IWR vs. SLV
IWR (iShares Russell Midcap ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - IWR is a Mid Cap Blend Equities fund tracking the Russell Midcap Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, IWR returned 11.43%/yr vs 10.33%/yr for SLV. Their 0.22 correlation means their historical movements had little consistent relationship. IWR charges 0.19%/yr vs 0.50%/yr for SLV.
Performance
IWR vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, IWR achieves a 14.55% return, which is significantly higher than SLV's -18.72% return. Over the past 10 years, IWR has outperformed SLV with an annualized return of 11.43%, while SLV has yielded a comparatively lower 10.33% annualized return.
IWR
- 1D
- -0.28%
- 1M
- -0.59%
- 6M
- 11.19%
- YTD
- 14.55%
- 1Y
- 20.25%
- 3Y*
- 14.75%
- 5Y*
- 8.04%
- 10Y*
- 11.43%
- ALL TIME*
- 9.95%
SLV
- 1D
- -2.13%
- 1M
- -4.83%
- 6M
- -30.59%
- YTD
- -18.72%
- 1Y
- 55.88%
- 3Y*
- 32.93%
- 5Y*
- 17.25%
- 10Y*
- 10.33%
- ALL TIME*
- 7.16%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $186.41M | $266.84M | $222.00M | |
| $716.70M | $772.79M | $1.26B |
IWR vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWR iShares Russell Midcap ETF | 14.55% | 10.37% | 15.21% | 17.05% | -17.48% | 22.44% | 16.93% | 30.23% | -9.10% | 18.25% |
SLV iShares Silver Trust | -18.72% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between IWR and SLV is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (3Y) Balances recent behavior with more history. | 0.24 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.23 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.19 |
Correlation (All Time) Calculated using the full available price history since Apr 28, 2006 | 0.22 |
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Return for Risk
IWR vs. SLV — Risk / Return Rank
IWR
SLV
IWR vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell Midcap ETF (IWR) 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.
| IWR | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.21 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 1.10 | +1.18 |
| Martin ratioReturn relative to average drawdown | 8.85 | 2.10 | +6.76 |
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Drawdowns
IWR vs. SLV - Drawdown Comparison
The maximum IWR drawdown since its inception was -58.78%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for IWR and SLV.
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Drawdown Indicators
| IWR | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.78% | -76.28% | +17.50% |
Max Drawdown (1Y)Largest decline over 1 year | -8.17% | -52.28% | +44.11% |
Max Drawdown (3Y)Largest decline over 3 years | -21.09% | -52.28% | +31.19% |
Max Drawdown (5Y)Largest decline over 5 years | -26.18% | -52.28% | +26.10% |
Max Drawdown (10Y)Largest decline over 10 years | -40.59% | -52.28% | +11.69% |
Current DrawdownCurrent decline from peak | -0.93% | -50.42% | +49.49% |
Average DrawdownAverage peak-to-trough decline | -7.76% | -44.68% | +36.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.10% | 27.31% | -25.21% |
Volatility
IWR vs. SLV - Volatility Comparison
The current volatility for iShares Russell Midcap ETF (IWR) is 2.48%, while iShares Silver Trust (SLV) has a volatility of 11.23%. This indicates that IWR 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
| IWR | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.48% | 11.23% | -8.75% |
Volatility (6M)Calculated over the trailing 6-month period | 10.17% | 55.44% | -45.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.67% | 61.35% | -47.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.22% | 36.97% | -18.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.31% | 32.22% | -12.91% |
IWR vs. SLV - Expense Ratio Comparison
IWR has a 0.19% expense ratio, which is lower than SLV's 0.50% expense ratio.
Dividends
IWR vs. SLV - Dividend Comparison
IWR's dividend yield for the trailing twelve months is around 1.16%, while SLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWR iShares Russell Midcap ETF | 1.16% | 1.29% | 1.27% | 1.43% | 1.59% | 1.04% | 1.28% | 1.43% | 1.98% | 1.52% | 1.72% | 1.59% |
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
IWR and SLV have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (11.23%) compared to IWR (2.48%). In terms of maximum drawdown, IWR dropped -58.78% vs SLV's -76.28%.
On 10-year performance, IWR leads with 11.43% vs 10.33% for SLV. On fees, IWR is cheaper at 0.19% per year. On volatility, IWR has been the lower-risk option at 2.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IWR has performed better with a 11.43% return vs 10.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWR is cheaper with a 0.19% expense ratio, compared with 0.50% for SLV.
IWR has the higher dividend yield at 1.16%, compared with 0.00% for SLV.
IWR is categorized as Mid Cap Blend Equities, while SLV is Silver. IWR tracks Russell Midcap Index, while SLV tracks LBMA Silver Price. Their fees differ too: 0.19% for IWR and 0.50% for SLV.
IWR currently has the higher Sharpe Ratio (1.36 vs 0.94), 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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