PICK vs. SLV
PICK (iShares MSCI Global Metals & Mining Producers ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - PICK is a Metals fund tracking the MSCI ACWI Select Metals & Mining Producers ex Gold and Silver Investable Market Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, PICK returned 16.67%/yr vs 12.68%/yr for SLV. At a 0.40 correlation, their price movements are largely independent. PICK charges 0.39%/yr vs 0.50%/yr for SLV.
Performance
PICK vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, PICK achieves a 17.36% return, which is significantly higher than SLV's -13.49% return. Over the past 10 years, PICK has outperformed SLV with an annualized return of 16.67%, while SLV has yielded a comparatively lower 12.68% annualized return.
PICK
- 1D
- -4.38%
- 1M
- -5.22%
- YTD
- 17.36%
- 6M
- 17.02%
- 1Y
- 69.31%
- 3Y*
- 18.27%
- 5Y*
- 10.54%
- 10Y*
- 16.67%
SLV
- 1D
- -5.40%
- 1M
- -18.48%
- YTD
- -13.49%
- 6M
- -14.05%
- 1Y
- 69.08%
- 3Y*
- 39.38%
- 5Y*
- 18.31%
- 10Y*
- 12.68%
PICK vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PICK iShares MSCI Global Metals & Mining Producers ETF | 17.36% | 51.89% | -16.37% | 9.69% | 2.54% | 22.61% | 27.46% | 16.47% | -18.65% | 38.42% |
SLV iShares Silver Trust | -13.49% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between PICK and SLV is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012 | 0.40 |
Over the past year, PICK and SLV have become more correlated (0.68) than their long-term average of 0.40, meaning their price movements have been converging.
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Return for Risk
PICK vs. SLV — Risk / Return Rank
PICK
SLV
PICK vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Metals & Mining Producers ETF (PICK) 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.
| PICK | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.16 | ||
| Sortino ratioReturn per unit of downside risk | +1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.25 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.56 | 1.47 | +2.09 |
| Martin ratioReturn relative to average drawdown | 13.38 | 3.16 | +10.21 |
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Drawdowns
PICK vs. SLV - Drawdown Comparison
The maximum PICK drawdown since its inception was -68.87%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for PICK and SLV.
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Drawdown Indicators
| PICK | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.87% | -76.28% | +7.41% |
Max Drawdown (1Y)Largest decline over 1 year | -19.54% | -47.23% | +27.69% |
Max Drawdown (3Y)Largest decline over 3 years | -32.52% | -47.23% | +14.71% |
Max Drawdown (5Y)Largest decline over 5 years | -36.37% | -47.23% | +10.86% |
Max Drawdown (10Y)Largest decline over 10 years | -52.72% | -47.23% | -5.49% |
Current DrawdownCurrent decline from peak | -12.59% | -47.23% | +34.64% |
Average DrawdownAverage peak-to-trough decline | -24.06% | -44.65% | +20.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.20% | 21.91% | -16.71% |
Volatility
PICK vs. SLV - Volatility Comparison
The current volatility for iShares MSCI Global Metals & Mining Producers ETF (PICK) is 13.12%, while iShares Silver Trust (SLV) has a volatility of 14.34%. This indicates that PICK 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
| PICK | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.12% | 14.34% | -1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 26.56% | 59.27% | -32.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.14% | 60.33% | -30.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.14% | 36.59% | -8.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.34% | 32.09% | -3.75% |
PICK vs. SLV - Expense Ratio Comparison
PICK has a 0.39% expense ratio, which is lower than SLV's 0.50% expense ratio.
Dividends
PICK vs. SLV - Dividend Comparison
PICK's dividend yield for the trailing twelve months is around 2.21%, while SLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PICK iShares MSCI Global Metals & Mining Producers ETF | 2.21% | 2.88% | 3.26% | 4.19% | 6.93% | 5.89% | 2.27% | 5.51% | 4.77% | 2.41% | 1.15% | 15.77% |
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
PICK and SLV have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (14.34%) compared to PICK (13.12%). In terms of maximum drawdown, PICK dropped -68.87% vs SLV's -76.28%.
On 10-year performance, PICK leads with 16.67% vs 12.68% for SLV. On fees, PICK is cheaper at 0.39% per year. On volatility, PICK has been the lower-risk option at 13.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PICK has performed better with a 16.67% return vs 12.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PICK is cheaper with a 0.39% expense ratio, compared with 0.50% for SLV.
PICK has the higher dividend yield at 2.21%, compared with 0.00% for SLV.
PICK is categorized as Metals, while SLV is Silver. PICK tracks MSCI ACWI Select Metals & Mining Producers ex Gold and Silver Investable Market Index, while SLV tracks LBMA Silver Price. Their fees differ too: 0.39% for PICK and 0.50% for SLV.
PICK currently has the higher Sharpe Ratio (2.31 vs 1.15), 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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