SLV vs. GSY
SLV (iShares Silver Trust) and GSY (Invesco Ultra Short Duration ETF) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while GSY is a Ultrashort Bond fund actively managed by Invesco. SLV is passively managed, while GSY is actively managed. Over the past 10 years, SLV returned 13.58%/yr vs 2.86%/yr for GSY. At a 0.06 correlation, their price movements are largely independent. SLV charges 0.50%/yr vs 0.22%/yr for GSY.
Performance
SLV vs. GSY - Performance Comparison
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Returns By Period
In the year-to-date period, SLV achieves a -7.62% return, which is significantly lower than GSY's 1.76% return. Over the past 10 years, SLV has outperformed GSY with an annualized return of 13.58%, while GSY has yielded a comparatively lower 2.86% 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%
GSY
- 1D
- 0.04%
- 1M
- 0.32%
- YTD
- 1.76%
- 6M
- 1.90%
- 1Y
- 4.41%
- 3Y*
- 5.46%
- 5Y*
- 3.69%
- 10Y*
- 2.86%
SLV vs. GSY - 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% |
GSY Invesco Ultra Short Duration ETF | 1.76% | 4.96% | 5.95% | 5.99% | 0.01% | 0.03% | 1.88% | 3.39% | 2.18% | 1.86% |
Correlation
The correlation between SLV and GSY is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2008 | 0.06 |
The correlation between SLV and GSY shifts across timeframes, from 0.06 (all time) to 0.19 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SLV vs. GSY — Risk / Return Rank
SLV
GSY
SLV vs. GSY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and Invesco Ultra Short Duration ETF (GSY). 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 | GSY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.51 | ||
| Sortino ratioReturn per unit of downside risk | -23.64 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 6.08 | -4.81 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 74.67 | -72.92 |
| Martin ratioReturn relative to average drawdown | 3.68 | 350.46 | -346.79 |
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Drawdowns
SLV vs. GSY - Drawdown Comparison
The maximum SLV drawdown since its inception was -76.28%, which is greater than GSY's maximum drawdown of -12.14%. Use the drawdown chart below to compare losses from any high point for SLV and GSY.
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Drawdown Indicators
| SLV | GSY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.28% | -12.14% | -64.14% |
Max Drawdown (1Y)Largest decline over 1 year | -45.40% | -0.06% | -45.34% |
Max Drawdown (3Y)Largest decline over 3 years | -45.40% | -0.18% | -45.22% |
Max Drawdown (5Y)Largest decline over 5 years | -45.40% | -1.48% | -43.92% |
Max Drawdown (10Y)Largest decline over 10 years | -45.40% | -5.25% | -40.15% |
Current DrawdownCurrent decline from peak | -43.65% | -0.02% | -43.63% |
Average DrawdownAverage peak-to-trough decline | -44.65% | -2.38% | -42.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.52% | 0.01% | +21.51% |
Volatility
SLV vs. GSY - Volatility Comparison
iShares Silver Trust (SLV) has a higher volatility of 14.09% compared to Invesco Ultra Short Duration ETF (GSY) at 0.15%. This indicates that SLV's price experiences larger fluctuations and is considered to be riskier than GSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SLV | GSY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.09% | 0.15% | +13.94% |
Volatility (6M)Calculated over the trailing 6-month period | 59.18% | 0.31% | +58.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.10% | 0.41% | +59.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.50% | 0.58% | +35.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.04% | 1.22% | +30.82% |
SLV vs. GSY - Expense Ratio Comparison
SLV has a 0.50% expense ratio, which is higher than GSY's 0.22% expense ratio.
Dividends
SLV vs. GSY - Dividend Comparison
SLV has not paid dividends to shareholders, while GSY's dividend yield for the trailing twelve months is around 4.33%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GSY Invesco Ultra Short Duration ETF | 4.33% | 4.56% | 5.31% | 4.95% | 1.70% | 0.58% | 1.45% | 2.71% | 2.30% | 1.80% | 1.21% | 1.17% |
SLV iShares Silver Trust | 0.00% | 0.00% | 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 GSY have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (14.09%) compared to GSY (0.15%). In terms of maximum drawdown, SLV dropped -76.28% vs GSY's -12.14%.
On 10-year performance, SLV leads with 13.58% vs 2.86% for GSY. On fees, GSY is cheaper at 0.22% per year. On volatility, GSY has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SLV has performed better with a 13.58% return vs 2.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSY is cheaper with a 0.22% expense ratio, compared with 0.50% for SLV.
GSY has the higher dividend yield at 4.33%, compared with 0.00% for SLV.
SLV is categorized as Silver, while GSY is Ultrashort Bond. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.50% for SLV and 0.22% for GSY.
GSY currently has the higher Sharpe Ratio (10.83 vs 1.32), 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.
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