SLV vs. SETM

Last updated Jun 14, 2026

SLV (iShares Silver Trust) and SETM (Sprott Energy Transition Materials ETF) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while SETM is a Energy Equities fund tracking the Nasdaq Sprott Energy Transition Materials Select Index - AUD - Benchmark TR Gross. Both are passively managed. Over the past 3 years, SLV returned 41.27%/yr vs 25.91%/yr for SETM. A 0.54 correlation means they provide meaningful diversification when combined. SLV charges 0.50%/yr vs 0.65%/yr for SETM.

Performance

SLV vs. SETM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Silver Trust (SLV) and Sprott Energy Transition Materials ETF (SETM). 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 SETM's 18.27% return.

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%

SETM

• 1D: 3.04%
• 1M: -2.81%
• YTD: 18.27%
• 6M: 23.37%
• 1Y: 110.68%
• 3Y*: 25.91%
• 5Y*: —
• 10Y*: —

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

SLV vs. SETM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SLV iShares Silver Trust	-4.86%	144.66%	20.89%	-1.36%
SETM Sprott Energy Transition Materials ETF	18.27%	95.27%	-13.24%	-13.11%

Correlation

The correlation between SLV and SETM is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.54

The correlation between SLV and SETM has been stable across timeframes, ranging from 0.54 to 0.61 - a consistent structural relationship.

Return for Risk

SLV vs. SETM — 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

SETM

SETM Risk / Return Rank: 77
SETM Sharpe Ratio Rank: 85
SETM Sortino Ratio Rank: 67
SETM Omega Ratio Rank: 70
SETM Calmar Ratio Rank: 87
SETM Martin Ratio Rank: 77

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. SETM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and Sprott Energy Transition Materials ETF (SETM). 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	SETM	Difference
Sharpe ratio: Return per unit of total volatility	1.44	2.40	-0.96
Sortino ratio: Return per unit of downside risk	1.76	2.66	-0.90
Omega ratio: Gain probability vs. loss probability	1.29	1.36	-0.07
Calmar ratio: Return relative to maximum drawdown	1.89	4.32	-2.43
Martin ratio: Return relative to average drawdown	4.10	12.69	-8.59

SLV vs. SETM - Sharpe Ratio Comparison

The current SLV Sharpe Ratio is 1.44, which is lower than the SETM Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of SLV and SETM, 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. SETM - Drawdown Comparison

The maximum SLV drawdown since its inception was -76.28%, which is greater than SETM's maximum drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for SLV and SETM.

Drawdown Indicators

	SLV	SETM	Difference
Max Drawdown Largest peak-to-trough decline	-76.28%	-42.81%	-33.47%
Max Drawdown (1Y) Largest decline over 1 year	-45.40%	-25.85%	-19.55%
Max Drawdown (3Y) Largest decline over 3 years	-45.40%	-42.81%	-2.59%
Max Drawdown (5Y) Largest decline over 5 years	-45.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.40%	—	—
Current Drawdown Current decline from peak	-41.96%	-13.82%	-28.14%
Average Drawdown Average peak-to-trough decline	-44.66%	-15.04%	-29.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.88%	8.78%	+12.10%

Volatility

SLV vs. SETM - Volatility Comparison

The current volatility for iShares Silver Trust (SLV) is 16.34%, while Sprott Energy Transition Materials ETF (SETM) has a volatility of 18.24%. This indicates that SLV experiences smaller price fluctuations and is considered to be less risky than SETM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLV	SETM	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.34%	18.24%	-1.90%
Volatility (6M) Calculated over the trailing 6-month period	59.10%	37.36%	+21.74%
Volatility (1Y) Calculated over the trailing 1-year period	59.82%	46.57%	+13.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.46%	37.22%	-0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.00%	37.22%	-5.22%

SLV vs. SETM - Expense Ratio Comparison

SLV has a 0.50% expense ratio, which is lower than SETM's 0.65% expense ratio.

Dividends

SLV vs. SETM - Dividend Comparison

SLV has not paid dividends to shareholders, while SETM's dividend yield for the trailing twelve months is around 1.32%.

Position	TTM	2025	2024	2023
SETM Sprott Energy Transition Materials ETF	1.32%	1.56%	2.07%	2.47%
SLV iShares Silver Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SLV and SETM in my portfolio?

SLV and SETM have a correlation of 0.61, 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 SETM?

SETM has higher volatility (18.24%) compared to SLV (16.34%). In terms of maximum drawdown, SLV dropped -76.28% vs SETM's -42.81%.

Which ETF is better, SLV or SETM?

On 3-year performance, SLV leads with 41.27% vs 25.91% for SETM. On fees, SLV is cheaper at 0.50% per year. On volatility, SLV has been the lower-risk option at 16.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLV or SETM?

Over the 3-year period, SLV has performed better with a 41.27% return vs 25.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLV or SETM?

SLV is cheaper with a 0.50% expense ratio, compared with 0.65% for SETM.

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

SETM has the higher dividend yield at 1.32%, compared with 0.00% for SLV.

What is the main difference between SLV and SETM?

SLV is categorized as Silver, while SETM is Energy Equities. SLV tracks LBMA Silver Price, while SETM tracks Nasdaq Sprott Energy Transition Materials Select Index - AUD - Benchmark TR Gross. They also come from different issuers: iShares and Sprott. Their fees differ too: 0.50% for SLV and 0.65% for SETM.

Which has better risk-adjusted returns?

SETM currently has the higher Sharpe Ratio (2.40 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.