SLVO vs. TBIL

Last updated Jun 3, 2026

SLVO (UBS ETRACS Silver Shares Covered Call ETN) and TBIL (US Treasury 3 Month Bill ETF) are both exchange-traded funds - SLVO is a Silver fund tracking the Credit Suisse NASDAQ Silver FLOWS 106 Index, while TBIL is a Ultrashort Bond fund tracking the ICE BofA US Treasury Bill 3 Month Index. Both are passively managed. Over the past year, SLVO returned 65.18% vs 3.93% for TBIL. At a correlation of -0.08, they often move in opposite directions. SLVO charges 0.65%/yr vs 0.15%/yr for TBIL.

Performance

SLVO vs. TBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UBS ETRACS Silver Shares Covered Call ETN (SLVO) and US Treasury 3 Month Bill ETF (TBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLVO achieves a 14.83% return, which is significantly higher than TBIL's 1.49% return.

SLVO

• 1D: 0.52%
• 1M: 3.14%
• YTD: 14.83%
• 6M: 19.60%
• 1Y: 65.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TBIL

• 1D: 0.00%
• 1M: 0.28%
• YTD: 1.49%
• 6M: 1.80%
• 1Y: 3.93%
• 3Y*: 4.64%
• 5Y*: —
• 10Y*: —

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

SLVO vs. TBIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SLVO UBS ETRACS Silver Shares Covered Call ETN	14.83%	71.20%	1.24%
TBIL US Treasury 3 Month Bill ETF	1.49%	4.19%	2.91%

Correlation

The correlation between SLVO and TBIL is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	-0.08

Return for Risk

SLVO vs. TBIL — Risk / Return Rank

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

SLVO

SLVO Risk / Return Rank: 70
SLVO Sharpe Ratio Rank: 66
SLVO Sortino Ratio Rank: 50
SLVO Omega Ratio Rank: 75
SLVO Calmar Ratio Rank: 78
SLVO Martin Ratio Rank: 82

TBIL

TBIL Risk / Return Rank: 100
TBIL Sharpe Ratio Rank: 100
TBIL Sortino Ratio Rank: 100
TBIL Omega Ratio Rank: 100
TBIL Calmar Ratio Rank: 100
TBIL Martin Ratio Rank: 100

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. TBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETRACS Silver Shares Covered Call ETN (SLVO) and US Treasury 3 Month Bill ETF (TBIL). 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	TBIL	Difference
Sharpe ratio Return per unit of total volatility	2.22	13.78	-11.56
Sortino ratio Return per unit of downside risk	2.47	58.40	-55.93
Omega ratio Gain probability vs. loss probability	1.45	17.16	-15.71
Calmar ratio Return relative to maximum drawdown	4.04	197.63	-193.59
Martin ratio Return relative to average drawdown	16.67	940.01	-923.34
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. TBIL - Sharpe Ratio Comparison

The current SLVO Sharpe Ratio is 2.22, which is lower than the TBIL Sharpe Ratio of 13.78. The chart below compares the historical Sharpe Ratios of SLVO and TBIL, 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	TBIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	13.78	-11.56
Sharpe Ratio (All Time) Calculated using the full available price history	1.64	14.08	-12.44

Drawdowns

SLVO vs. TBIL - Drawdown Comparison

The maximum SLVO drawdown since its inception was -17.23%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for SLVO and TBIL.

Drawdown Indicators

	SLVO	TBIL	Difference
Max Drawdown Largest peak-to-trough decline	-17.23%	-0.10%	-17.13%
Max Drawdown (1Y) Largest decline over 1 year	-17.23%	-0.02%	-17.21%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.02%	—
Current Drawdown Current decline from peak	-2.07%	0.00%	-2.07%
Average Drawdown Average peak-to-trough decline	-3.13%	-0.00%	-3.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	0.00%	+4.17%

Volatility

SLVO vs. TBIL - Volatility Comparison

UBS ETRACS Silver Shares Covered Call ETN (SLVO) has a higher volatility of 6.65% compared to US Treasury 3 Month Bill ETF (TBIL) at 0.09%. This indicates that SLVO's price experiences larger fluctuations and is considered to be riskier than TBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLVO	TBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.65%	0.09%	+6.56%
Volatility (6M) Calculated over the trailing 6-month period	27.29%	0.19%	+27.10%
Volatility (1Y) Calculated over the trailing 1-year period	29.59%	0.29%	+29.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.24%	0.32%	+24.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.24%	0.32%	+24.92%

SLVO vs. TBIL - Expense Ratio Comparison

SLVO has a 0.65% expense ratio, which is higher than TBIL's 0.15% expense ratio.

Dividends

SLVO vs. TBIL - Dividend Comparison

SLVO's dividend yield for the trailing twelve months is around 45.90%, more than TBIL's 3.82% yield.

Position	TTM	2025	2024	2023	2022
SLVO UBS ETRACS Silver Shares Covered Call ETN	45.90%	19.35%	14.45%	0.00%	0.00%
TBIL US Treasury 3 Month Bill ETF	3.82%	4.07%	5.02%	5.00%	1.10%

Frequently Asked Questions

Can I hold both SLVO and TBIL in my portfolio?

SLVO and TBIL have a correlation of -0.12, 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 TBIL?

SLVO has higher volatility (6.65%) compared to TBIL (0.09%). In terms of maximum drawdown, SLVO dropped -17.23% vs TBIL's -0.10%.

Which ETF is better, SLVO or TBIL?

On 1-year performance, SLVO leads with 65.18% vs 3.93% for TBIL. On fees, TBIL is cheaper at 0.15% per year. On volatility, TBIL has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLVO or TBIL?

Over the 1-year period, SLVO has performed better with a 65.18% return vs 3.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLVO or TBIL?

TBIL is cheaper with a 0.15% expense ratio, compared with 0.65% for SLVO.

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

SLVO has the higher dividend yield at 45.90%, compared with 3.82% for TBIL.

What is the main difference between SLVO and TBIL?

SLVO is categorized as Silver, while TBIL is Ultrashort Bond. SLVO tracks Credit Suisse NASDAQ Silver FLOWS 106 Index, while TBIL tracks ICE BofA US Treasury Bill 3 Month Index. They also come from different issuers: UBS and US Benchmark Series. Their fees differ too: 0.65% for SLVO and 0.15% for TBIL.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (13.78 vs 2.22), 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.