Sharpe Ratio (0.91 vs 0.32), 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.