SLVO vs. XAGUSD=X
SLVO (UBS ETRACS Silver Shares Covered Call ETN) is Silver fund tracking the Credit Suisse NASDAQ Silver FLOWS 106 Index, while XAGUSD=X (Silver Spot Price US Dollar) is a currency. Over the past year, SLVO returned 28.85% vs 55.98% for XAGUSD=X. Their correlation of 0.82 means they have usually moved in the same direction.
Performance
SLVO vs. XAGUSD=X - Performance Comparison
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Returns By Period
In the year-to-date period, SLVO achieves a -4.64% return, which is significantly higher than XAGUSD=X's -19.52% return.
SLVO
- 1D
- -1.56%
- 1M
- -3.21%
- 6M
- -0.08%
- YTD
- -4.64%
- 1Y
- 28.85%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 26.05%
XAGUSD=X
- 1D
- 0.16%
- 1M
- -7.36%
- 6M
- -26.63%
- YTD
- -19.52%
- 1Y
- 55.98%
- 3Y*
- 34.81%
- 5Y*
- 17.76%
- 10Y*
- 11.01%
- ALL TIME*
- 8.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $28.82M | $16.45M | $13.40M | |
XAGUSD=X Silver Spot Price US Dollar | $32.83M | $35.47M | $59.31M |
SLVO vs. XAGUSD=X - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SLVO UBS ETRACS Silver Shares Covered Call ETN | -4.64% | 71.20% | 0.94% |
XAGUSD=X Silver Spot Price US Dollar | -19.52% | 148.50% | -5.03% |
Correlation
The correlation between SLVO and XAGUSD=X is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024 | 0.82 |
The correlation between SLVO and XAGUSD=X has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.
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Return for Risk
SLVO vs. XAGUSD=X — Risk / Return Rank
SLVO
XAGUSD=X
SLVO vs. XAGUSD=X - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UBS ETRACS Silver Shares Covered Call ETN (SLVO) and Silver Spot Price US Dollar (XAGUSD=X). 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 | XAGUSD=X | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.20 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.35 | 0.82 | +0.53 |
| Martin ratioReturn relative to average drawdown | 3.86 | 1.56 | +2.30 |
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Drawdowns
SLVO vs. XAGUSD=X - Drawdown Comparison
The maximum SLVO drawdown since its inception was -22.21%, smaller than the maximum XAGUSD=X drawdown of -75.36%. Use the drawdown chart below to compare losses from any high point for SLVO and XAGUSD=X.
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Drawdown Indicators
| SLVO | XAGUSD=X | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.21% | -75.36% | +53.15% |
Max Drawdown (1Y)Largest decline over 1 year | -22.21% | -52.52% | +30.31% |
Max Drawdown (3Y)Largest decline over 3 years | — | -52.52% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -52.52% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -52.52% | — |
Current DrawdownCurrent decline from peak | -18.68% | -50.48% | +31.80% |
Average DrawdownAverage peak-to-trough decline | -4.06% | -45.06% | +41.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.75% | 30.72% | -22.97% |
Volatility
SLVO vs. XAGUSD=X - Volatility Comparison
UBS ETRACS Silver Shares Covered Call ETN (SLVO) and Silver Spot Price US Dollar (XAGUSD=X) have volatilities of 10.22% and 10.11%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SLVO | XAGUSD=X | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.22% | 10.11% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 31.70% | 33.42% | -1.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.46% | 55.99% | -22.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.77% | 35.41% | -8.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.77% | 31.41% | -4.64% |
Frequently Asked Questions
SLVO and XAGUSD=X 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.
SLVO has higher volatility (10.22%) compared to XAGUSD=X (10.11%). In terms of maximum drawdown, SLVO dropped -22.21% vs XAGUSD=X's -75.36%.
SLVO currently has the higher Sharpe Ratio (0.90 vs 0.77), 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.
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