SLV vs. OPGSX
SLV (iShares Silver Trust) and OPGSX (Invesco Gold & Special Minerals Fund) are both funds - SLV is a Silver fund tracking the LBMA Silver Price, while OPGSX is a Gold fund managed by Invesco. Over the past 10 years, SLV returned 13.99%/yr vs 13.34%/yr for OPGSX. A 0.72 correlation means they provide meaningful diversification when combined. SLV charges 0.50%/yr vs 1.05%/yr for OPGSX.
Performance
SLV vs. OPGSX - Performance Comparison
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Returns By Period
In the year-to-date period, SLV achieves a -4.86% return, which is significantly higher than OPGSX's -8.04% return. Both investments have delivered pretty close results over the past 10 years, with SLV having a 13.99% annualized return and OPGSX not far behind at 13.34%.
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%
OPGSX
- 1D
- 5.36%
- 1M
- -16.90%
- YTD
- -8.04%
- 6M
- -7.21%
- 1Y
- 39.94%
- 3Y*
- 33.13%
- 5Y*
- 13.30%
- 10Y*
- 13.34%
SLV vs. OPGSX - 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% |
OPGSX Invesco Gold & Special Minerals Fund | -8.04% | 131.03% | 13.05% | 6.35% | -16.86% | -2.75% | 36.15% | 46.37% | -13.15% | 17.17% |
Correlation
The correlation between SLV and OPGSX is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Apr 28, 2006 | 0.72 |
The correlation between SLV and OPGSX has been stable across timeframes, ranging from 0.68 to 0.72 - a consistent structural relationship.
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Return for Risk
SLV vs. OPGSX — Risk / Return Rank
SLV
OPGSX
SLV vs. OPGSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and Invesco Gold & Special Minerals Fund (OPGSX). 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 | OPGSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.21 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.89 | 1.39 | +0.51 |
| Martin ratioReturn relative to average drawdown | 4.10 | 3.89 | +0.22 |
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Drawdowns
SLV vs. OPGSX - Drawdown Comparison
The maximum SLV drawdown since its inception was -76.28%, roughly equal to the maximum OPGSX drawdown of -80.04%. Use the drawdown chart below to compare losses from any high point for SLV and OPGSX.
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Drawdown Indicators
| SLV | OPGSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.28% | -80.04% | +3.76% |
Max Drawdown (1Y)Largest decline over 1 year | -45.40% | -34.52% | -10.88% |
Max Drawdown (3Y)Largest decline over 3 years | -45.40% | -34.52% | -10.88% |
Max Drawdown (5Y)Largest decline over 5 years | -45.40% | -47.09% | +1.69% |
Max Drawdown (10Y)Largest decline over 10 years | -45.40% | -47.09% | +1.69% |
Current DrawdownCurrent decline from peak | -41.96% | -31.01% | -10.95% |
Average DrawdownAverage peak-to-trough decline | -44.66% | -29.29% | -15.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.88% | 11.81% | +9.07% |
Volatility
SLV vs. OPGSX - Volatility Comparison
iShares Silver Trust (SLV) has a higher volatility of 16.34% compared to Invesco Gold & Special Minerals Fund (OPGSX) at 15.14%. This indicates that SLV's price experiences larger fluctuations and is considered to be riskier than OPGSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SLV | OPGSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.34% | 15.14% | +1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 59.10% | 36.82% | +22.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.82% | 44.53% | +15.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.46% | 33.91% | +2.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.00% | 33.04% | -1.04% |
SLV vs. OPGSX - Expense Ratio Comparison
SLV has a 0.50% expense ratio, which is lower than OPGSX's 1.05% expense ratio.
Dividends
SLV vs. OPGSX - Dividend Comparison
SLV has not paid dividends to shareholders, while OPGSX's dividend yield for the trailing twelve months is around 0.46%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
OPGSX Invesco Gold & Special Minerals Fund | 0.46% | 0.43% | 0.86% | 0.81% | 0.45% | 3.56% | 1.55% | 0.29% | 0.00% | 2.78% | 7.21% |
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% |
Frequently Asked Questions
SLV and OPGSX have a correlation of 0.68, 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 OPGSX (15.14%). In terms of maximum drawdown, SLV dropped -76.28% vs OPGSX's -80.04%.
SLV currently has the higher Sharpe Ratio (1.44 vs 1.07), 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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