SLV vs. SPY

Last updated Jun 4, 2026

SLV (iShares Silver Trust) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SLV returned 15.55%/yr vs 15.49%/yr for SPY. At a 0.21 correlation, their price movements are largely independent. SLV charges 0.50%/yr vs 0.09%/yr for SPY.

Performance

SLV vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Silver Trust (SLV) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLV achieves a 2.78% return, which is significantly lower than SPY's 10.91% return. Both investments have delivered pretty close results over the past 10 years, with SLV having a 15.55% annualized return and SPY not far behind at 15.49%.

SLV

• 1D: -2.62%
• 1M: 0.41%
• YTD: 2.78%
• 6M: 24.76%
• 1Y: 110.59%
• 3Y*: 45.06%
• 5Y*: 20.76%
• 10Y*: 15.55%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

SLV vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLV iShares Silver Trust	2.78%	144.66%	20.89%	-1.09%	2.37%	-12.45%	47.30%	14.88%	-9.19%	5.82%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between SLV and SPY is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since May 1, 2006	0.21

SLV vs. SPY - Sectors Allocation Comparison

Sectors	SLV	SPY
Basic Materials	100.0%	1.8%
Communication Services	-	11.3%
Consumer Cyclical	-	10.3%
Consumer Defensive	-	4.8%
Energy	-	3.6%
Financial Services	-	11.8%
Healthcare	-	8.4%
Industrials	-	7.8%
Real Estate	-	1.9%
Technology	-	35.9%
Utilities	-	2.4%

Return for Risk

SLV vs. SPY — Risk / Return Rank

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

SLV

SLV Risk / Return Rank: 47
SLV Sharpe Ratio Rank: 54
SLV Sortino Ratio Rank: 40
SLV Omega Ratio Rank: 56
SLV Calmar Ratio Rank: 52
SLV Martin Ratio Rank: 36

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.38	-0.49
Sortino ratio: Return per unit of downside risk	2.07	3.24	-1.17
Omega ratio: Gain probability vs. loss probability	1.35	1.43	-0.08
Calmar ratio: Return relative to maximum drawdown	2.62	3.16	-0.54
Martin ratio: Return relative to average drawdown	5.64	14.72	-9.07
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. SPY - Sharpe Ratio Comparison

The current SLV Sharpe Ratio is 1.89, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of SLV and SPY, 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	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	2.38	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.82	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.87	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.59	-0.34

Drawdowns

SLV vs. SPY - Drawdown Comparison

The maximum SLV drawdown since its inception was -76.28%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SLV and SPY.

Drawdown Indicators

	SLV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-76.28%	-55.19%	-21.09%
Max Drawdown (1Y) Largest decline over 1 year	-42.45%	-8.88%	-33.57%
Max Drawdown (3Y) Largest decline over 3 years	-42.45%	-18.76%	-23.69%
Max Drawdown (5Y) Largest decline over 5 years	-42.45%	-24.50%	-17.95%
Max Drawdown (10Y) Largest decline over 10 years	-42.81%	-33.72%	-9.09%
Current Drawdown Current decline from peak	-37.30%	-0.70%	-36.60%
Average Drawdown Average peak-to-trough decline	-44.67%	-9.05%	-35.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.67%	1.91%	+17.76%

Volatility

SLV vs. SPY - Volatility Comparison

iShares Silver Trust (SLV) has a higher volatility of 16.30% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that SLV's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.30%	2.84%	+13.46%
Volatility (6M) Calculated over the trailing 6-month period	58.31%	8.90%	+49.41%
Volatility (1Y) Calculated over the trailing 1-year period	58.90%	11.83%	+47.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.15%	17.05%	+19.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.84%	17.94%	+13.90%

SLV vs. SPY - Expense Ratio Comparison

SLV has a 0.50% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SLV vs. SPY - Dividend Comparison

SLV has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SLV iShares Silver Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SLV and SPY in my portfolio?

SLV and SPY 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.

Which is riskier, SLV or SPY?

SLV has higher volatility (16.30%) compared to SPY (2.84%). In terms of maximum drawdown, SLV dropped -76.28% vs SPY's -55.19%.

Which ETF is better, SLV or SPY?

On 10-year performance, SLV leads with 15.55% vs 15.49% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLV or SPY?

Over the 10-year period, SLV has performed better with a 15.55% return vs 15.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLV or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.50% for SLV.

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

SPY has the higher dividend yield at 0.98%, compared with 0.00% for SLV.

What is the main difference between SLV and SPY?

SLV is categorized as Silver, while SPY is S&P 500. SLV tracks LBMA Silver Price, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.50% for SLV and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 1.89), 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.