SLVP vs. XME

Last updated Jun 16, 2026

SLVP (iShares MSCI Global Silver and Metals Miners ETF) and XME (SPDR S&P Metals & Mining ETF) are both exchange-traded funds - SLVP is a Silver fund tracking the MSCI ACWI Select Silver Miners Investable Market Index, while XME is a Materials fund tracking the S&P Metals & Mining Select Industry Index. Both are passively managed. Over the past 10 years, SLVP returned 13.10%/yr vs 19.14%/yr for XME. A 0.53 correlation means they provide meaningful diversification when combined. SLVP charges 0.39%/yr vs 0.35%/yr for XME.

Performance

SLVP vs. XME - 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 SPDR S&P Metals & Mining ETF (XME). 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 XME's 16.50% return. Over the past 10 years, SLVP has underperformed XME with an annualized return of 13.10%, while XME has yielded a comparatively higher 19.14% 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%

XME

• 1D: 0.16%
• 1M: 4.36%
• YTD: 16.50%
• 6M: 19.83%
• 1Y: 85.37%
• 3Y*: 35.28%
• 5Y*: 22.93%
• 10Y*: 19.14%

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

SLVP vs. XME - 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%
XME SPDR S&P Metals & Mining ETF	16.50%	83.47%	-4.54%	21.51%	13.13%	34.92%	15.95%	14.69%	-26.78%	21.17%

Correlation

The correlation between SLVP and XME is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012	0.53

The correlation between SLVP and XME shifts across timeframes, from 0.52 (10 years) to 0.67 (1 year), reflecting how their relationship changes across market environments.

SLVP vs. XME - Sectors Allocation Comparison

Sectors	SLVP	XME
Basic Materials	99.6%	74.9%
Financial Services	0.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	0.8%
Energy	-	23.8%
Healthcare	-	-
Industrials	-	0.4%
Real Estate	-	-
Technology	-	2.2%
Utilities	-	-

Return for Risk

SLVP vs. XME — 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

XME

XME Risk / Return Rank: 72
XME Sharpe Ratio Rank: 83
XME Sortino Ratio Rank: 70
XME Omega Ratio Rank: 69
XME Calmar Ratio Rank: 80
XME Martin Ratio Rank: 59

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. XME - 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 SPDR S&P Metals & Mining ETF (XME). 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	XME	Difference
Sharpe ratio: Return per unit of total volatility	1.72	2.38	-0.66
Sortino ratio: Return per unit of downside risk	2.09	2.84	-0.74
Omega ratio: Gain probability vs. loss probability	1.28	1.37	-0.09
Calmar ratio: Return relative to maximum drawdown	2.48	3.80	-1.31
Martin ratio: Return relative to average drawdown	6.54	9.44	-2.90

SLVP vs. XME - Sharpe Ratio Comparison

The current SLVP Sharpe Ratio is 1.72, which is comparable to the XME Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of SLVP and XME, 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. XME - Drawdown Comparison

The maximum SLVP drawdown since its inception was -80.47%, smaller than the maximum XME drawdown of -85.89%. Use the drawdown chart below to compare losses from any high point for SLVP and XME.

Drawdown Indicators

	SLVP	XME	Difference
Max Drawdown Largest peak-to-trough decline	-80.47%	-85.89%	+5.42%
Max Drawdown (1Y) Largest decline over 1 year	-38.06%	-22.60%	-15.46%
Max Drawdown (3Y) Largest decline over 3 years	-38.06%	-30.47%	-7.59%
Max Drawdown (5Y) Largest decline over 5 years	-49.79%	-37.27%	-12.52%
Max Drawdown (10Y) Largest decline over 10 years	-62.03%	-61.69%	-0.34%
Current Drawdown Current decline from peak	-27.18%	-9.18%	-18.00%
Average Drawdown Average peak-to-trough decline	-46.77%	-44.08%	-2.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.41%	9.07%	+5.34%

Volatility

SLVP vs. XME - Volatility Comparison

iShares MSCI Global Silver and Metals Miners ETF (SLVP) has a higher volatility of 20.77% compared to SPDR S&P Metals & Mining ETF (XME) at 15.14%. This indicates that SLVP's price experiences larger fluctuations and is considered to be riskier than XME based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLVP	XME	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.77%	15.14%	+5.63%
Volatility (6M) Calculated over the trailing 6-month period	45.32%	28.15%	+17.17%
Volatility (1Y) Calculated over the trailing 1-year period	55.01%	36.17%	+18.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.26%	32.83%	+10.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.48%	32.93%	+9.55%

SLVP vs. XME - Expense Ratio Comparison

SLVP has a 0.39% expense ratio, which is higher than XME's 0.35% expense ratio.

Dividends

SLVP vs. XME - Dividend Comparison

SLVP's dividend yield for the trailing twelve months is around 2.17%, more than XME's 0.32% 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%
XME SPDR S&P Metals & Mining ETF	0.32%	0.38%	0.65%	1.00%	1.64%	0.70%	0.99%	2.43%	2.23%	1.15%	1.02%	2.61%

Frequently Asked Questions

Can I hold both SLVP and XME in my portfolio?

SLVP and XME have a correlation of 0.67, 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 XME?

SLVP has higher volatility (20.77%) compared to XME (15.14%). In terms of maximum drawdown, SLVP dropped -80.47% vs XME's -85.89%.

Which ETF is better, SLVP or XME?

On 10-year performance, XME leads with 19.14% vs 13.10% for SLVP. On fees, XME is cheaper at 0.35% per year. On volatility, XME has been the lower-risk option at 15.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLVP or XME?

Over the 10-year period, XME has performed better with a 19.14% 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 XME?

XME is cheaper with a 0.35% expense ratio, compared with 0.39% for SLVP.

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

SLVP has the higher dividend yield at 2.17%, compared with 0.32% for XME.

What is the main difference between SLVP and XME?

SLVP is categorized as Silver, while XME is Materials. SLVP tracks MSCI ACWI Select Silver Miners Investable Market Index, while XME tracks S&P Metals & Mining Select Industry Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.39% for SLVP and 0.35% for XME.

Which has better risk-adjusted returns?

XME currently has the higher Sharpe Ratio (2.38 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.