SLV vs. GLD

Last updated Jun 21, 2026

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 13.58%/yr vs 12.13%/yr for GLD. A 0.79 correlation means they provide meaningful diversification when combined. SLV charges 0.50%/yr vs 0.40%/yr for GLD.

Performance

SLV vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Silver Trust (SLV) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLV achieves a -7.62% return, which is significantly lower than GLD's -2.32% return. Over the past 10 years, SLV has outperformed GLD with an annualized return of 13.58%, while GLD has yielded a comparatively lower 12.13% annualized return.

SLV

• 1D: -1.81%
• 1M: -14.31%
• YTD: -7.62%
• 6M: -2.33%
• 1Y: 81.88%
• 3Y*: 38.96%
• 5Y*: 20.04%
• 10Y*: 13.58%

GLD

• 1D: -0.38%
• 1M: -7.16%
• YTD: -2.32%
• 6M: -2.98%
• 1Y: 24.83%
• 3Y*: 28.69%
• 5Y*: 18.61%
• 10Y*: 12.13%

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

SLV vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLV iShares Silver Trust	-7.62%	144.66%	20.89%	-1.09%	2.37%	-12.45%	47.30%	14.88%	-9.19%	5.82%
GLD SPDR Gold Shares	-2.32%	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 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.77
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 0.76 to 0.79 - a consistent structural relationship.

Return for Risk

SLV vs. GLD — Risk / Return Rank

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

SLV

SLV Risk / Return Rank: 36
SLV Sharpe Ratio Rank: 39
SLV Sortino Ratio Rank: 32
SLV Omega Ratio Rank: 44
SLV Calmar Ratio Rank: 36
SLV Martin Ratio Rank: 28

GLD

GLD Risk / Return Rank: 25
GLD Sharpe Ratio Rank: 26
GLD Sortino Ratio Rank: 24
GLD Omega Ratio Rank: 29
GLD Calmar Ratio Rank: 22
GLD Martin Ratio Rank: 23

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. 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 ratio: Return per unit of total volatility	1.32	0.91	+0.41
Sortino ratio: Return per unit of downside risk	1.67	1.27	+0.40
Omega ratio: Gain probability vs. loss probability	1.27	1.19	+0.08
Calmar ratio: Return relative to maximum drawdown	1.75	1.02	+0.73
Martin ratio: Return relative to average drawdown	3.68	2.80	+0.87

SLV vs. GLD - Sharpe Ratio Comparison

The current SLV Sharpe Ratio is 1.32, which is higher than the GLD Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of SLV and GLD, 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. 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.

Drawdown Indicators

	SLV	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-76.28%	-45.56%	-30.72%
Max Drawdown (1Y) Largest decline over 1 year	-45.40%	-24.46%	-20.94%
Max Drawdown (3Y) Largest decline over 3 years	-45.40%	-24.46%	-20.94%
Max Drawdown (5Y) Largest decline over 5 years	-45.40%	-24.46%	-20.94%
Max Drawdown (10Y) Largest decline over 10 years	-45.40%	-24.46%	-20.94%
Current Drawdown Current decline from peak	-43.65%	-21.94%	-21.71%
Average Drawdown Average peak-to-trough decline	-44.65%	-16.16%	-28.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.52%	8.86%	+12.66%

Volatility

SLV vs. GLD - Volatility Comparison

iShares Silver Trust (SLV) has a higher volatility of 14.09% compared to SPDR Gold Shares (GLD) at 8.24%. 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.

Volatility by Period

	SLV	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.09%	8.24%	+5.85%
Volatility (6M) Calculated over the trailing 6-month period	59.18%	24.32%	+34.86%
Volatility (1Y) Calculated over the trailing 1-year period	60.10%	27.50%	+32.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.50%	18.22%	+18.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.04%	16.11%	+15.93%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SLV and GLD in my portfolio?

SLV and GLD have a correlation of 0.79, 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 GLD?

SLV has higher volatility (14.09%) compared to GLD (8.24%). In terms of maximum drawdown, SLV dropped -76.28% vs GLD's -45.56%.

Which ETF is better, SLV or GLD?

On 10-year performance, SLV leads with 13.58% vs 12.13% for GLD. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 8.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLV or GLD?

Over the 10-year period, SLV has performed better with a 13.58% return vs 12.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLV or GLD?

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

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

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

What is the main difference between SLV and GLD?

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.

Which has better risk-adjusted returns?

SLV currently has the higher Sharpe Ratio (1.32 vs 0.91), 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.