SLVO vs. PSLV

Last updated Jun 24, 2026

SLVO (UBS ETRACS Silver Shares Covered Call ETN) and PSLV (Sprott Physical Silver Trust) are both Silver funds - SLVO tracks the Credit Suisse NASDAQ Silver FLOWS 106 Index while PSLV tracks the No Index (Physical Silver). Both are passively managed. Over the past year, SLVO returned 38.83% vs 58.69% for PSLV. Their correlation of 0.90 suggests significant overlap in exposure. SLVO charges 0.65%/yr vs 0.51%/yr for PSLV.

Performance

SLVO vs. PSLV - Performance Comparison

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

Returns By Period

In the year-to-date period, SLVO achieves a -0.85% return, which is significantly higher than PSLV's -17.80% return.

SLVO

• 1D: -5.10%
• 1M: -12.72%
• YTD: -0.85%
• 6M: -1.19%
• 1Y: 38.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PSLV

• 1D: -5.68%
• 1M: -19.80%
• YTD: -17.80%
• 6M: -18.11%
• 1Y: 58.69%
• 3Y*: 36.40%
• 5Y*: 16.01%
• 10Y*: 11.08%

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

SLVO vs. PSLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SLVO UBS ETRACS Silver Shares Covered Call ETN	-0.85%	71.20%	0.94%
PSLV Sprott Physical Silver Trust	-17.80%	145.08%	-5.48%

Correlation

The correlation between SLVO and PSLV is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.90

The correlation between SLVO and PSLV has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

Return for Risk

SLVO vs. PSLV — Risk / Return Rank

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

SLVO

SLVO Risk / Return Rank: 41
SLVO Sharpe Ratio Rank: 36
SLVO Sortino Ratio Rank: 30
SLVO Omega Ratio Rank: 43
SLVO Calmar Ratio Rank: 47
SLVO Martin Ratio Rank: 50

PSLV

PSLV Risk / Return Rank: 28
PSLV Sharpe Ratio Rank: 28
PSLV Sortino Ratio Rank: 26
PSLV Omega Ratio Rank: 34
PSLV Calmar Ratio Rank: 26
PSLV Martin Ratio Rank: 23

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. PSLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETRACS Silver Shares Covered Call ETN (SLVO) and Sprott Physical Silver Trust (PSLV). 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	PSLV	Difference
Sharpe ratio: Return per unit of total volatility	1.24	0.98	+0.26
Sortino ratio: Return per unit of downside risk	1.57	1.41	+0.16
Omega ratio: Gain probability vs. loss probability	1.27	1.22	+0.05
Calmar ratio: Return relative to maximum drawdown	2.26	1.27	+1.00
Martin ratio: Return relative to average drawdown	8.21	2.87	+5.35

SLVO vs. PSLV - Sharpe Ratio Comparison

The current SLVO Sharpe Ratio is 1.24, which is comparable to the PSLV Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of SLVO and PSLV, 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. PSLV - Drawdown Comparison

The maximum SLVO drawdown since its inception was -17.23%, smaller than the maximum PSLV drawdown of -79.38%. Use the drawdown chart below to compare losses from any high point for SLVO and PSLV.

Drawdown Indicators

	SLVO	PSLV	Difference
Max Drawdown Largest peak-to-trough decline	-17.23%	-79.38%	+62.15%
Max Drawdown (1Y) Largest decline over 1 year	-17.23%	-46.53%	+29.30%
Max Drawdown (3Y) Largest decline over 3 years	—	-46.53%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-46.53%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.53%	—
Current Drawdown Current decline from peak	-15.44%	-46.53%	+31.09%
Average Drawdown Average peak-to-trough decline	-3.29%	-58.08%	+54.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.74%	20.53%	-15.79%

Volatility

SLVO vs. PSLV - Volatility Comparison

The current volatility for UBS ETRACS Silver Shares Covered Call ETN (SLVO) is 10.77%, while Sprott Physical Silver Trust (PSLV) has a volatility of 14.94%. This indicates that SLVO experiences smaller price fluctuations and is considered to be less risky than PSLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLVO	PSLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.77%	14.94%	-4.17%
Volatility (6M) Calculated over the trailing 6-month period	29.34%	58.49%	-29.15%
Volatility (1Y) Calculated over the trailing 1-year period	31.36%	60.09%	-28.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.00%	36.15%	-10.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.00%	31.42%	-5.42%

SLVO vs. PSLV - Expense Ratio Comparison

SLVO has a 0.65% expense ratio, which is higher than PSLV's 0.51% expense ratio.

Dividends

SLVO vs. PSLV - Dividend Comparison

SLVO's dividend yield for the trailing twelve months is around 66.91%, while PSLV has not paid dividends to shareholders.

Position	TTM	2025	2024
PSLV Sprott Physical Silver Trust	0.00%	0.00%	0.00%
SLVO UBS ETRACS Silver Shares Covered Call ETN	66.91%	19.35%	14.45%

Frequently Asked Questions

Can I hold both SLVO and PSLV in my portfolio?

SLVO and PSLV have a correlation of 0.87, 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 PSLV?

PSLV has higher volatility (14.94%) compared to SLVO (10.77%). In terms of maximum drawdown, SLVO dropped -17.23% vs PSLV's -79.38%.

Which ETF is better, SLVO or PSLV?

On 1-year performance, PSLV leads with 58.69% vs 38.83% for SLVO. On fees, PSLV is cheaper at 0.51% per year. On volatility, SLVO has been the lower-risk option at 10.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLVO or PSLV?

Over the 1-year period, PSLV has performed better with a 58.69% return vs 38.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLVO or PSLV?

PSLV is cheaper with a 0.51% expense ratio, compared with 0.65% for SLVO.

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

SLVO has the higher dividend yield at 66.91%, compared with 0.00% for PSLV.

What is the main difference between SLVO and PSLV?

SLVO tracks Credit Suisse NASDAQ Silver FLOWS 106 Index, while PSLV tracks No Index (Physical Silver). They also come from different issuers: UBS and Sprott. Their fees differ too: 0.65% for SLVO and 0.51% for PSLV.

Which has better risk-adjusted returns?

SLVO currently has the higher Sharpe Ratio (1.24 vs 0.98), 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.