SLVP vs. SLV
SLVP (iShares MSCI Global Silver and Metals Miners ETF) and SLV (iShares Silver Trust) are both Silver funds from iShares - SLVP tracks the MSCI ACWI Select Silver Miners Investable Market Index while SLV tracks the LBMA Silver Price. Both are passively managed. Over the past 10 years, SLVP returned 12.45%/yr vs 13.58%/yr for SLV. A 0.73 correlation means they provide meaningful diversification when combined. SLVP charges 0.39%/yr vs 0.50%/yr for SLV.
Performance
SLVP vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, SLVP achieves a -3.15% return, which is significantly higher than SLV's -7.62% return. Over the past 10 years, SLVP has underperformed SLV with an annualized return of 12.45%, while SLV has yielded a comparatively higher 13.58% annualized return.
SLVP
- 1D
- -2.42%
- 1M
- -6.53%
- YTD
- -3.15%
- 6M
- -2.41%
- 1Y
- 91.84%
- 3Y*
- 50.57%
- 5Y*
- 17.36%
- 10Y*
- 12.45%
SLV
- 1D
- -1.81%
- 1M
- -14.31%
- YTD
- -7.62%
- 6M
- -2.33%
- 1Y
- 81.88%
- 3Y*
- 38.96%
- 5Y*
- 20.04%
- 10Y*
- 13.58%
SLVP vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SLVP iShares MSCI Global Silver and Metals Miners ETF | -3.15% | 202.84% | 14.47% | -2.31% | -18.06% | -23.53% | 56.45% | 37.71% | -22.10% | 4.53% |
SLV iShares Silver Trust | -7.62% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between SLVP and SLV is 0.81, 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 | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012 | 0.73 |
The correlation between SLVP and SLV has been stable across timeframes, ranging from 0.73 to 0.81 - a consistent structural relationship.
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Return for Risk
SLVP vs. SLV — Risk / Return Rank
SLVP
SLV
SLVP vs. SLV - 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 Silver Trust (SLV). 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 | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.27 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | 1.75 | +0.57 |
| Martin ratioReturn relative to average drawdown | 5.98 | 3.68 | +2.30 |
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Drawdowns
SLVP vs. SLV - Drawdown Comparison
The maximum SLVP drawdown since its inception was -80.47%, which is greater than SLV's maximum drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for SLVP and SLV.
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Drawdown Indicators
| SLVP | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.47% | -76.28% | -4.19% |
Max Drawdown (1Y)Largest decline over 1 year | -38.06% | -45.40% | +7.34% |
Max Drawdown (3Y)Largest decline over 3 years | -38.06% | -45.40% | +7.34% |
Max Drawdown (5Y)Largest decline over 5 years | -48.67% | -45.40% | -3.27% |
Max Drawdown (10Y)Largest decline over 10 years | -62.03% | -45.40% | -16.63% |
Current DrawdownCurrent decline from peak | -30.14% | -43.65% | +13.51% |
Average DrawdownAverage peak-to-trough decline | -46.76% | -44.65% | -2.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.72% | 21.52% | -6.80% |
Volatility
SLVP vs. SLV - Volatility Comparison
iShares MSCI Global Silver and Metals Miners ETF (SLVP) has a higher volatility of 19.13% compared to iShares Silver Trust (SLV) at 14.09%. This indicates that SLVP's price experiences larger fluctuations and is considered to be riskier than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SLVP | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.13% | 14.09% | +5.04% |
Volatility (6M)Calculated over the trailing 6-month period | 45.60% | 59.18% | -13.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.15% | 60.10% | -4.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.21% | 36.50% | +6.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.50% | 32.04% | +10.46% |
SLVP vs. SLV - Expense Ratio Comparison
SLVP has a 0.39% expense ratio, which is lower than SLV's 0.50% expense ratio.
Dividends
SLVP vs. SLV - Dividend Comparison
SLVP's dividend yield for the trailing twelve months is around 2.13%, while SLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SLV iShares Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SLVP iShares MSCI Global Silver and Metals Miners ETF | 2.13% | 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
SLVP and SLV have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLVP has higher volatility (19.13%) compared to SLV (14.09%). In terms of maximum drawdown, SLVP dropped -80.47% vs SLV's -76.28%.
On 10-year performance, SLV leads with 13.58% vs 12.45% for SLVP. On fees, SLVP is cheaper at 0.39% per year. On volatility, SLV has been the lower-risk option at 14.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SLV has performed better with a 13.58% return vs 12.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLVP is cheaper with a 0.39% expense ratio, compared with 0.50% for SLV.
SLVP has the higher dividend yield at 2.13%, compared with 0.00% for SLV.
SLVP tracks MSCI ACWI Select Silver Miners Investable Market Index, while SLV tracks LBMA Silver Price. Their fees differ too: 0.39% for SLVP and 0.50% for SLV.
SLVP currently has the higher Sharpe Ratio (1.60 vs 1.32), 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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