SLV vs. SHLD
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 57.14% vs 3.85% for SHLD. Their 0.23 correlation means their historical movements had little consistent relationship. Both charge a 0.50% expense ratio.
Performance
SLV vs. SHLD - Performance Comparison
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Returns By Period
In the year-to-date period, SLV achieves a -18.72% return, which is significantly lower than SHLD's -2.06% return.
SLV
- 1D
- -2.13%
- 1M
- -2.28%
- 6M
- -30.59%
- YTD
- -18.72%
- 1Y
- 57.14%
- 3Y*
- 32.93%
- 5Y*
- 17.25%
- 10Y*
- 10.33%
- ALL TIME*
- 7.16%
SHLD
- 1D
- 0.76%
- 1M
- 3.35%
- 6M
- -15.67%
- YTD
- -2.06%
- 1Y
- 3.85%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 39.34%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $70.01M | $66.37M | $108.83M | |
| $716.70M | $772.79M | $1.26B |
SLV vs. SHLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SLV iShares Silver Trust | -18.72% | 144.66% | 20.89% | 3.08% |
SHLD Global X Defense Tech ETF | -2.06% | 74.16% | 35.03% | 12.89% |
Correlation
The correlation between SLV and SHLD is 0.27, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.27 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023 | 0.23 |
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Return for Risk
SLV vs. SHLD — Risk / Return Rank
SLV
SHLD
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.
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 | SHLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.78 | ||
| Sortino ratioReturn per unit of downside risk | +0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.05 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.10 | 0.15 | +0.95 |
| Martin ratioReturn relative to average drawdown | 2.10 | 0.35 | +1.75 |
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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 -25.40%. Use the drawdown chart below to compare losses from any high point for SLV and SHLD.
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Drawdown Indicators
| SLV | SHLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.28% | -25.40% | -50.88% |
Max Drawdown (1Y)Largest decline over 1 year | -52.28% | -25.40% | -26.88% |
Max Drawdown (3Y)Largest decline over 3 years | -52.28% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -52.28% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -52.28% | — | — |
Current DrawdownCurrent decline from peak | -50.42% | -18.67% | -31.75% |
Average DrawdownAverage peak-to-trough decline | -44.68% | -4.15% | -40.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.31% | 11.13% | +16.18% |
Volatility
SLV vs. SHLD - Volatility Comparison
iShares Silver Trust (SLV) has a higher volatility of 11.23% compared to Global X Defense Tech ETF (SHLD) at 7.73%. 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.
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Volatility by Period
| SLV | SHLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.23% | 7.73% | +3.50% |
Volatility (6M)Calculated over the trailing 6-month period | 55.44% | 20.16% | +35.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 61.35% | 25.33% | +36.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.97% | 21.56% | +15.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.22% | 21.56% | +10.66% |
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 0.67%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
SHLD Global X Defense Tech ETF | 0.67% | 0.55% | 0.53% | 0.26% |
SLV iShares Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SLV and SHLD have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (11.23%) compared to SHLD (7.73%). In terms of maximum drawdown, SLV dropped -76.28% vs SHLD's -25.40%.
On 1-year performance, SLV leads with 57.14% vs 3.85% for SHLD. Both ETFs have the same 0.50% expense ratio. On volatility, SHLD has been the lower-risk option at 7.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SLV has performed better with a 57.14% return vs 3.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLV and SHLD have the same expense ratio: 0.50% per year.
SHLD has the higher dividend yield at 0.67%, compared with 0.00% for SLV.
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.
SLV currently has the higher Sharpe Ratio (0.94 vs 0.15), 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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