ION vs. SLV
ION (Proshares S&P Global Core Battery Metals ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - ION is a Lithium & Battery Metals fund tracking the S&P Global Core Battery Metals Index - Benchmark TR Net, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 3 years, ION returned 13.08%/yr vs 36.79%/yr for SLV. At a 0.48 correlation, their price movements are largely independent. ION charges 0.58%/yr vs 0.50%/yr for SLV.
Performance
ION vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, ION achieves a -1.19% return, which is significantly higher than SLV's -17.00% return.
ION
- 1D
- 1.88%
- 1M
- -15.33%
- YTD
- -1.19%
- 6M
- -1.36%
- 1Y
- 78.17%
- 3Y*
- 13.08%
- 5Y*
- —
- 10Y*
- —
SLV
- 1D
- 1.50%
- 1M
- -21.75%
- YTD
- -17.00%
- 6M
- -22.48%
- 1Y
- 62.97%
- 3Y*
- 36.79%
- 5Y*
- 17.27%
- 10Y*
- 11.05%
ION vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ION Proshares S&P Global Core Battery Metals ETF | -1.19% | 108.37% | -20.02% | -14.10% | -8.45% |
SLV iShares Silver Trust | -17.00% | 144.66% | 20.89% | -1.09% | 7.78% |
Correlation
The correlation between ION and SLV is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2022 | 0.48 |
The correlation between ION and SLV has been stable across timeframes, ranging from 0.48 to 0.55 - a consistent structural relationship.
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Return for Risk
ION vs. SLV — Risk / Return Rank
ION
SLV
ION vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares S&P Global Core Battery Metals ETF (ION) 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.
| ION | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.94 | ||
| Sortino ratioReturn per unit of downside risk | +0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.23 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.93 | 1.24 | +1.68 |
| Martin ratioReturn relative to average drawdown | 9.15 | 2.74 | +6.41 |
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Drawdowns
ION vs. SLV - Drawdown Comparison
The maximum ION drawdown since its inception was -52.08%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for ION and SLV.
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Drawdown Indicators
| ION | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.08% | -76.28% | +24.20% |
Max Drawdown (1Y)Largest decline over 1 year | -26.85% | -50.97% | +24.12% |
Max Drawdown (3Y)Largest decline over 3 years | -46.47% | -50.97% | +4.50% |
Max Drawdown (5Y)Largest decline over 5 years | — | -50.97% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -50.97% | — |
Current DrawdownCurrent decline from peak | -25.47% | -49.37% | +23.90% |
Average DrawdownAverage peak-to-trough decline | -23.60% | -44.66% | +21.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.57% | 23.01% | -14.44% |
Volatility
ION vs. SLV - Volatility Comparison
The current volatility for Proshares S&P Global Core Battery Metals ETF (ION) is 13.79%, while iShares Silver Trust (SLV) has a volatility of 15.67%. This indicates that ION 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
| ION | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.79% | 15.67% | -1.88% |
Volatility (6M)Calculated over the trailing 6-month period | 32.01% | 58.87% | -26.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.57% | 60.75% | -21.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.57% | 36.74% | -5.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.57% | 32.12% | -0.55% |
ION vs. SLV - Expense Ratio Comparison
ION has a 0.58% expense ratio, which is higher than SLV's 0.50% expense ratio.
Dividends
ION vs. SLV - Dividend Comparison
ION's dividend yield for the trailing twelve months is around 1.50%, while SLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
ION Proshares S&P Global Core Battery Metals ETF | 1.50% | 1.63% | 1.74% | 2.23% | 0.13% |
SLV iShares Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ION and SLV have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (15.67%) compared to ION (13.79%). In terms of maximum drawdown, ION dropped -52.08% vs SLV's -76.28%.
On 3-year performance, SLV leads with 36.79% vs 13.08% for ION. On fees, SLV is cheaper at 0.50% per year. On volatility, ION has been the lower-risk option at 13.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SLV has performed better with a 36.79% return vs 13.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLV is cheaper with a 0.50% expense ratio, compared with 0.58% for ION.
ION has the higher dividend yield at 1.50%, compared with 0.00% for SLV.
ION is categorized as Lithium & Battery Metals, while SLV is Silver. ION tracks S&P Global Core Battery Metals Index - Benchmark TR Net, while SLV tracks LBMA Silver Price. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.58% for ION and 0.50% for SLV.
ION currently has the higher Sharpe Ratio (1.99 vs 1.04), 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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