SLV vs. AAAU

Last updated Jun 4, 2026

SLV (iShares Silver Trust) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while AAAU is a Precious Metals fund tracking the LBMA Gold PM Price. Both are passively managed. Over the past 5 years, SLV returned 20.76%/yr vs 18.39%/yr for AAAU. A 0.77 correlation means they provide meaningful diversification when combined. SLV charges 0.50%/yr vs 0.18%/yr for AAAU.

Performance

SLV vs. AAAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Silver Trust (SLV) and Goldman Sachs Physical Gold ETF (AAAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLV achieves a 2.78% return, which is significantly lower than AAAU's 2.94% return.

SLV

• 1D: -2.62%
• 1M: 0.41%
• YTD: 2.78%
• 6M: 24.76%
• 1Y: 110.59%
• 3Y*: 45.06%
• 5Y*: 20.76%
• 10Y*: 15.55%

AAAU

• 1D: -1.02%
• 1M: -1.68%
• YTD: 2.94%
• 6M: 5.50%
• 1Y: 32.29%
• 3Y*: 31.37%
• 5Y*: 18.39%
• 10Y*: —

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

SLV vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SLV iShares Silver Trust	2.78%	144.66%	20.89%	-1.09%	2.37%	-12.45%	47.30%	14.88%	7.00%
AAAU Goldman Sachs Physical Gold ETF	2.94%	64.06%	26.91%	12.96%	-0.50%	-4.01%	25.02%	18.17%	9.20%

Correlation

The correlation between SLV and AAAU is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.77

The correlation between SLV and AAAU has been stable across timeframes, ranging from 0.75 to 0.77 - a consistent structural relationship.

SLV vs. AAAU - Sectors Allocation Comparison

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

Return for Risk

SLV vs. AAAU — Risk / Return Rank

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

SLV

SLV Risk / Return Rank: 47
SLV Sharpe Ratio Rank: 54
SLV Sortino Ratio Rank: 40
SLV Omega Ratio Rank: 56
SLV Calmar Ratio Rank: 52
SLV Martin Ratio Rank: 36

AAAU

AAAU Risk / Return Rank: 32
AAAU Sharpe Ratio Rank: 33
AAAU Sortino Ratio Rank: 29
AAAU Omega Ratio Rank: 36
AAAU Calmar Ratio Rank: 34
AAAU Martin Ratio Rank: 29

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.

SLV vs. AAAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and Goldman Sachs Physical Gold ETF (AAAU). 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.

	SLV	AAAU	Difference
Sharpe ratio Return per unit of total volatility	1.89	1.23	+0.66
Sortino ratio Return per unit of downside risk	2.07	1.63	+0.44
Omega ratio Gain probability vs. loss probability	1.35	1.25	+0.11
Calmar ratio Return relative to maximum drawdown	2.62	1.70	+0.92
Martin ratio Return relative to average drawdown	5.64	4.21	+1.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SLV vs. AAAU - Sharpe Ratio Comparison

The current SLV Sharpe Ratio is 1.89, which is higher than the AAAU Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of SLV and AAAU, 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

	SLV	AAAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	1.23	+0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	1.04	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	1.09	-0.84

Drawdowns

SLV vs. AAAU - Drawdown Comparison

The maximum SLV drawdown since its inception was -76.28%, which is greater than AAAU's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for SLV and AAAU.

Drawdown Indicators

	SLV	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-76.28%	-21.63%	-54.65%
Max Drawdown (1Y) Largest decline over 1 year	-42.45%	-19.13%	-23.32%
Max Drawdown (3Y) Largest decline over 3 years	-42.45%	-19.13%	-23.32%
Max Drawdown (5Y) Largest decline over 5 years	-42.45%	-20.94%	-21.51%
Max Drawdown (10Y) Largest decline over 10 years	-42.81%	—	—
Current Drawdown Current decline from peak	-37.30%	-17.68%	-19.62%
Average Drawdown Average peak-to-trough decline	-44.67%	-6.18%	-38.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.67%	7.69%	+11.98%

Volatility

SLV vs. AAAU - Volatility Comparison

iShares Silver Trust (SLV) has a higher volatility of 16.30% compared to Goldman Sachs Physical Gold ETF (AAAU) at 5.50%. This indicates that SLV's price experiences larger fluctuations and is considered to be riskier than AAAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLV	AAAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.30%	5.50%	+10.80%
Volatility (6M) Calculated over the trailing 6-month period	58.31%	22.94%	+35.37%
Volatility (1Y) Calculated over the trailing 1-year period	58.90%	26.33%	+32.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.15%	17.83%	+18.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.84%	16.99%	+14.85%

SLV vs. AAAU - Expense Ratio Comparison

SLV has a 0.50% expense ratio, which is higher than AAAU's 0.18% expense ratio.

Dividends

SLV vs. AAAU - Dividend Comparison

Neither SLV nor AAAU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SLV and AAAU in my portfolio?

SLV and AAAU have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLV or AAAU?

SLV has higher volatility (16.30%) compared to AAAU (5.50%). In terms of maximum drawdown, SLV dropped -76.28% vs AAAU's -21.63%.

Which ETF is better, SLV or AAAU?

On 5-year performance, SLV leads with 20.76% vs 18.39% for AAAU. On fees, AAAU is cheaper at 0.18% per year. On volatility, AAAU has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLV or AAAU?

Over the 5-year period, SLV has performed better with a 20.76% return vs 18.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLV or AAAU?

AAAU is cheaper with a 0.18% expense ratio, compared with 0.50% for SLV.

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

SLV and AAAU have nearly identical dividend yields, around 0.00%.

What is the main difference between SLV and AAAU?

SLV is categorized as Silver, while AAAU is Precious Metals. SLV tracks LBMA Silver Price, while AAAU tracks LBMA Gold PM Price. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.50% for SLV and 0.18% for AAAU.

Which has better risk-adjusted returns?

SLV currently has the higher Sharpe Ratio (1.89 vs 1.23), 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.