SLV vs. ICOP
SLV (iShares Silver Trust) and ICOP (iShares Copper and Metals Mining ETF) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while ICOP is a Copper fund tracking the STOXX Global Copper and Metals Mining Index. Both are passively managed. Over the past 3 years, SLV returned 32.93%/yr vs 26.30%/yr for ICOP. Their 0.65 correlation means they have sometimes moved together and sometimes differently. SLV charges 0.50%/yr vs 0.47%/yr for ICOP.
Performance
SLV vs. ICOP - Performance Comparison
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Returns By Period
In the year-to-date period, SLV achieves a -18.72% return, which is significantly lower than ICOP's 13.30% return.
SLV
- 1D
- -2.13%
- 1M
- -2.28%
- 6M
- -30.59%
- YTD
- -18.72%
- 1Y
- 57.14%
- 3Y*
- 32.93%
- 5Y*
- 17.25%
- 10Y*
- 10.33%
- ALL TIME*
- 7.16%
ICOP
- 1D
- -1.40%
- 1M
- 2.90%
- 6M
- -1.66%
- YTD
- 13.30%
- 1Y
- 74.78%
- 3Y*
- 26.30%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 28.98%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.24M | $3.32M | $5.52M | |
| $716.70M | $772.79M | $1.26B |
SLV vs. ICOP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SLV iShares Silver Trust | -18.72% | 144.66% | 20.89% | 6.09% |
ICOP iShares Copper and Metals Mining ETF | 13.30% | 78.01% | 1.10% | 8.08% |
Correlation
The correlation between SLV and ICOP is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.73 |
Correlation (3Y) Balances recent behavior with more history. | 0.65 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023 | 0.65 |
The correlation between SLV and ICOP has been stable across timeframes, ranging from 0.65 to 0.73 - a consistent structural relationship.
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Return for Risk
SLV vs. ICOP — Risk / Return Rank
SLV
ICOP
SLV vs. ICOP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and iShares Copper and Metals Mining ETF (ICOP). 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 | ICOP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.30 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.10 | 2.88 | -1.78 |
| Martin ratioReturn relative to average drawdown | 2.10 | 8.34 | -6.24 |
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Drawdowns
SLV vs. ICOP - Drawdown Comparison
The maximum SLV drawdown since its inception was -76.28%, which is greater than ICOP's maximum drawdown of -38.67%. Use the drawdown chart below to compare losses from any high point for SLV and ICOP.
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Drawdown Indicators
| SLV | ICOP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.28% | -38.67% | -37.61% |
Max Drawdown (1Y)Largest decline over 1 year | -52.28% | -26.13% | -26.15% |
Max Drawdown (3Y)Largest decline over 3 years | -52.28% | -38.67% | -13.61% |
Max Drawdown (5Y)Largest decline over 5 years | -52.28% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -52.28% | — | — |
Current DrawdownCurrent decline from peak | -50.42% | -13.92% | -36.50% |
Average DrawdownAverage peak-to-trough decline | -44.68% | -11.76% | -32.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.31% | 8.99% | +18.32% |
Volatility
SLV vs. ICOP - Volatility Comparison
The current volatility for iShares Silver Trust (SLV) is 11.23%, while iShares Copper and Metals Mining ETF (ICOP) has a volatility of 12.26%. This indicates that SLV experiences smaller price fluctuations and is considered to be less risky than ICOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SLV | ICOP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.23% | 12.26% | -1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 55.44% | 35.69% | +19.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 61.35% | 40.68% | +20.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.97% | 34.64% | +2.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.22% | 34.64% | -2.42% |
SLV vs. ICOP - Expense Ratio Comparison
SLV has a 0.50% expense ratio, which is higher than ICOP's 0.47% expense ratio.
Dividends
SLV vs. ICOP - Dividend Comparison
SLV has not paid dividends to shareholders, while ICOP's dividend yield for the trailing twelve months is around 1.79%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
ICOP iShares Copper and Metals Mining ETF | 1.79% | 2.08% | 1.87% | 2.15% |
SLV iShares Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SLV and ICOP have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICOP has higher volatility (12.26%) compared to SLV (11.23%). In terms of maximum drawdown, SLV dropped -76.28% vs ICOP's -38.67%.
On 3-year performance, SLV leads with 32.93% vs 26.30% for ICOP. On fees, ICOP is cheaper at 0.47% per year. On volatility, SLV has been the lower-risk option at 11.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SLV has performed better with a 32.93% return vs 26.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICOP is cheaper with a 0.47% expense ratio, compared with 0.50% for SLV.
ICOP has the higher dividend yield at 1.79%, compared with 0.00% for SLV.
SLV is categorized as Silver, while ICOP is Copper. SLV tracks LBMA Silver Price, while ICOP tracks STOXX Global Copper and Metals Mining Index. Their fees differ too: 0.50% for SLV and 0.47% for ICOP.
ICOP currently has the higher Sharpe Ratio (1.85 vs 0.94), 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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