SLV vs. GLD
SLV (iShares Silver Trust) and GLD (SPDR Gold Shares) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, SLV returned 10.33%/yr vs 11.05%/yr for GLD. Their 0.79 correlation means they have sometimes moved together and sometimes differently. SLV charges 0.50%/yr vs 0.40%/yr for GLD.
Performance
SLV vs. GLD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SLV achieves a -18.72% return, which is significantly lower than GLD's -6.25% return. Over the past 10 years, SLV has underperformed GLD with an annualized return of 10.33%, while GLD has yielded a comparatively higher 11.05% annualized return.
SLV
- 1D
- -2.13%
- 1M
- -4.83%
- 6M
- -30.59%
- YTD
- -18.72%
- 1Y
- 55.88%
- 3Y*
- 32.93%
- 5Y*
- 17.25%
- 10Y*
- 10.33%
- ALL TIME*
- 7.16%
GLD
- 1D
- -1.49%
- 1M
- -1.74%
- 6M
- -16.50%
- YTD
- -6.25%
- 1Y
- 20.20%
- 3Y*
- 27.22%
- 5Y*
- 16.95%
- 10Y*
- 11.05%
- ALL TIME*
- 10.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.38B | $2.40B | $2.72B | |
| $716.70M | $772.79M | $1.26B |
SLV vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SLV iShares Silver Trust | -18.72% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
GLD SPDR Gold Shares | -6.25% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between SLV and GLD is 0.82, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.82 |
Correlation (3Y) Balances recent behavior with more history. | 0.77 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.78 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Apr 28, 2006 | 0.79 |
The correlation between SLV and GLD has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SLV vs. GLD — Risk / Return Rank
SLV
GLD
SLV vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.17 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.10 | 0.86 | +0.24 |
| Martin ratioReturn relative to average drawdown | 2.10 | 1.86 | +0.24 |
Loading charts...
Drawdowns
SLV vs. GLD - Drawdown Comparison
The maximum SLV drawdown since its inception was -76.28%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for SLV and GLD.
Loading charts...
Drawdown Indicators
| SLV | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.28% | -45.56% | -30.72% |
Max Drawdown (1Y)Largest decline over 1 year | -52.28% | -26.40% | -25.88% |
Max Drawdown (3Y)Largest decline over 3 years | -52.28% | -26.40% | -25.88% |
Max Drawdown (5Y)Largest decline over 5 years | -52.28% | -26.40% | -25.88% |
Max Drawdown (10Y)Largest decline over 10 years | -52.28% | -26.40% | -25.88% |
Current DrawdownCurrent decline from peak | -50.42% | -25.08% | -25.34% |
Average DrawdownAverage peak-to-trough decline | -44.68% | -16.21% | -28.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.31% | 12.18% | +15.13% |
Volatility
SLV vs. GLD - Volatility Comparison
iShares Silver Trust (SLV) has a higher volatility of 11.23% compared to SPDR Gold Shares (GLD) at 6.40%. This indicates that SLV's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SLV | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.23% | 6.40% | +4.83% |
Volatility (6M)Calculated over the trailing 6-month period | 55.44% | 23.52% | +31.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 61.35% | 28.13% | +33.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.97% | 18.49% | +18.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.22% | 16.14% | +16.08% |
SLV vs. GLD - Expense Ratio Comparison
SLV has a 0.50% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
SLV vs. GLD - Dividend Comparison
Neither SLV nor GLD has paid dividends to shareholders.
Frequently Asked Questions
SLV and GLD have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (11.23%) compared to GLD (6.40%). In terms of maximum drawdown, SLV dropped -76.28% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.05% vs 10.33% for SLV. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 6.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 11.05% return vs 10.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.50% for SLV.
SLV and GLD have nearly identical dividend yields, around 0.00%.
SLV is categorized as Silver, while GLD is Gold. SLV tracks LBMA Silver Price, while GLD tracks LBMA Gold Price PM. They also come from different issuers: iShares and State Street. Their fees differ too: 0.50% for SLV and 0.40% for GLD.
SLV currently has the higher Sharpe Ratio (0.94 vs 0.81), 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.
Find the right allocation for SLV and GLD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer