SLV vs. FENY
SLV (iShares Silver Trust) and FENY (Fidelity MSCI Energy Index ETF) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while FENY is a Energy Equities fund tracking the MSCI USA IMI Energy 25/50 Index. Both are passively managed. Over the past 10 years, SLV returned 10.57%/yr vs 9.16%/yr for FENY. At a 0.16 correlation, their price movements are largely independent. SLV charges 0.50%/yr vs 0.08%/yr for FENY.
Performance
SLV vs. FENY - Performance Comparison
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Returns By Period
In the year-to-date period, SLV achieves a -20.86% return, which is significantly lower than FENY's 31.48% return. Over the past 10 years, SLV has outperformed FENY with an annualized return of 10.57%, while FENY has yielded a comparatively lower 9.16% annualized return.
SLV
- 1D
- 0.39%
- 1M
- -14.33%
- 6M
- -37.08%
- YTD
- -20.86%
- 1Y
- 47.30%
- 3Y*
- 31.21%
- 5Y*
- 16.83%
- 10Y*
- 10.57%
- ALL TIME*
- 7.03%
FENY
- 1D
- 0.44%
- 1M
- 8.43%
- 6M
- 23.04%
- YTD
- 31.48%
- 1Y
- 39.04%
- 3Y*
- 15.11%
- 5Y*
- 22.96%
- 10Y*
- 9.16%
- ALL TIME*
- 5.42%
SLV vs. FENY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SLV iShares Silver Trust | -20.86% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
FENY Fidelity MSCI Energy Index ETF | 31.48% | 7.27% | 6.62% | -0.04% | 62.94% | 55.62% | -33.15% | 9.11% | -19.99% | -2.30% |
Correlation
The correlation between SLV and FENY is -0.00, 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 (1Y) Calculated over the trailing 1-year period | -0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013 | 0.16 |
The correlation between SLV and FENY shifts across timeframes, from -0.00 (1 year) to 0.19 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SLV vs. FENY — Risk / Return Rank
SLV
FENY
SLV vs. FENY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and Fidelity MSCI Energy Index ETF (FENY). 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 | FENY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.11 | ||
| Sortino ratioReturn per unit of downside risk | -1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.31 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.91 | 2.62 | -1.71 |
| Martin ratioReturn relative to average drawdown | 1.85 | 7.08 | -5.23 |
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Drawdowns
SLV vs. FENY - Drawdown Comparison
The maximum SLV drawdown since its inception was -76.28%, roughly equal to the maximum FENY drawdown of -74.35%. Use the drawdown chart below to compare losses from any high point for SLV and FENY.
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Drawdown Indicators
| SLV | FENY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.28% | -74.35% | -1.93% |
Max Drawdown (1Y)Largest decline over 1 year | -52.28% | -14.96% | -37.32% |
Max Drawdown (3Y)Largest decline over 3 years | -52.28% | -21.47% | -30.81% |
Max Drawdown (5Y)Largest decline over 5 years | -52.28% | -26.64% | -25.64% |
Max Drawdown (10Y)Largest decline over 10 years | -52.28% | -69.07% | +16.79% |
Current DrawdownCurrent decline from peak | -51.72% | -6.92% | -44.80% |
Average DrawdownAverage peak-to-trough decline | -44.67% | -23.00% | -21.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.64% | 5.53% | +20.11% |
Volatility
SLV vs. FENY - Volatility Comparison
iShares Silver Trust (SLV) has a higher volatility of 12.54% compared to Fidelity MSCI Energy Index ETF (FENY) at 5.94%. This indicates that SLV's price experiences larger fluctuations and is considered to be riskier than FENY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SLV | FENY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.54% | 5.94% | +6.60% |
Volatility (6M)Calculated over the trailing 6-month period | 56.50% | 16.41% | +40.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 61.24% | 20.86% | +40.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.87% | 26.25% | +10.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.18% | 29.79% | +2.39% |
SLV vs. FENY - Expense Ratio Comparison
SLV has a 0.50% expense ratio, which is higher than FENY's 0.08% expense ratio.
Dividends
SLV vs. FENY - Dividend Comparison
SLV has not paid dividends to shareholders, while FENY's dividend yield for the trailing twelve months is around 2.42%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FENY Fidelity MSCI Energy Index ETF | 2.42% | 3.18% | 3.05% | 3.33% | 3.33% | 3.69% | 4.60% | 6.43% | 3.21% | 2.94% | 2.29% | 3.05% |
SLV iShares Silver Trust | 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
SLV and FENY have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (12.54%) compared to FENY (5.94%). In terms of maximum drawdown, SLV dropped -76.28% vs FENY's -74.35%.
On 10-year performance, SLV leads with 10.57% vs 9.16% for FENY. On fees, FENY is cheaper at 0.08% per year. On volatility, FENY has been the lower-risk option at 5.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SLV has performed better with a 10.57% return vs 9.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FENY is cheaper with a 0.08% expense ratio, compared with 0.50% for SLV.
FENY has the higher dividend yield at 2.42%, compared with 0.00% for SLV.
SLV is categorized as Silver, while FENY is Energy Equities. SLV tracks LBMA Silver Price, while FENY tracks MSCI USA IMI Energy 25/50 Index. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.50% for SLV and 0.08% for FENY.
FENY currently has the higher Sharpe Ratio (1.88 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.
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