SLV vs. SHOP
SLV (iShares Silver Trust) is Silver fund tracking the LBMA Silver Price, while SHOP (Shopify Inc.) is a stock. Over the past 10 years, SLV returned 13.99%/yr vs 43.59%/yr for SHOP. At a 0.11 correlation, their price movements are largely independent.
Performance
SLV vs. SHOP - Performance Comparison
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Returns By Period
In the year-to-date period, SLV achieves a -4.86% return, which is significantly higher than SHOP's -32.76% return. Over the past 10 years, SLV has underperformed SHOP with an annualized return of 13.99%, while SHOP has yielded a comparatively higher 43.59% 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%
SHOP
- 1D
- -2.02%
- 1M
- 13.46%
- YTD
- -32.76%
- 6M
- -34.08%
- 1Y
- -0.89%
- 3Y*
- 19.24%
- 5Y*
- -2.79%
- 10Y*
- 43.59%
SLV vs. SHOP - 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% |
SHOP Shopify Inc. | -32.76% | 51.39% | 36.50% | 124.43% | -74.80% | 21.68% | 184.71% | 187.17% | 37.08% | 135.60% |
Correlation
The correlation between SLV and SHOP is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since May 21, 2015 | 0.11 |
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Return for Risk
SLV vs. SHOP — Risk / Return Rank
SLV
SHOP
SLV vs. SHOP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and Shopify Inc. (SHOP). 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 | SHOP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.45 | ||
| Sortino ratioReturn per unit of downside risk | +1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.05 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.89 | -0.02 | +1.91 |
| Martin ratioReturn relative to average drawdown | 4.10 | -0.04 | +4.14 |
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Drawdowns
SLV vs. SHOP - Drawdown Comparison
The maximum SLV drawdown since its inception was -76.28%, smaller than the maximum SHOP drawdown of -84.82%. Use the drawdown chart below to compare losses from any high point for SLV and SHOP.
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Drawdown Indicators
| SLV | SHOP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.28% | -84.82% | +8.54% |
Max Drawdown (1Y)Largest decline over 1 year | -45.40% | -46.71% | +1.31% |
Max Drawdown (3Y)Largest decline over 3 years | -45.40% | -46.71% | +1.31% |
Max Drawdown (5Y)Largest decline over 5 years | -45.40% | -84.82% | +39.42% |
Max Drawdown (10Y)Largest decline over 10 years | -45.40% | -84.82% | +39.42% |
Current DrawdownCurrent decline from peak | -41.96% | -39.53% | -2.43% |
Average DrawdownAverage peak-to-trough decline | -44.66% | -28.23% | -16.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.88% | 22.27% | -1.39% |
Volatility
SLV vs. SHOP - Volatility Comparison
iShares Silver Trust (SLV) has a higher volatility of 16.34% compared to Shopify Inc. (SHOP) at 15.38%. This indicates that SLV's price experiences larger fluctuations and is considered to be riskier than SHOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SLV | SHOP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.34% | 15.38% | +0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 59.10% | 43.41% | +15.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.82% | 57.03% | +2.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.46% | 65.55% | -29.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.00% | 59.07% | -27.07% |
Dividends
SLV vs. SHOP - Dividend Comparison
Neither SLV nor SHOP has paid dividends to shareholders.
Frequently Asked Questions
SLV and SHOP have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (16.34%) compared to SHOP (15.38%). In terms of maximum drawdown, SLV dropped -76.28% vs SHOP's -84.82%.
SLV currently has the higher Sharpe Ratio (1.44 vs -0.02), 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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