SLV vs. FRES.L
SLV (iShares Silver Trust) is Silver fund tracking the LBMA Silver Price, while FRES.L (Fresnillo plc) is a stock. Over the past 10 years, SLV returned 11.05%/yr vs 7.10%/yr for FRES.L. A 0.51 correlation means they provide meaningful diversification when combined.
Performance
SLV vs. FRES.L - Performance Comparison
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Different Trading Currencies
SLV is traded in USD, while FRES.L is traded in GBp. To make them comparable, the FRES.L values have been converted to USD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with SLV having a -17.00% return and FRES.L slightly lower at -17.27%. Over the past 10 years, SLV has outperformed FRES.L with an annualized return of 11.05%, while FRES.L has yielded a comparatively lower 7.10% annualized return.
SLV
- 1D
- 1.50%
- 1M
- -21.75%
- YTD
- -17.00%
- 6M
- -22.48%
- 1Y
- 62.97%
- 3Y*
- 36.79%
- 5Y*
- 17.27%
- 10Y*
- 11.05%
FRES.L
- 1D
- -1.52%
- 1M
- -17.84%
- YTD
- -17.27%
- 6M
- -19.22%
- 1Y
- 89.41%
- 3Y*
- 72.83%
- 5Y*
- 30.92%
- 10Y*
- 7.10%
SLV vs. FRES.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SLV iShares Silver Trust | -17.00% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
FRES.L Fresnillo plc | -17.27% | 511.09% | 4.36% | -29.44% | -7.20% | -19.52% | 84.40% | -20.96% | -41.76% | 30.31% |
Correlation
The correlation between SLV and FRES.L is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since May 9, 2008 | 0.51 |
The correlation between SLV and FRES.L shifts across timeframes, from 0.51 (all time) to 0.62 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SLV vs. FRES.L — Risk / Return Rank
SLV
FRES.L
SLV vs. FRES.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and Fresnillo plc (FRES.L). 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 | FRES.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.26 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.24 | 2.28 | -1.04 |
| Martin ratioReturn relative to average drawdown | 2.74 | 5.31 | -2.57 |
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Drawdowns
SLV vs. FRES.L - Drawdown Comparison
The maximum SLV drawdown since its inception was -76.28%, smaller than the maximum FRES.L drawdown of -86.88%. Use the drawdown chart below to compare losses from any high point for SLV and FRES.L.
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Drawdown Indicators
| SLV | FRES.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.28% | -86.88% | +10.60% |
Max Drawdown (1Y)Largest decline over 1 year | -50.97% | -38.99% | -11.98% |
Max Drawdown (3Y)Largest decline over 3 years | -50.97% | -38.99% | -11.98% |
Max Drawdown (5Y)Largest decline over 5 years | -50.97% | -55.86% | +4.89% |
Max Drawdown (10Y)Largest decline over 10 years | -50.97% | -75.05% | +24.08% |
Current DrawdownCurrent decline from peak | -49.37% | -38.99% | -10.38% |
Average DrawdownAverage peak-to-trough decline | -44.66% | -48.28% | +3.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.01% | 16.77% | +6.24% |
Volatility
SLV vs. FRES.L - Volatility Comparison
The current volatility for iShares Silver Trust (SLV) is 15.67%, while Fresnillo plc (FRES.L) has a volatility of 17.06%. This indicates that SLV experiences smaller price fluctuations and is considered to be less risky than FRES.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SLV | FRES.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.67% | 17.06% | -1.39% |
Volatility (6M)Calculated over the trailing 6-month period | 58.87% | 45.57% | +13.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.75% | 57.89% | +2.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.74% | 45.68% | -8.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.12% | 45.39% | -13.27% |
Dividends
SLV vs. FRES.L - Dividend Comparison
SLV has not paid dividends to shareholders, while FRES.L's dividend yield for the trailing twelve months is around 3.47%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FRES.L Fresnillo plc | 3.47% | 2.00% | 1.36% | 1.98% | 2.44% | 2.66% | 1.00% | 2.35% | 3.49% | 1.73% |
SLV iShares Silver Trust | 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 FRES.L have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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