SETM vs. SLV

Last updated Jun 14, 2026

SETM (Sprott Energy Transition Materials ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - SETM is a Energy Equities fund tracking the Nasdaq Sprott Energy Transition Materials Select Index - AUD - Benchmark TR Gross, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 3 years, SETM returned 25.91%/yr vs 41.27%/yr for SLV. A 0.54 correlation means they provide meaningful diversification when combined. SETM charges 0.65%/yr vs 0.50%/yr for SLV.

Performance

SETM vs. SLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Energy Transition Materials ETF (SETM) 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, SETM achieves a 18.27% return, which is significantly higher than SLV's -4.86% return.

SETM

• 1D: 3.04%
• 1M: -2.81%
• YTD: 18.27%
• 6M: 23.37%
• 1Y: 110.68%
• 3Y*: 25.91%
• 5Y*: —
• 10Y*: —

SLV

• 1D: 0.77%
• 1M: -11.23%
• YTD: -4.86%
• 6M: 9.25%
• 1Y: 85.90%
• 3Y*: 41.27%
• 5Y*: 18.83%
• 10Y*: 13.99%

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

SETM vs. SLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SETM Sprott Energy Transition Materials ETF	18.27%	95.27%	-13.24%	-13.11%
SLV iShares Silver Trust	-4.86%	144.66%	20.89%	-1.36%

Correlation

The correlation between SETM and SLV is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.54

The correlation between SETM and SLV has been stable across timeframes, ranging from 0.54 to 0.61 - a consistent structural relationship.

Return for Risk

SETM vs. SLV — Risk / Return Rank

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

SETM

SETM Risk / Return Rank: 77
SETM Sharpe Ratio Rank: 85
SETM Sortino Ratio Rank: 67
SETM Omega Ratio Rank: 70
SETM Calmar Ratio Rank: 87
SETM Martin Ratio Rank: 77

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.

SETM vs. SLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Energy Transition Materials ETF (SETM) 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.

	SETM	SLV	Difference
Sharpe ratio: Return per unit of total volatility	2.40	1.44	+0.96
Sortino ratio: Return per unit of downside risk	2.66	1.76	+0.90
Omega ratio: Gain probability vs. loss probability	1.36	1.29	+0.07
Calmar ratio: Return relative to maximum drawdown	4.32	1.89	+2.43
Martin ratio: Return relative to average drawdown	12.69	4.10	+8.59

SETM vs. SLV - Sharpe Ratio Comparison

The current SETM Sharpe Ratio is 2.40, which is higher than the SLV Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of SETM 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

SETM vs. SLV - Drawdown Comparison

The maximum SETM drawdown since its inception was -42.81%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for SETM and SLV.

Drawdown Indicators

	SETM	SLV	Difference
Max Drawdown Largest peak-to-trough decline	-42.81%	-76.28%	+33.47%
Max Drawdown (1Y) Largest decline over 1 year	-25.85%	-45.40%	+19.55%
Max Drawdown (3Y) Largest decline over 3 years	-42.81%	-45.40%	+2.59%
Max Drawdown (5Y) Largest decline over 5 years	—	-45.40%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.40%	—
Current Drawdown Current decline from peak	-13.82%	-41.96%	+28.14%
Average Drawdown Average peak-to-trough decline	-15.04%	-44.66%	+29.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.78%	20.88%	-12.10%

Volatility

SETM vs. SLV - Volatility Comparison

Sprott Energy Transition Materials ETF (SETM) has a higher volatility of 18.24% compared to iShares Silver Trust (SLV) at 16.34%. This indicates that SETM's price experiences larger fluctuations and is considered to be riskier than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SETM	SLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.24%	16.34%	+1.90%
Volatility (6M) Calculated over the trailing 6-month period	37.36%	59.10%	-21.74%
Volatility (1Y) Calculated over the trailing 1-year period	46.57%	59.82%	-13.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.22%	36.46%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.22%	32.00%	+5.22%

SETM vs. SLV - Expense Ratio Comparison

SETM has a 0.65% expense ratio, which is higher than SLV's 0.50% expense ratio.

Dividends

SETM vs. SLV - Dividend Comparison

SETM's dividend yield for the trailing twelve months is around 1.32%, while SLV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
SETM Sprott Energy Transition Materials ETF	1.32%	1.56%	2.07%	2.47%
SLV iShares Silver Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SETM and SLV in my portfolio?

SETM and SLV have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SETM or SLV?

SETM has higher volatility (18.24%) compared to SLV (16.34%). In terms of maximum drawdown, SETM dropped -42.81% vs SLV's -76.28%.

Which ETF is better, SETM or SLV?

On 3-year performance, SLV leads with 41.27% vs 25.91% for SETM. On fees, SLV is cheaper at 0.50% per year. On volatility, SLV has been the lower-risk option at 16.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SETM or SLV?

Over the 3-year period, SLV has performed better with a 41.27% return vs 25.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SETM or SLV?

SLV is cheaper with a 0.50% expense ratio, compared with 0.65% for SETM.

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

SETM has the higher dividend yield at 1.32%, compared with 0.00% for SLV.

What is the main difference between SETM and SLV?

SETM is categorized as Energy Equities, while SLV is Silver. SETM tracks Nasdaq Sprott Energy Transition Materials Select Index - AUD - Benchmark TR Gross, while SLV tracks LBMA Silver Price. They also come from different issuers: Sprott and iShares. Their fees differ too: 0.65% for SETM and 0.50% for SLV.

Which has better risk-adjusted returns?

SETM currently has the higher Sharpe Ratio (2.40 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.