SLV vs. NVO
SLV (iShares Silver Trust) is Silver fund tracking the LBMA Silver Price, while NVO (Novo Nordisk A/S) is a stock. Over the past 10 years, SLV returned 13.99%/yr vs 7.56%/yr for NVO. At a 0.17 correlation, their price movements are largely independent.
Performance
SLV vs. NVO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SLV achieves a -4.86% return, which is significantly higher than NVO's -10.74% return. Over the past 10 years, SLV has outperformed NVO with an annualized return of 13.99%, while NVO has yielded a comparatively lower 7.56% annualized return.
SLV
- 1D
- 0.77%
- 1M
- -22.76%
- YTD
- -4.86%
- 6M
- 9.25%
- 1Y
- 85.39%
- 3Y*
- 41.27%
- 5Y*
- 18.83%
- 10Y*
- 13.99%
NVO
- 1D
- -0.18%
- 1M
- -6.80%
- YTD
- -10.74%
- 6M
- -9.50%
- 1Y
- -43.34%
- 3Y*
- -15.59%
- 5Y*
- 2.92%
- 10Y*
- 7.56%
SLV vs. NVO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SLV iShares Silver Trust | -4.86% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
NVO Novo Nordisk A/S | -10.74% | -39.22% | -15.93% | 54.84% | 22.66% | 63.52% | 23.33% | 28.70% | -12.98% | 52.92% |
Correlation
The correlation between SLV and NVO is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Apr 28, 2006 | 0.17 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SLV vs. NVO — Risk / Return Rank
SLV
NVO
SLV vs. NVO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and Novo Nordisk A/S (NVO). 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 | NVO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.27 | ||
| Sortino ratioReturn per unit of downside risk | +2.80 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 0.85 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 1.89 | -0.80 | +2.69 |
| Martin ratioReturn relative to average drawdown | 4.10 | -1.18 | +5.28 |
Loading charts...
Drawdowns
SLV vs. NVO - Drawdown Comparison
The maximum SLV drawdown since its inception was -76.28%, roughly equal to the maximum NVO drawdown of -74.70%. Use the drawdown chart below to compare losses from any high point for SLV and NVO.
Loading charts...
Drawdown Indicators
| SLV | NVO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.28% | -74.70% | -1.58% |
Max Drawdown (1Y)Largest decline over 1 year | -45.40% | -54.34% | +8.94% |
Max Drawdown (3Y)Largest decline over 3 years | -45.40% | -74.70% | +29.30% |
Max Drawdown (5Y)Largest decline over 5 years | -45.40% | -74.70% | +29.30% |
Max Drawdown (10Y)Largest decline over 10 years | -45.40% | -74.70% | +29.30% |
Current DrawdownCurrent decline from peak | -41.96% | -68.11% | +26.15% |
Average DrawdownAverage peak-to-trough decline | -44.66% | -17.79% | -26.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.88% | 37.62% | -16.74% |
Volatility
SLV vs. NVO - Volatility Comparison
iShares Silver Trust (SLV) has a higher volatility of 16.34% compared to Novo Nordisk A/S (NVO) at 10.68%. This indicates that SLV's price experiences larger fluctuations and is considered to be riskier than NVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SLV | NVO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.34% | 10.68% | +5.66% |
Volatility (6M)Calculated over the trailing 6-month period | 59.10% | 38.04% | +21.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.82% | 51.88% | +7.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.46% | 38.33% | -1.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.00% | 32.56% | -0.56% |
Dividends
SLV vs. NVO - Dividend Comparison
SLV has not paid dividends to shareholders, while NVO's dividend yield for the trailing twelve months is around 4.11%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NVO Novo Nordisk A/S | 4.11% | 3.31% | 1.68% | 1.00% | 1.20% | 1.35% | 1.87% | 2.14% | 1.45% | 1.52% | 2.87% | 0.92% |
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 NVO have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (16.34%) compared to NVO (10.68%). In terms of maximum drawdown, SLV dropped -76.28% vs NVO's -74.70%.
SLV currently has the higher Sharpe Ratio (1.44 vs -0.84), 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.
Find the right allocation for SLV and NVO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer