SLVO vs. SPY

Last updated Jun 4, 2026

SLVO (UBS ETRACS Silver Shares Covered Call ETN) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SLVO is a Silver fund tracking the Credit Suisse NASDAQ Silver FLOWS 106 Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, SLVO returned 62.53% vs 27.98% for SPY. At a 0.28 correlation, their price movements are largely independent. SLVO charges 0.65%/yr vs 0.09%/yr for SPY.

Performance

SLVO vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UBS ETRACS Silver Shares Covered Call ETN (SLVO) and State Street SPDR S&P 500 ETF (SPY). 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 SPY's 10.91% return.

SLVO

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

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

SLVO vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SLVO UBS ETRACS Silver Shares Covered Call ETN	13.49%	71.20%	1.24%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	12.12%

Correlation

The correlation between SLVO and SPY is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	0.28

Return for Risk

SLVO vs. SPY — 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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETRACS Silver Shares Covered Call ETN (SLVO) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.13	2.38	-0.25
Sortino ratio Return per unit of downside risk	2.39	3.24	-0.85
Omega ratio Gain probability vs. loss probability	1.44	1.43	0.00
Calmar ratio Return relative to maximum drawdown	3.65	3.16	+0.48
Martin ratio Return relative to average drawdown	15.01	14.72	+0.29
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. SPY - Sharpe Ratio Comparison

The current SLVO Sharpe Ratio is 2.13, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of SLVO and SPY, 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	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.38	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.61	0.59	+1.02

Drawdowns

SLVO vs. SPY - Drawdown Comparison

The maximum SLVO drawdown since its inception was -17.23%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SLVO and SPY.

Drawdown Indicators

	SLVO	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-17.23%	-55.19%	+37.96%
Max Drawdown (1Y) Largest decline over 1 year	-17.23%	-8.88%	-8.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-3.22%	-0.70%	-2.52%
Average Drawdown Average peak-to-trough decline	-3.13%	-9.05%	+5.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.18%	1.91%	+2.27%

Volatility

SLVO vs. SPY - Volatility Comparison

UBS ETRACS Silver Shares Covered Call ETN (SLVO) has a higher volatility of 6.39% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that SLVO's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLVO	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.39%	2.84%	+3.55%
Volatility (6M) Calculated over the trailing 6-month period	27.33%	8.90%	+18.43%
Volatility (1Y) Calculated over the trailing 1-year period	29.53%	11.83%	+17.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.23%	17.05%	+8.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.23%	17.94%	+7.29%

SLVO vs. SPY - Expense Ratio Comparison

SLVO has a 0.65% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SLVO vs. SPY - Dividend Comparison

SLVO's dividend yield for the trailing twelve months is around 46.44%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SLVO UBS ETRACS Silver Shares Covered Call ETN	46.44%	19.35%	14.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SLVO and SPY in my portfolio?

SLVO and SPY have a correlation of 0.32, 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 SPY?

SLVO has higher volatility (6.39%) compared to SPY (2.84%). In terms of maximum drawdown, SLVO dropped -17.23% vs SPY's -55.19%.

Which ETF is better, SLVO or SPY?

On 1-year performance, SLVO leads with 62.53% vs 27.98% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLVO or SPY?

Over the 1-year period, SLVO has performed better with a 62.53% return vs 27.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLVO or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.65% for SLVO.

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

SLVO has the higher dividend yield at 46.44%, compared with 0.98% for SPY.

What is the main difference between SLVO and SPY?

SLVO is categorized as Silver, while SPY is S&P 500. SLVO tracks Credit Suisse NASDAQ Silver FLOWS 106 Index, while SPY tracks S&P 500 Index. They also come from different issuers: UBS and State Street. Their fees differ too: 0.65% for SLVO and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 2.13), 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.