SLV vs. URA

Last updated Jun 13, 2026

SLV (iShares Silver Trust) and URA (Global X Uranium ETF) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while URA is a Commodity Producers Equities fund tracking the Solactive Global Uranium & Nuclear Components Total Return Index. Both are passively managed. Over the past 10 years, SLV returned 13.99%/yr vs 15.90%/yr for URA. At a 0.33 correlation, their price movements are largely independent. SLV charges 0.50%/yr vs 0.69%/yr for URA.

Performance

SLV vs. URA - Performance Comparison

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

Returns By Period

In the year-to-date period, SLV achieves a -4.86% return, which is significantly lower than URA's 6.53% return. Over the past 10 years, SLV has underperformed URA with an annualized return of 13.99%, while URA has yielded a comparatively higher 15.90% 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%

URA

• 1D: 1.54%
• 1M: -14.61%
• YTD: 6.53%
• 6M: 3.57%
• 1Y: 32.44%
• 3Y*: 32.17%
• 5Y*: 18.77%
• 10Y*: 15.90%

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

SLV vs. URA - 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%
URA Global X Uranium ETF	6.53%	67.18%	-0.58%	46.25%	-11.32%	57.57%	41.33%	-3.54%	-22.11%	19.36%

Correlation

The correlation between SLV and URA is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Nov 5, 2010	0.33

SLV vs. URA - Sectors Allocation Comparison

Sectors	SLV	URA
Basic Materials	100.0%	5.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	58.2%
Financial Services	-	-
Healthcare	-	-
Industrials	-	20.9%
Real Estate	-	-
Technology	-	0.9%
Utilities	-	9.2%

Return for Risk

SLV vs. URA — Risk / Return Rank

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

SLV

SLV Risk / Return Rank: 42
SLV Sharpe Ratio Rank: 47
SLV Sortino Ratio Rank: 38
SLV Omega Ratio Rank: 53
SLV Calmar Ratio Rank: 43
SLV Martin Ratio Rank: 32

URA

URA Risk / Return Rank: 23
URA Sharpe Ratio Rank: 21
URA Sortino Ratio Rank: 24
URA Omega Ratio Rank: 23
URA Calmar Ratio Rank: 25
URA Martin Ratio Rank: 21

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. URA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and Global X Uranium ETF (URA). 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	URA	Difference
Sharpe ratio: Return per unit of total volatility	1.44	0.64	+0.80
Sortino ratio: Return per unit of downside risk	1.76	1.21	+0.55
Omega ratio: Gain probability vs. loss probability	1.29	1.14	+0.15
Calmar ratio: Return relative to maximum drawdown	1.89	1.04	+0.86
Martin ratio: Return relative to average drawdown	4.10	2.30	+1.80

SLV vs. URA - Sharpe Ratio Comparison

The current SLV Sharpe Ratio is 1.44, which is higher than the URA Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of SLV and URA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SLV vs. URA - Drawdown Comparison

The maximum SLV drawdown since its inception was -76.28%, smaller than the maximum URA drawdown of -93.54%. Use the drawdown chart below to compare losses from any high point for SLV and URA.

Drawdown Indicators

	SLV	URA	Difference
Max Drawdown Largest peak-to-trough decline	-76.28%	-93.54%	+17.26%
Max Drawdown (1Y) Largest decline over 1 year	-45.40%	-31.48%	-13.92%
Max Drawdown (3Y) Largest decline over 3 years	-45.40%	-37.81%	-7.59%
Max Drawdown (5Y) Largest decline over 5 years	-45.40%	-37.90%	-7.50%
Max Drawdown (10Y) Largest decline over 10 years	-45.40%	-61.45%	+16.05%
Current Drawdown Current decline from peak	-41.96%	-48.34%	+6.38%
Average Drawdown Average peak-to-trough decline	-44.66%	-74.94%	+30.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.88%	14.12%	+6.76%

Volatility

SLV vs. URA - Volatility Comparison

The current volatility for iShares Silver Trust (SLV) is 16.34%, while Global X Uranium ETF (URA) has a volatility of 17.69%. This indicates that SLV experiences smaller price fluctuations and is considered to be less risky than URA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLV	URA	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.34%	17.69%	-1.35%
Volatility (6M) Calculated over the trailing 6-month period	59.10%	39.95%	+19.15%
Volatility (1Y) Calculated over the trailing 1-year period	59.82%	51.24%	+8.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.46%	43.96%	-7.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.00%	37.91%	-5.91%

SLV vs. URA - Expense Ratio Comparison

SLV has a 0.50% expense ratio, which is lower than URA's 0.69% expense ratio.

Dividends

SLV vs. URA - Dividend Comparison

SLV has not paid dividends to shareholders, while URA's dividend yield for the trailing twelve months is around 4.58%.

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%
URA Global X Uranium ETF	4.58%	4.88%	2.86%	6.07%	0.76%	5.84%	1.69%	1.66%	0.44%	2.03%	7.28%	1.96%

Frequently Asked Questions

Can I hold both SLV and URA in my portfolio?

SLV and URA have a correlation of 0.41, 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 URA?

URA has higher volatility (17.69%) compared to SLV (16.34%). In terms of maximum drawdown, SLV dropped -76.28% vs URA's -93.54%.

Which ETF is better, SLV or URA?

On 10-year performance, URA leads with 15.90% vs 13.99% for SLV. On fees, SLV is cheaper at 0.50% per year. On volatility, SLV has been the lower-risk option at 16.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLV or URA?

Over the 10-year period, URA has performed better with a 15.90% return vs 13.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLV or URA?

SLV is cheaper with a 0.50% expense ratio, compared with 0.69% for URA.

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

URA has the higher dividend yield at 4.58%, compared with 0.00% for SLV.

What is the main difference between SLV and URA?

SLV is categorized as Silver, while URA is Commodity Producers Equities. SLV tracks LBMA Silver Price, while URA tracks Solactive Global Uranium & Nuclear Components Total Return Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.50% for SLV and 0.69% for URA.

Which has better risk-adjusted returns?

SLV currently has the higher Sharpe Ratio (1.44 vs 0.64), 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.