IWX vs. SLV
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 12.38%/yr vs 11.99%/yr for SLV. At a 0.19 correlation, their price movements are largely independent. IWX charges 0.20%/yr vs 0.50%/yr for SLV.
Performance
IWX vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, IWX achieves a 16.33% return, which is significantly higher than SLV's -18.72% return. Both investments have delivered pretty close results over the past 10 years, with IWX having a 12.38% annualized return and SLV not far behind at 11.99%.
IWX
- 1D
- 1.25%
- 1M
- 2.38%
- YTD
- 16.33%
- 6M
- 15.40%
- 1Y
- 29.72%
- 3Y*
- 19.25%
- 5Y*
- 11.93%
- 10Y*
- 12.38%
SLV
- 1D
- 1.12%
- 1M
- -24.90%
- YTD
- -18.72%
- 6M
- -19.72%
- 1Y
- 58.62%
- 3Y*
- 35.82%
- 5Y*
- 16.71%
- 10Y*
- 11.99%
IWX vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWX iShares Russell Top 200 Value ETF | 16.33% | 18.23% | 14.89% | 10.45% | -5.33% | 23.33% | 1.46% | 25.82% | -6.53% | 14.05% |
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 IWX and SLV is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
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 28, 2009 | 0.19 |
The correlation between IWX and SLV shifts across timeframes, from 0.18 (10 years) to 0.32 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IWX vs. SLV — Risk / Return Rank
IWX
SLV
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.
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.
| IWX | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.86 | ||
| Sortino ratioReturn per unit of downside risk | +2.55 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.22 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 4.53 | 1.16 | +3.37 |
| Martin ratioReturn relative to average drawdown | 19.23 | 2.63 | +16.60 |
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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.
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Drawdown Indicators
| IWX | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.76% | -76.28% | +40.52% |
Max Drawdown (1Y)Largest decline over 1 year | -6.59% | -50.97% | +44.38% |
Max Drawdown (3Y)Largest decline over 3 years | -13.37% | -50.97% | +37.60% |
Max Drawdown (5Y)Largest decline over 5 years | -18.13% | -50.97% | +32.84% |
Max Drawdown (10Y)Largest decline over 10 years | -35.76% | -50.97% | +15.21% |
Current DrawdownCurrent decline from peak | -0.09% | -50.42% | +50.33% |
Average DrawdownAverage peak-to-trough decline | -3.81% | -44.66% | +40.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.55% | 22.37% | -20.82% |
Volatility
IWX vs. SLV - Volatility Comparison
The current volatility for iShares Russell Top 200 Value ETF (IWX) is 4.12%, while iShares Silver Trust (SLV) has a volatility of 15.50%. 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.
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Volatility by Period
| IWX | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.12% | 15.50% | -11.38% |
Volatility (6M)Calculated over the trailing 6-month period | 8.33% | 59.60% | -51.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.57% | 60.77% | -50.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.90% | 36.74% | -22.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.50% | 32.16% | -15.66% |
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 1.45%, 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 | 1.45% | 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
IWX and SLV have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (15.50%) compared to IWX (4.12%). In terms of maximum drawdown, IWX dropped -35.76% vs SLV's -76.28%.
On 10-year performance, IWX leads with 12.38% vs 11.99% for SLV. On fees, IWX is cheaper at 0.20% per year. On volatility, IWX has been the lower-risk option at 4.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IWX has performed better with a 12.38% return vs 11.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWX is cheaper with a 0.20% expense ratio, compared with 0.50% for SLV.
IWX has the higher dividend yield at 1.45%, compared with 0.00% for 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.
IWX currently has the higher Sharpe Ratio (2.83 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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