SLV vs. VMRXX

Last updated Jun 9, 2026

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 19.02%/yr vs 2.76%/yr for VMRXX. At a correlation of -0.01, they often move in opposite directions. 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.

Returns By Period

In the year-to-date period, SLV achieves a -4.41% return, which is significantly lower than VMRXX's 1.50% 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%

VMRXX

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.50%
• 6M: 1.83%
• 1Y: 3.96%
• 3Y*: 3.96%
• 5Y*: 2.76%
• 10Y*: —

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

SLV vs. VMRXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SLV iShares Silver Trust	-4.41%	144.66%	20.89%	-1.09%	2.37%	-17.24%
VMRXX Vanguard Cash Reserves Federal Money Market Fund Admiral Shares	1.50%	4.25%	3.45%	4.65%	0.00%	0.01%

Correlation

The correlation between SLV and VMRXX is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (All Time) Calculated using the full available price history since May 26, 2021	-0.01

SLV vs. VMRXX - Sectors Allocation Comparison

Sectors	SLV	VMRXX
Basic Materials	100.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	17.8%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

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: 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

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.

	SLV	VMRXX	Difference
Sharpe ratio: Return per unit of total volatility	1.50	3.67	-2.18
Sortino ratio: Return per unit of downside risk	1.80	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	2.09	—	—
Martin ratio: Return relative to average drawdown	4.40	—	—
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. VMRXX - Sharpe Ratio Comparison

The current SLV Sharpe Ratio is 1.50, 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.

Sharpe Ratios by Period

	SLV	VMRXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	3.67	-2.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	2.77	-2.24
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	2.76	-2.53

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.

Drawdown Indicators

	SLV	VMRXX	Difference
Max Drawdown Largest peak-to-trough decline	-76.28%	0.00%	-76.28%
Max Drawdown (1Y) Largest decline over 1 year	-42.45%	0.00%	-42.45%
Max Drawdown (3Y) Largest decline over 3 years	-42.45%	0.00%	-42.45%
Max Drawdown (5Y) Largest decline over 5 years	-42.45%	0.00%	-42.45%
Max Drawdown (10Y) Largest decline over 10 years	-42.81%	—	—
Current Drawdown Current decline from peak	-41.69%	0.00%	-41.69%
Average Drawdown Average peak-to-trough decline	-44.67%	0.00%	-44.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.15%	0.00%	+20.15%

Volatility

SLV vs. VMRXX - Volatility Comparison

iShares Silver Trust (SLV) has a higher volatility of 16.89% compared to Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX) at 0.30%. 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.

Volatility by Period

	SLV	VMRXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.89%	0.30%	+16.59%
Volatility (6M) Calculated over the trailing 6-month period	58.88%	0.79%	+58.09%
Volatility (1Y) Calculated over the trailing 1-year period	59.53%	1.12%	+58.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.33%	1.02%	+35.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.92%	1.02%	+30.90%

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 3.88%.

Position	TTM	2025	2024	2023	2022	2021
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	3.88%	4.15%	3.38%	4.54%	0.00%	0.01%

Frequently Asked Questions

Can I hold both SLV and VMRXX in my portfolio?

SLV and VMRXX have a correlation of 0.02, 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 VMRXX?

SLV has higher volatility (16.89%) compared to VMRXX (0.30%). In terms of maximum drawdown, SLV dropped -76.28% vs VMRXX's 0.00%.

Which has better risk-adjusted returns?

VMRXX currently has the higher Sharpe Ratio (3.67 vs 1.50), 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.