SIVR vs. AMUN

Last updated Jun 5, 2026

SIVR (abrdn Physical Silver Shares ETF) and AMUN (abrdn Ultra Short Municipal Income Active ETF) are both exchange-traded funds - SIVR is a Silver fund tracking the LBMA Silver Price ($/ozt), while AMUN is a Municipal Bonds fund actively managed by abrdn. SIVR is passively managed, while AMUN is actively managed. At a correlation of -0.05, they often move in opposite directions. SIVR charges 0.30%/yr vs 0.25%/yr for AMUN.

Performance

SIVR vs. AMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in abrdn Physical Silver Shares ETF (SIVR) and abrdn Ultra Short Municipal Income Active ETF (AMUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SIVR achieves a 4.05% return, which is significantly higher than AMUN's 1.11% return.

SIVR

• 1D: 1.16%
• 1M: 1.60%
• YTD: 4.05%
• 6M: 29.45%
• 1Y: 114.25%
• 3Y*: 46.03%
• 5Y*: 21.28%
• 10Y*: 15.87%

AMUN

• 1D: -0.02%
• 1M: 0.32%
• YTD: 1.11%
• 6M: 1.36%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SIVR vs. AMUN - Yearly Performance Comparison

	2026 (YTD)	2025
SIVR abrdn Physical Silver Shares ETF	4.05%	35.42%
AMUN abrdn Ultra Short Municipal Income Active ETF	1.11%	0.14%

Correlation

The correlation between SIVR and AMUN is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 21, 2025	-0.05

Return for Risk

SIVR vs. AMUN — Risk / Return Rank

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

SIVR

SIVR Risk / Return Rank: 51
SIVR Sharpe Ratio Rank: 59
SIVR Sortino Ratio Rank: 42
SIVR Omega Ratio Rank: 60
SIVR Calmar Ratio Rank: 56
SIVR Martin Ratio Rank: 38

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.

SIVR vs. AMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn Physical Silver Shares ETF (SIVR) and abrdn Ultra Short Municipal Income Active ETF (AMUN). 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.

	SIVR	AMUN	Difference
Sharpe ratio: Return per unit of total volatility	1.95	—	—
Sortino ratio: Return per unit of downside risk	2.11	—	—
Omega ratio: Gain probability vs. loss probability	1.36	—	—
Calmar ratio: Return relative to maximum drawdown	2.71	—	—
Martin ratio: Return relative to average drawdown	5.80	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SIVR	AMUN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	2.05	-1.73

Drawdowns

SIVR vs. AMUN - Drawdown Comparison

The maximum SIVR drawdown since its inception was -75.85%, which is greater than AMUN's maximum drawdown of -0.61%. Use the drawdown chart below to compare losses from any high point for SIVR and AMUN.

Drawdown Indicators

	SIVR	AMUN	Difference
Max Drawdown Largest peak-to-trough decline	-75.85%	-0.61%	-75.24%
Max Drawdown (1Y) Largest decline over 1 year	-42.42%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-42.42%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-42.42%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.42%	—	—
Current Drawdown Current decline from peak	-36.52%	-0.02%	-36.50%
Average Drawdown Average peak-to-trough decline	-47.85%	-0.09%	-47.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.78%	—	—

Volatility

Volatility by Period

	SIVR	AMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.32%	—	—
Volatility (6M) Calculated over the trailing 6-month period	58.30%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	58.84%	1.01%	+57.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.17%	1.01%	+35.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.86%	1.01%	+30.85%

SIVR vs. AMUN - Expense Ratio Comparison

SIVR has a 0.30% expense ratio, which is higher than AMUN's 0.25% expense ratio.

Dividends

SIVR vs. AMUN - Dividend Comparison

SIVR has not paid dividends to shareholders, while AMUN's dividend yield for the trailing twelve months is around 1.89%.

Position	TTM	2025
AMUN abrdn Ultra Short Municipal Income Active ETF	1.89%	0.66%
SIVR abrdn Physical Silver Shares ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both SIVR and AMUN in my portfolio?

SIVR and AMUN have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SIVR or AMUN?

On fees, AMUN is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SIVR or AMUN?

AMUN is cheaper with a 0.25% expense ratio, compared with 0.30% for SIVR.

Which ETF pays a higher dividend yield, SIVR or AMUN?

AMUN has the higher dividend yield at 1.89%, compared with 0.00% for SIVR.

What is the main difference between SIVR and AMUN?

SIVR is categorized as Silver, while AMUN is Municipal Bonds. Their fees differ too: 0.30% for SIVR and 0.25% for AMUN.