SIVR vs. MIY

Last updated Jun 9, 2026

SIVR (abrdn Physical Silver Shares ETF) and MIY (BlackRock MuniYield Michigan Quality Fund) are both funds - SIVR is a Silver fund tracking the LBMA Silver Price ($/ozt), while MIY is a Municipal Bonds fund actively managed by BlackRock. SIVR is passively managed, while MIY is actively managed. Over the past 10 years, SIVR returned 14.30%/yr vs 2.48%/yr for MIY. At a 0.11 correlation, their price movements are largely independent. SIVR charges 0.30%/yr vs 2.25%/yr for MIY.

Performance

SIVR vs. MIY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in abrdn Physical Silver Shares ETF (SIVR) and BlackRock MuniYield Michigan Quality Fund (MIY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SIVR achieves a -4.36% return, which is significantly lower than MIY's 6.44% return. Over the past 10 years, SIVR has outperformed MIY with an annualized return of 14.30%, while MIY has yielded a comparatively lower 2.48% annualized return.

SIVR

• 1D: 0.02%
• 1M: -15.70%
• YTD: -4.36%
• 6M: 16.92%
• 1Y: 88.66%
• 3Y*: 40.57%
• 5Y*: 19.25%
• 10Y*: 14.30%

MIY

• 1D: 0.66%
• 1M: 2.81%
• YTD: 6.44%
• 6M: 6.22%
• 1Y: 13.67%
• 3Y*: 8.92%
• 5Y*: 0.28%
• 10Y*: 2.48%

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

SIVR vs. MIY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SIVR abrdn Physical Silver Shares ETF	-4.36%	145.34%	21.08%	-0.91%	2.59%	-12.33%	47.52%	15.17%	-8.96%	5.97%
MIY BlackRock MuniYield Michigan Quality Fund	6.44%	11.24%	3.48%	6.60%	-24.10%	10.04%	7.27%	19.51%	-6.71%	8.86%

Correlation

The correlation between SIVR and MIY is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jul 27, 2009	0.11

Return for Risk

SIVR vs. MIY — Risk / Return Rank

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

SIVR

SIVR Risk / Return Rank: 44
SIVR Sharpe Ratio Rank: 48
SIVR Sortino Ratio Rank: 38
SIVR Omega Ratio Rank: 54
SIVR Calmar Ratio Rank: 47
SIVR Martin Ratio Rank: 33

MIY

MIY Risk / Return Rank: 22
MIY Sharpe Ratio Rank: 21
MIY Sortino Ratio Rank: 24
MIY Omega Ratio Rank: 25
MIY Calmar Ratio Rank: 18
MIY Martin Ratio Rank: 19

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. MIY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn Physical Silver Shares ETF (SIVR) and BlackRock MuniYield Michigan Quality Fund (MIY). 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	MIY	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.18	+0.33
Sortino ratio: Return per unit of downside risk	1.80	1.82	-0.01
Omega ratio: Gain probability vs. loss probability	1.30	1.24	+0.07
Calmar ratio: Return relative to maximum drawdown	2.10	1.36	+0.74
Martin ratio: Return relative to average drawdown	4.42	4.48	-0.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SIVR vs. MIY - Sharpe Ratio Comparison

The current SIVR Sharpe Ratio is 1.50, which is comparable to the MIY Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of SIVR and MIY, 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

	SIVR	MIY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	1.18	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.02	+0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.21	+0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.37	-0.07

Drawdowns

SIVR vs. MIY - Drawdown Comparison

The maximum SIVR drawdown since its inception was -75.85%, which is greater than MIY's maximum drawdown of -42.19%. Use the drawdown chart below to compare losses from any high point for SIVR and MIY.

Drawdown Indicators

	SIVR	MIY	Difference
Max Drawdown Largest peak-to-trough decline	-75.85%	-42.19%	-33.66%
Max Drawdown (1Y) Largest decline over 1 year	-42.42%	-10.08%	-32.34%
Max Drawdown (3Y) Largest decline over 3 years	-42.42%	-14.72%	-27.70%
Max Drawdown (5Y) Largest decline over 5 years	-42.42%	-34.59%	-7.83%
Max Drawdown (10Y) Largest decline over 10 years	-42.42%	-34.59%	-7.83%
Current Drawdown Current decline from peak	-41.65%	-3.16%	-38.49%
Average Drawdown Average peak-to-trough decline	-47.85%	-8.32%	-39.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.12%	3.19%	+16.93%

Volatility

SIVR vs. MIY - Volatility Comparison

abrdn Physical Silver Shares ETF (SIVR) has a higher volatility of 16.89% compared to BlackRock MuniYield Michigan Quality Fund (MIY) at 1.87%. This indicates that SIVR's price experiences larger fluctuations and is considered to be riskier than MIY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SIVR	MIY	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.89%	1.87%	+15.02%
Volatility (6M) Calculated over the trailing 6-month period	58.88%	10.35%	+48.53%
Volatility (1Y) Calculated over the trailing 1-year period	59.47%	11.70%	+47.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.35%	11.66%	+24.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.96%	11.96%	+20.00%

SIVR vs. MIY - Expense Ratio Comparison

SIVR has a 0.30% expense ratio, which is lower than MIY's 2.25% expense ratio.

Dividends

SIVR vs. MIY - Dividend Comparison

SIVR has not paid dividends to shareholders, while MIY's dividend yield for the trailing twelve months is around 5.35%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MIY BlackRock MuniYield Michigan Quality Fund	5.35%	5.57%	5.21%	3.86%	5.70%	4.38%	4.23%	4.27%	5.27%	5.46%	5.85%	5.66%
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

Can I hold both SIVR and MIY in my portfolio?

SIVR and MIY have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIVR or MIY?

SIVR has higher volatility (16.89%) compared to MIY (1.87%). In terms of maximum drawdown, SIVR dropped -75.85% vs MIY's -42.19%.

Which has better risk-adjusted returns?

SIVR currently has the higher Sharpe Ratio (1.50 vs 1.18), 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.