SLVP vs. USD
SLVP (iShares MSCI Global Silver and Metals Miners ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - SLVP is a Silver fund tracking the MSCI ACWI Select Silver Miners Investable Market Index, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, SLVP returned 12.67%/yr vs 60.21%/yr for USD. At a 0.19 correlation, their price movements are largely independent. SLVP charges 0.39%/yr vs 0.95%/yr for USD.
Performance
SLVP vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, SLVP achieves a -5.37% return, which is significantly lower than USD's 86.87% return. Over the past 10 years, SLVP has underperformed USD with an annualized return of 12.67%, while USD has yielded a comparatively higher 60.21% annualized return.
SLVP
- 1D
- 3.38%
- 1M
- -21.72%
- YTD
- -5.37%
- 6M
- -0.60%
- 1Y
- 83.53%
- 3Y*
- 48.97%
- 5Y*
- 14.15%
- 10Y*
- 12.67%
USD
- 1D
- 2.08%
- 1M
- -1.66%
- YTD
- 86.87%
- 6M
- 97.77%
- 1Y
- 207.86%
- 3Y*
- 111.11%
- 5Y*
- 65.02%
- 10Y*
- 60.21%
SLVP vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SLVP iShares MSCI Global Silver and Metals Miners ETF | -5.37% | 202.84% | 14.47% | -2.31% | -18.06% | -23.53% | 56.45% | 37.71% | -22.10% | 4.53% |
USD ProShares Ultra Semiconductors | 86.87% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between SLVP and USD is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012 | 0.19 |
The correlation between SLVP and USD shifts across timeframes, from 0.19 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.
SLVP vs. USD - Sectors Allocation Comparison
Sectors
SLVP
USD
Basic Materials
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Communication Services
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Consumer Cyclical
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Consumer Defensive
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Energy
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Financial Services
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Healthcare
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Industrials
-
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Real Estate
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Technology
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Utilities
-
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Basic Materials
SLVP
USD
-
Communication Services
SLVP
-
USD
-
Consumer Cyclical
SLVP
-
USD
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Consumer Defensive
SLVP
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USD
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Energy
SLVP
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USD
Financial Services
SLVP
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USD
Healthcare
SLVP
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USD
-
Industrials
SLVP
-
USD
-
Real Estate
SLVP
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USD
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Technology
SLVP
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USD
Utilities
SLVP
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USD
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Return for Risk
SLVP vs. USD — Risk / Return Rank
SLVP
USD
SLVP vs. USD - 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 ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.66 | ||
| Sortino ratioReturn per unit of downside risk | -1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.41 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | 6.58 | -4.37 |
| Martin ratioReturn relative to average drawdown | 5.86 | 18.43 | -12.57 |
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Drawdowns
SLVP vs. USD - Drawdown Comparison
The maximum SLVP drawdown since its inception was -80.47%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for SLVP and USD.
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Drawdown Indicators
| SLVP | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.47% | -88.63% | +8.16% |
Max Drawdown (1Y)Largest decline over 1 year | -38.06% | -31.80% | -6.26% |
Max Drawdown (3Y)Largest decline over 3 years | -38.06% | -64.46% | +26.40% |
Max Drawdown (5Y)Largest decline over 5 years | -54.26% | -77.85% | +23.59% |
Max Drawdown (10Y)Largest decline over 10 years | -62.03% | -77.85% | +15.82% |
Current DrawdownCurrent decline from peak | -31.74% | -13.67% | -18.07% |
Average DrawdownAverage peak-to-trough decline | -46.78% | -32.32% | -14.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.31% | 11.34% | +2.97% |
Volatility
SLVP vs. USD - Volatility Comparison
The current volatility for iShares MSCI Global Silver and Metals Miners ETF (SLVP) is 19.61%, while ProShares Ultra Semiconductors (USD) has a volatility of 29.56%. This indicates that SLVP experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SLVP | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.61% | 29.56% | -9.95% |
Volatility (6M)Calculated over the trailing 6-month period | 45.17% | 52.44% | -7.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.53% | 65.34% | -10.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.15% | 77.19% | -34.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.45% | 69.61% | -27.16% |
SLVP vs. USD - Expense Ratio Comparison
SLVP has a 0.39% expense ratio, which is lower than USD's 0.95% expense ratio.
Dividends
SLVP vs. USD - Dividend Comparison
SLVP's dividend yield for the trailing twelve months is around 1.88%, more than USD's 0.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SLVP iShares MSCI Global Silver and Metals Miners ETF | 1.88% | 1.78% | 1.05% | 0.88% | 0.63% | 1.63% | 2.39% | 2.03% | 1.28% | 0.85% | 2.32% | 0.72% |
USD ProShares Ultra Semiconductors | 0.25% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
SLVP and USD have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (29.56%) compared to SLVP (19.61%). In terms of maximum drawdown, SLVP dropped -80.47% vs USD's -88.63%.
On 10-year performance, USD leads with 60.21% vs 12.67% for SLVP. On fees, SLVP is cheaper at 0.39% per year. On volatility, SLVP has been the lower-risk option at 19.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 60.21% return vs 12.67%. 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 0.95% for USD.
SLVP has the higher dividend yield at 1.88%, compared with 0.25% for USD.
SLVP is categorized as Silver, while USD is Leveraged Equities. SLVP tracks MSCI ACWI Select Silver Miners Investable Market Index, while USD tracks Dow Jones U.S. Semiconductors Index (200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.39% for SLVP and 0.95% for USD.
USD currently has the higher Sharpe Ratio (3.20 vs 1.54), 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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