SLV vs. AUMI

Last updated Jun 13, 2026

SLV (iShares Silver Trust) and AUMI (Themes Gold Miners ETF) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while AUMI is a Gold fund tracking the Solactive Global Pure Gold Miners Index. Both are passively managed. Over the past year, SLV returned 85.39% vs 38.38% for AUMI. A 0.71 correlation means they provide meaningful diversification when combined. SLV charges 0.50%/yr vs 0.35%/yr for AUMI.

Performance

SLV vs. AUMI - Performance Comparison

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

Returns By Period

In the year-to-date period, SLV achieves a -4.86% return, which is significantly higher than AUMI's -11.62% return.

SLV

• 1D: 0.77%
• 1M: -22.76%
• YTD: -4.86%
• 6M: 9.25%
• 1Y: 85.39%
• 3Y*: 41.27%
• 5Y*: 18.83%
• 10Y*: 13.99%

AUMI

• 1D: 2.52%
• 1M: -18.86%
• YTD: -11.62%
• 6M: -9.97%
• 1Y: 38.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SLV vs. AUMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SLV iShares Silver Trust	-4.86%	144.66%	20.89%	4.51%
AUMI Themes Gold Miners ETF	-11.62%	164.18%	30.61%	10.23%

Correlation

The correlation between SLV and AUMI is 0.74, 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	0.74
Correlation (All Time) Calculated using the full available price history since Dec 13, 2023	0.71

The correlation between SLV and AUMI has been stable across timeframes, ranging from 0.71 to 0.74 - a consistent structural relationship.

SLV vs. AUMI - Sectors Allocation Comparison

Sectors	SLV	AUMI
Basic Materials	100.0%	99.4%
Communication Services	-	0.1%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SLV vs. AUMI — Risk / Return Rank

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

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

AUMI

AUMI Risk / Return Rank: 25
AUMI Sharpe Ratio Rank: 25
AUMI Sortino Ratio Rank: 25
AUMI Omega Ratio Rank: 28
AUMI Calmar Ratio Rank: 24
AUMI Martin Ratio Rank: 24

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. AUMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and Themes Gold Miners ETF (AUMI). 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.

	SLV	AUMI	Difference
Sharpe ratio: Return per unit of total volatility	1.44	0.78	+0.65
Sortino ratio: Return per unit of downside risk	1.76	1.24	+0.52
Omega ratio: Gain probability vs. loss probability	1.29	1.17	+0.12
Calmar ratio: Return relative to maximum drawdown	1.89	0.98	+0.91
Martin ratio: Return relative to average drawdown	4.10	2.81	+1.30

SLV vs. AUMI - Sharpe Ratio Comparison

The current SLV Sharpe Ratio is 1.44, which is higher than the AUMI Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of SLV and AUMI, 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

SLV vs. AUMI - Drawdown Comparison

The maximum SLV drawdown since its inception was -76.28%, which is greater than AUMI's maximum drawdown of -39.28%. Use the drawdown chart below to compare losses from any high point for SLV and AUMI.

Drawdown Indicators

	SLV	AUMI	Difference
Max Drawdown Largest peak-to-trough decline	-76.28%	-39.28%	-37.00%
Max Drawdown (1Y) Largest decline over 1 year	-45.40%	-39.28%	-6.12%
Max Drawdown (3Y) Largest decline over 3 years	-45.40%	—	—
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	-41.96%	-33.51%	-8.45%
Average Drawdown Average peak-to-trough decline	-44.66%	-7.35%	-37.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.88%	13.72%	+7.16%

Volatility

SLV vs. AUMI - Volatility Comparison

The current volatility for iShares Silver Trust (SLV) is 16.34%, while Themes Gold Miners ETF (AUMI) has a volatility of 17.47%. This indicates that SLV experiences smaller price fluctuations and is considered to be less risky than AUMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLV	AUMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.34%	17.47%	-1.13%
Volatility (6M) Calculated over the trailing 6-month period	59.10%	40.45%	+18.65%
Volatility (1Y) Calculated over the trailing 1-year period	59.82%	49.48%	+10.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.46%	42.24%	-5.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.00%	42.24%	-10.24%

SLV vs. AUMI - Expense Ratio Comparison

SLV has a 0.50% expense ratio, which is higher than AUMI's 0.35% expense ratio.

Dividends

SLV vs. AUMI - Dividend Comparison

SLV has not paid dividends to shareholders, while AUMI's dividend yield for the trailing twelve months is around 0.98%.

Position	TTM	2025	2024
AUMI Themes Gold Miners ETF	0.98%	0.86%	1.84%
SLV iShares Silver Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SLV and AUMI in my portfolio?

SLV and AUMI have a correlation of 0.74, 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 AUMI?

AUMI has higher volatility (17.47%) compared to SLV (16.34%). In terms of maximum drawdown, SLV dropped -76.28% vs AUMI's -39.28%.

Which ETF is better, SLV or AUMI?

On 1-year performance, SLV leads with 85.39% vs 38.38% for AUMI. On fees, AUMI is cheaper at 0.35% 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, SLV or AUMI?

Over the 1-year period, SLV has performed better with a 85.39% return vs 38.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLV or AUMI?

AUMI is cheaper with a 0.35% expense ratio, compared with 0.50% for SLV.

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

AUMI has the higher dividend yield at 0.98%, compared with 0.00% for SLV.

What is the main difference between SLV and AUMI?

SLV is categorized as Silver, while AUMI is Gold. SLV tracks LBMA Silver Price, while AUMI tracks Solactive Global Pure Gold Miners Index. They also come from different issuers: iShares and Themes. Their fees differ too: 0.50% for SLV and 0.35% for AUMI.

Which has better risk-adjusted returns?

SLV currently has the higher Sharpe Ratio (1.44 vs 0.78), 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.