SLV vs. OUNZ
SLV (iShares Silver Trust) and OUNZ (VanEck Merk Gold ETF) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while OUNZ is a Gold fund tracking the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 10 years, SLV returned 10.57%/yr vs 11.37%/yr for OUNZ. A 0.77 correlation means they provide meaningful diversification when combined. SLV charges 0.50%/yr vs 0.25%/yr for OUNZ.
Performance
SLV vs. OUNZ - Performance Comparison
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Returns By Period
In the year-to-date period, SLV achieves a -20.86% return, which is significantly lower than OUNZ's -7.16% return. Over the past 10 years, SLV has underperformed OUNZ with an annualized return of 10.57%, while OUNZ has yielded a comparatively higher 11.37% annualized return.
SLV
- 1D
- 0.39%
- 1M
- -14.33%
- 6M
- -37.08%
- YTD
- -20.86%
- 1Y
- 47.30%
- 3Y*
- 31.21%
- 5Y*
- 16.83%
- 10Y*
- 10.57%
- ALL TIME*
- 7.03%
OUNZ
- 1D
- -0.23%
- 1M
- -5.03%
- 6M
- -12.66%
- YTD
- -7.16%
- 1Y
- 19.37%
- 3Y*
- 26.53%
- 5Y*
- 17.02%
- 10Y*
- 11.37%
- ALL TIME*
- 9.39%
SLV vs. OUNZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SLV iShares Silver Trust | -20.86% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
OUNZ VanEck Merk Gold ETF | -7.16% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.00% | -2.06% | 12.82% |
Correlation
The correlation between SLV and OUNZ is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since May 16, 2014 | 0.77 |
The correlation between SLV and OUNZ has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.
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Return for Risk
SLV vs. OUNZ — Risk / Return Rank
SLV
OUNZ
SLV vs. OUNZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and VanEck Merk Gold ETF (OUNZ). 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 | OUNZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.15 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.91 | 0.74 | +0.17 |
| Martin ratioReturn relative to average drawdown | 1.85 | 1.73 | +0.12 |
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Drawdowns
SLV vs. OUNZ - Drawdown Comparison
The maximum SLV drawdown since its inception was -76.28%, which is greater than OUNZ's maximum drawdown of -26.31%. Use the drawdown chart below to compare losses from any high point for SLV and OUNZ.
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Drawdown Indicators
| SLV | OUNZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.28% | -26.31% | -49.97% |
Max Drawdown (1Y)Largest decline over 1 year | -52.28% | -26.31% | -25.97% |
Max Drawdown (3Y)Largest decline over 3 years | -52.28% | -26.31% | -25.97% |
Max Drawdown (5Y)Largest decline over 5 years | -52.28% | -26.31% | -25.97% |
Max Drawdown (10Y)Largest decline over 10 years | -52.28% | -26.31% | -25.97% |
Current DrawdownCurrent decline from peak | -51.72% | -25.79% | -25.93% |
Average DrawdownAverage peak-to-trough decline | -44.67% | -7.73% | -36.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.64% | 11.23% | +14.41% |
Volatility
SLV vs. OUNZ - Volatility Comparison
iShares Silver Trust (SLV) has a higher volatility of 12.54% compared to VanEck Merk Gold ETF (OUNZ) at 6.41%. This indicates that SLV's price experiences larger fluctuations and is considered to be riskier than OUNZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SLV | OUNZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.54% | 6.41% | +6.13% |
Volatility (6M)Calculated over the trailing 6-month period | 56.50% | 23.99% | +32.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 61.24% | 27.86% | +33.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.87% | 18.33% | +18.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.18% | 16.12% | +16.06% |
SLV vs. OUNZ - Expense Ratio Comparison
SLV has a 0.50% expense ratio, which is higher than OUNZ's 0.25% expense ratio.
Dividends
SLV vs. OUNZ - Dividend Comparison
Neither SLV nor OUNZ has paid dividends to shareholders.
Frequently Asked Questions
SLV and OUNZ have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (12.54%) compared to OUNZ (6.41%). In terms of maximum drawdown, SLV dropped -76.28% vs OUNZ's -26.31%.
On 10-year performance, OUNZ leads with 11.37% vs 10.57% for SLV. On fees, OUNZ is cheaper at 0.25% per year. On volatility, OUNZ has been the lower-risk option at 6.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, OUNZ has performed better with a 11.37% return vs 10.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OUNZ is cheaper with a 0.25% expense ratio, compared with 0.50% for SLV.
SLV and OUNZ have nearly identical dividend yields, around 0.00%.
SLV is categorized as Silver, while OUNZ is Gold. SLV tracks LBMA Silver Price, while OUNZ tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: iShares and VanEck. Their fees differ too: 0.50% for SLV and 0.25% for OUNZ.
SLV currently has the higher Sharpe Ratio (0.78 vs 0.70), 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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