SLVO vs. XAGUSD=X

Last updated Apr 2, 2026

Compare and contrast key facts about Credit Suisse X-Links Silver Shares Covered Call ETN (SLVO) and Silver Spot Price US Dollar (XAGUSD=X).

SLVO is a passively managed fund by Credit Suisse that tracks the performance of the Credit Suisse NASDAQ Silver FLOWS 106 Index. It was launched on Apr 17, 2013.

Performance

SLVO vs. XAGUSD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Credit Suisse X-Links Silver Shares Covered Call ETN (SLVO) and Silver Spot Price US Dollar (XAGUSD=X). The values are adjusted to include any dividend payments, if applicable.

SLVO vs. XAGUSD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SLVO Credit Suisse X-Links Silver Shares Covered Call ETN	7.50%	71.20%	1.24%
XAGUSD=X Silver Spot Price US Dollar	1.68%	148.50%	-6.05%

Returns By Period

In the year-to-date period, SLVO achieves a 7.50% return, which is significantly higher than XAGUSD=X's 1.68% return.

SLVO

• 1D: 0.54%
• 1M: -6.24%
• YTD: 7.50%
• 6M: 24.74%
• 1Y: 57.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XAGUSD=X

• 1D: -2.72%
• 1M: -18.19%
• YTD: 1.68%
• 6M: 54.19%
• 1Y: 116.51%
• 3Y*: 44.69%
• 5Y*: 24.27%
• 10Y*: 17.11%

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

Return for Risk

SLVO vs. XAGUSD=X — Risk / Return Rank

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

SLVO

SLVO Risk / Return Rank: 90
SLVO Sharpe Ratio Rank: 89
SLVO Sortino Ratio Rank: 82
SLVO Omega Ratio Rank: 93
SLVO Calmar Ratio Rank: 91
SLVO Martin Ratio Rank: 94

XAGUSD=X

XAGUSD=X Risk / Return Rank: 90
XAGUSD=X Sharpe Ratio Rank: 94
XAGUSD=X Sortino Ratio Rank: 88
XAGUSD=X Omega Ratio Rank: 96
XAGUSD=X Calmar Ratio Rank: 88
XAGUSD=X Martin Ratio Rank: 86

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. XAGUSD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Credit Suisse X-Links 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.

	SLVO	XAGUSD=X	Difference
Sharpe ratio Return per unit of total volatility	1.96	1.66	+0.30
Sortino ratio Return per unit of downside risk	2.21	1.92	+0.29
Omega ratio Gain probability vs. loss probability	1.43	1.36	+0.07
Calmar ratio Return relative to maximum drawdown	3.32	2.29	+1.03
Martin ratio Return relative to average drawdown	14.56	6.65	+7.91
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. XAGUSD=X - Sharpe Ratio Comparison

The current SLVO Sharpe Ratio is 1.96, which is comparable to the XAGUSD=X Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of SLVO and XAGUSD=X, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SLVO	XAGUSD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	1.66	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.64	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.61	0.27	+1.34

Correlation

The correlation between SLVO and XAGUSD=X is 0.82, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

SLVO vs. XAGUSD=X - Drawdown Comparison

The maximum SLVO drawdown since its inception was -17.23%, 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.

Drawdown Indicators

	SLVO	XAGUSD=X	Difference
Max Drawdown Largest peak-to-trough decline	-17.23%	-75.36%	+58.13%
Max Drawdown (1Y) Largest decline over 1 year	-17.23%	-44.14%	+26.91%
Max Drawdown (5Y) Largest decline over 5 years	—	-44.14%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-44.14%	—
Current Drawdown Current decline from peak	-7.93%	-37.44%	+29.51%
Average Drawdown Average peak-to-trough decline	-3.00%	-44.41%	+41.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.93%	15.22%	-11.29%

Volatility

SLVO vs. XAGUSD=X - Volatility Comparison

The current volatility for Credit Suisse X-Links Silver Shares Covered Call ETN (SLVO) is 14.26%, while Silver Spot Price US Dollar (XAGUSD=X) has a volatility of 17.12%. This indicates that SLVO experiences smaller price fluctuations and is considered to be less risky than XAGUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLVO	XAGUSD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.26%	17.12%	-2.86%
Volatility (6M) Calculated over the trailing 6-month period	27.43%	56.72%	-29.29%
Volatility (1Y) Calculated over the trailing 1-year period	29.61%	52.10%	-22.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.42%	33.89%	-8.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.42%	30.60%	-5.18%