SLVO vs. IFED

Last updated Aug 6, 2026

SLVO (UBS ETRACS Silver Shares Covered Call ETN) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both exchange-traded funds - SLVO is a Silver fund tracking the Credit Suisse NASDAQ Silver FLOWS 106 Index, while IFED is a Leveraged Equities fund tracking the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past year, SLVO returned 29.24% vs 4.48% for IFED. Their 0.20 correlation means their historical movements had little consistent relationship. SLVO charges 0.65%/yr vs 0.45%/yr for IFED.

Performance

SLVO vs. IFED - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UBS ETRACS Silver Shares Covered Call ETN (SLVO) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLVO achieves a -2.43% return, which is significantly lower than IFED's 0.96% return.

SLVO

• 1D: 2.23%
• 1M: -2.90%
• 6M: -7.27%
• YTD: -2.43%
• 1Y: 29.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 27.24%

IFED

• 1D: -5.26%
• 1M: 4.53%
• 6M: 6.53%
• YTD: 0.96%
• 1Y: 4.48%
• 3Y*: 16.16%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.34%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IFED ETRACS IFED Invest with the Fed TR Index ETN	$102.31K	$82.93K	$46.44K
SLVO UBS ETRACS Silver Shares Covered Call ETN	$28.00M	$15.87M	$13.53M

SLVO vs. IFED - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SLVO UBS ETRACS Silver Shares Covered Call ETN	-2.43%	71.20%	0.94%
IFED ETRACS IFED Invest with the Fed TR Index ETN	0.96%	15.02%	9.46%

Correlation

The correlation between SLVO and IFED is 0.28, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.28
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.20

Return for Risk

SLVO vs. IFED — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SLVO

SLVO Risk / Return Rank: 34
SLVO Sharpe Ratio Rank: 33
SLVO Sortino Ratio Rank: 29
SLVO Omega Ratio Rank: 37
SLVO Calmar Ratio Rank: 35
SLVO Martin Ratio Rank: 35

IFED

IFED Risk / Return Rank: 14
IFED Sharpe Ratio Rank: 13
IFED Sortino Ratio Rank: 14
IFED Omega Ratio Rank: 16
IFED Calmar Ratio Rank: 14
IFED Martin Ratio Rank: 14

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SLVO vs. IFED - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETRACS Silver Shares Covered Call ETN (SLVO) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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	IFED	Difference
Sharpe ratio: Return per unit of total volatility	0.91	0.15	+0.76
Sortino ratio: Return per unit of downside risk	1.24	0.43	+0.81
Omega ratio: Gain probability vs. loss probability	1.20	1.07	+0.13
Calmar ratio: Return relative to maximum drawdown	1.38	0.22	+1.16
Martin ratio: Return relative to average drawdown	3.86	0.68	+3.18

SLVO vs. IFED - Sharpe Ratio Comparison

The current SLVO Sharpe Ratio is 0.91, which is higher than the IFED Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of SLVO and IFED, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SLVO vs. IFED - Drawdown Comparison

The maximum SLVO drawdown since its inception was -22.21%, roughly equal to the maximum IFED drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for SLVO and IFED.

Drawdown Indicators

	SLVO	IFED	Difference
Max Drawdown Largest peak-to-trough decline	-22.21%	-22.36%	+0.15%
Max Drawdown (1Y) Largest decline over 1 year	-22.21%	-20.18%	-2.03%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.36%	—
Current Drawdown Current decline from peak	-16.79%	-15.22%	-1.57%
Average Drawdown Average peak-to-trough decline	-4.11%	-5.86%	+1.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.91%	6.57%	+1.34%

Volatility

SLVO vs. IFED - Volatility Comparison

The current volatility for UBS ETRACS Silver Shares Covered Call ETN (SLVO) is 9.98%, while ETRACS IFED Invest with the Fed TR Index ETN (IFED) has a volatility of 25.07%. This indicates that SLVO experiences smaller price fluctuations and is considered to be less risky than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLVO	IFED	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.98%	25.07%	-15.09%
Volatility (6M) Calculated over the trailing 6-month period	28.31%	28.54%	-0.23%
Volatility (1Y) Calculated over the trailing 1-year period	33.51%	29.90%	+3.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.76%	22.71%	+4.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.76%	22.71%	+4.05%

SLVO vs. IFED - Expense Ratio Comparison

SLVO has a 0.65% expense ratio, which is higher than IFED's 0.45% expense ratio.

Dividends

SLVO vs. IFED - Dividend Comparison

SLVO's dividend yield for the trailing twelve months is around 71.63%, while IFED has not paid dividends to shareholders.

Position	TTM	2025	2024
IFED ETRACS IFED Invest with the Fed TR Index ETN	0.00%	0.00%	0.00%
SLVO UBS ETRACS Silver Shares Covered Call ETN	71.63%	19.35%	14.45%

Frequently Asked Questions

Can I hold both SLVO and IFED in my portfolio?

SLVO and IFED have a correlation of 0.28, 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 IFED?

IFED has higher volatility (25.07%) compared to SLVO (9.98%). In terms of maximum drawdown, SLVO dropped -22.21% vs IFED's -22.36%.

Which ETF is better, SLVO or IFED?

On 1-year performance, SLVO leads with 29.24% vs 4.48% for IFED. On fees, IFED is cheaper at 0.45% per year. On volatility, SLVO has been the lower-risk option at 9.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLVO or IFED?

Over the 1-year period, SLVO has performed better with a 29.24% return vs 4.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLVO or IFED?

IFED is cheaper with a 0.45% expense ratio, compared with 0.65% for SLVO.

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

SLVO has the higher dividend yield at 71.63%, compared with 0.00% for IFED.

What is the main difference between SLVO and IFED?

SLVO is categorized as Silver, while IFED is Leveraged Equities. SLVO tracks Credit Suisse NASDAQ Silver FLOWS 106 Index, while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. Their fees differ too: 0.65% for SLVO and 0.45% for IFED.

Which has better risk-adjusted returns?

SLVO currently has the higher Sharpe Ratio (0.91 vs 0.15), 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.