PIZ vs. SIVR
PIZ (Invesco DWA Developed Markets Momentum ETF) and SIVR (abrdn Physical Silver Shares ETF) are both exchange-traded funds - PIZ is a Momentum fund tracking the Dorsey Wright Developed Markets Technical Leaders Index, while SIVR is a Silver fund tracking the LBMA Silver Price ($/ozt). Both are passively managed. Over the past 10 years, PIZ returned 11.14%/yr vs 14.57%/yr for SIVR. At a 0.33 correlation, their price movements are largely independent. PIZ charges 0.80%/yr vs 0.30%/yr for SIVR.
Performance
PIZ vs. SIVR - Performance Comparison
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Returns By Period
In the year-to-date period, PIZ achieves a 15.65% return, which is significantly higher than SIVR's -1.40% return. Over the past 10 years, PIZ has underperformed SIVR with an annualized return of 11.14%, while SIVR has yielded a comparatively higher 14.57% annualized return.
PIZ
- 1D
- 1.75%
- 1M
- 0.68%
- YTD
- 15.65%
- 6M
- 16.40%
- 1Y
- 27.72%
- 3Y*
- 24.07%
- 5Y*
- 10.26%
- 10Y*
- 11.14%
SIVR
- 1D
- 3.51%
- 1M
- -8.06%
- YTD
- -1.40%
- 6M
- 9.35%
- 1Y
- 92.86%
- 3Y*
- 42.25%
- 5Y*
- 20.46%
- 10Y*
- 14.57%
PIZ vs. SIVR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PIZ Invesco DWA Developed Markets Momentum ETF | 15.65% | 37.22% | 16.30% | 17.96% | -30.48% | 20.53% | 17.96% | 27.51% | -16.15% | 30.96% |
SIVR abrdn Physical Silver Shares ETF | -1.40% | 145.34% | 21.08% | -0.91% | 2.59% | -12.33% | 47.52% | 15.17% | -8.96% | 5.97% |
Correlation
The correlation between PIZ and SIVR is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2009 | 0.33 |
The correlation between PIZ and SIVR shifts across timeframes, from 0.33 (all time) to 0.49 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PIZ vs. SIVR — Risk / Return Rank
PIZ
SIVR
PIZ vs. SIVR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Developed Markets Momentum ETF (PIZ) and abrdn Physical Silver Shares ETF (SIVR). 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.
| PIZ | SIVR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.31 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | 2.06 | -0.12 |
| Martin ratioReturn relative to average drawdown | 7.19 | 4.44 | +2.76 |
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Drawdowns
PIZ vs. SIVR - Drawdown Comparison
The maximum PIZ drawdown since its inception was -60.61%, smaller than the maximum SIVR drawdown of -75.85%. Use the drawdown chart below to compare losses from any high point for PIZ and SIVR.
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Drawdown Indicators
| PIZ | SIVR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.61% | -75.85% | +15.24% |
Max Drawdown (1Y)Largest decline over 1 year | -14.35% | -45.33% | +30.98% |
Max Drawdown (3Y)Largest decline over 3 years | -14.67% | -45.33% | +30.66% |
Max Drawdown (5Y)Largest decline over 5 years | -40.93% | -45.33% | +4.40% |
Max Drawdown (10Y)Largest decline over 10 years | -40.93% | -45.33% | +4.40% |
Current DrawdownCurrent decline from peak | -4.76% | -39.85% | +35.09% |
Average DrawdownAverage peak-to-trough decline | -14.90% | -47.83% | +32.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.86% | 21.00% | -17.14% |
Volatility
PIZ vs. SIVR - Volatility Comparison
The current volatility for Invesco DWA Developed Markets Momentum ETF (PIZ) is 10.15%, while abrdn Physical Silver Shares ETF (SIVR) has a volatility of 16.52%. This indicates that PIZ experiences smaller price fluctuations and is considered to be less risky than SIVR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PIZ | SIVR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.15% | 16.52% | -6.37% |
Volatility (6M)Calculated over the trailing 6-month period | 19.52% | 59.14% | -39.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.80% | 59.96% | -38.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.23% | 36.53% | -16.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.77% | 32.05% | -12.28% |
PIZ vs. SIVR - Expense Ratio Comparison
PIZ has a 0.80% expense ratio, which is higher than SIVR's 0.30% expense ratio.
Dividends
PIZ vs. SIVR - Dividend Comparison
PIZ's dividend yield for the trailing twelve months is around 1.35%, while SIVR has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PIZ Invesco DWA Developed Markets Momentum ETF | 1.35% | 1.55% | 1.68% | 1.86% | 2.04% | 1.01% | 0.37% | 1.58% | 1.06% | 1.30% | 2.21% | 1.09% |
SIVR abrdn Physical Silver Shares ETF | 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
PIZ and SIVR have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SIVR has higher volatility (16.52%) compared to PIZ (10.15%). In terms of maximum drawdown, PIZ dropped -60.61% vs SIVR's -75.85%.
On 10-year performance, SIVR leads with 14.57% vs 11.14% for PIZ. On fees, SIVR is cheaper at 0.30% per year. On volatility, PIZ has been the lower-risk option at 10.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SIVR has performed better with a 14.57% return vs 11.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SIVR is cheaper with a 0.30% expense ratio, compared with 0.80% for PIZ.
PIZ has the higher dividend yield at 1.35%, compared with 0.00% for SIVR.
PIZ is categorized as Momentum, while SIVR is Silver. PIZ tracks Dorsey Wright Developed Markets Technical Leaders Index, while SIVR tracks LBMA Silver Price ($/ozt). They also come from different issuers: Invesco and abrdn. Their fees differ too: 0.80% for PIZ and 0.30% for SIVR.
SIVR currently has the higher Sharpe Ratio (1.56 vs 1.28), 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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