SLVO vs. AAAU

Last updated Jun 4, 2026

SLVO (UBS ETRACS Silver Shares Covered Call ETN) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - SLVO is a Silver fund tracking the Credit Suisse NASDAQ Silver FLOWS 106 Index, while AAAU is a Precious Metals fund tracking the LBMA Gold PM Price. Both are passively managed. Over the past year, SLVO returned 62.53% vs 32.29% for AAAU. A 0.70 correlation means they provide meaningful diversification when combined. SLVO charges 0.65%/yr vs 0.18%/yr for AAAU.

Performance

SLVO vs. AAAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UBS ETRACS Silver Shares Covered Call ETN (SLVO) and Goldman Sachs Physical Gold ETF (AAAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLVO achieves a 13.49% return, which is significantly higher than AAAU's 2.94% return.

SLVO

• 1D: -1.17%
• 1M: 4.05%
• YTD: 13.49%
• 6M: 17.86%
• 1Y: 62.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAAU

• 1D: -1.02%
• 1M: -1.68%
• YTD: 2.94%
• 6M: 5.50%
• 1Y: 32.29%
• 3Y*: 31.37%
• 5Y*: 18.39%
• 10Y*: —

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

SLVO vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SLVO UBS ETRACS Silver Shares Covered Call ETN	13.49%	71.20%	1.24%
AAAU Goldman Sachs Physical Gold ETF	2.94%	64.06%	11.64%

Correlation

The correlation between SLVO and AAAU is 0.66, 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	0.66
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	0.70

The correlation between SLVO and AAAU has been stable across timeframes, ranging from 0.66 to 0.70 - a consistent structural relationship.

Return for Risk

SLVO vs. AAAU — Risk / Return Rank

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

SLVO

SLVO Risk / Return Rank: 66
SLVO Sharpe Ratio Rank: 62
SLVO Sortino Ratio Rank: 48
SLVO Omega Ratio Rank: 72
SLVO Calmar Ratio Rank: 72
SLVO Martin Ratio Rank: 77

AAAU

AAAU Risk / Return Rank: 32
AAAU Sharpe Ratio Rank: 33
AAAU Sortino Ratio Rank: 29
AAAU Omega Ratio Rank: 36
AAAU Calmar Ratio Rank: 34
AAAU Martin Ratio Rank: 29

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.

SLVO vs. AAAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETRACS Silver Shares Covered Call ETN (SLVO) and Goldman Sachs Physical Gold ETF (AAAU). 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.

	SLVO	AAAU	Difference
Sharpe ratio Return per unit of total volatility	2.13	1.23	+0.90
Sortino ratio Return per unit of downside risk	2.39	1.63	+0.76
Omega ratio Gain probability vs. loss probability	1.44	1.25	+0.19
Calmar ratio Return relative to maximum drawdown	3.65	1.70	+1.95
Martin ratio Return relative to average drawdown	15.01	4.21	+10.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SLVO vs. AAAU - Sharpe Ratio Comparison

The current SLVO Sharpe Ratio is 2.13, which is higher than the AAAU Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of SLVO and AAAU, 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

	SLVO	AAAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	1.23	+0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.04	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.61	1.09	+0.52

Drawdowns

SLVO vs. AAAU - Drawdown Comparison

The maximum SLVO drawdown since its inception was -17.23%, smaller than the maximum AAAU drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for SLVO and AAAU.

Drawdown Indicators

	SLVO	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-17.23%	-21.63%	+4.40%
Max Drawdown (1Y) Largest decline over 1 year	-17.23%	-19.13%	+1.90%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.13%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.94%	—
Current Drawdown Current decline from peak	-3.22%	-17.68%	+14.46%
Average Drawdown Average peak-to-trough decline	-3.13%	-6.18%	+3.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.18%	7.69%	-3.51%

Volatility

SLVO vs. AAAU - Volatility Comparison

UBS ETRACS Silver Shares Covered Call ETN (SLVO) has a higher volatility of 6.39% compared to Goldman Sachs Physical Gold ETF (AAAU) at 5.50%. This indicates that SLVO's price experiences larger fluctuations and is considered to be riskier than AAAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLVO	AAAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.39%	5.50%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	27.33%	22.94%	+4.39%
Volatility (1Y) Calculated over the trailing 1-year period	29.53%	26.33%	+3.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.23%	17.83%	+7.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.23%	16.99%	+8.24%

SLVO vs. AAAU - Expense Ratio Comparison

SLVO has a 0.65% expense ratio, which is higher than AAAU's 0.18% expense ratio.

Dividends

SLVO vs. AAAU - Dividend Comparison

SLVO's dividend yield for the trailing twelve months is around 46.44%, while AAAU has not paid dividends to shareholders.

Position	TTM	2025	2024
AAAU Goldman Sachs Physical Gold ETF	0.00%	0.00%	0.00%
SLVO UBS ETRACS Silver Shares Covered Call ETN	46.44%	19.35%	14.45%

Frequently Asked Questions

Can I hold both SLVO and AAAU in my portfolio?

SLVO and AAAU have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLVO or AAAU?

SLVO has higher volatility (6.39%) compared to AAAU (5.50%). In terms of maximum drawdown, SLVO dropped -17.23% vs AAAU's -21.63%.

Which ETF is better, SLVO or AAAU?

On 1-year performance, SLVO leads with 62.53% vs 32.29% for AAAU. On fees, AAAU is cheaper at 0.18% per year. On volatility, AAAU has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLVO or AAAU?

Over the 1-year period, SLVO has performed better with a 62.53% return vs 32.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLVO or AAAU?

AAAU is cheaper with a 0.18% expense ratio, compared with 0.65% for SLVO.

Which ETF pays a higher dividend yield, SLVO or AAAU?

SLVO has the higher dividend yield at 46.44%, compared with 0.00% for AAAU.

What is the main difference between SLVO and AAAU?

SLVO is categorized as Silver, while AAAU is Precious Metals. SLVO tracks Credit Suisse NASDAQ Silver FLOWS 106 Index, while AAAU tracks LBMA Gold PM Price. They also come from different issuers: UBS and Goldman Sachs. Their fees differ too: 0.65% for SLVO and 0.18% for AAAU.

Which has better risk-adjusted returns?

SLVO currently has the higher Sharpe Ratio (2.13 vs 1.23), 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.