IWX vs. SLV

Last updated Jun 4, 2026

IWX (iShares Russell Top 200 Value ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - IWX is a Large Cap Value Equities fund tracking the Russell Top 200 Value Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, IWX returned 11.66%/yr vs 15.55%/yr for SLV. At a 0.18 correlation, their price movements are largely independent. IWX charges 0.20%/yr vs 0.50%/yr for SLV.

Performance

IWX vs. SLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Top 200 Value ETF (IWX) and iShares Silver Trust (SLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWX achieves a 13.79% return, which is significantly higher than SLV's 2.78% return. Over the past 10 years, IWX has underperformed SLV with an annualized return of 11.66%, while SLV has yielded a comparatively higher 15.55% annualized return.

IWX

• 1D: 0.01%
• 1M: 4.49%
• YTD: 13.79%
• 6M: 14.63%
• 1Y: 28.65%
• 3Y*: 18.86%
• 5Y*: 11.06%
• 10Y*: 11.66%

SLV

• 1D: -2.62%
• 1M: 0.41%
• YTD: 2.78%
• 6M: 24.76%
• 1Y: 110.59%
• 3Y*: 45.06%
• 5Y*: 20.76%
• 10Y*: 15.55%

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

IWX vs. SLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWX iShares Russell Top 200 Value ETF	13.79%	18.23%	14.89%	10.45%	-5.33%	23.33%	1.46%	25.82%	-6.53%	14.05%
SLV iShares Silver Trust	2.78%	144.66%	20.89%	-1.09%	2.37%	-12.45%	47.30%	14.88%	-9.19%	5.82%

Correlation

The correlation between IWX 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	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Sep 29, 2009	0.18

IWX vs. SLV - Sectors Allocation Comparison

Sectors	IWX	SLV
Financial Services	21.5%	-
Technology	14.2%	-
Healthcare	12.5%	-
Industrials	11.3%	-
Communication Services	11.0%	-
Consumer Defensive	8.2%	-
Consumer Cyclical	6.8%	-
Energy	6.4%	-
Utilities	3.2%	-
Basic Materials	3.0%	100.0%
Real Estate	1.9%	-

Return for Risk

IWX vs. SLV — Risk / Return Rank

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

IWX

IWX Risk / Return Rank: 85
IWX Sharpe Ratio Rank: 86
IWX Sortino Ratio Rank: 88
IWX Omega Ratio Rank: 85
IWX Calmar Ratio Rank: 82
IWX Martin Ratio Rank: 87

SLV

SLV Risk / Return Rank: 47
SLV Sharpe Ratio Rank: 54
SLV Sortino Ratio Rank: 40
SLV Omega Ratio Rank: 56
SLV Calmar Ratio Rank: 52
SLV Martin Ratio Rank: 36

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.

IWX vs. SLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 Value ETF (IWX) 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.

	IWX	SLV	Difference
Sharpe ratio: Return per unit of total volatility	2.87	1.89	+0.99
Sortino ratio: Return per unit of downside risk	4.06	2.07	+2.00
Omega ratio: Gain probability vs. loss probability	1.52	1.35	+0.17
Calmar ratio: Return relative to maximum drawdown	4.37	2.62	+1.75
Martin ratio: Return relative to average drawdown	18.76	5.64	+13.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWX vs. SLV - Sharpe Ratio Comparison

The current IWX Sharpe Ratio is 2.87, which is higher than the SLV Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of IWX and SLV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IWX	SLV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.87	1.89	+0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.58	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.49	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.25	+0.46

Drawdowns

IWX vs. SLV - Drawdown Comparison

The maximum IWX drawdown since its inception was -35.76%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for IWX and SLV.

Drawdown Indicators

	IWX	SLV	Difference
Max Drawdown Largest peak-to-trough decline	-35.76%	-76.28%	+40.52%
Max Drawdown (1Y) Largest decline over 1 year	-6.59%	-42.45%	+35.86%
Max Drawdown (3Y) Largest decline over 3 years	-13.37%	-42.45%	+29.08%
Max Drawdown (5Y) Largest decline over 5 years	-18.13%	-42.45%	+24.32%
Max Drawdown (10Y) Largest decline over 10 years	-35.76%	-42.81%	+7.05%
Current Drawdown Current decline from peak	0.00%	-37.30%	+37.30%
Average Drawdown Average peak-to-trough decline	-3.82%	-44.67%	+40.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	19.67%	-18.14%

Volatility

IWX vs. SLV - Volatility Comparison

The current volatility for iShares Russell Top 200 Value ETF (IWX) is 2.83%, while iShares Silver Trust (SLV) has a volatility of 16.30%. This indicates that IWX 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.

Volatility by Period

	IWX	SLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	16.30%	-13.47%
Volatility (6M) Calculated over the trailing 6-month period	7.66%	58.31%	-50.65%
Volatility (1Y) Calculated over the trailing 1-year period	10.02%	58.90%	-48.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.85%	36.15%	-22.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.51%	31.84%	-15.33%

IWX vs. SLV - Expense Ratio Comparison

IWX has a 0.20% expense ratio, which is lower than SLV's 0.50% expense ratio.

Dividends

IWX vs. SLV - Dividend Comparison

IWX's dividend yield for the trailing twelve months is around 1.48%, while SLV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWX iShares Russell Top 200 Value ETF	1.48%	1.59%	1.97%	2.13%	2.07%	1.79%	2.12%	2.60%	2.66%	2.12%	2.22%	2.77%
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

Can I hold both IWX and SLV in my portfolio?

IWX 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.

Which is riskier, IWX or SLV?

SLV has higher volatility (16.30%) compared to IWX (2.83%). In terms of maximum drawdown, IWX dropped -35.76% vs SLV's -76.28%.

Which ETF is better, IWX or SLV?

On 10-year performance, SLV leads with 15.55% vs 11.66% for IWX. On fees, IWX is cheaper at 0.20% per year. On volatility, IWX has been the lower-risk option at 2.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWX or SLV?

Over the 10-year period, SLV has performed better with a 15.55% return vs 11.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWX or SLV?

IWX is cheaper with a 0.20% expense ratio, compared with 0.50% for SLV.

Which ETF pays a higher dividend yield, IWX or SLV?

IWX has the higher dividend yield at 1.48%, compared with 0.00% for SLV.

What is the main difference between IWX and SLV?

IWX is categorized as Large Cap Value Equities, while SLV is Silver. IWX tracks Russell Top 200 Value Index, while SLV tracks LBMA Silver Price. Their fees differ too: 0.20% for IWX and 0.50% for SLV.

Which has better risk-adjusted returns?

IWX currently has the higher Sharpe Ratio (2.87 vs 1.89), 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.