SLV vs. ION

Last updated Jun 14, 2026

SLV (iShares Silver Trust) and ION (Proshares S&P Global Core Battery Metals ETF) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while ION is a Lithium & Battery Metals fund tracking the S&P Global Core Battery Metals Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, SLV returned 41.27%/yr vs 17.31%/yr for ION. At a 0.48 correlation, their price movements are largely independent. SLV charges 0.50%/yr vs 0.58%/yr for ION.

Performance

SLV vs. ION - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Silver Trust (SLV) and Proshares S&P Global Core Battery Metals ETF (ION). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLV achieves a -4.86% return, which is significantly lower than ION's 13.12% return.

SLV

• 1D: 0.77%
• 1M: -11.23%
• YTD: -4.86%
• 6M: 9.25%
• 1Y: 85.90%
• 3Y*: 41.27%
• 5Y*: 18.83%
• 10Y*: 13.99%

ION

• 1D: 4.15%
• 1M: -8.49%
• YTD: 13.12%
• 6M: 23.38%
• 1Y: 112.30%
• 3Y*: 17.31%
• 5Y*: —
• 10Y*: —

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

SLV vs. ION - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SLV iShares Silver Trust	-4.86%	144.66%	20.89%	-1.09%	7.78%
ION Proshares S&P Global Core Battery Metals ETF	13.12%	108.37%	-20.02%	-14.10%	-8.45%

Correlation

The correlation between SLV and ION is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (All Time) Calculated using the full available price history since Dec 1, 2022	0.48

The correlation between SLV and ION has been stable across timeframes, ranging from 0.48 to 0.53 - a consistent structural relationship.

Return for Risk

SLV vs. ION — Risk / Return Rank

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

SLV

SLV Risk / Return Rank: 42
SLV Sharpe Ratio Rank: 47
SLV Sortino Ratio Rank: 38
SLV Omega Ratio Rank: 53
SLV Calmar Ratio Rank: 43
SLV Martin Ratio Rank: 32

ION

ION Risk / Return Rank: 84
ION Sharpe Ratio Rank: 92
ION Sortino Ratio Rank: 79
ION Omega Ratio Rank: 78
ION Calmar Ratio Rank: 89
ION Martin Ratio Rank: 84

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. ION - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and Proshares S&P Global Core Battery Metals ETF (ION). 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	ION	Difference
Sharpe ratio: Return per unit of total volatility	1.44	2.81	-1.37
Sortino ratio: Return per unit of downside risk	1.76	3.09	-1.33
Omega ratio: Gain probability vs. loss probability	1.29	1.40	-0.11
Calmar ratio: Return relative to maximum drawdown	1.89	4.74	-2.85
Martin ratio: Return relative to average drawdown	4.10	15.01	-10.90

SLV vs. ION - Sharpe Ratio Comparison

The current SLV Sharpe Ratio is 1.44, which is lower than the ION Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of SLV and ION, 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. ION - Drawdown Comparison

The maximum SLV drawdown since its inception was -76.28%, which is greater than ION's maximum drawdown of -52.08%. Use the drawdown chart below to compare losses from any high point for SLV and ION.

Drawdown Indicators

	SLV	ION	Difference
Max Drawdown Largest peak-to-trough decline	-76.28%	-52.08%	-24.20%
Max Drawdown (1Y) Largest decline over 1 year	-45.40%	-23.30%	-22.10%
Max Drawdown (3Y) Largest decline over 3 years	-45.40%	-46.47%	+1.07%
Max Drawdown (5Y) Largest decline over 5 years	-45.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.40%	—	—
Current Drawdown Current decline from peak	-41.96%	-14.68%	-27.28%
Average Drawdown Average peak-to-trough decline	-44.66%	-23.64%	-21.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.88%	7.34%	+13.54%

Volatility

SLV vs. ION - Volatility Comparison

iShares Silver Trust (SLV) has a higher volatility of 16.34% compared to Proshares S&P Global Core Battery Metals ETF (ION) at 15.42%. This indicates that SLV's price experiences larger fluctuations and is considered to be riskier than ION based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLV	ION	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.34%	15.42%	+0.92%
Volatility (6M) Calculated over the trailing 6-month period	59.10%	31.74%	+27.36%
Volatility (1Y) Calculated over the trailing 1-year period	59.82%	39.38%	+20.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.46%	31.51%	+4.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.00%	31.51%	+0.49%

SLV vs. ION - Expense Ratio Comparison

SLV has a 0.50% expense ratio, which is lower than ION's 0.58% expense ratio.

Dividends

SLV vs. ION - Dividend Comparison

SLV has not paid dividends to shareholders, while ION's dividend yield for the trailing twelve months is around 1.41%.

Position	TTM	2025	2024	2023	2022
ION Proshares S&P Global Core Battery Metals ETF	1.41%	1.63%	1.74%	2.23%	0.13%
SLV iShares Silver Trust	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SLV and ION in my portfolio?

SLV and ION have a correlation of 0.53, 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 ION?

SLV has higher volatility (16.34%) compared to ION (15.42%). In terms of maximum drawdown, SLV dropped -76.28% vs ION's -52.08%.

Which ETF is better, SLV or ION?

On 3-year performance, SLV leads with 41.27% vs 17.31% for ION. On fees, SLV is cheaper at 0.50% per year. On volatility, ION has been the lower-risk option at 15.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLV or ION?

Over the 3-year period, SLV has performed better with a 41.27% return vs 17.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLV or ION?

SLV is cheaper with a 0.50% expense ratio, compared with 0.58% for ION.

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

ION has the higher dividend yield at 1.41%, compared with 0.00% for SLV.

What is the main difference between SLV and ION?

SLV is categorized as Silver, while ION is Lithium & Battery Metals. SLV tracks LBMA Silver Price, while ION tracks S&P Global Core Battery Metals Index - Benchmark TR Net. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.50% for SLV and 0.58% for ION.

Which has better risk-adjusted returns?

ION currently has the higher Sharpe Ratio (2.81 vs 1.44), 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.