SLV vs. FXF

Last updated Jul 21, 2026

SLV (iShares Silver Trust) and FXF (Invesco CurrencyShares® Swiss Franc Trust) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while FXF is a Currency fund tracking the Swiss Franc. Both are passively managed. Over the past 10 years, SLV returned 10.57%/yr vs 1.16%/yr for FXF. At a 0.37 correlation, their price movements are largely independent. SLV charges 0.50%/yr vs 0.40%/yr for FXF.

Performance

SLV vs. FXF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Silver Trust (SLV) and Invesco CurrencyShares® Swiss Franc Trust (FXF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLV achieves a -20.86% return, which is significantly lower than FXF's -2.51% return. Over the past 10 years, SLV has outperformed FXF with an annualized return of 10.57%, while FXF has yielded a comparatively lower 1.16% 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%

FXF

• 1D: -0.36%
• 1M: -0.69%
• 6M: -1.20%
• YTD: -2.51%
• 1Y: -1.57%
• 3Y*: 1.94%
• 5Y*: 1.98%
• 10Y*: 1.16%
• ALL TIME*: 1.66%

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

SLV vs. FXF - 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%
FXF Invesco CurrencyShares® Swiss Franc Trust	-2.51%	14.04%	-7.46%	9.63%	-2.29%	-4.08%	8.18%	0.32%	-2.01%	3.31%

Correlation

The correlation between SLV and FXF is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006	0.37

Return for Risk

SLV vs. FXF — Risk / Return Rank

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

SLV

SLV Risk / Return Rank: 28
SLV Sharpe Ratio Rank: 28
SLV Sortino Ratio Rank: 29
SLV Omega Ratio Rank: 37
SLV Calmar Ratio Rank: 25
SLV Martin Ratio Rank: 22

FXF

FXF Risk / Return Rank: 7
FXF Sharpe Ratio Rank: 8
FXF Sortino Ratio Rank: 7
FXF Omega Ratio Rank: 7
FXF Calmar Ratio Rank: 8
FXF Martin Ratio Rank: 7

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. FXF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and Invesco CurrencyShares® Swiss Franc Trust (FXF). 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	FXF	Difference
Sharpe ratio: Return per unit of total volatility	0.78	-0.21	+0.99
Sortino ratio: Return per unit of downside risk	1.23	-0.26	+1.50
Omega ratio: Gain probability vs. loss probability	1.19	0.97	+0.22
Calmar ratio: Return relative to maximum drawdown	0.91	-0.24	+1.14
Martin ratio: Return relative to average drawdown	1.85	-0.55	+2.40

SLV vs. FXF - Sharpe Ratio Comparison

The current SLV Sharpe Ratio is 0.78, which is higher than the FXF Sharpe Ratio of -0.21. The chart below compares the historical Sharpe Ratios of SLV and FXF, 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. FXF - Drawdown Comparison

The maximum SLV drawdown since its inception was -76.28%, which is greater than FXF's maximum drawdown of -35.58%. Use the drawdown chart below to compare losses from any high point for SLV and FXF.

Drawdown Indicators

	SLV	FXF	Difference
Max Drawdown Largest peak-to-trough decline	-76.28%	-35.58%	-40.70%
Max Drawdown (1Y) Largest decline over 1 year	-52.28%	-6.72%	-45.56%
Max Drawdown (3Y) Largest decline over 3 years	-52.28%	-8.52%	-43.76%
Max Drawdown (5Y) Largest decline over 5 years	-52.28%	-11.99%	-40.29%
Max Drawdown (10Y) Largest decline over 10 years	-52.28%	-15.04%	-37.24%
Current Drawdown Current decline from peak	-51.72%	-20.42%	-31.30%
Average Drawdown Average peak-to-trough decline	-44.67%	-20.83%	-23.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.64%	2.88%	+22.76%

Volatility

SLV vs. FXF - Volatility Comparison

iShares Silver Trust (SLV) has a higher volatility of 12.54% compared to Invesco CurrencyShares® Swiss Franc Trust (FXF) at 1.86%. This indicates that SLV's price experiences larger fluctuations and is considered to be riskier than FXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLV	FXF	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.54%	1.86%	+10.68%
Volatility (6M) Calculated over the trailing 6-month period	56.50%	5.76%	+50.74%
Volatility (1Y) Calculated over the trailing 1-year period	61.24%	7.44%	+53.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.87%	8.32%	+28.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.18%	7.57%	+24.61%

SLV vs. FXF - Expense Ratio Comparison

SLV has a 0.50% expense ratio, which is higher than FXF's 0.40% expense ratio.

Dividends

SLV vs. FXF - Dividend Comparison

Neither SLV nor FXF has paid dividends to shareholders.

Position	TTM	2025	2024	2023
FXF Invesco CurrencyShares® Swiss Franc Trust	0.00%	0.00%	0.03%	0.02%
SLV iShares Silver Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SLV and FXF in my portfolio?

SLV and FXF have a correlation of 0.39, 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 FXF?

SLV has higher volatility (12.54%) compared to FXF (1.86%). In terms of maximum drawdown, SLV dropped -76.28% vs FXF's -35.58%.

Which ETF is better, SLV or FXF?

On 10-year performance, SLV leads with 10.57% vs 1.16% for FXF. On fees, FXF is cheaper at 0.40% per year. On volatility, FXF has been the lower-risk option at 1.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLV or FXF?

Over the 10-year period, SLV has performed better with a 10.57% return vs 1.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLV or FXF?

FXF is cheaper with a 0.40% expense ratio, compared with 0.50% for SLV.

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

SLV and FXF have nearly identical dividend yields, around 0.00%.

What is the main difference between SLV and FXF?

SLV is categorized as Silver, while FXF is Currency. SLV tracks LBMA Silver Price, while FXF tracks Swiss Franc. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.50% for SLV and 0.40% for FXF.

Which has better risk-adjusted returns?

SLV currently has the higher Sharpe Ratio (0.78 vs -0.21), 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.