SLV vs. TBIL
SLV (iShares Silver Trust) and TBIL (US Treasury 3 Month Bill ETF) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while TBIL is a Ultrashort Bond fund tracking the ICE BofA US Treasury Bill 3 Month Index. Both are passively managed. Over the past 3 years, SLV returned 45.06%/yr vs 4.64%/yr for TBIL. At a 0.02 correlation, their price movements are largely independent. SLV charges 0.50%/yr vs 0.15%/yr for TBIL.
Performance
SLV vs. TBIL - Performance Comparison
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Returns By Period
In the year-to-date period, SLV achieves a 2.78% return, which is significantly higher than TBIL's 1.49% return.
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%
TBIL
- 1D
- 0.00%
- 1M
- 0.30%
- YTD
- 1.49%
- 6M
- 1.78%
- 1Y
- 3.93%
- 3Y*
- 4.64%
- 5Y*
- —
- 10Y*
- —
SLV vs. TBIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SLV iShares Silver Trust | 2.78% | 144.66% | 20.89% | -1.09% | 16.32% |
TBIL US Treasury 3 Month Bill ETF | 1.49% | 4.19% | 5.15% | 5.12% | 1.30% |
Correlation
The correlation between SLV and TBIL is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022 | 0.02 |
The correlation between SLV and TBIL shifts across timeframes, from -0.12 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SLV vs. TBIL — Risk / Return Rank
SLV
TBIL
SLV vs. TBIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and US Treasury 3 Month Bill ETF (TBIL). 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 | TBIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -11.89 | ||
| Sortino ratioReturn per unit of downside risk | -56.33 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 17.16 | -15.81 |
| Calmar ratioReturn relative to maximum drawdown | 2.62 | 196.84 | -194.22 |
| Martin ratioReturn relative to average drawdown | 5.64 | 934.41 | -928.76 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SLV | TBIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.89 | 13.78 | -11.89 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.49 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 14.07 | -13.82 |
Drawdowns
SLV vs. TBIL - Drawdown Comparison
The maximum SLV drawdown since its inception was -76.28%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for SLV and TBIL.
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Drawdown Indicators
| SLV | TBIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.28% | -0.10% | -76.18% |
Max Drawdown (1Y)Largest decline over 1 year | -42.45% | -0.02% | -42.43% |
Max Drawdown (3Y)Largest decline over 3 years | -42.45% | -0.02% | -42.43% |
Max Drawdown (5Y)Largest decline over 5 years | -42.45% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -42.81% | — | — |
Current DrawdownCurrent decline from peak | -37.30% | 0.00% | -37.30% |
Average DrawdownAverage peak-to-trough decline | -44.67% | -0.00% | -44.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.67% | 0.00% | +19.67% |
Volatility
SLV vs. TBIL - Volatility Comparison
iShares Silver Trust (SLV) has a higher volatility of 16.30% compared to US Treasury 3 Month Bill ETF (TBIL) at 0.08%. This indicates that SLV's price experiences larger fluctuations and is considered to be riskier than TBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SLV | TBIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.30% | 0.08% | +16.22% |
Volatility (6M)Calculated over the trailing 6-month period | 58.31% | 0.19% | +58.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.90% | 0.29% | +58.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.15% | 0.32% | +35.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.84% | 0.32% | +31.52% |
SLV vs. TBIL - Expense Ratio Comparison
SLV has a 0.50% expense ratio, which is higher than TBIL's 0.15% expense ratio.
Dividends
SLV vs. TBIL - Dividend Comparison
SLV has not paid dividends to shareholders, while TBIL's dividend yield for the trailing twelve months is around 3.82%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
SLV iShares Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TBIL US Treasury 3 Month Bill ETF | 3.82% | 4.07% | 5.02% | 5.00% | 1.10% |
Frequently Asked Questions
SLV and TBIL have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (16.30%) compared to TBIL (0.08%). In terms of maximum drawdown, SLV dropped -76.28% vs TBIL's -0.10%.
On 3-year performance, SLV leads with 45.06% vs 4.64% for TBIL. On fees, TBIL is cheaper at 0.15% per year. On volatility, TBIL has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SLV has performed better with a 45.06% return vs 4.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBIL is cheaper with a 0.15% expense ratio, compared with 0.50% for SLV.
TBIL has the higher dividend yield at 3.82%, compared with 0.00% for SLV.
SLV is categorized as Silver, while TBIL is Ultrashort Bond. SLV tracks LBMA Silver Price, while TBIL tracks ICE BofA US Treasury Bill 3 Month Index. They also come from different issuers: iShares and US Benchmark Series. Their fees differ too: 0.50% for SLV and 0.15% for TBIL.
TBIL currently has the higher Sharpe Ratio (13.78 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.
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