SLVO vs. GLDI
SLVO (UBS ETRACS Silver Shares Covered Call ETN) and GLDI (UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033) are both exchange-traded funds - SLVO is a Silver fund tracking the Credit Suisse NASDAQ Silver FLOWS 106 Index, while GLDI is a Gold fund tracking the Credit Suisse NASDAQ Gold FLOWS 103 Index. Both are passively managed. Over the past year, SLVO returned 46.62% vs 14.20% for GLDI. A 0.68 correlation means they provide meaningful diversification when combined. Both charge a 0.65% expense ratio.
Performance
SLVO vs. GLDI - Performance Comparison
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Returns By Period
In the year-to-date period, SLVO achieves a 4.48% return, which is significantly higher than GLDI's -2.88% return.
SLVO
- 1D
- -0.66%
- 1M
- -8.03%
- YTD
- 4.48%
- 6M
- 4.33%
- 1Y
- 46.62%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GLDI
- 1D
- -0.50%
- 1M
- -5.67%
- YTD
- -2.88%
- 6M
- -3.64%
- 1Y
- 14.20%
- 3Y*
- 18.11%
- 5Y*
- 11.32%
- 10Y*
- 8.00%
SLVO vs. GLDI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SLVO UBS ETRACS Silver Shares Covered Call ETN | 4.48% | 71.20% | 0.94% |
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | -2.88% | 34.25% | 10.45% |
Correlation
The correlation between SLVO and GLDI is 0.72, 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 | 0.72 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024 | 0.68 |
The correlation between SLVO and GLDI has been stable across timeframes, ranging from 0.68 to 0.72 - a consistent structural relationship.
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Return for Risk
SLVO vs. GLDI — Risk / Return Rank
SLVO
GLDI
SLVO vs. GLDI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UBS ETRACS Silver Shares Covered Call ETN (SLVO) and UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI). 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.
| SLVO | GLDI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.62 | ||
| Sortino ratioReturn per unit of downside risk | +0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.19 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 1.01 | +1.71 |
| Martin ratioReturn relative to average drawdown | 10.08 | 3.38 | +6.70 |
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Drawdowns
SLVO vs. GLDI - Drawdown Comparison
The maximum SLVO drawdown since its inception was -17.23%, smaller than the maximum GLDI drawdown of -32.26%. Use the drawdown chart below to compare losses from any high point for SLVO and GLDI.
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Drawdown Indicators
| SLVO | GLDI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.23% | -32.26% | +15.03% |
Max Drawdown (1Y)Largest decline over 1 year | -17.23% | -14.14% | -3.09% |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.14% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.14% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.94% | — |
Current DrawdownCurrent decline from peak | -10.90% | -11.85% | +0.95% |
Average DrawdownAverage peak-to-trough decline | -3.26% | -13.99% | +10.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.64% | 4.21% | +0.43% |
Volatility
SLVO vs. GLDI - Volatility Comparison
UBS ETRACS Silver Shares Covered Call ETN (SLVO) has a higher volatility of 9.68% compared to UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) at 7.07%. This indicates that SLVO's price experiences larger fluctuations and is considered to be riskier than GLDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SLVO | GLDI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.68% | 7.07% | +2.61% |
Volatility (6M)Calculated over the trailing 6-month period | 28.86% | 14.49% | +14.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.97% | 15.94% | +15.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.77% | 11.55% | +14.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.77% | 11.53% | +14.24% |
SLVO vs. GLDI - Expense Ratio Comparison
Both SLVO and GLDI have an expense ratio of 0.65%.
Dividends
SLVO vs. GLDI - Dividend Comparison
SLVO's dividend yield for the trailing twelve months is around 63.50%, more than GLDI's 26.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | 26.24% | 16.15% | 10.45% | 10.02% | 13.73% | 10.65% | 14.25% | 7.25% | 5.33% | 7.77% | 17.26% | 10.07% |
SLVO UBS ETRACS Silver Shares Covered Call ETN | 63.50% | 19.35% | 14.45% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SLVO and GLDI have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLVO has higher volatility (9.68%) compared to GLDI (7.07%). In terms of maximum drawdown, SLVO dropped -17.23% vs GLDI's -32.26%.
On 1-year performance, SLVO leads with 46.62% vs 14.20% for GLDI. Both ETFs have the same 0.65% expense ratio. On volatility, GLDI has been the lower-risk option at 7.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SLVO has performed better with a 46.62% return vs 14.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLVO and GLDI have the same expense ratio: 0.65% per year.
SLVO has the higher dividend yield at 63.50%, compared with 26.24% for GLDI.
SLVO is categorized as Silver, while GLDI is Gold. SLVO tracks Credit Suisse NASDAQ Silver FLOWS 106 Index, while GLDI tracks Credit Suisse NASDAQ Gold FLOWS 103 Index.
SLVO currently has the higher Sharpe Ratio (1.52 vs 0.90), 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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