SLVP vs. SLVO

Last updated Jun 3, 2026

SLVP (iShares MSCI Global Silver and Metals Miners ETF) and SLVO (UBS ETRACS Silver Shares Covered Call ETN) are both Silver funds - SLVP tracks the MSCI ACWI Select Silver Miners Investable Market Index while SLVO tracks the Credit Suisse NASDAQ Silver FLOWS 106 Index. Both are passively managed. Over the past year, SLVP returned 126.39% vs 65.18% for SLVO. A 0.77 correlation means they provide meaningful diversification when combined. SLVP charges 0.39%/yr vs 0.65%/yr for SLVO.

Performance

SLVP vs. SLVO - 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 UBS ETRACS Silver Shares Covered Call ETN (SLVO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLVP achieves a 7.79% return, which is significantly lower than SLVO's 14.83% return.

SLVP

• 1D: 1.74%
• 1M: 4.23%
• YTD: 7.79%
• 6M: 18.02%
• 1Y: 126.39%
• 3Y*: 54.77%
• 5Y*: 17.51%
• 10Y*: 14.27%

SLVO

• 1D: 0.52%
• 1M: 3.14%
• YTD: 14.83%
• 6M: 19.60%
• 1Y: 65.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SLVP vs. SLVO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SLVP iShares MSCI Global Silver and Metals Miners ETF	7.79%	202.84%	-8.46%
SLVO UBS ETRACS Silver Shares Covered Call ETN	14.83%	71.20%	1.24%

Correlation

The correlation between SLVP and SLVO is 0.76, 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	0.76
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	0.77

The correlation between SLVP and SLVO has been stable across timeframes, ranging from 0.76 to 0.77 - a consistent structural relationship.

Return for Risk

SLVP vs. SLVO — Risk / Return Rank

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

SLVP

SLVP Risk / Return Rank: 65
SLVP Sharpe Ratio Rank: 73
SLVP Sortino Ratio Rank: 53
SLVP Omega Ratio Rank: 58
SLVP Calmar Ratio Rank: 80
SLVP Martin Ratio Rank: 60

SLVO

SLVO Risk / Return Rank: 70
SLVO Sharpe Ratio Rank: 66
SLVO Sortino Ratio Rank: 50
SLVO Omega Ratio Rank: 75
SLVO Calmar Ratio Rank: 78
SLVO Martin Ratio Rank: 82

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. SLVO - 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 UBS ETRACS Silver Shares Covered Call ETN (SLVO). 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.

	SLVP	SLVO	Difference
Sharpe ratio Return per unit of total volatility	2.41	2.22	+0.19
Sortino ratio Return per unit of downside risk	2.60	2.47	+0.13
Omega ratio Gain probability vs. loss probability	1.36	1.45	-0.10
Calmar ratio Return relative to maximum drawdown	4.19	4.04	+0.15
Martin ratio Return relative to average drawdown	10.75	16.67	-5.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SLVP vs. SLVO - Sharpe Ratio Comparison

The current SLVP Sharpe Ratio is 2.41, which is comparable to the SLVO Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of SLVP and SLVO, 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

	SLVP	SLVO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	2.22	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	1.64	-1.55

Drawdowns

SLVP vs. SLVO - Drawdown Comparison

The maximum SLVP drawdown since its inception was -80.47%, which is greater than SLVO's maximum drawdown of -17.23%. Use the drawdown chart below to compare losses from any high point for SLVP and SLVO.

Drawdown Indicators

	SLVP	SLVO	Difference
Max Drawdown Largest peak-to-trough decline	-80.47%	-17.23%	-63.24%
Max Drawdown (1Y) Largest decline over 1 year	-33.57%	-17.23%	-16.34%
Max Drawdown (3Y) Largest decline over 3 years	-33.57%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-54.78%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-62.03%	—	—
Current Drawdown Current decline from peak	-22.25%	-2.07%	-20.18%
Average Drawdown Average peak-to-trough decline	-46.82%	-3.13%	-43.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.08%	4.17%	+8.91%

Volatility

SLVP vs. SLVO - Volatility Comparison

iShares MSCI Global Silver and Metals Miners ETF (SLVP) has a higher volatility of 16.92% compared to UBS ETRACS Silver Shares Covered Call ETN (SLVO) at 6.65%. This indicates that SLVP's price experiences larger fluctuations and is considered to be riskier than SLVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLVP	SLVO	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.92%	6.65%	+10.27%
Volatility (6M) Calculated over the trailing 6-month period	42.90%	27.29%	+15.61%
Volatility (1Y) Calculated over the trailing 1-year period	53.09%	29.59%	+23.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.73%	25.24%	+17.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.22%	25.24%	+16.98%

SLVP vs. SLVO - Expense Ratio Comparison

SLVP has a 0.39% expense ratio, which is lower than SLVO's 0.65% expense ratio.

Dividends

SLVP vs. SLVO - Dividend Comparison

SLVP's dividend yield for the trailing twelve months is around 1.65%, less than SLVO's 45.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SLVO UBS ETRACS Silver Shares Covered Call ETN	45.90%	19.35%	14.45%	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	1.65%	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 SLVO in my portfolio?

SLVP and SLVO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLVP or SLVO?

SLVP has higher volatility (16.92%) compared to SLVO (6.65%). In terms of maximum drawdown, SLVP dropped -80.47% vs SLVO's -17.23%.

Which ETF is better, SLVP or SLVO?

On 1-year performance, SLVP leads with 126.39% vs 65.18% for SLVO. On fees, SLVP is cheaper at 0.39% per year. On volatility, SLVO has been the lower-risk option at 6.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLVP or SLVO?

Over the 1-year period, SLVP has performed better with a 126.39% return vs 65.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLVP or SLVO?

SLVP is cheaper with a 0.39% expense ratio, compared with 0.65% for SLVO.

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

SLVO has the higher dividend yield at 45.90%, compared with 1.65% for SLVP.

What is the main difference between SLVP and SLVO?

SLVP tracks MSCI ACWI Select Silver Miners Investable Market Index, while SLVO tracks Credit Suisse NASDAQ Silver FLOWS 106 Index. They also come from different issuers: iShares and UBS. Their fees differ too: 0.39% for SLVP and 0.65% for SLVO.

Which has better risk-adjusted returns?

SLVP currently has the higher Sharpe Ratio (2.41 vs 2.22), 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.