RING vs. SLV

Last updated Jun 3, 2026

RING (iShares MSCI Global Gold Miners ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - RING is a Gold fund tracking the MSCI ACWI Select Gold Miners Investable Market Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, RING returned 14.97%/yr vs 15.85%/yr for SLV. A 0.72 correlation means they provide meaningful diversification when combined. RING charges 0.39%/yr vs 0.50%/yr for SLV.

Performance

RING vs. SLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Global Gold Miners ETF (RING) 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, RING achieves a 3.48% return, which is significantly lower than SLV's 5.54% return. Over the past 10 years, RING has underperformed SLV with an annualized return of 14.97%, while SLV has yielded a comparatively higher 15.85% annualized return.

RING

• 1D: 0.94%
• 1M: 0.94%
• YTD: 3.48%
• 6M: 10.13%
• 1Y: 71.38%
• 3Y*: 48.61%
• 5Y*: 21.02%
• 10Y*: 14.97%

SLV

• 1D: 0.47%
• 1M: -0.44%
• YTD: 5.54%
• 6M: 27.97%
• 1Y: 115.23%
• 3Y*: 46.35%
• 5Y*: 21.71%
• 10Y*: 15.85%

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

RING vs. SLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RING iShares MSCI Global Gold Miners ETF	3.48%	164.72%	15.98%	12.29%	-15.40%	-7.46%	24.98%	49.92%	-13.14%	10.24%
SLV iShares Silver Trust	5.54%	144.66%	20.89%	-1.09%	2.37%	-12.45%	47.30%	14.88%	-9.19%	5.82%

Correlation

The correlation between RING and SLV is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Feb 3, 2012	0.72

The correlation between RING and SLV has been stable across timeframes, ranging from 0.72 to 0.76 - a consistent structural relationship.

RING vs. SLV - Sectors Allocation Comparison

Sectors	RING	SLV
Basic Materials	100.0%	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

RING vs. SLV — Risk / Return Rank

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

RING

RING Risk / Return Rank: 44
RING Sharpe Ratio Rank: 45
RING Sortino Ratio Rank: 37
RING Omega Ratio Rank: 42
RING Calmar Ratio Rank: 54
RING Martin Ratio Rank: 44

SLV

SLV Risk / Return Rank: 52
SLV Sharpe Ratio Rank: 57
SLV Sortino Ratio Rank: 42
SLV Omega Ratio Rank: 59
SLV Calmar Ratio Rank: 59
SLV Martin Ratio Rank: 41

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.

RING vs. SLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Gold Miners ETF (RING) 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.

	RING	SLV	Difference
Sharpe ratio Return per unit of total volatility	1.57	1.97	-0.40
Sortino ratio Return per unit of downside risk	1.94	2.12	-0.18
Omega ratio Gain probability vs. loss probability	1.27	1.36	-0.09
Calmar ratio Return relative to maximum drawdown	2.72	2.98	-0.26
Martin ratio Return relative to average drawdown	7.11	6.48	+0.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RING vs. SLV - Sharpe Ratio Comparison

The current RING Sharpe Ratio is 1.57, which is comparable to the SLV Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of RING 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.

Sharpe Ratios by Period

	RING	SLV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	1.97	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.60	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.50	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	0.25	-0.14

Drawdowns

RING vs. SLV - Drawdown Comparison

The maximum RING drawdown since its inception was -79.47%, roughly equal to the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for RING and SLV.

Drawdown Indicators

	RING	SLV	Difference
Max Drawdown Largest peak-to-trough decline	-79.47%	-76.28%	-3.19%
Max Drawdown (1Y) Largest decline over 1 year	-30.11%	-42.45%	+12.34%
Max Drawdown (3Y) Largest decline over 3 years	-30.11%	-42.45%	+12.34%
Max Drawdown (5Y) Largest decline over 5 years	-47.94%	-42.45%	-5.49%
Max Drawdown (10Y) Largest decline over 10 years	-52.04%	-42.81%	-9.23%
Current Drawdown Current decline from peak	-23.36%	-35.62%	+12.26%
Average Drawdown Average peak-to-trough decline	-47.41%	-44.67%	-2.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.53%	19.53%	-8.00%

Volatility

RING vs. SLV - Volatility Comparison

The current volatility for iShares MSCI Global Gold Miners ETF (RING) is 14.72%, while iShares Silver Trust (SLV) has a volatility of 16.47%. This indicates that RING 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

	RING	SLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.72%	16.47%	-1.75%
Volatility (6M) Calculated over the trailing 6-month period	37.25%	58.29%	-21.04%
Volatility (1Y) Calculated over the trailing 1-year period	46.16%	59.03%	-12.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.47%	36.15%	+0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.53%	31.83%	+4.70%

RING vs. SLV - Expense Ratio Comparison

RING has a 0.39% expense ratio, which is lower than SLV's 0.50% expense ratio.

Dividends

RING vs. SLV - Dividend Comparison

RING's dividend yield for the trailing twelve months is around 0.81%, while SLV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RING iShares MSCI Global Gold Miners ETF	0.81%	0.84%	1.43%	2.01%	2.29%	2.38%	0.83%	0.83%	0.70%	0.42%	1.41%	0.96%
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 RING and SLV in my portfolio?

RING and SLV have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RING or SLV?

SLV has higher volatility (16.47%) compared to RING (14.72%). In terms of maximum drawdown, RING dropped -79.47% vs SLV's -76.28%.

Which ETF is better, RING or SLV?

On 10-year performance, SLV leads with 15.85% vs 14.97% for RING. On fees, RING is cheaper at 0.39% per year. On volatility, RING has been the lower-risk option at 14.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RING or SLV?

Over the 10-year period, SLV has performed better with a 15.85% return vs 14.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RING or SLV?

RING is cheaper with a 0.39% expense ratio, compared with 0.50% for SLV.

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

RING has the higher dividend yield at 0.81%, compared with 0.00% for SLV.

What is the main difference between RING and SLV?

RING is categorized as Gold, while SLV is Silver. RING tracks MSCI ACWI Select Gold Miners Investable Market Index, while SLV tracks LBMA Silver Price. Their fees differ too: 0.39% for RING and 0.50% for SLV.

Which has better risk-adjusted returns?

SLV currently has the higher Sharpe Ratio (1.97 vs 1.57), 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.