SLV vs. PAVE
SLV (iShares Silver Trust) and PAVE (Global X US Infrastructure Development ETF) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while PAVE is a Industrials Equities fund tracking the INDXX U.S. Infrastructure Development Index. Both are passively managed. Over the past 5 years, SLV returned 20.04%/yr vs 19.69%/yr for PAVE. At a 0.18 correlation, their price movements are largely independent. SLV charges 0.50%/yr vs 0.47%/yr for PAVE.
Performance
SLV vs. PAVE - Performance Comparison
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Returns By Period
In the year-to-date period, SLV achieves a -7.62% return, which is significantly lower than PAVE's 22.54% return.
SLV
- 1D
- -1.81%
- 1M
- -14.31%
- YTD
- -7.62%
- 6M
- -2.33%
- 1Y
- 81.88%
- 3Y*
- 38.96%
- 5Y*
- 20.04%
- 10Y*
- 13.58%
PAVE
- 1D
- 1.00%
- 1M
- 7.37%
- YTD
- 22.54%
- 6M
- 21.41%
- 1Y
- 40.83%
- 3Y*
- 25.63%
- 5Y*
- 19.69%
- 10Y*
- —
SLV vs. PAVE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SLV iShares Silver Trust | -7.62% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | -3.38% |
PAVE Global X US Infrastructure Development ETF | 22.54% | 19.36% | 17.92% | 31.01% | -7.17% | 36.42% | 19.72% | 33.26% | -19.15% | 13.41% |
Correlation
The correlation between SLV and PAVE is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Mar 8, 2017 | 0.18 |
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Return for Risk
SLV vs. PAVE — Risk / Return Rank
SLV
PAVE
SLV vs. PAVE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and Global X US Infrastructure Development ETF (PAVE). 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 | PAVE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.77 | ||
| Sortino ratioReturn per unit of downside risk | -1.24 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.35 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 3.41 | -1.67 |
| Martin ratioReturn relative to average drawdown | 3.68 | 12.43 | -8.75 |
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Drawdowns
SLV vs. PAVE - Drawdown Comparison
The maximum SLV drawdown since its inception was -76.28%, which is greater than PAVE's maximum drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for SLV and PAVE.
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Drawdown Indicators
| SLV | PAVE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.28% | -44.08% | -32.20% |
Max Drawdown (1Y)Largest decline over 1 year | -45.40% | -11.91% | -33.49% |
Max Drawdown (3Y)Largest decline over 3 years | -45.40% | -26.23% | -19.17% |
Max Drawdown (5Y)Largest decline over 5 years | -45.40% | -26.23% | -19.17% |
Max Drawdown (10Y)Largest decline over 10 years | -45.40% | — | — |
Current DrawdownCurrent decline from peak | -43.65% | 0.00% | -43.65% |
Average DrawdownAverage peak-to-trough decline | -44.65% | -6.22% | -38.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.52% | 3.27% | +18.25% |
Volatility
SLV vs. PAVE - Volatility Comparison
iShares Silver Trust (SLV) has a higher volatility of 14.09% compared to Global X US Infrastructure Development ETF (PAVE) at 6.43%. This indicates that SLV's price experiences larger fluctuations and is considered to be riskier than PAVE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SLV | PAVE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.09% | 6.43% | +7.66% |
Volatility (6M)Calculated over the trailing 6-month period | 59.18% | 15.79% | +43.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.10% | 19.44% | +40.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.50% | 21.65% | +14.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.04% | 24.39% | +7.65% |
SLV vs. PAVE - Expense Ratio Comparison
SLV has a 0.50% expense ratio, which is higher than PAVE's 0.47% expense ratio.
Dividends
SLV vs. PAVE - Dividend Comparison
SLV has not paid dividends to shareholders, while PAVE's dividend yield for the trailing twelve months is around 0.75%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PAVE Global X US Infrastructure Development ETF | 0.75% | 0.92% | 0.54% | 0.68% | 0.84% | 0.48% | 0.44% | 0.67% | 0.78% | 0.30% |
SLV iShares Silver Trust | 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 PAVE have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (14.09%) compared to PAVE (6.43%). In terms of maximum drawdown, SLV dropped -76.28% vs PAVE's -44.08%.
On 5-year performance, SLV leads with 20.04% vs 19.69% for PAVE. On fees, PAVE is cheaper at 0.47% per year. On volatility, PAVE has been the lower-risk option at 6.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SLV has performed better with a 20.04% return vs 19.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PAVE is cheaper with a 0.47% expense ratio, compared with 0.50% for SLV.
PAVE has the higher dividend yield at 0.75%, compared with 0.00% for SLV.
SLV is categorized as Silver, while PAVE is Industrials Equities. SLV tracks LBMA Silver Price, while PAVE tracks INDXX U.S. Infrastructure Development Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.50% for SLV and 0.47% for PAVE.
PAVE currently has the higher Sharpe Ratio (2.09 vs 1.32), 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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