SLV vs. SHLD

Last updated Jun 9, 2026

SLV (iShares Silver Trust) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, SLV returned 88.38% vs 8.97% for SHLD. At a 0.21 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

SLV vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Silver Trust (SLV) and Global X Defense Tech ETF (SHLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLV achieves a -4.41% return, which is significantly lower than SHLD's -2.65% return.

SLV

• 1D: 0.02%
• 1M: -15.66%
• YTD: -4.41%
• 6M: 16.83%
• 1Y: 88.38%
• 3Y*: 40.36%
• 5Y*: 19.02%
• 10Y*: 14.08%

SHLD

• 1D: 0.03%
• 1M: -3.34%
• YTD: -2.65%
• 6M: -0.77%
• 1Y: 8.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SLV vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SLV iShares Silver Trust	-4.41%	144.66%	20.89%	4.06%
SHLD Global X Defense Tech ETF	-2.65%	74.16%	35.03%	12.89%

Correlation

The correlation between SLV and SHLD 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 (All Time) Calculated using the full available price history since Sep 14, 2023	0.21

SLV vs. SHLD - Sectors Allocation Comparison

Sectors	SLV	SHLD
Basic Materials	100.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	88.2%
Real Estate	-	-
Technology	-	11.8%
Utilities	-	-

Return for Risk

SLV vs. SHLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SLV

SLV Risk / Return Rank: 43
SLV Sharpe Ratio Rank: 47
SLV Sortino Ratio Rank: 38
SLV Omega Ratio Rank: 54
SLV Calmar Ratio Rank: 47
SLV Martin Ratio Rank: 32

SHLD

SHLD Risk / Return Rank: 15
SHLD Sharpe Ratio Rank: 15
SHLD Sortino Ratio Rank: 16
SHLD Omega Ratio Rank: 15
SHLD Calmar Ratio Rank: 15
SHLD Martin Ratio Rank: 15

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. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and Global X Defense Tech ETF (SHLD). 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.

	SLV	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	1.50	0.37	+1.12
Sortino ratio: Return per unit of downside risk	1.80	0.70	+1.10
Omega ratio: Gain probability vs. loss probability	1.30	1.08	+0.22
Calmar ratio: Return relative to maximum drawdown	2.09	0.45	+1.64
Martin ratio: Return relative to average drawdown	4.40	1.16	+3.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SLV vs. SHLD - Sharpe Ratio Comparison

The current SLV Sharpe Ratio is 1.50, which is higher than the SHLD Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of SLV and SHLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SLV	SHLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	0.37	+1.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	1.98	-1.75

Drawdowns

SLV vs. SHLD - Drawdown Comparison

The maximum SLV drawdown since its inception was -76.28%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for SLV and SHLD.

Drawdown Indicators

	SLV	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-76.28%	-20.10%	-56.18%
Max Drawdown (1Y) Largest decline over 1 year	-42.45%	-20.10%	-22.35%
Max Drawdown (3Y) Largest decline over 3 years	-42.45%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-42.45%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.81%	—	—
Current Drawdown Current decline from peak	-41.69%	-19.16%	-22.53%
Average Drawdown Average peak-to-trough decline	-44.67%	-3.26%	-41.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.15%	7.78%	+12.37%

Volatility

SLV vs. SHLD - Volatility Comparison

iShares Silver Trust (SLV) has a higher volatility of 16.89% compared to Global X Defense Tech ETF (SHLD) at 7.64%. This indicates that SLV's price experiences larger fluctuations and is considered to be riskier than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLV	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.89%	7.64%	+9.25%
Volatility (6M) Calculated over the trailing 6-month period	58.88%	19.39%	+39.49%
Volatility (1Y) Calculated over the trailing 1-year period	59.53%	24.20%	+35.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.33%	21.14%	+15.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.92%	21.14%	+10.78%

SLV vs. SHLD - Expense Ratio Comparison

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

Dividends

SLV vs. SHLD - Dividend Comparison

SLV has not paid dividends to shareholders, while SHLD's dividend yield for the trailing twelve months is around 0.56%.

Position	TTM	2025	2024	2023
SHLD Global X Defense Tech ETF	0.56%	0.55%	0.53%	0.26%
SLV iShares Silver Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SLV and SHLD in my portfolio?

SLV and SHLD 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.

Which is riskier, SLV or SHLD?

SLV has higher volatility (16.89%) compared to SHLD (7.64%). In terms of maximum drawdown, SLV dropped -76.28% vs SHLD's -20.10%.

Which ETF is better, SLV or SHLD?

On 1-year performance, SLV leads with 88.38% vs 8.97% for SHLD. Both ETFs have the same 0.50% expense ratio. On volatility, SHLD has been the lower-risk option at 7.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLV or SHLD?

Over the 1-year period, SLV has performed better with a 88.38% return vs 8.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLV or SHLD?

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

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

SHLD has the higher dividend yield at 0.56%, compared with 0.00% for SLV.

What is the main difference between SLV and SHLD?

SLV is categorized as Silver, while SHLD is Aerospace & Defense. SLV tracks LBMA Silver Price, while SHLD tracks Global X Defense Tech Index. They also come from different issuers: iShares and Global X.

Which has better risk-adjusted returns?

SLV currently has the higher Sharpe Ratio (1.50 vs 0.37), 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.