SLVO vs. XAGUSD=X

Last updated Jun 4, 2026

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 62.53% vs 112.95% for XAGUSD=X. Their correlation of 0.82 suggests significant overlap in exposure.

Performance

SLVO vs. XAGUSD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UBS ETRACS 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.

Returns By Period

In the year-to-date period, SLVO achieves a 13.49% return, which is significantly higher than XAGUSD=X's 2.42% return.

SLVO

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

XAGUSD=X

• 1D: -1.82%
• 1M: 1.28%
• YTD: 2.42%
• 6M: 25.77%
• 1Y: 112.95%
• 3Y*: 45.99%
• 5Y*: 21.47%
• 10Y*: 16.22%

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

SLVO vs. XAGUSD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SLVO UBS ETRACS Silver Shares Covered Call ETN	13.49%	71.20%	1.24%
XAGUSD=X Silver Spot Price US Dollar	2.42%	148.50%	-6.05%

Correlation

The correlation between SLVO and XAGUSD=X is 0.78, 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	0.78
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	0.82

The correlation between SLVO and XAGUSD=X has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.

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: 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

XAGUSD=X

XAGUSD=X Risk / Return Rank: 88
XAGUSD=X Sharpe Ratio Rank: 94
XAGUSD=X Sortino Ratio Rank: 92
XAGUSD=X Omega Ratio Rank: 94
XAGUSD=X Calmar Ratio Rank: 83
XAGUSD=X Martin Ratio Rank: 78

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 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.

	SLVO	XAGUSD=X	Difference
Sharpe ratio Return per unit of total volatility	2.13	1.57	+0.56
Sortino ratio Return per unit of downside risk	2.39	1.85	+0.54
Omega ratio Gain probability vs. loss probability	1.44	1.33	+0.10
Calmar ratio Return relative to maximum drawdown	3.65	1.90	+1.75
Martin ratio Return relative to average drawdown	15.01	4.23	+10.78
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 2.13, which is higher than the XAGUSD=X Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of SLVO and XAGUSD=X, 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	XAGUSD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	1.57	+0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.55	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.49	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.61	0.29	+1.32

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 (3Y) Largest decline over 3 years	—	-44.14%	—
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	-3.22%	-36.98%	+33.76%
Average Drawdown Average peak-to-trough decline	-3.13%	-44.64%	+41.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.18%	22.02%	-17.84%

Volatility

SLVO vs. XAGUSD=X - Volatility Comparison

The current volatility for UBS ETRACS Silver Shares Covered Call ETN (SLVO) is 6.39%, while Silver Spot Price US Dollar (XAGUSD=X) has a volatility of 15.44%. 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	6.39%	15.44%	-9.05%
Volatility (6M) Calculated over the trailing 6-month period	27.33%	56.04%	-28.71%
Volatility (1Y) Calculated over the trailing 1-year period	29.53%	53.41%	-23.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.23%	34.65%	-9.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.23%	31.04%	-5.81%

Frequently Asked Questions

Can I hold both SLVO and XAGUSD=X in my portfolio?

SLVO and XAGUSD=X have a correlation of 0.78, 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 XAGUSD=X?

XAGUSD=X has higher volatility (15.44%) compared to SLVO (6.39%). In terms of maximum drawdown, SLVO dropped -17.23% vs XAGUSD=X's -75.36%.

Which has better risk-adjusted returns?

SLVO currently has the higher Sharpe Ratio (2.13 vs 1.57), 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.