SLV vs. VFEG.L

Last updated Jun 9, 2026

SLV (iShares Silver Trust) and VFEG.L (Vanguard FTSE Emerging Markets UCITS ETF Acc) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while VFEG.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD. Both are passively managed. Over the past 5 years, SLV returned 19.02%/yr vs 4.48%/yr for VFEG.L. At a 0.34 correlation, their price movements are largely independent. SLV charges 0.50%/yr vs 0.22%/yr for VFEG.L.

Performance

SLV vs. VFEG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Silver Trust (SLV) and Vanguard FTSE Emerging Markets UCITS ETF Acc (VFEG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SLV is traded in USD, while VFEG.L is traded in GBP. To make them comparable, the VFEG.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, SLV achieves a -4.41% return, which is significantly lower than VFEG.L's 8.09% return.

SLV

• 1D: 0.02%
• 1M: -15.66%
• YTD: -4.41%
• 6M: 16.83%
• 1Y: 88.38%
• 3Y*: 40.36%
• 5Y*: 19.02%
• 10Y*: 14.08%

VFEG.L

• 1D: -0.09%
• 1M: -3.70%
• YTD: 8.09%
• 6M: 9.44%
• 1Y: 24.54%
• 3Y*: 16.34%
• 5Y*: 4.48%
• 10Y*: —

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

SLV vs. VFEG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SLV iShares Silver Trust	-4.41%	144.66%	20.89%	-1.09%	2.37%	-12.45%	47.30%	-4.74%
VFEG.L Vanguard FTSE Emerging Markets UCITS ETF Acc	8.09%	26.00%	12.22%	6.63%	-17.18%	-0.91%	14.68%	-10.69%

Correlation

The correlation between SLV and VFEG.L is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (All Time) Calculated using the full available price history since Sep 24, 2019	0.34

SLV vs. VFEG.L - Sectors Allocation Comparison

Sectors	SLV	VFEG.L
Basic Materials	100.0%	7.8%
Communication Services	-	7.5%
Consumer Cyclical	-	10.8%
Consumer Defensive	-	3.6%
Energy	-	4.9%
Financial Services	-	20.8%
Healthcare	-	3.4%
Industrials	-	7.1%
Real Estate	-	1.7%
Technology	-	29.6%
Utilities	-	3.0%

Return for Risk

SLV vs. VFEG.L — Risk / Return Rank

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

SLV

SLV Risk / Return Rank: 43
SLV Sharpe Ratio Rank: 47
SLV Sortino Ratio Rank: 38
SLV Omega Ratio Rank: 54
SLV Calmar Ratio Rank: 47
SLV Martin Ratio Rank: 32

VFEG.L

VFEG.L Risk / Return Rank: 61
VFEG.L Sharpe Ratio Rank: 62
VFEG.L Sortino Ratio Rank: 60
VFEG.L Omega Ratio Rank: 62
VFEG.L Calmar Ratio Rank: 64
VFEG.L Martin Ratio Rank: 59

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. VFEG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and Vanguard FTSE Emerging Markets UCITS ETF Acc (VFEG.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.

	SLV	VFEG.L	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.55	-0.05
Sortino ratio: Return per unit of downside risk	1.80	2.16	-0.36
Omega ratio: Gain probability vs. loss probability	1.30	1.28	+0.02
Calmar ratio: Return relative to maximum drawdown	2.09	2.22	-0.13
Martin ratio: Return relative to average drawdown	4.40	7.75	-3.34
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. VFEG.L - Sharpe Ratio Comparison

The current SLV Sharpe Ratio is 1.50, which is comparable to the VFEG.L Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of SLV and VFEG.L, 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	VFEG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	1.55	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.20	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.20	+0.03

Drawdowns

SLV vs. VFEG.L - Drawdown Comparison

The maximum SLV drawdown since its inception was -76.28%, which is greater than VFEG.L's maximum drawdown of -39.28%. Use the drawdown chart below to compare losses from any high point for SLV and VFEG.L.

Drawdown Indicators

	SLV	VFEG.L	Difference
Max Drawdown Largest peak-to-trough decline	-76.28%	-39.28%	-37.00%
Max Drawdown (1Y) Largest decline over 1 year	-42.45%	-11.01%	-31.44%
Max Drawdown (3Y) Largest decline over 3 years	-42.45%	-20.69%	-21.76%
Max Drawdown (5Y) Largest decline over 5 years	-42.45%	-33.48%	-8.97%
Max Drawdown (10Y) Largest decline over 10 years	-42.81%	—	—
Current Drawdown Current decline from peak	-41.69%	-4.68%	-37.01%
Average Drawdown Average peak-to-trough decline	-44.67%	-14.94%	-29.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.15%	3.16%	+16.99%

Volatility

SLV vs. VFEG.L - Volatility Comparison

iShares Silver Trust (SLV) has a higher volatility of 16.89% compared to Vanguard FTSE Emerging Markets UCITS ETF Acc (VFEG.L) at 6.08%. This indicates that SLV's price experiences larger fluctuations and is considered to be riskier than VFEG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLV	VFEG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.89%	6.08%	+10.81%
Volatility (6M) Calculated over the trailing 6-month period	58.88%	12.96%	+45.92%
Volatility (1Y) Calculated over the trailing 1-year period	59.53%	15.82%	+43.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.33%	22.04%	+14.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.92%	23.80%	+8.12%

SLV vs. VFEG.L - Expense Ratio Comparison

SLV has a 0.50% expense ratio, which is higher than VFEG.L's 0.22% expense ratio.

Dividends

SLV vs. VFEG.L - Dividend Comparison

Neither SLV nor VFEG.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SLV and VFEG.L in my portfolio?

SLV and VFEG.L have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SLV or VFEG.L?

On fees, VFEG.L is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SLV or VFEG.L?

VFEG.L is cheaper with a 0.22% expense ratio, compared with 0.50% for SLV.

What is the main difference between SLV and VFEG.L?

SLV is categorized as Silver, while VFEG.L is Emerging Markets Equities. SLV tracks LBMA Silver Price, while VFEG.L tracks MSCI EM NR USD. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.50% for SLV and 0.22% for VFEG.L.