SLVO vs. SILJ

Last updated Jun 24, 2026

SLVO (UBS ETRACS Silver Shares Covered Call ETN) and SILJ (Amplify Junior Silver Miners ETF) are both Silver funds - SLVO tracks the Credit Suisse NASDAQ Silver FLOWS 106 Index while SILJ tracks the Nasdaq Junior Silver Miners Index. Both are passively managed. Over the past year, SLVO returned 38.83% vs 80.90% for SILJ. A 0.77 correlation means they provide meaningful diversification when combined. SLVO charges 0.65%/yr vs 0.69%/yr for SILJ.

Performance

SLVO vs. SILJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UBS ETRACS Silver Shares Covered Call ETN (SLVO) and Amplify Junior Silver Miners ETF (SILJ). 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 SILJ's -5.93% return.

SLVO

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

SILJ

• 1D: -5.76%
• 1M: -9.71%
• YTD: -5.93%
• 6M: -10.68%
• 1Y: 80.90%
• 3Y*: 45.63%
• 5Y*: 13.14%
• 10Y*: 8.20%

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

SLVO vs. SILJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SLVO UBS ETRACS Silver Shares Covered Call ETN	-0.85%	71.20%	0.94%
SILJ Amplify Junior Silver Miners ETF	-5.93%	183.89%	-15.16%

Correlation

The correlation between SLVO and SILJ is 0.77, 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	0.77
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.77

The correlation between SLVO and SILJ has been stable across timeframes, ranging from 0.77 to 0.77 - a consistent structural relationship.

Return for Risk

SLVO vs. SILJ — 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

SILJ

SILJ Risk / Return Rank: 39
SILJ Sharpe Ratio Rank: 41
SILJ Sortino Ratio Rank: 37
SILJ Omega Ratio Rank: 40
SILJ Calmar Ratio Rank: 43
SILJ Martin Ratio Rank: 35

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. SILJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETRACS Silver Shares Covered Call ETN (SLVO) and Amplify Junior Silver Miners ETF (SILJ). 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	SILJ	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.42	-0.17
Sortino ratio: Return per unit of downside risk	1.57	1.86	-0.29
Omega ratio: Gain probability vs. loss probability	1.27	1.25	+0.02
Calmar ratio: Return relative to maximum drawdown	2.26	2.08	+0.19
Martin ratio: Return relative to average drawdown	8.21	5.12	+3.10

SLVO vs. SILJ - Sharpe Ratio Comparison

The current SLVO Sharpe Ratio is 1.24, which is comparable to the SILJ Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of SLVO and SILJ, 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. SILJ - Drawdown Comparison

The maximum SLVO drawdown since its inception was -17.23%, smaller than the maximum SILJ drawdown of -79.04%. Use the drawdown chart below to compare losses from any high point for SLVO and SILJ.

Drawdown Indicators

	SLVO	SILJ	Difference
Max Drawdown Largest peak-to-trough decline	-17.23%	-79.04%	+61.81%
Max Drawdown (1Y) Largest decline over 1 year	-17.23%	-39.16%	+21.93%
Max Drawdown (3Y) Largest decline over 3 years	—	-39.16%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-48.81%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-70.06%	—
Current Drawdown Current decline from peak	-15.44%	-35.41%	+19.97%
Average Drawdown Average peak-to-trough decline	-3.29%	-41.39%	+38.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.74%	15.86%	-11.12%

Volatility

SLVO vs. SILJ - Volatility Comparison

The current volatility for UBS ETRACS Silver Shares Covered Call ETN (SLVO) is 10.77%, while Amplify Junior Silver Miners ETF (SILJ) has a volatility of 20.52%. This indicates that SLVO experiences smaller price fluctuations and is considered to be less risky than SILJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLVO	SILJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.77%	20.52%	-9.75%
Volatility (6M) Calculated over the trailing 6-month period	29.34%	48.11%	-18.77%
Volatility (1Y) Calculated over the trailing 1-year period	31.36%	57.43%	-26.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.00%	44.93%	-18.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.00%	46.51%	-20.51%

SLVO vs. SILJ - Expense Ratio Comparison

SLVO has a 0.65% expense ratio, which is lower than SILJ's 0.69% expense ratio.

Dividends

SLVO vs. SILJ - Dividend Comparison

SLVO's dividend yield for the trailing twelve months is around 66.91%, more than SILJ's 2.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SILJ Amplify Junior Silver Miners ETF	2.13%	2.00%	7.26%	0.01%	0.05%	0.36%	1.23%	1.45%	1.66%	0.00%	0.52%	2.46%
SLVO UBS ETRACS Silver Shares Covered Call ETN	66.91%	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

Can I hold both SLVO and SILJ in my portfolio?

SLVO and SILJ have a correlation of 0.77, 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 SILJ?

SILJ has higher volatility (20.52%) compared to SLVO (10.77%). In terms of maximum drawdown, SLVO dropped -17.23% vs SILJ's -79.04%.

Which ETF is better, SLVO or SILJ?

On 1-year performance, SILJ leads with 80.90% vs 38.83% for SLVO. On fees, SLVO is cheaper at 0.65% 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 SILJ?

Over the 1-year period, SILJ has performed better with a 80.90% 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 SILJ?

SLVO is cheaper with a 0.65% expense ratio, compared with 0.69% for SILJ.

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

SLVO has the higher dividend yield at 66.91%, compared with 2.13% for SILJ.

What is the main difference between SLVO and SILJ?

SLVO tracks Credit Suisse NASDAQ Silver FLOWS 106 Index, while SILJ tracks Nasdaq Junior Silver Miners Index. They also come from different issuers: UBS and Amplify. Their fees differ too: 0.65% for SLVO and 0.69% for SILJ.

Which has better risk-adjusted returns?

SILJ currently has the higher Sharpe Ratio (1.42 vs 1.24), 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.