SLV vs. FRDM

Last updated Jun 14, 2026

SLV (iShares Silver Trust) and FRDM (Freedom 100 Emerging Markets ETF) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while FRDM is a Emerging Markets Diversified fund tracking the Life + Liberty Freedom 100 Emerging Markets Index. Both are passively managed. Over the past 5 years, SLV returned 18.83%/yr vs 18.68%/yr for FRDM. At a 0.37 correlation, their price movements are largely independent. SLV charges 0.50%/yr vs 0.49%/yr for FRDM.

Performance

SLV vs. FRDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Silver Trust (SLV) and Freedom 100 Emerging Markets ETF (FRDM). 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 lower than FRDM's 40.13% return.

SLV

• 1D: 0.77%
• 1M: -11.23%
• YTD: -4.86%
• 6M: 9.25%
• 1Y: 85.90%
• 3Y*: 41.27%
• 5Y*: 18.83%
• 10Y*: 13.99%

FRDM

• 1D: 0.49%
• 1M: 9.04%
• YTD: 40.13%
• 6M: 46.37%
• 1Y: 87.32%
• 3Y*: 34.29%
• 5Y*: 18.68%
• 10Y*: —

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

SLV vs. FRDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SLV iShares Silver Trust	-4.86%	144.66%	20.89%	-1.09%	2.37%	-12.45%	47.30%	23.19%
FRDM Freedom 100 Emerging Markets ETF	40.13%	61.27%	1.70%	22.77%	-14.45%	6.13%	16.90%	12.23%

Correlation

The correlation between SLV and FRDM is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (All Time) Calculated using the full available price history since May 23, 2019	0.37

Return for Risk

SLV vs. FRDM — 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

FRDM

FRDM Risk / Return Rank: 92
FRDM Sharpe Ratio Rank: 94
FRDM Sortino Ratio Rank: 90
FRDM Omega Ratio Rank: 92
FRDM Calmar Ratio Rank: 91
FRDM Martin Ratio Rank: 91

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. FRDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and Freedom 100 Emerging Markets ETF (FRDM). 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	FRDM	Difference
Sharpe ratio: Return per unit of total volatility	1.44	3.15	-1.72
Sortino ratio: Return per unit of downside risk	1.76	3.68	-1.92
Omega ratio: Gain probability vs. loss probability	1.29	1.54	-0.25
Calmar ratio: Return relative to maximum drawdown	1.89	5.02	-3.13
Martin ratio: Return relative to average drawdown	4.10	19.36	-15.26

SLV vs. FRDM - Sharpe Ratio Comparison

The current SLV Sharpe Ratio is 1.44, which is lower than the FRDM Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of SLV and FRDM, 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. FRDM - Drawdown Comparison

The maximum SLV drawdown since its inception was -76.28%, which is greater than FRDM's maximum drawdown of -40.49%. Use the drawdown chart below to compare losses from any high point for SLV and FRDM.

Drawdown Indicators

	SLV	FRDM	Difference
Max Drawdown Largest peak-to-trough decline	-76.28%	-40.49%	-35.79%
Max Drawdown (1Y) Largest decline over 1 year	-45.40%	-16.87%	-28.53%
Max Drawdown (3Y) Largest decline over 3 years	-45.40%	-16.87%	-28.53%
Max Drawdown (5Y) Largest decline over 5 years	-45.40%	-29.25%	-16.15%
Max Drawdown (10Y) Largest decline over 10 years	-45.40%	—	—
Current Drawdown Current decline from peak	-41.96%	-4.36%	-37.60%
Average Drawdown Average peak-to-trough decline	-44.66%	-7.09%	-37.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.88%	4.37%	+16.51%

Volatility

SLV vs. FRDM - Volatility Comparison

iShares Silver Trust (SLV) has a higher volatility of 16.34% compared to Freedom 100 Emerging Markets ETF (FRDM) at 14.27%. This indicates that SLV's price experiences larger fluctuations and is considered to be riskier than FRDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLV	FRDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.34%	14.27%	+2.07%
Volatility (6M) Calculated over the trailing 6-month period	59.10%	24.39%	+34.71%
Volatility (1Y) Calculated over the trailing 1-year period	59.82%	26.86%	+32.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.46%	21.35%	+15.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.00%	23.09%	+8.91%

SLV vs. FRDM - Expense Ratio Comparison

SLV has a 0.50% expense ratio, which is higher than FRDM's 0.49% expense ratio.

Dividends

SLV vs. FRDM - Dividend Comparison

SLV has not paid dividends to shareholders, while FRDM's dividend yield for the trailing twelve months is around 1.56%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FRDM Freedom 100 Emerging Markets ETF	1.56%	2.26%	2.53%	2.66%	2.72%	2.17%	1.11%	1.07%
SLV iShares Silver Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SLV and FRDM in my portfolio?

SLV and FRDM have a correlation of 0.44, 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 FRDM?

SLV has higher volatility (16.34%) compared to FRDM (14.27%). In terms of maximum drawdown, SLV dropped -76.28% vs FRDM's -40.49%.

Which ETF is better, SLV or FRDM?

On 5-year performance, SLV leads with 18.83% vs 18.68% for FRDM. On fees, FRDM is cheaper at 0.49% per year. On volatility, FRDM has been the lower-risk option at 14.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLV or FRDM?

Over the 5-year period, SLV has performed better with a 18.83% return vs 18.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLV or FRDM?

FRDM is cheaper with a 0.49% expense ratio, compared with 0.50% for SLV.

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

FRDM has the higher dividend yield at 1.56%, compared with 0.00% for SLV.

What is the main difference between SLV and FRDM?

SLV is categorized as Silver, while FRDM is Emerging Markets Diversified. SLV tracks LBMA Silver Price, while FRDM tracks Life + Liberty Freedom 100 Emerging Markets Index. They also come from different issuers: iShares and Freedom Funds. Their fees differ too: 0.50% for SLV and 0.49% for FRDM.

Which has better risk-adjusted returns?

FRDM currently has the higher Sharpe Ratio (3.15 vs 1.44), 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.