IWC vs. SLV
IWC (iShares Micro-Cap ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - IWC is a Small Cap Blend Equities fund tracking the Russell Microcap Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, IWC returned 11.98%/yr vs 12.68%/yr for SLV. At a 0.20 correlation, their price movements are largely independent. IWC charges 0.60%/yr vs 0.50%/yr for SLV.
Performance
IWC vs. SLV - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IWC achieves a 22.38% return, which is significantly higher than SLV's -13.49% return. Over the past 10 years, IWC has underperformed SLV with an annualized return of 11.98%, while SLV has yielded a comparatively higher 12.68% annualized return.
IWC
- 1D
- -0.79%
- 1M
- 3.18%
- YTD
- 22.38%
- 6M
- 19.49%
- 1Y
- 56.41%
- 3Y*
- 22.77%
- 5Y*
- 5.48%
- 10Y*
- 11.98%
SLV
- 1D
- -5.40%
- 1M
- -18.48%
- YTD
- -13.49%
- 6M
- -14.05%
- 1Y
- 69.08%
- 3Y*
- 39.38%
- 5Y*
- 18.31%
- 10Y*
- 12.68%
IWC vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWC iShares Micro-Cap ETF | 22.38% | 22.45% | 13.63% | 8.99% | -21.93% | 18.67% | 20.88% | 22.20% | -13.13% | 12.79% |
SLV iShares Silver Trust | -13.49% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between IWC and SLV is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Apr 28, 2006 | 0.21 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IWC vs. SLV — Risk / Return Rank
IWC
SLV
IWC vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Micro-Cap ETF (IWC) 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.
| IWC | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.18 | ||
| Sortino ratioReturn per unit of downside risk | +1.47 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.25 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 4.56 | 1.47 | +3.09 |
| Martin ratioReturn relative to average drawdown | 14.85 | 3.16 | +11.68 |
Loading charts...
Drawdowns
IWC vs. SLV - Drawdown Comparison
The maximum IWC drawdown since its inception was -64.61%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for IWC and SLV.
Loading charts...
Drawdown Indicators
| IWC | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.61% | -76.28% | +11.67% |
Max Drawdown (1Y)Largest decline over 1 year | -12.43% | -47.23% | +34.80% |
Max Drawdown (3Y)Largest decline over 3 years | -29.46% | -47.23% | +17.77% |
Max Drawdown (5Y)Largest decline over 5 years | -40.61% | -47.23% | +6.62% |
Max Drawdown (10Y)Largest decline over 10 years | -47.21% | -47.23% | +0.02% |
Current DrawdownCurrent decline from peak | -0.79% | -47.23% | +46.44% |
Average DrawdownAverage peak-to-trough decline | -15.24% | -44.65% | +29.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.81% | 21.91% | -18.10% |
Volatility
IWC vs. SLV - Volatility Comparison
The current volatility for iShares Micro-Cap ETF (IWC) is 8.51%, while iShares Silver Trust (SLV) has a volatility of 14.34%. This indicates that IWC 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.
Loading charts...
Volatility by Period
| IWC | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.51% | 14.34% | -5.83% |
Volatility (6M)Calculated over the trailing 6-month period | 18.17% | 59.27% | -41.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.36% | 60.33% | -35.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.58% | 36.59% | -12.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.50% | 32.09% | -7.59% |
IWC vs. SLV - Expense Ratio Comparison
IWC has a 0.60% expense ratio, which is higher than SLV's 0.50% expense ratio.
Dividends
IWC vs. SLV - Dividend Comparison
IWC's dividend yield for the trailing twelve months is around 0.98%, while SLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWC iShares Micro-Cap ETF | 0.98% | 1.10% | 1.06% | 1.17% | 1.18% | 0.78% | 0.98% | 1.19% | 1.01% | 1.09% | 1.16% | 1.49% |
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
IWC and SLV 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.
SLV has higher volatility (14.34%) compared to IWC (8.51%). In terms of maximum drawdown, IWC dropped -64.61% vs SLV's -76.28%.
On 10-year performance, SLV leads with 12.68% vs 11.98% for IWC. On fees, SLV is cheaper at 0.50% per year. On volatility, IWC has been the lower-risk option at 8.51%. 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 12.68% return vs 11.98%. 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 0.60% for IWC.
IWC has the higher dividend yield at 0.98%, compared with 0.00% for SLV.
IWC is categorized as Small Cap Blend Equities, while SLV is Silver. IWC tracks Russell Microcap Index, while SLV tracks LBMA Silver Price. Their fees differ too: 0.60% for IWC and 0.50% for SLV.
IWC currently has the higher Sharpe Ratio (2.33 vs 1.15), 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.
Find the right allocation for IWC and SLV
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer