ISLN.L vs. XAGUSD=X

Last updated Apr 3, 2026

Compare and contrast key facts about iShares Physical Silver ETC (ISLN.L) and Silver Spot Price US Dollar (XAGUSD=X).

ISLN.L is a passively managed fund by iShares that tracks the performance of the LBMA Silver Price. It was launched on Apr 8, 2011.

Performance

ISLN.L vs. XAGUSD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Physical Silver ETC (ISLN.L) and Silver Spot Price US Dollar (XAGUSD=X). The values are adjusted to include any dividend payments, if applicable.

ISLN.L vs. XAGUSD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ISLN.L iShares Physical Silver ETC	0.67%	147.59%	21.12%	-0.77%	3.39%	-12.85%	45.85%	16.35%	-8.76%	3.68%
XAGUSD=X Silver Spot Price US Dollar	1.53%	148.50%	21.59%	-0.79%	2.85%	-11.48%	47.14%	15.71%	-8.76%	6.61%

Returns By Period

In the year-to-date period, ISLN.L achieves a 0.67% return, which is significantly lower than XAGUSD=X's 1.53% return. Both investments have delivered pretty close results over the past 10 years, with ISLN.L having a 16.68% annualized return and XAGUSD=X not far ahead at 17.19%.

ISLN.L

• 1D: -4.57%
• 1M: -13.11%
• YTD: 0.67%
• 6M: 56.44%
• 1Y: 112.04%
• 3Y*: 43.95%
• 5Y*: 23.62%
• 10Y*: 16.68%

XAGUSD=X

• 1D: -2.97%
• 1M: -11.17%
• YTD: 1.53%
• 6M: 55.08%
• 1Y: 114.85%
• 3Y*: 44.82%
• 5Y*: 24.24%
• 10Y*: 17.19%

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

Return for Risk

ISLN.L vs. XAGUSD=X — Risk / Return Rank

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

ISLN.L

ISLN.L Risk / Return Rank: 85
ISLN.L Sharpe Ratio Rank: 90
ISLN.L Sortino Ratio Rank: 84
ISLN.L Omega Ratio Rank: 88
ISLN.L Calmar Ratio Rank: 86
ISLN.L Martin Ratio Rank: 76

XAGUSD=X

XAGUSD=X Risk / Return Rank: 91
XAGUSD=X Sharpe Ratio Rank: 96
XAGUSD=X Sortino Ratio Rank: 89
XAGUSD=X Omega Ratio Rank: 96
XAGUSD=X Calmar Ratio Rank: 87
XAGUSD=X Martin Ratio Rank: 85

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.

ISLN.L vs. XAGUSD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Physical Silver ETC (ISLN.L) and Silver Spot Price US Dollar (XAGUSD=X). 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.

	ISLN.L	XAGUSD=X	Difference
Sharpe ratio Return per unit of total volatility	2.06	1.64	+0.42
Sortino ratio Return per unit of downside risk	2.36	1.90	+0.46
Omega ratio Gain probability vs. loss probability	1.38	1.36	+0.02
Calmar ratio Return relative to maximum drawdown	3.08	2.28	+0.81
Martin ratio Return relative to average drawdown	9.47	6.53	+2.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ISLN.L vs. XAGUSD=X - Sharpe Ratio Comparison

The current ISLN.L Sharpe Ratio is 2.06, which is comparable to the XAGUSD=X Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of ISLN.L and XAGUSD=X, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ISLN.L	XAGUSD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	1.64	+0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.64	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.53	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.27	-0.15

Correlation

The correlation between ISLN.L and XAGUSD=X is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

ISLN.L vs. XAGUSD=X - Drawdown Comparison

The maximum ISLN.L drawdown since its inception was -76.63%, roughly equal to the maximum XAGUSD=X drawdown of -75.36%. Use the drawdown chart below to compare losses from any high point for ISLN.L and XAGUSD=X.

Drawdown Indicators

	ISLN.L	XAGUSD=X	Difference
Max Drawdown Largest peak-to-trough decline	-76.63%	-75.36%	-1.27%
Max Drawdown (1Y) Largest decline over 1 year	-40.67%	-44.14%	+3.47%
Max Drawdown (5Y) Largest decline over 5 years	-40.67%	-44.14%	+3.47%
Max Drawdown (10Y) Largest decline over 10 years	-42.90%	-44.14%	+1.24%
Current Drawdown Current decline from peak	-36.64%	-37.54%	+0.90%
Average Drawdown Average peak-to-trough decline	-54.52%	-44.41%	-10.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.24%	15.39%	-2.15%

Volatility

ISLN.L vs. XAGUSD=X - Volatility Comparison

iShares Physical Silver ETC (ISLN.L) has a higher volatility of 18.55% compared to Silver Spot Price US Dollar (XAGUSD=X) at 16.31%. This indicates that ISLN.L's price experiences larger fluctuations and is considered to be riskier than XAGUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISLN.L	XAGUSD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.55%	16.31%	+2.24%
Volatility (6M) Calculated over the trailing 6-month period	51.90%	56.73%	-4.83%
Volatility (1Y) Calculated over the trailing 1-year period	54.09%	52.09%	+2.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.32%	33.89%	+0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.29%	30.59%	-0.30%