SLV vs. XME
SLV (iShares Silver Trust) and XME (SPDR S&P Metals & Mining ETF) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while XME is a Materials fund tracking the S&P Metals & Mining Select Industry Index. Both are passively managed. Over the past 10 years, SLV returned 13.58%/yr vs 18.50%/yr for XME. At a 0.44 correlation, their price movements are largely independent. SLV charges 0.50%/yr vs 0.35%/yr for XME.
Performance
SLV vs. XME - Performance Comparison
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Returns By Period
In the year-to-date period, SLV achieves a -7.62% return, which is significantly lower than XME's 13.01% return. Over the past 10 years, SLV has underperformed XME with an annualized return of 13.58%, while XME has yielded a comparatively higher 18.50% annualized return.
SLV
- 1D
- -1.81%
- 1M
- -14.31%
- YTD
- -7.62%
- 6M
- -2.33%
- 1Y
- 81.88%
- 3Y*
- 38.96%
- 5Y*
- 20.04%
- 10Y*
- 13.58%
XME
- 1D
- -1.16%
- 1M
- 1.42%
- YTD
- 13.01%
- 6M
- 11.47%
- 1Y
- 79.35%
- 3Y*
- 33.92%
- 5Y*
- 24.29%
- 10Y*
- 18.50%
SLV vs. XME - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SLV iShares Silver Trust | -7.62% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
XME SPDR S&P Metals & Mining ETF | 13.01% | 83.47% | -4.54% | 21.51% | 13.13% | 34.92% | 15.95% | 14.69% | -26.78% | 21.17% |
Correlation
The correlation between SLV and XME is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006 | 0.44 |
The correlation between SLV and XME shifts across timeframes, from 0.42 (10 years) to 0.55 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SLV vs. XME — Risk / Return Rank
SLV
XME
SLV vs. XME - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and SPDR S&P Metals & Mining ETF (XME). 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.
| SLV | XME | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.80 | ||
| Sortino ratioReturn per unit of downside risk | -0.95 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.34 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 3.39 | -1.65 |
| Martin ratioReturn relative to average drawdown | 3.68 | 8.36 | -4.69 |
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Drawdowns
SLV vs. XME - Drawdown Comparison
The maximum SLV drawdown since its inception was -76.28%, smaller than the maximum XME drawdown of -85.89%. Use the drawdown chart below to compare losses from any high point for SLV and XME.
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Drawdown Indicators
| SLV | XME | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.28% | -85.89% | +9.61% |
Max Drawdown (1Y)Largest decline over 1 year | -45.40% | -22.60% | -22.80% |
Max Drawdown (3Y)Largest decline over 3 years | -45.40% | -30.47% | -14.93% |
Max Drawdown (5Y)Largest decline over 5 years | -45.40% | -37.27% | -8.13% |
Max Drawdown (10Y)Largest decline over 10 years | -45.40% | -61.69% | +16.29% |
Current DrawdownCurrent decline from peak | -43.65% | -11.90% | -31.75% |
Average DrawdownAverage peak-to-trough decline | -44.65% | -44.06% | -0.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.52% | 9.15% | +12.37% |
Volatility
SLV vs. XME - Volatility Comparison
iShares Silver Trust (SLV) and SPDR S&P Metals & Mining ETF (XME) have volatilities of 14.09% and 14.01%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SLV | XME | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.09% | 14.01% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 59.18% | 28.05% | +31.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.10% | 36.15% | +23.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.50% | 32.71% | +3.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.04% | 32.92% | -0.88% |
SLV vs. XME - Expense Ratio Comparison
SLV has a 0.50% expense ratio, which is higher than XME's 0.35% expense ratio.
Dividends
SLV vs. XME - Dividend Comparison
SLV has not paid dividends to shareholders, while XME's dividend yield for the trailing twelve months is around 0.33%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XME SPDR S&P Metals & Mining ETF | 0.33% | 0.38% | 0.65% | 1.00% | 1.64% | 0.70% | 0.99% | 2.43% | 2.23% | 1.15% | 1.02% | 2.61% |
Frequently Asked Questions
SLV and XME have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (14.09%) compared to XME (14.01%). In terms of maximum drawdown, SLV dropped -76.28% vs XME's -85.89%.
On 10-year performance, XME leads with 18.50% vs 13.58% for SLV. On fees, XME is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XME has performed better with a 18.50% return vs 13.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XME is cheaper with a 0.35% expense ratio, compared with 0.50% for SLV.
XME has the higher dividend yield at 0.33%, compared with 0.00% for SLV.
SLV is categorized as Silver, while XME is Materials. SLV tracks LBMA Silver Price, while XME tracks S&P Metals & Mining Select Industry Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.50% for SLV and 0.35% for XME.
XME currently has the higher Sharpe Ratio (2.12 vs 1.32), 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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