SLV vs. FWRG.L

Last updated Jun 9, 2026

SLV (iShares Silver Trust) and FWRG.L (Invesco FTSE All-World UCITS ETF Acc) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while FWRG.L is a Global Equities fund tracking the FTSE All-World Index. Both are passively managed. Over the past year, SLV returned 88.38% vs 27.47% for FWRG.L. At a 0.13 correlation, their price movements are largely independent. SLV charges 0.50%/yr vs 0.15%/yr for FWRG.L.

Performance

SLV vs. FWRG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Silver Trust (SLV) and Invesco FTSE All-World UCITS ETF Acc (FWRG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLV achieves a -4.41% return, which is significantly lower than FWRG.L's 10.38% return.

SLV

• 1D: 0.02%
• 1M: -15.66%
• YTD: -4.41%
• 6M: 16.83%
• 1Y: 88.38%
• 3Y*: 40.36%
• 5Y*: 19.02%
• 10Y*: 14.08%

FWRG.L

• 1D: -0.23%
• 1M: 2.45%
• YTD: 10.38%
• 6M: 10.61%
• 1Y: 27.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SLV vs. FWRG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SLV iShares Silver Trust	-4.41%	144.66%	20.89%	5.83%
FWRG.L Invesco FTSE All-World UCITS ETF Acc	10.38%	13.84%	20.11%	8,531.38%

Correlation

The correlation between SLV and FWRG.L is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023	0.13

SLV vs. FWRG.L - Sectors Allocation Comparison

Sectors	SLV	FWRG.L
Basic Materials	100.0%	3.9%
Communication Services	-	8.9%
Consumer Cyclical	-	9.4%
Consumer Defensive	-	5.0%
Energy	-	4.3%
Financial Services	-	16.4%
Healthcare	-	7.6%
Industrials	-	11.0%
Real Estate	-	1.9%
Technology	-	29.1%
Utilities	-	2.6%

Return for Risk

SLV vs. FWRG.L — Risk / Return Rank

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

SLV

SLV Risk / Return Rank: 43
SLV Sharpe Ratio Rank: 47
SLV Sortino Ratio Rank: 38
SLV Omega Ratio Rank: 54
SLV Calmar Ratio Rank: 47
SLV Martin Ratio Rank: 32

FWRG.L

FWRG.L Risk / Return Rank: 86
FWRG.L Sharpe Ratio Rank: 88
FWRG.L Sortino Ratio Rank: 88
FWRG.L Omega Ratio Rank: 88
FWRG.L Calmar Ratio Rank: 81
FWRG.L Martin Ratio Rank: 83

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. FWRG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and Invesco FTSE All-World UCITS ETF Acc (FWRG.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.

	SLV	FWRG.L	Difference
Sharpe ratio: Return per unit of total volatility	1.50	2.64	-1.14
Sortino ratio: Return per unit of downside risk	1.80	3.67	-1.87
Omega ratio: Gain probability vs. loss probability	1.30	1.50	-0.20
Calmar ratio: Return relative to maximum drawdown	2.09	3.83	-1.74
Martin ratio: Return relative to average drawdown	4.40	15.43	-11.03
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. FWRG.L - Sharpe Ratio Comparison

The current SLV Sharpe Ratio is 1.50, which is lower than the FWRG.L Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of SLV and FWRG.L, 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	FWRG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	2.64	-1.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.09	+0.14

Drawdowns

SLV vs. FWRG.L - Drawdown Comparison

The maximum SLV drawdown since its inception was -76.28%, which is greater than FWRG.L's maximum drawdown of -18.87%. Use the drawdown chart below to compare losses from any high point for SLV and FWRG.L.

Drawdown Indicators

	SLV	FWRG.L	Difference
Max Drawdown Largest peak-to-trough decline	-76.28%	-18.87%	-57.41%
Max Drawdown (1Y) Largest decline over 1 year	-42.45%	-7.14%	-35.31%
Max Drawdown (3Y) Largest decline over 3 years	-42.45%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-42.45%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.81%	—	—
Current Drawdown Current decline from peak	-41.69%	-1.80%	-39.89%
Average Drawdown Average peak-to-trough decline	-44.67%	-2.26%	-42.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.15%	1.78%	+18.37%

Volatility

SLV vs. FWRG.L - Volatility Comparison

iShares Silver Trust (SLV) has a higher volatility of 16.89% compared to Invesco FTSE All-World UCITS ETF Acc (FWRG.L) at 3.01%. This indicates that SLV's price experiences larger fluctuations and is considered to be riskier than FWRG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLV	FWRG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.89%	3.01%	+13.88%
Volatility (6M) Calculated over the trailing 6-month period	58.88%	7.77%	+51.11%
Volatility (1Y) Calculated over the trailing 1-year period	59.53%	10.39%	+49.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.33%	4,499.48%	-4,463.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.92%	4,499.48%	-4,467.56%

SLV vs. FWRG.L - Expense Ratio Comparison

SLV has a 0.50% expense ratio, which is higher than FWRG.L's 0.15% expense ratio.

Dividends

SLV vs. FWRG.L - Dividend Comparison

Neither SLV nor FWRG.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SLV and FWRG.L in my portfolio?

SLV and FWRG.L have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SLV or FWRG.L?

On fees, FWRG.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SLV or FWRG.L?

FWRG.L is cheaper with a 0.15% expense ratio, compared with 0.50% for SLV.

What is the main difference between SLV and FWRG.L?

SLV is categorized as Silver, while FWRG.L is Global Equities. SLV tracks LBMA Silver Price, while FWRG.L tracks FTSE All-World Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.50% for SLV and 0.15% for FWRG.L.