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SLV vs. VMRXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SLV vs. VMRXX

Last updated Jul 21, 2026
Documentation

SLV (iShares Silver Trust) and VMRXX (Vanguard Cash Reserves Federal Money Market Fund Admiral Shares) are both funds - SLV is a Silver fund tracking the LBMA Silver Price, while VMRXX is a Money Market fund actively managed by Vanguard. SLV is passively managed, while VMRXX is actively managed. Over the past 5 years, SLV returned 16.83%/yr vs 3.09%/yr for VMRXX. At a 0.00 correlation, their price movements are largely independent. SLV charges 0.50%/yr vs 0.10%/yr for VMRXX.

Performance

SLV vs. VMRXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Silver Trust (SLV) and Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX). 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 -20.86% return, which is significantly lower than VMRXX's 1.80% return.

SLV

1D
0.39%
1M
-14.33%
6M
-37.08%
YTD
-20.86%
1Y
47.30%
3Y*
31.21%
5Y*
16.83%
10Y*
10.57%
ALL TIME*
7.03%

VMRXX

1D
0.00%
1M
0.30%
6M
1.80%
YTD
1.80%
1Y
3.91%
3Y*
4.39%
5Y*
3.09%
10Y*
—
ALL TIME*
3.00%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SLV vs. VMRXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
SLV
iShares Silver Trust		-20.86%144.66%20.89%-1.09%2.37%-16.47%
VMRXX
Vanguard Cash Reserves Federal Money Market Fund Admiral Shares		1.80%4.25%4.84%4.65%0.00%0.01%

Correlation

The correlation between SLV and VMRXX is 0.03, 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

0.03

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

-0.03

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

-0.00

Correlation (All Time)
Calculated using the full available price history since May 25, 2021

0.00

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iShares Silver Trust

Vanguard Cash Reserves Federal Money Market Fund Admiral Shares

Often compared with SLV:
SLV vs. GLDSLV vs. SIVRSLV vs. PSLVSLV vs. SILSLV vs. SILJSLV vs. SLVPSLV vs. AGQ
Often compared with VMRXX:
VMRXX vs. VMFXXVMRXX vs. VUSXXVMRXX vs. SWVXXVMRXX vs. VGSHVMRXX vs. FCSSXVMRXX vs. VYMVMRXX vs. USFR

Return for Risk

SLV vs. VMRXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SLV
SLV Risk / Return Rank: 2828
Overall Rank
SLV Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
SLV Sortino Ratio Rank: 2929
Sortino Ratio Rank
SLV Omega Ratio Rank: 3737
Omega Ratio Rank
SLV Calmar Ratio Rank: 2525
Calmar Ratio Rank
SLV Martin Ratio Rank: 2222
Martin Ratio Rank
VMRXX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. VMRXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX). 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.

SLVVMRXXDifference
Sharpe ratioReturn per unit of total volatility
0.78
3.67

-2.90

Sortino ratioReturn per unit of downside risk
1.23

—

—

Omega ratioGain probability vs. loss probability

1.19

—

—

Calmar ratioReturn relative to maximum drawdown

0.91

—

—

Martin ratioReturn relative to average drawdown

1.85

—

—

SLV vs. VMRXX - Sharpe Ratio Comparison

The current SLV Sharpe Ratio is 0.78, which is lower than the VMRXX Sharpe Ratio of 3.67. The chart below compares the historical Sharpe Ratios of SLV and VMRXX, 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. VMRXX - Drawdown Comparison

The maximum SLV drawdown since its inception was -76.28%, which is greater than VMRXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for SLV and VMRXX.

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Drawdown Indicators

SLVVMRXXDifference

Max Drawdown

Largest peak-to-trough decline

-76.28%

0.00%

-76.28%

Max Drawdown (1Y)

Largest decline over 1 year

-52.28%

0.00%

-52.28%

Max Drawdown (3Y)

Largest decline over 3 years

-52.28%

0.00%

-52.28%

Max Drawdown (5Y)

Largest decline over 5 years

-52.28%

0.00%

-52.28%

Max Drawdown (10Y)

Largest decline over 10 years

-52.28%

—

—

Current Drawdown

Current decline from peak

-51.72%

0.00%

-51.72%

Average Drawdown

Average peak-to-trough decline

-44.67%

0.00%

-44.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

25.64%

0.00%

+25.64%

Volatility

SLV vs. VMRXX - Volatility Comparison

iShares Silver Trust (SLV) has a higher volatility of 12.54% compared to Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX) at 0.29%. This indicates that SLV's price experiences larger fluctuations and is considered to be riskier than VMRXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SLVVMRXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

12.54%

0.29%

+12.25%

Volatility (6M)

Calculated over the trailing 6-month period

56.50%

0.72%

+55.78%

Volatility (1Y)

Calculated over the trailing 1-year period

61.24%

1.10%

+60.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.87%

1.09%

+35.78%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.18%

1.07%

+31.11%

SLV vs. VMRXX - Expense Ratio Comparison

SLV has a 0.50% expense ratio, which is higher than VMRXX's 0.10% expense ratio.

Dividends

SLV vs. VMRXX - Dividend Comparison

SLV has not paid dividends to shareholders, while VMRXX's dividend yield for the trailing twelve months is around 3.83%.

PositionTTM20252024202320222021
SLV
iShares Silver Trust		0.00%0.00%0.00%0.00%0.00%0.00%
VMRXX
Vanguard Cash Reserves Federal Money Market Fund Admiral Shares		3.83%4.15%4.71%4.54%0.00%0.01%

Frequently Asked Questions

SLV and VMRXX have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SLV has higher volatility (12.54%) compared to VMRXX (0.29%). In terms of maximum drawdown, SLV dropped -76.28% vs VMRXX's 0.00%.

VMRXX currently has the higher Sharpe Ratio (3.67 vs 0.78), 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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