SLV vs. WGMI

Last updated Jun 9, 2026

SLV (iShares Silver Trust) and WGMI (Valkyrie Bitcoin Miners ETF) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while WGMI is a Cryptocurrency fund actively managed by Valkyrie. SLV is passively managed, while WGMI is actively managed. Over the past 3 years, SLV returned 40.36%/yr vs 86.64%/yr for WGMI. At a 0.22 correlation, their price movements are largely independent. SLV charges 0.50%/yr vs 0.75%/yr for WGMI.

Performance

SLV vs. WGMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Silver Trust (SLV) and Valkyrie Bitcoin Miners ETF (WGMI). 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 WGMI's 71.81% 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%

WGMI

• 1D: 6.75%
• 1M: 13.32%
• YTD: 71.81%
• 6M: 41.61%
• 1Y: 235.97%
• 3Y*: 86.64%
• 5Y*: —
• 10Y*: —

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

SLV vs. WGMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SLV iShares Silver Trust	-4.41%	144.66%	20.89%	-1.09%	2.66%
WGMI Valkyrie Bitcoin Miners ETF	71.81%	72.47%	23.54%	304.08%	-83.48%

Correlation

The correlation between SLV and WGMI is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (All Time) Calculated using the full available price history since Feb 9, 2022	0.22

SLV vs. WGMI - Sectors Allocation Comparison

Sectors	SLV	WGMI
Basic Materials	100.0%	-
Communication Services	-	1.2%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	51.3%
Healthcare	-	-
Industrials	-	0.5%
Real Estate	-	-
Technology	-	45.9%
Utilities	-	1.2%

Return for Risk

SLV vs. WGMI — 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

WGMI

WGMI Risk / Return Rank: 77
WGMI Sharpe Ratio Rank: 93
WGMI Sortino Ratio Rank: 77
WGMI Omega Ratio Rank: 70
WGMI Calmar Ratio Rank: 88
WGMI Martin Ratio Rank: 58

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. WGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and Valkyrie Bitcoin Miners ETF (WGMI). 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	WGMI	Difference
Sharpe ratio: Return per unit of total volatility	1.50	3.11	-1.62
Sortino ratio: Return per unit of downside risk	1.80	3.09	-1.29
Omega ratio: Gain probability vs. loss probability	1.30	1.37	-0.07
Calmar ratio: Return relative to maximum drawdown	2.09	4.66	-2.57
Martin ratio: Return relative to average drawdown	4.40	9.45	-5.05
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. WGMI - Sharpe Ratio Comparison

The current SLV Sharpe Ratio is 1.50, which is lower than the WGMI Sharpe Ratio of 3.11. The chart below compares the historical Sharpe Ratios of SLV and WGMI, 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	WGMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	3.11	-1.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	—	—
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	0.28	-0.05

Drawdowns

SLV vs. WGMI - Drawdown Comparison

The maximum SLV drawdown since its inception was -76.28%, smaller than the maximum WGMI drawdown of -85.76%. Use the drawdown chart below to compare losses from any high point for SLV and WGMI.

Drawdown Indicators

	SLV	WGMI	Difference
Max Drawdown Largest peak-to-trough decline	-76.28%	-85.76%	+9.48%
Max Drawdown (1Y) Largest decline over 1 year	-42.45%	-50.94%	+8.49%
Max Drawdown (3Y) Largest decline over 3 years	-42.45%	-62.79%	+20.34%
Max Drawdown (5Y) Largest decline over 5 years	-42.45%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.81%	—	—
Current Drawdown Current decline from peak	-41.69%	-8.05%	-33.64%
Average Drawdown Average peak-to-trough decline	-44.67%	-42.81%	-1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.15%	25.10%	-4.95%

Volatility

SLV vs. WGMI - Volatility Comparison

The current volatility for iShares Silver Trust (SLV) is 16.89%, while Valkyrie Bitcoin Miners ETF (WGMI) has a volatility of 20.94%. This indicates that SLV experiences smaller price fluctuations and is considered to be less risky than WGMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLV	WGMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.89%	20.94%	-4.05%
Volatility (6M) Calculated over the trailing 6-month period	58.88%	56.53%	+2.35%
Volatility (1Y) Calculated over the trailing 1-year period	59.53%	76.50%	-16.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.33%	81.67%	-45.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.92%	81.67%	-49.75%

SLV vs. WGMI - Expense Ratio Comparison

SLV has a 0.50% expense ratio, which is lower than WGMI's 0.75% expense ratio.

Dividends

SLV vs. WGMI - Dividend Comparison

Neither SLV nor WGMI has paid dividends to shareholders.

Position	TTM	2025	2024	2023
SLV iShares Silver Trust	0.00%	0.00%	0.00%	0.00%
WGMI Valkyrie Bitcoin Miners ETF	0.00%	0.00%	0.22%	0.31%

Frequently Asked Questions

Can I hold both SLV and WGMI in my portfolio?

SLV and WGMI have a correlation of 0.19, 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 WGMI?

WGMI has higher volatility (20.94%) compared to SLV (16.89%). In terms of maximum drawdown, SLV dropped -76.28% vs WGMI's -85.76%.

Which ETF is better, SLV or WGMI?

On 3-year performance, WGMI leads with 86.64% vs 40.36% for SLV. On fees, SLV is cheaper at 0.50% per year. On volatility, SLV has been the lower-risk option at 16.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLV or WGMI?

Over the 3-year period, WGMI has performed better with a 86.64% return vs 40.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLV or WGMI?

SLV is cheaper with a 0.50% expense ratio, compared with 0.75% for WGMI.

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

SLV and WGMI have nearly identical dividend yields, around 0.00%.

What is the main difference between SLV and WGMI?

SLV is categorized as Silver, while WGMI is Cryptocurrency. They also come from different issuers: iShares and Valkyrie. Their fees differ too: 0.50% for SLV and 0.75% for WGMI.

Which has better risk-adjusted returns?

WGMI currently has the higher Sharpe Ratio (3.11 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.