IWO vs. SLV
IWO (iShares Russell 2000 Growth ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - IWO is a Small Cap Growth Equities fund tracking the Russell 2000 Growth Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, IWO returned 12.05%/yr vs 11.85%/yr for SLV. At a 0.21 correlation, their price movements are largely independent. IWO charges 0.24%/yr vs 0.50%/yr for SLV.
Performance
IWO vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, IWO achieves a 20.61% return, which is significantly higher than SLV's -19.62% return. Both investments have delivered pretty close results over the past 10 years, with IWO having a 12.05% annualized return and SLV not far behind at 11.85%.
IWO
- 1D
- 0.34%
- 1M
- 4.60%
- YTD
- 20.61%
- 6M
- 16.99%
- 1Y
- 37.84%
- 3Y*
- 19.29%
- 5Y*
- 5.18%
- 10Y*
- 12.05%
SLV
- 1D
- -7.09%
- 1M
- -24.25%
- YTD
- -19.62%
- 6M
- -20.61%
- 1Y
- 58.79%
- 3Y*
- 36.01%
- 5Y*
- 16.45%
- 10Y*
- 11.85%
IWO vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWO iShares Russell 2000 Growth ETF | 20.61% | 12.90% | 15.04% | 18.51% | -26.27% | 2.54% | 34.68% | 28.48% | -9.43% | 22.25% |
SLV iShares Silver Trust | -19.62% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between IWO and SLV is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Apr 28, 2006 | 0.21 |
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Return for Risk
IWO vs. SLV — Risk / Return Rank
IWO
SLV
IWO vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 Growth ETF (IWO) 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.
| IWO | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.75 | ||
| Sortino ratioReturn per unit of downside risk | +0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.22 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 1.16 | +1.40 |
| Martin ratioReturn relative to average drawdown | 9.13 | 2.66 | +6.46 |
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Drawdowns
IWO vs. SLV - Drawdown Comparison
The maximum IWO drawdown since its inception was -60.11%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for IWO and SLV.
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Drawdown Indicators
| IWO | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.11% | -76.28% | +16.17% |
Max Drawdown (1Y)Largest decline over 1 year | -14.87% | -50.97% | +36.10% |
Max Drawdown (3Y)Largest decline over 3 years | -28.57% | -50.97% | +22.40% |
Max Drawdown (5Y)Largest decline over 5 years | -40.51% | -50.97% | +10.46% |
Max Drawdown (10Y)Largest decline over 10 years | -42.02% | -50.97% | +8.95% |
Current DrawdownCurrent decline from peak | -1.23% | -50.97% | +49.74% |
Average DrawdownAverage peak-to-trough decline | -16.67% | -44.66% | +27.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.16% | 22.14% | -17.98% |
Volatility
IWO vs. SLV - Volatility Comparison
The current volatility for iShares Russell 2000 Growth ETF (IWO) is 7.79%, while iShares Silver Trust (SLV) has a volatility of 15.67%. This indicates that IWO 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
| IWO | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.79% | 15.67% | -7.88% |
Volatility (6M)Calculated over the trailing 6-month period | 16.63% | 59.65% | -43.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.18% | 60.78% | -38.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.64% | 36.73% | -12.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.17% | 32.16% | -7.99% |
IWO vs. SLV - Expense Ratio Comparison
IWO has a 0.24% expense ratio, which is lower than SLV's 0.50% expense ratio.
Dividends
IWO vs. SLV - Dividend Comparison
IWO's dividend yield for the trailing twelve months is around 0.42%, while SLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWO iShares Russell 2000 Growth ETF | 0.42% | 0.56% | 0.80% | 0.73% | 0.73% | 0.32% | 0.44% | 0.71% | 0.76% | 0.73% | 0.97% | 0.89% |
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
IWO and SLV have a correlation of 0.26, 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 IWO (7.79%). In terms of maximum drawdown, IWO dropped -60.11% vs SLV's -76.28%.
On 10-year performance, IWO leads with 12.05% vs 11.85% for SLV. On fees, IWO is cheaper at 0.24% per year. On volatility, IWO has been the lower-risk option at 7.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IWO has performed better with a 12.05% return vs 11.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWO is cheaper with a 0.24% expense ratio, compared with 0.50% for SLV.
IWO has the higher dividend yield at 0.42%, compared with 0.00% for SLV.
IWO is categorized as Small Cap Growth Equities, while SLV is Silver. IWO tracks Russell 2000 Growth Index, while SLV tracks LBMA Silver Price. Their fees differ too: 0.24% for IWO and 0.50% for SLV.
IWO currently has the higher Sharpe Ratio (1.72 vs 0.97), 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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