SLV vs. HG=F

Last updated Jun 9, 2026

SLV (iShares Silver Trust) is Silver fund tracking the LBMA Silver Price, while HG=F (Copper) is an asset. At a 0.04 correlation, their price movements are largely independent.

Performance

SLV vs. HG=F - Performance Comparison

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

Returns By Period

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%

HG=F

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SLV vs. HG=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SLV iShares Silver Trust	-4.41%	144.66%	20.89%	-1.09%	6.33%
HG=F Copper	0.00%	0.00%	0.00%	0.00%	1.29%

Correlation

The correlation between SLV and HG=F is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 31, 2022	0.04

Return for Risk

SLV vs. HG=F — 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

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. HG=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and Copper (HG=F). 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	HG=F	Difference
Sharpe ratio: Return per unit of total volatility	1.50	—	—
Sortino ratio: Return per unit of downside risk	1.80	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	2.09	—	—
Martin ratio: Return relative to average drawdown	4.40	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SLV	HG=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	—	—
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	—	—

Drawdowns

Drawdown Indicators

	SLV	HG=F	Difference
Max Drawdown Largest peak-to-trough decline	-76.28%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-42.45%	—	—
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%	—	—
Average Drawdown Average peak-to-trough decline	-44.67%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	20.15%	—	—

Volatility

Volatility by Period

	SLV	HG=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.89%	—	—
Volatility (6M) Calculated over the trailing 6-month period	58.88%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	59.53%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.33%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.92%	—	—

Frequently Asked Questions

Can I hold both SLV and HG=F in my portfolio?

SLV and HG=F have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.