SLV vs. SSLN.L
SLV (iShares Silver Trust) and SSLN.L (iShares Physical Silver ETC) are both Silver funds from iShares tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, SLV returned 11.05%/yr vs 11.54%/yr for SSLN.L. A 0.78 correlation means they provide meaningful diversification when combined. SLV charges 0.50%/yr vs 0.20%/yr for SSLN.L.
Performance
SLV vs. SSLN.L - Performance Comparison
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Different Trading Currencies
SLV is traded in USD, while SSLN.L is traded in GBp. To make them comparable, the SSLN.L values have been converted to USD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with SLV having a -17.00% return and SSLN.L slightly higher at -16.70%. Both investments have delivered pretty close results over the past 10 years, with SLV having a 11.05% annualized return and SSLN.L not far ahead at 11.54%.
SLV
- 1D
- 1.50%
- 1M
- -21.75%
- YTD
- -17.00%
- 6M
- -22.48%
- 1Y
- 62.97%
- 3Y*
- 36.79%
- 5Y*
- 17.27%
- 10Y*
- 11.05%
SSLN.L
- 1D
- 2.99%
- 1M
- -21.24%
- YTD
- -16.70%
- 6M
- -21.79%
- 1Y
- 65.17%
- 3Y*
- 37.70%
- 5Y*
- 17.87%
- 10Y*
- 11.54%
SLV vs. SSLN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SLV iShares Silver Trust | -17.00% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
SSLN.L iShares Physical Silver ETC | -16.70% | 147.64% | 21.15% | -1.25% | 3.38% | -12.63% | 45.36% | 17.20% | -8.94% | 3.39% |
Correlation
The correlation between SLV and SSLN.L is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2011 | 0.78 |
The correlation between SLV and SSLN.L has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.
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Return for Risk
SLV vs. SSLN.L — Risk / Return Rank
SLV
SSLN.L
SLV vs. SSLN.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and iShares Physical Silver ETC (SSLN.L). 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 | SSLN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.23 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.24 | 1.32 | -0.07 |
| Martin ratioReturn relative to average drawdown | 2.74 | 2.94 | -0.20 |
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Drawdowns
SLV vs. SSLN.L - Drawdown Comparison
The maximum SLV drawdown since its inception was -76.28%, smaller than the maximum SSLN.L drawdown of -83.11%. Use the drawdown chart below to compare losses from any high point for SLV and SSLN.L.
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Drawdown Indicators
| SLV | SSLN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.28% | -83.11% | +6.83% |
Max Drawdown (1Y)Largest decline over 1 year | -50.97% | -49.28% | -1.69% |
Max Drawdown (3Y)Largest decline over 3 years | -50.97% | -49.28% | -1.69% |
Max Drawdown (5Y)Largest decline over 5 years | -50.97% | -49.28% | -1.69% |
Max Drawdown (10Y)Largest decline over 10 years | -50.97% | -49.28% | -1.69% |
Current DrawdownCurrent decline from peak | -49.37% | -47.77% | -1.60% |
Average DrawdownAverage peak-to-trough decline | -44.66% | -65.41% | +20.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.01% | 22.07% | +0.94% |
Volatility
SLV vs. SSLN.L - Volatility Comparison
iShares Silver Trust (SLV) and iShares Physical Silver ETC (SSLN.L) have volatilities of 15.67% and 15.39%, 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.
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Volatility by Period
| SLV | SSLN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.67% | 15.39% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 58.87% | 54.63% | +4.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.75% | 57.77% | +2.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.74% | 38.46% | -1.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.12% | 32.49% | -0.37% |
SLV vs. SSLN.L - Expense Ratio Comparison
SLV has a 0.50% expense ratio, which is higher than SSLN.L's 0.20% expense ratio.
Dividends
SLV vs. SSLN.L - Dividend Comparison
Neither SLV nor SSLN.L has paid dividends to shareholders.
Frequently Asked Questions
SLV and SSLN.L have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SSLN.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SSLN.L is cheaper with a 0.20% expense ratio, compared with 0.50% for SLV.
Both ETFs track LBMA Silver Price. Their fees differ too: 0.50% for SLV and 0.20% for SSLN.L.
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