SLV vs. XAGUSD=X

Last updated Apr 4, 2026

Compare and contrast key facts about iShares Silver Trust (SLV) and Silver Spot Price US Dollar (XAGUSD=X).

SLV is a passively managed fund by iShares that tracks the performance of the LBMA Silver Price. It was launched on Apr 21, 2006.

Performance

SLV vs. XAGUSD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Silver Trust (SLV) and Silver Spot Price US Dollar (XAGUSD=X). The values are adjusted to include any dividend payments, if applicable.

SLV vs. XAGUSD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLV iShares Silver Trust	2.13%	144.66%	20.89%	-1.09%	2.37%	-12.45%	47.30%	14.88%	-9.19%	5.82%
XAGUSD=X Silver Spot Price US Dollar	1.54%	148.50%	21.59%	-0.79%	2.85%	-11.48%	47.14%	15.71%	-8.76%	6.61%

Returns By Period

In the year-to-date period, SLV achieves a 2.13% return, which is significantly higher than XAGUSD=X's 1.54% return. Both investments have delivered pretty close results over the past 10 years, with SLV having a 16.57% annualized return and XAGUSD=X not far ahead at 17.02%.

SLV

• 1D: -3.45%
• 1M: -12.68%
• YTD: 2.13%
• 6M: 51.17%
• 1Y: 127.73%
• 3Y*: 43.94%
• 5Y*: 23.23%
• 10Y*: 16.57%

XAGUSD=X

• 1D: 0.01%
• 1M: -12.59%
• YTD: 1.54%
• 6M: 51.87%
• 1Y: 128.71%
• 3Y*: 42.84%
• 5Y*: 24.24%
• 10Y*: 17.02%

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

Return for Risk

SLV vs. XAGUSD=X — Risk / Return Rank

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

SLV

SLV Risk / Return Rank: 80
SLV Sharpe Ratio Rank: 89
SLV Sortino Ratio Rank: 79
SLV Omega Ratio Rank: 88
SLV Calmar Ratio Rank: 77
SLV Martin Ratio Rank: 65

XAGUSD=X

XAGUSD=X Risk / Return Rank: 93
XAGUSD=X Sharpe Ratio Rank: 100
XAGUSD=X Sortino Ratio Rank: 92
XAGUSD=X Omega Ratio Rank: 98
XAGUSD=X Calmar Ratio Rank: 88
XAGUSD=X Martin Ratio Rank: 86

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. XAGUSD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and Silver Spot Price US Dollar (XAGUSD=X). 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	XAGUSD=X	Difference
Sharpe ratio Return per unit of total volatility	2.00	1.84	+0.17
Sortino ratio Return per unit of downside risk	2.13	2.04	+0.09
Omega ratio Gain probability vs. loss probability	1.38	1.39	-0.01
Calmar ratio Return relative to maximum drawdown	2.70	2.28	+0.43
Martin ratio Return relative to average drawdown	8.21	6.46	+1.75
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. XAGUSD=X - Sharpe Ratio Comparison

The current SLV Sharpe Ratio is 2.00, which is comparable to the XAGUSD=X Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of SLV and XAGUSD=X, 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	XAGUSD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	1.84	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.64	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.52	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.27	-0.02

Correlation

The correlation between SLV and XAGUSD=X is 0.96, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

SLV vs. XAGUSD=X - Drawdown Comparison

The maximum SLV drawdown since its inception was -76.28%, roughly equal to the maximum XAGUSD=X drawdown of -75.36%. Use the drawdown chart below to compare losses from any high point for SLV and XAGUSD=X.

Drawdown Indicators

	SLV	XAGUSD=X	Difference
Max Drawdown Largest peak-to-trough decline	-76.28%	-75.36%	-0.92%
Max Drawdown (1Y) Largest decline over 1 year	-42.45%	-44.14%	+1.69%
Max Drawdown (5Y) Largest decline over 5 years	-42.45%	-44.14%	+1.69%
Max Drawdown (10Y) Largest decline over 10 years	-42.81%	-44.14%	+1.33%
Current Drawdown Current decline from peak	-37.70%	-37.53%	-0.17%
Average Drawdown Average peak-to-trough decline	-44.76%	-44.41%	-0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.98%	15.57%	-1.59%

Volatility

SLV vs. XAGUSD=X - Volatility Comparison

iShares Silver Trust (SLV) has a higher volatility of 17.17% compared to Silver Spot Price US Dollar (XAGUSD=X) at 16.15%. This indicates that SLV's price experiences larger fluctuations and is considered to be riskier than XAGUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLV	XAGUSD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.17%	16.15%	+1.02%
Volatility (6M) Calculated over the trailing 6-month period	57.39%	56.73%	+0.66%
Volatility (1Y) Calculated over the trailing 1-year period	57.18%	52.09%	+5.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.30%	33.88%	+1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.36%	30.59%	+0.77%