OPGSX vs. SLV
OPGSX (Invesco Gold & Special Minerals Fund) and SLV (iShares Silver Trust) are both funds - OPGSX is a Precious Metals fund managed by Invesco, while SLV is a Silver fund tracking the LBMA Silver Price. Over the past 10 years, OPGSX returned 15.19%/yr vs 15.55%/yr for SLV. A 0.72 correlation means they provide meaningful diversification when combined. OPGSX charges 1.05%/yr vs 0.50%/yr for SLV.
Performance
OPGSX vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, OPGSX achieves a 3.54% return, which is significantly higher than SLV's 2.78% return. Both investments have delivered pretty close results over the past 10 years, with OPGSX having a 15.19% annualized return and SLV not far ahead at 15.55%.
OPGSX
- 1D
- 1.33%
- 1M
- 1.97%
- YTD
- 3.54%
- 6M
- 10.42%
- 1Y
- 57.81%
- 3Y*
- 38.46%
- 5Y*
- 16.13%
- 10Y*
- 15.19%
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%
OPGSX vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OPGSX Invesco Gold & Special Minerals Fund | 3.54% | 131.03% | 13.05% | 6.35% | -16.86% | -2.75% | 36.15% | 46.37% | -13.15% | 17.17% |
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 OPGSX and SLV is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since May 1, 2006 | 0.72 |
The correlation between OPGSX and SLV has been stable across timeframes, ranging from 0.66 to 0.72 - a consistent structural relationship.
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Return for Risk
OPGSX vs. SLV — Risk / Return Rank
OPGSX
SLV
OPGSX vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Gold & Special Minerals Fund (OPGSX) 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.
| OPGSX | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.35 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 2.62 | -0.34 |
| Martin ratioReturn relative to average drawdown | 5.89 | 5.64 | +0.25 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| OPGSX | SLV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.54 | 1.89 | -0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.49 | 0.58 | -0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | 0.49 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.25 | +0.01 |
Drawdowns
OPGSX vs. SLV - Drawdown Comparison
The maximum OPGSX drawdown since its inception was -80.04%, roughly equal to the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for OPGSX and SLV.
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Drawdown Indicators
| OPGSX | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.04% | -76.28% | -3.76% |
Max Drawdown (1Y)Largest decline over 1 year | -29.01% | -42.45% | +13.44% |
Max Drawdown (3Y)Largest decline over 3 years | -29.01% | -42.45% | +13.44% |
Max Drawdown (5Y)Largest decline over 5 years | -47.09% | -42.45% | -4.64% |
Max Drawdown (10Y)Largest decline over 10 years | -47.09% | -42.81% | -4.28% |
Current DrawdownCurrent decline from peak | -22.32% | -37.30% | +14.98% |
Average DrawdownAverage peak-to-trough decline | -29.29% | -44.67% | +15.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.74% | 19.67% | -8.93% |
Volatility
OPGSX vs. SLV - Volatility Comparison
The current volatility for Invesco Gold & Special Minerals Fund (OPGSX) is 13.17%, while iShares Silver Trust (SLV) has a volatility of 16.30%. This indicates that OPGSX 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
| OPGSX | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.17% | 16.30% | -3.13% |
Volatility (6M)Calculated over the trailing 6-month period | 35.90% | 58.31% | -22.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.24% | 58.90% | -15.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.57% | 36.15% | -2.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.88% | 31.84% | +1.04% |
OPGSX vs. SLV - Expense Ratio Comparison
OPGSX has a 1.05% expense ratio, which is higher than SLV's 0.50% expense ratio.
Dividends
OPGSX vs. SLV - Dividend Comparison
OPGSX's dividend yield for the trailing twelve months is around 0.41%, while SLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
OPGSX Invesco Gold & Special Minerals Fund | 0.41% | 0.43% | 0.86% | 0.81% | 0.45% | 3.56% | 1.55% | 0.29% | 0.00% | 2.78% | 7.21% |
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% |
Frequently Asked Questions
OPGSX and SLV have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (16.30%) compared to OPGSX (13.17%). In terms of maximum drawdown, OPGSX dropped -80.04% vs SLV's -76.28%.
SLV currently has the higher Sharpe Ratio (1.89 vs 1.54), 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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