SLV vs. SIVR

Last updated Jun 3, 2026

SLV (iShares Silver Trust) and SIVR (abrdn Physical Silver Shares ETF) are both Silver funds - SLV tracks the LBMA Silver Price while SIVR tracks the LBMA Silver Price ($/ozt). Both are passively managed. Over the past 10 years, SLV returned 15.85%/yr vs 16.08%/yr for SIVR. With a 1.00 correlation, they move nearly in lockstep. SLV charges 0.50%/yr vs 0.30%/yr for SIVR.

Performance

SLV vs. SIVR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Silver Trust (SLV) and abrdn Physical Silver Shares ETF (SIVR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SLV having a 5.54% return and SIVR slightly higher at 5.62%. Both investments have delivered pretty close results over the past 10 years, with SLV having a 15.85% annualized return and SIVR not far ahead at 16.08%.

SLV

• 1D: 0.47%
• 1M: -0.44%
• YTD: 5.54%
• 6M: 27.97%
• 1Y: 115.23%
• 3Y*: 46.35%
• 5Y*: 21.71%
• 10Y*: 15.85%

SIVR

• 1D: 0.48%
• 1M: -0.39%
• YTD: 5.62%
• 6M: 28.07%
• 1Y: 115.70%
• 3Y*: 46.67%
• 5Y*: 21.96%
• 10Y*: 16.08%

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

SLV vs. SIVR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLV iShares Silver Trust	5.54%	144.66%	20.89%	-1.09%	2.37%	-12.45%	47.30%	14.88%	-9.19%	5.82%
SIVR abrdn Physical Silver Shares ETF	5.62%	145.34%	21.08%	-0.91%	2.59%	-12.33%	47.52%	15.17%	-8.96%	5.97%

Correlation

The correlation between SLV and SIVR is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jul 27, 2009	1.00

The correlation between SLV and SIVR has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

SLV vs. SIVR — Risk / Return Rank

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

SLV

SLV Risk / Return Rank: 52
SLV Sharpe Ratio Rank: 57
SLV Sortino Ratio Rank: 42
SLV Omega Ratio Rank: 59
SLV Calmar Ratio Rank: 59
SLV Martin Ratio Rank: 41

SIVR

SIVR Risk / Return Rank: 52
SIVR Sharpe Ratio Rank: 58
SIVR Sortino Ratio Rank: 42
SIVR Omega Ratio Rank: 59
SIVR Calmar Ratio Rank: 60
SIVR Martin Ratio Rank: 41

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. SIVR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and abrdn Physical Silver Shares ETF (SIVR). 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	SIVR	Difference
Sharpe ratio Return per unit of total volatility	1.97	1.98	-0.01
Sortino ratio Return per unit of downside risk	2.12	2.12	-0.01
Omega ratio Gain probability vs. loss probability	1.36	1.36	0.00
Calmar ratio Return relative to maximum drawdown	2.98	3.00	-0.01
Martin ratio Return relative to average drawdown	6.48	6.52	-0.04
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. SIVR - Sharpe Ratio Comparison

The current SLV Sharpe Ratio is 1.97, which is comparable to the SIVR Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of SLV and SIVR, 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	SIVR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	1.98	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.61	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.51	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.32	-0.07

Drawdowns

SLV vs. SIVR - Drawdown Comparison

The maximum SLV drawdown since its inception was -76.28%, roughly equal to the maximum SIVR drawdown of -75.85%. Use the drawdown chart below to compare losses from any high point for SLV and SIVR.

Drawdown Indicators

	SLV	SIVR	Difference
Max Drawdown Largest peak-to-trough decline	-76.28%	-75.85%	-0.43%
Max Drawdown (1Y) Largest decline over 1 year	-42.45%	-42.42%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-42.45%	-42.42%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-42.45%	-42.42%	-0.03%
Max Drawdown (10Y) Largest decline over 10 years	-42.81%	-42.42%	-0.39%
Current Drawdown Current decline from peak	-35.62%	-35.56%	-0.06%
Average Drawdown Average peak-to-trough decline	-44.67%	-47.86%	+3.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.53%	19.50%	+0.03%

Volatility

SLV vs. SIVR - Volatility Comparison

iShares Silver Trust (SLV) and abrdn Physical Silver Shares ETF (SIVR) have volatilities of 16.47% and 16.44%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLV	SIVR	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.47%	16.44%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	58.29%	58.28%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	59.03%	58.97%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.15%	36.17%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.83%	31.86%	-0.03%

SLV vs. SIVR - Expense Ratio Comparison

SLV has a 0.50% expense ratio, which is higher than SIVR's 0.30% expense ratio.

Dividends

SLV vs. SIVR - Dividend Comparison

Neither SLV nor SIVR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SLV and SIVR in my portfolio?

With a correlation of 1.00, SLV and SIVR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SLV or SIVR?

SLV has higher volatility (16.47%) compared to SIVR (16.44%). In terms of maximum drawdown, SLV dropped -76.28% vs SIVR's -75.85%.

Which ETF is better, SLV or SIVR?

On 10-year performance, SIVR leads with 16.08% vs 15.85% for SLV. On fees, SIVR is cheaper at 0.30% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLV or SIVR?

Over the 10-year period, SIVR has performed better with a 16.08% return vs 15.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLV or SIVR?

SIVR is cheaper with a 0.30% expense ratio, compared with 0.50% for SLV.

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

SLV and SIVR have nearly identical dividend yields, around 0.00%.

What is the main difference between SLV and SIVR?

SLV tracks LBMA Silver Price, while SIVR tracks LBMA Silver Price ($/ozt). They also come from different issuers: iShares and abrdn. Their fees differ too: 0.50% for SLV and 0.30% for SIVR.

Which has better risk-adjusted returns?

SIVR currently has the higher Sharpe Ratio (1.98 vs 1.97), 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.