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SLV vs. VMNFX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SLV vs. VMNFX

Last updated Jun 13, 2026

SLV (iShares Silver Trust) and VMNFX (Vanguard Market Neutral Fund Investor Shares) are both funds - SLV is a Silver fund tracking the LBMA Silver Price, while VMNFX is a Long-Short fund managed by Vanguard. Over the past 10 years, SLV returned 13.99%/yr vs 5.04%/yr for VMNFX. At a correlation of -0.02, they often move in opposite directions. SLV charges 0.50%/yr vs 1.31%/yr for VMNFX.

Performance

SLV vs. VMNFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Silver Trust (SLV) and Vanguard Market Neutral Fund Investor Shares (VMNFX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SLV achieves a -4.86% return, which is significantly lower than VMNFX's 12.24% return. Over the past 10 years, SLV has outperformed VMNFX with an annualized return of 13.99%, while VMNFX has yielded a comparatively lower 5.04% 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%

VMNFX

1D
0.32%
1M
1.75%
YTD
12.24%
6M
13.84%
1Y
19.63%
3Y*
13.34%
5Y*
13.18%
10Y*
5.04%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SLV vs. VMNFX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SLV
iShares Silver Trust		-4.86%144.66%20.89%-1.09%2.37%-12.45%47.30%14.88%-9.19%5.82%
VMNFX
Vanguard Market Neutral Fund Investor Shares		12.24%9.27%5.78%12.23%13.48%23.24%-11.58%-9.57%0.60%-4.89%

Correlation

The correlation between SLV and VMNFX is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.07

Correlation (3Y)
Calculated over the trailing 3-year period

-0.09

Correlation (5Y)
Calculated over the trailing 5-year period

-0.07

Correlation (10Y)
Calculated over the trailing 10-year period

-0.05

Correlation (All Time)
Calculated using the full available price history since Apr 28, 2006

-0.02

SLV vs. VMNFX - Sectors Allocation Comparison

Sectors
SLV
VMNFX

Basic Materials

100.0%
5.6%

Communication Services

-

3.6%

Consumer Cyclical

-

12.7%

Consumer Defensive

-

3.0%

Energy

-

4.7%

Financial Services

-

19.9%

Healthcare

-

13.6%

Industrials

-

12.9%

Real Estate

-

7.6%

Technology

-

13.0%

Utilities

-

3.4%

Basic Materials

SLV
100.0%
VMNFX
5.6%

Communication Services

SLV

-

VMNFX
3.6%

Consumer Cyclical

SLV

-

VMNFX
12.7%

Consumer Defensive

SLV

-

VMNFX
3.0%

Energy

SLV

-

VMNFX
4.7%

Financial Services

SLV

-

VMNFX
19.9%

Healthcare

SLV

-

VMNFX
13.6%

Industrials

SLV

-

VMNFX
12.9%

Real Estate

SLV

-

VMNFX
7.6%

Technology

SLV

-

VMNFX
13.0%

Utilities

SLV

-

VMNFX
3.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Silver Trust

Vanguard Market Neutral Fund Investor Shares

Often compared with SLV:
SLV vs. GLDSLV vs. SIVRSLV vs. PSLVSLV vs. SILSLV vs. SILJSLV vs. SLVPSLV vs. AGQ
Often compared with VMNFX:
VMNFX vs. BDMIXVMNFX vs. VMNIXVMNFX vs. VMVFXVMNFX vs. VIPIXVMNFX vs. SPYVMNFX vs. QAMNXVMNFX vs. VIMAX

Return for Risk

SLV vs. VMNFX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SLV
SLV Risk / Return Rank: 4242
Overall Rank
SLV Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
SLV Sortino Ratio Rank: 3838
Sortino Ratio Rank
SLV Omega Ratio Rank: 5353
Omega Ratio Rank
SLV Calmar Ratio Rank: 4343
Calmar Ratio Rank
SLV Martin Ratio Rank: 3232
Martin Ratio Rank
VMNFX
VMNFX Risk / Return Rank: 8888
Overall Rank
VMNFX Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
VMNFX Sortino Ratio Rank: 9090
Sortino Ratio Rank
VMNFX Omega Ratio Rank: 8484
Omega Ratio Rank
VMNFX Calmar Ratio Rank: 9393
Calmar Ratio Rank
VMNFX Martin Ratio Rank: 8282
Martin Ratio Rank
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. VMNFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and Vanguard Market Neutral Fund Investor Shares (VMNFX). 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.

SLVVMNFXDifference
Sharpe ratioReturn per unit of total volatility
1.44
2.61

-1.18

Sortino ratioReturn per unit of downside risk
1.76
3.94

-2.19

Omega ratioGain probability vs. loss probability

1.29

1.48

-0.19

Calmar ratioReturn relative to maximum drawdown

1.89

4.33

-2.44

Martin ratioReturn relative to average drawdown

4.10

12.14

-8.03

SLV vs. VMNFX - Sharpe Ratio Comparison

The current SLV Sharpe Ratio is 1.44, which is lower than the VMNFX Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of SLV and VMNFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SLV vs. VMNFX - Drawdown Comparison

The maximum SLV drawdown since its inception was -76.28%, which is greater than VMNFX's maximum drawdown of -26.42%. Use the drawdown chart below to compare losses from any high point for SLV and VMNFX.

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Drawdown Indicators

SLVVMNFXDifference

Max Drawdown

Largest peak-to-trough decline

-76.28%

-26.42%

-49.86%

Max Drawdown (1Y)

Largest decline over 1 year

-45.40%

-4.65%

-40.75%

Max Drawdown (3Y)

Largest decline over 3 years

-45.40%

-5.44%

-39.96%

Max Drawdown (5Y)

Largest decline over 5 years

-45.40%

-6.75%

-38.65%

Max Drawdown (10Y)

Largest decline over 10 years

-45.40%

-25.09%

-20.31%

Current Drawdown

Current decline from peak

-41.96%

-0.19%

-41.77%

Average Drawdown

Average peak-to-trough decline

-44.66%

-8.75%

-35.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

20.88%

1.66%

+19.22%

Volatility

SLV vs. VMNFX - Volatility Comparison

iShares Silver Trust (SLV) has a higher volatility of 16.34% compared to Vanguard Market Neutral Fund Investor Shares (VMNFX) at 1.65%. This indicates that SLV's price experiences larger fluctuations and is considered to be riskier than VMNFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SLVVMNFXDifference

Volatility (1M)

Calculated over the trailing 1-month period

16.34%

1.65%

+14.69%

Volatility (6M)

Calculated over the trailing 6-month period

59.10%

5.57%

+53.53%

Volatility (1Y)

Calculated over the trailing 1-year period

59.82%

7.71%

+52.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.46%

7.21%

+29.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.00%

6.39%

+25.61%

SLV vs. VMNFX - Expense Ratio Comparison

SLV has a 0.50% expense ratio, which is lower than VMNFX's 1.31% expense ratio.

Dividends

SLV vs. VMNFX - Dividend Comparison

SLV has not paid dividends to shareholders, while VMNFX's dividend yield for the trailing twelve months is around 3.13%.

PositionTTM20252024202320222021202020192018201720162015
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%
VMNFX
Vanguard Market Neutral Fund Investor Shares		3.13%3.53%5.61%5.09%0.75%0.16%0.81%3.16%0.94%1.07%0.38%0.02%

Frequently Asked Questions

SLV and VMNFX have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SLV has higher volatility (16.34%) compared to VMNFX (1.65%). In terms of maximum drawdown, SLV dropped -76.28% vs VMNFX's -26.42%.

VMNFX currently has the higher Sharpe Ratio (2.61 vs 1.44), 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.

Portfolio Optimizer

Find the right allocation for SLV and VMNFX

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