PXH vs. SLV

Last updated Jun 13, 2026

PXH (Invesco FTSE RAFI Emerging Markets ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - PXH is a Emerging Markets Equities fund tracking the FTSE RAFI Emerging Markets Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, PXH returned 10.91%/yr vs 13.99%/yr for SLV. At a 0.32 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

PXH vs. SLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco FTSE RAFI Emerging Markets ETF (PXH) 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, PXH achieves a 12.73% return, which is significantly higher than SLV's -4.86% return. Over the past 10 years, PXH has underperformed SLV with an annualized return of 10.91%, while SLV has yielded a comparatively higher 13.99% annualized return.

PXH

• 1D: 0.66%
• 1M: -1.13%
• YTD: 12.73%
• 6M: 14.41%
• 1Y: 29.04%
• 3Y*: 20.06%
• 5Y*: 8.70%
• 10Y*: 10.91%

SLV

• 1D: 0.77%
• 1M: -22.76%
• YTD: -4.86%
• 6M: 9.25%
• 1Y: 85.39%
• 3Y*: 41.27%
• 5Y*: 18.83%
• 10Y*: 13.99%

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

PXH vs. SLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXH Invesco FTSE RAFI Emerging Markets ETF	12.73%	31.44%	12.09%	13.93%	-15.18%	8.31%	-1.91%	16.77%	-8.68%	26.60%
SLV iShares Silver Trust	-4.86%	144.66%	20.89%	-1.09%	2.37%	-12.45%	47.30%	14.88%	-9.19%	5.82%

Correlation

The correlation between PXH and SLV is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Sep 28, 2007	0.32

The correlation between PXH and SLV shifts across timeframes, from 0.32 (all time) to 0.48 (1 year), reflecting how their relationship changes across market environments.

PXH vs. SLV - Sectors Allocation Comparison

Sectors	PXH	SLV
Financial Services	25.8%	-
Technology	19.9%	-
Energy	13.0%	-
Basic Materials	12.1%	100.0%
Consumer Cyclical	10.7%	-
Communication Services	6.2%	-
Industrials	4.6%	-
Consumer Defensive	2.8%	-
Utilities	2.4%	-
Real Estate	1.7%	-
Healthcare	0.9%	-

Return for Risk

PXH vs. SLV — Risk / Return Rank

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

PXH

PXH Risk / Return Rank: 64
PXH Sharpe Ratio Rank: 64
PXH Sortino Ratio Rank: 61
PXH Omega Ratio Rank: 65
PXH Calmar Ratio Rank: 65
PXH Martin Ratio Rank: 64

SLV

SLV Risk / Return Rank: 42
SLV Sharpe Ratio Rank: 47
SLV Sortino Ratio Rank: 38
SLV Omega Ratio Rank: 53
SLV Calmar Ratio Rank: 43
SLV Martin Ratio Rank: 32

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.

PXH vs. SLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Emerging Markets ETF (PXH) 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.

	PXH	SLV	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.44	+0.40
Sortino ratio: Return per unit of downside risk	2.49	1.76	+0.74
Omega ratio: Gain probability vs. loss probability	1.34	1.29	+0.05
Calmar ratio: Return relative to maximum drawdown	2.85	1.89	+0.96
Martin ratio: Return relative to average drawdown	10.21	4.10	+6.10

PXH vs. SLV - Sharpe Ratio Comparison

The current PXH Sharpe Ratio is 1.84, which is comparable to the SLV Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of PXH 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.

Drawdowns

PXH vs. SLV - Drawdown Comparison

The maximum PXH drawdown since its inception was -63.63%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for PXH and SLV.

Drawdown Indicators

	PXH	SLV	Difference
Max Drawdown Largest peak-to-trough decline	-63.63%	-76.28%	+12.65%
Max Drawdown (1Y) Largest decline over 1 year	-10.24%	-45.40%	+35.16%
Max Drawdown (3Y) Largest decline over 3 years	-17.72%	-45.40%	+27.68%
Max Drawdown (5Y) Largest decline over 5 years	-29.59%	-45.40%	+15.81%
Max Drawdown (10Y) Largest decline over 10 years	-40.42%	-45.40%	+4.98%
Current Drawdown Current decline from peak	-3.27%	-41.96%	+38.69%
Average Drawdown Average peak-to-trough decline	-16.84%	-44.66%	+27.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	20.88%	-18.03%

Volatility

PXH vs. SLV - Volatility Comparison

The current volatility for Invesco FTSE RAFI Emerging Markets ETF (PXH) is 6.41%, while iShares Silver Trust (SLV) has a volatility of 16.34%. This indicates that PXH 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

	PXH	SLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	16.34%	-9.93%
Volatility (6M) Calculated over the trailing 6-month period	13.09%	59.10%	-46.01%
Volatility (1Y) Calculated over the trailing 1-year period	15.90%	59.82%	-43.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.87%	36.46%	-18.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.06%	32.00%	-11.94%

PXH vs. SLV - Expense Ratio Comparison

Both PXH and SLV have an expense ratio of 0.50%.

Dividends

PXH vs. SLV - Dividend Comparison

PXH's dividend yield for the trailing twelve months is around 3.49%, while SLV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXH Invesco FTSE RAFI Emerging Markets ETF	3.49%	4.02%	4.43%	4.84%	5.33%	4.69%	2.79%	3.28%	3.30%	2.74%	1.97%	3.44%
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 PXH and SLV in my portfolio?

PXH and SLV have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PXH or SLV?

SLV has higher volatility (16.34%) compared to PXH (6.41%). In terms of maximum drawdown, PXH dropped -63.63% vs SLV's -76.28%.

Which ETF is better, PXH or SLV?

On 10-year performance, SLV leads with 13.99% vs 10.91% for PXH. Both ETFs have the same 0.50% expense ratio. On volatility, PXH has been the lower-risk option at 6.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXH or SLV?

Over the 10-year period, SLV has performed better with a 13.99% return vs 10.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXH or SLV?

PXH and SLV have the same expense ratio: 0.50% per year.

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

PXH has the higher dividend yield at 3.49%, compared with 0.00% for SLV.

What is the main difference between PXH and SLV?

PXH is categorized as Emerging Markets Equities, while SLV is Silver. PXH tracks FTSE RAFI Emerging Markets Index, while SLV tracks LBMA Silver Price. They also come from different issuers: Invesco and iShares.

Which has better risk-adjusted returns?

PXH currently has the higher Sharpe Ratio (1.84 vs 1.44), 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.