SLVP vs. XLG

Last updated Jun 16, 2026

SLVP (iShares MSCI Global Silver and Metals Miners ETF) and XLG (Invesco S&P 500 Top 50 ETF) are both exchange-traded funds - SLVP is a Silver fund tracking the MSCI ACWI Select Silver Miners Investable Market Index, while XLG is a S&P 500 fund tracking the S&P 500 Top 50 Index. Both are passively managed. Over the past 10 years, SLVP returned 13.10%/yr vs 17.23%/yr for XLG. At a 0.20 correlation, their price movements are largely independent. SLVP charges 0.39%/yr vs 0.20%/yr for XLG.

Performance

SLVP vs. XLG - 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 Invesco S&P 500 Top 50 ETF (XLG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLVP achieves a 0.95% return, which is significantly lower than XLG's 5.56% return. Over the past 10 years, SLVP has underperformed XLG with an annualized return of 13.10%, while XLG has yielded a comparatively higher 17.23% annualized return.

SLVP

• 1D: 6.68%
• 1M: -5.16%
• YTD: 0.95%
• 6M: 5.72%
• 1Y: 93.96%
• 3Y*: 52.67%
• 5Y*: 16.28%
• 10Y*: 13.10%

XLG

• 1D: 1.88%
• 1M: -1.70%
• YTD: 5.56%
• 6M: 6.64%
• 1Y: 25.51%
• 3Y*: 22.53%
• 5Y*: 15.57%
• 10Y*: 17.23%

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

SLVP vs. XLG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLVP iShares MSCI Global Silver and Metals Miners ETF	0.95%	202.84%	14.47%	-2.31%	-18.06%	-23.53%	56.45%	37.71%	-22.10%	4.53%
XLG Invesco S&P 500 Top 50 ETF	5.56%	19.51%	33.49%	38.16%	-24.29%	30.77%	24.15%	32.04%	-3.59%	23.04%

Correlation

The correlation between SLVP and XLG is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012	0.20

The correlation between SLVP and XLG shifts across timeframes, from 0.20 (all time) to 0.38 (1 year), reflecting how their relationship changes across market environments.

SLVP vs. XLG - Sectors Allocation Comparison

Sectors	SLVP	XLG
Basic Materials	99.6%	0.6%
Financial Services	0.0%	9.5%
Communication Services	-	15.9%
Consumer Cyclical	-	10.6%
Consumer Defensive	-	5.5%
Energy	-	2.6%
Healthcare	-	7.4%
Industrials	-	2.0%
Real Estate	-	-
Technology	-	45.9%
Utilities	-	-

Return for Risk

SLVP vs. XLG — Risk / Return Rank

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

SLVP

SLVP Risk / Return Rank: 50
SLVP Sharpe Ratio Rank: 56
SLVP Sortino Ratio Rank: 46
SLVP Omega Ratio Rank: 49
SLVP Calmar Ratio Rank: 55
SLVP Martin Ratio Rank: 44

XLG

XLG Risk / Return Rank: 56
XLG Sharpe Ratio Rank: 62
XLG Sortino Ratio Rank: 60
XLG Omega Ratio Rank: 61
XLG Calmar Ratio Rank: 46
XLG Martin Ratio Rank: 49

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. XLG - 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 Invesco S&P 500 Top 50 ETF (XLG). 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	XLG	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.86	-0.14
Sortino ratio: Return per unit of downside risk	2.09	2.52	-0.43
Omega ratio: Gain probability vs. loss probability	1.28	1.33	-0.05
Calmar ratio: Return relative to maximum drawdown	2.48	2.06	+0.42
Martin ratio: Return relative to average drawdown	6.54	7.55	-1.00

SLVP vs. XLG - Sharpe Ratio Comparison

The current SLVP Sharpe Ratio is 1.72, which is comparable to the XLG Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of SLVP and XLG, 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. XLG - Drawdown Comparison

The maximum SLVP drawdown since its inception was -80.47%, which is greater than XLG's maximum drawdown of -52.39%. Use the drawdown chart below to compare losses from any high point for SLVP and XLG.

Drawdown Indicators

	SLVP	XLG	Difference
Max Drawdown Largest peak-to-trough decline	-80.47%	-52.39%	-28.08%
Max Drawdown (1Y) Largest decline over 1 year	-38.06%	-12.41%	-25.65%
Max Drawdown (3Y) Largest decline over 3 years	-38.06%	-20.70%	-17.36%
Max Drawdown (5Y) Largest decline over 5 years	-49.79%	-28.02%	-21.77%
Max Drawdown (10Y) Largest decline over 10 years	-62.03%	-30.46%	-31.57%
Current Drawdown Current decline from peak	-27.18%	-3.28%	-23.90%
Average Drawdown Average peak-to-trough decline	-46.77%	-7.64%	-39.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.41%	3.39%	+11.02%

Volatility

SLVP vs. XLG - Volatility Comparison

iShares MSCI Global Silver and Metals Miners ETF (SLVP) has a higher volatility of 20.77% compared to Invesco S&P 500 Top 50 ETF (XLG) at 4.58%. This indicates that SLVP's price experiences larger fluctuations and is considered to be riskier than XLG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLVP	XLG	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.77%	4.58%	+16.19%
Volatility (6M) Calculated over the trailing 6-month period	45.32%	10.57%	+34.75%
Volatility (1Y) Calculated over the trailing 1-year period	55.01%	13.78%	+41.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.26%	18.76%	+24.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.48%	18.88%	+23.60%

SLVP vs. XLG - Expense Ratio Comparison

SLVP has a 0.39% expense ratio, which is higher than XLG's 0.20% expense ratio.

Dividends

SLVP vs. XLG - Dividend Comparison

SLVP's dividend yield for the trailing twelve months is around 2.17%, more than XLG's 0.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SLVP iShares MSCI Global Silver and Metals Miners ETF	2.17%	1.78%	1.05%	0.88%	0.63%	1.63%	2.39%	2.03%	1.28%	0.85%	2.32%	0.72%
XLG Invesco S&P 500 Top 50 ETF	0.61%	0.64%	0.72%	0.97%	1.34%	0.94%	1.25%	1.58%	2.00%	1.85%	2.00%	2.09%

Frequently Asked Questions

Can I hold both SLVP and XLG in my portfolio?

SLVP and XLG have a correlation of 0.38, 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 XLG?

SLVP has higher volatility (20.77%) compared to XLG (4.58%). In terms of maximum drawdown, SLVP dropped -80.47% vs XLG's -52.39%.

Which ETF is better, SLVP or XLG?

On 10-year performance, XLG leads with 17.23% vs 13.10% for SLVP. On fees, XLG is cheaper at 0.20% per year. On volatility, XLG has been the lower-risk option at 4.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLVP or XLG?

Over the 10-year period, XLG has performed better with a 17.23% return vs 13.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLVP or XLG?

XLG is cheaper with a 0.20% expense ratio, compared with 0.39% for SLVP.

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

SLVP has the higher dividend yield at 2.17%, compared with 0.61% for XLG.

What is the main difference between SLVP and XLG?

SLVP is categorized as Silver, while XLG is S&P 500. SLVP tracks MSCI ACWI Select Silver Miners Investable Market Index, while XLG tracks S&P 500 Top 50 Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.39% for SLVP and 0.20% for XLG.

Which has better risk-adjusted returns?

XLG currently has the higher Sharpe Ratio (1.86 vs 1.72), 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.