SLV vs. PXH

Last updated Jun 13, 2026

SLV (iShares Silver Trust) and PXH (Invesco FTSE RAFI Emerging Markets ETF) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while PXH is a Emerging Markets Equities fund tracking the FTSE RAFI Emerging Markets Index. Both are passively managed. Over the past 10 years, SLV returned 13.99%/yr vs 10.91%/yr for PXH. At a 0.32 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

SLV vs. PXH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Silver Trust (SLV) and Invesco FTSE RAFI Emerging Markets ETF (PXH). 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 PXH's 12.73% return. Over the past 10 years, SLV has outperformed PXH with an annualized return of 13.99%, while PXH has yielded a comparatively lower 10.91% 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%

PXH

• 1D: 0.66%
• 1M: -1.13%
• YTD: 12.73%
• 6M: 14.41%
• 1Y: 29.04%
• 3Y*: 20.06%
• 5Y*: 8.70%
• 10Y*: 10.91%

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

SLV vs. PXH - 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%
PXH Invesco FTSE RAFI Emerging Markets ETF	12.73%	31.44%	12.09%	13.93%	-15.18%	8.31%	-1.91%	16.77%	-8.68%	26.60%

Correlation

The correlation between SLV and PXH is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Sep 28, 2007	0.32

The correlation between SLV and PXH shifts across timeframes, from 0.32 (all time) to 0.48 (1 year), reflecting how their relationship changes across market environments.

SLV vs. PXH - Sectors Allocation Comparison

Sectors	SLV	PXH
Basic Materials	100.0%	12.1%
Communication Services	-	6.2%
Consumer Cyclical	-	10.7%
Consumer Defensive	-	2.8%
Energy	-	13.0%
Financial Services	-	25.8%
Healthcare	-	0.9%
Industrials	-	4.6%
Real Estate	-	1.7%
Technology	-	19.9%
Utilities	-	2.4%

Return for Risk

SLV vs. PXH — 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

PXH

PXH Risk / Return Rank: 64
PXH Sharpe Ratio Rank: 64
PXH Sortino Ratio Rank: 61
PXH Omega Ratio Rank: 65
PXH Calmar Ratio Rank: 65
PXH Martin Ratio Rank: 64

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. PXH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and Invesco FTSE RAFI Emerging Markets ETF (PXH). 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	PXH	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.84	-0.40
Sortino ratio: Return per unit of downside risk	1.76	2.49	-0.74
Omega ratio: Gain probability vs. loss probability	1.29	1.34	-0.05
Calmar ratio: Return relative to maximum drawdown	1.89	2.85	-0.96
Martin ratio: Return relative to average drawdown	4.10	10.21	-6.10

SLV vs. PXH - Sharpe Ratio Comparison

The current SLV Sharpe Ratio is 1.44, which is comparable to the PXH Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of SLV and PXH, 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. PXH - Drawdown Comparison

The maximum SLV drawdown since its inception was -76.28%, which is greater than PXH's maximum drawdown of -63.63%. Use the drawdown chart below to compare losses from any high point for SLV and PXH.

Drawdown Indicators

	SLV	PXH	Difference
Max Drawdown Largest peak-to-trough decline	-76.28%	-63.63%	-12.65%
Max Drawdown (1Y) Largest decline over 1 year	-45.40%	-10.24%	-35.16%
Max Drawdown (3Y) Largest decline over 3 years	-45.40%	-17.72%	-27.68%
Max Drawdown (5Y) Largest decline over 5 years	-45.40%	-29.59%	-15.81%
Max Drawdown (10Y) Largest decline over 10 years	-45.40%	-40.42%	-4.98%
Current Drawdown Current decline from peak	-41.96%	-3.27%	-38.69%
Average Drawdown Average peak-to-trough decline	-44.66%	-16.84%	-27.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.88%	2.85%	+18.03%

Volatility

SLV vs. PXH - Volatility Comparison

iShares Silver Trust (SLV) has a higher volatility of 16.34% compared to Invesco FTSE RAFI Emerging Markets ETF (PXH) at 6.41%. This indicates that SLV's price experiences larger fluctuations and is considered to be riskier than PXH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLV	PXH	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.34%	6.41%	+9.93%
Volatility (6M) Calculated over the trailing 6-month period	59.10%	13.09%	+46.01%
Volatility (1Y) Calculated over the trailing 1-year period	59.82%	15.90%	+43.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.46%	17.87%	+18.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.00%	20.06%	+11.94%

SLV vs. PXH - Expense Ratio Comparison

Both SLV and PXH have an expense ratio of 0.50%.

Dividends

SLV vs. PXH - Dividend Comparison

SLV has not paid dividends to shareholders, while PXH's dividend yield for the trailing twelve months is around 3.49%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXH Invesco FTSE RAFI Emerging Markets ETF	3.49%	4.02%	4.43%	4.84%	5.33%	4.69%	2.79%	3.28%	3.30%	2.74%	1.97%	3.44%
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

Can I hold both SLV and PXH in my portfolio?

SLV and PXH have a correlation of 0.48, 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 PXH?

SLV has higher volatility (16.34%) compared to PXH (6.41%). In terms of maximum drawdown, SLV dropped -76.28% vs PXH's -63.63%.

Which ETF is better, SLV or PXH?

On 10-year performance, SLV leads with 13.99% vs 10.91% for PXH. Both ETFs have the same 0.50% expense ratio. On volatility, PXH has been the lower-risk option at 6.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLV or PXH?

Over the 10-year period, SLV has performed better with a 13.99% return vs 10.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLV or PXH?

SLV and PXH have the same expense ratio: 0.50% per year.

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

PXH has the higher dividend yield at 3.49%, compared with 0.00% for SLV.

What is the main difference between SLV and PXH?

SLV is categorized as Silver, while PXH is Emerging Markets Equities. SLV tracks LBMA Silver Price, while PXH tracks FTSE RAFI Emerging Markets Index. They also come from different issuers: iShares and Invesco.

Which has better risk-adjusted returns?

PXH currently has the higher Sharpe Ratio (1.84 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.