SLVP vs. RING

Last updated Jun 23, 2026

SLVP (iShares MSCI Global Silver and Metals Miners ETF) and RING (iShares MSCI Global Gold Miners ETF) are both exchange-traded funds - SLVP is a Silver fund tracking the MSCI ACWI Select Silver Miners Investable Market Index, while RING is a Gold fund tracking the MSCI ACWI Select Gold Miners Investable Market Index. Both are passively managed. Over the past 10 years, SLVP returned 12.10%/yr vs 13.45%/yr for RING. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.39% expense ratio.

Performance

SLVP vs. RING - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Global Silver and Metals Miners ETF (SLVP) and iShares MSCI Global Gold Miners ETF (RING). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SLVP having a -4.09% return and RING slightly lower at -4.18%. Over the past 10 years, SLVP has underperformed RING with an annualized return of 12.10%, while RING has yielded a comparatively higher 13.45% annualized return.

SLVP

• 1D: -0.97%
• 1M: -5.98%
• YTD: -4.09%
• 6M: -7.77%
• 1Y: 89.99%
• 3Y*: 53.03%
• 5Y*: 17.18%
• 10Y*: 12.10%

RING

• 1D: -1.85%
• 1M: -4.93%
• YTD: -4.18%
• 6M: -8.91%
• 1Y: 61.98%
• 3Y*: 47.05%
• 5Y*: 21.96%
• 10Y*: 13.45%

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

SLVP vs. RING - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLVP iShares MSCI Global Silver and Metals Miners ETF	-4.09%	202.84%	14.47%	-2.31%	-18.06%	-23.53%	56.45%	37.71%	-22.10%	4.53%
RING iShares MSCI Global Gold Miners ETF	-4.18%	164.72%	15.98%	12.29%	-15.40%	-7.46%	24.98%	49.92%	-13.14%	10.24%

Correlation

The correlation between SLVP and RING is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012	0.86

The correlation between SLVP and RING has been stable across timeframes, ranging from 0.86 to 0.93 - a consistent structural relationship.

SLVP vs. RING - Sectors Allocation Comparison

Sectors	SLVP	RING
Basic Materials	99.7%	99.7%
Financial Services	0.0%	0.1%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SLVP vs. RING — Risk / Return Rank

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

SLVP

SLVP Risk / Return Rank: 44
SLVP Sharpe Ratio Rank: 49
SLVP Sortino Ratio Rank: 41
SLVP Omega Ratio Rank: 43
SLVP Calmar Ratio Rank: 49
SLVP Martin Ratio Rank: 40

RING

RING Risk / Return Rank: 35
RING Sharpe Ratio Rank: 37
RING Sortino Ratio Rank: 33
RING Omega Ratio Rank: 37
RING Calmar Ratio Rank: 36
RING Martin Ratio Rank: 33

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.

SLVP vs. RING - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Silver and Metals Miners ETF (SLVP) and iShares MSCI Global Gold Miners ETF (RING). 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.

	SLVP	RING	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.30	+0.34
Sortino ratio: Return per unit of downside risk	2.03	1.71	+0.32
Omega ratio: Gain probability vs. loss probability	1.27	1.24	+0.04
Calmar ratio: Return relative to maximum drawdown	2.38	1.74	+0.63
Martin ratio: Return relative to average drawdown	6.08	4.69	+1.39

SLVP vs. RING - Sharpe Ratio Comparison

The current SLVP Sharpe Ratio is 1.64, which is comparable to the RING Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of SLVP and RING, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SLVP vs. RING - Drawdown Comparison

The maximum SLVP drawdown since its inception was -80.47%, roughly equal to the maximum RING drawdown of -79.47%. Use the drawdown chart below to compare losses from any high point for SLVP and RING.

Drawdown Indicators

	SLVP	RING	Difference
Max Drawdown Largest peak-to-trough decline	-80.47%	-79.47%	-1.00%
Max Drawdown (1Y) Largest decline over 1 year	-38.06%	-35.72%	-2.34%
Max Drawdown (3Y) Largest decline over 3 years	-38.06%	-35.72%	-2.34%
Max Drawdown (5Y) Largest decline over 5 years	-48.41%	-47.94%	-0.47%
Max Drawdown (10Y) Largest decline over 10 years	-62.03%	-52.04%	-9.99%
Current Drawdown Current decline from peak	-30.82%	-29.02%	-1.80%
Average Drawdown Average peak-to-trough decline	-46.75%	-47.34%	+0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.84%	13.25%	+1.59%

Volatility

SLVP vs. RING - Volatility Comparison

iShares MSCI Global Silver and Metals Miners ETF (SLVP) has a higher volatility of 18.72% compared to iShares MSCI Global Gold Miners ETF (RING) at 16.66%. This indicates that SLVP's price experiences larger fluctuations and is considered to be riskier than RING based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLVP	RING	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.72%	16.66%	+2.06%
Volatility (6M) Calculated over the trailing 6-month period	45.60%	39.68%	+5.92%
Volatility (1Y) Calculated over the trailing 1-year period	55.19%	47.90%	+7.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.23%	36.89%	+6.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.52%	36.74%	+5.78%

SLVP vs. RING - Expense Ratio Comparison

Both SLVP and RING have an expense ratio of 0.39%.

Dividends

SLVP vs. RING - Dividend Comparison

SLVP's dividend yield for the trailing twelve months is around 2.15%, more than RING's 1.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RING iShares MSCI Global Gold Miners ETF	1.29%	0.84%	1.43%	2.01%	2.29%	2.38%	0.83%	0.83%	0.70%	0.42%	1.41%	0.96%
SLVP iShares MSCI Global Silver and Metals Miners ETF	2.15%	1.78%	1.05%	0.88%	0.63%	1.63%	2.39%	2.03%	1.28%	0.85%	2.32%	0.72%

Frequently Asked Questions

Can I hold both SLVP and RING in my portfolio?

With a correlation of 0.93, SLVP and RING move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SLVP or RING?

SLVP has higher volatility (18.72%) compared to RING (16.66%). In terms of maximum drawdown, SLVP dropped -80.47% vs RING's -79.47%.

Which ETF is better, SLVP or RING?

On 10-year performance, RING leads with 13.45% vs 12.10% for SLVP. Both ETFs have the same 0.39% expense ratio. On volatility, RING has been the lower-risk option at 16.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLVP or RING?

Over the 10-year period, RING has performed better with a 13.45% return vs 12.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLVP or RING?

SLVP and RING have the same expense ratio: 0.39% per year.

Which ETF pays a higher dividend yield, SLVP or RING?

SLVP has the higher dividend yield at 2.15%, compared with 1.29% for RING.

What is the main difference between SLVP and RING?

SLVP is categorized as Silver, while RING is Gold. SLVP tracks MSCI ACWI Select Silver Miners Investable Market Index, while RING tracks MSCI ACWI Select Gold Miners Investable Market Index.

Which has better risk-adjusted returns?

SLVP currently has the higher Sharpe Ratio (1.64 vs 1.30), 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.