SLVR vs. EWY

Last updated Jun 4, 2026

SLVR (Sprott Silver Miners & Physical Silver ETF) and EWY (iShares MSCI South Korea ETF) are both exchange-traded funds - SLVR is a Silver fund tracking the Nasdaq Sprott Silver Miners™ Index, while EWY is a Asia Pacific Equities fund tracking the MSCI Korea Index. Both are passively managed. Over the past year, SLVR returned 118.11% vs 251.82% for EWY. At a 0.40 correlation, their price movements are largely independent. SLVR charges 0.65%/yr vs 0.59%/yr for EWY.

Performance

SLVR vs. EWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Silver Miners & Physical Silver ETF (SLVR) and iShares MSCI South Korea ETF (EWY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLVR achieves a 6.80% return, which is significantly lower than EWY's 119.05% return.

SLVR

• 1D: -5.47%
• 1M: 1.96%
• YTD: 6.80%
• 6M: 18.93%
• 1Y: 118.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EWY

• 1D: -0.73%
• 1M: 30.18%
• YTD: 119.05%
• 6M: 134.13%
• 1Y: 251.82%
• 3Y*: 51.99%
• 5Y*: 20.31%
• 10Y*: 17.46%

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

SLVR vs. EWY - Yearly Performance Comparison

	2026 (YTD)	2025
SLVR Sprott Silver Miners & Physical Silver ETF	6.80%	170.44%
EWY iShares MSCI South Korea ETF	119.05%	81.43%

Correlation

The correlation between SLVR and EWY is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jan 16, 2025	0.40

Return for Risk

SLVR vs. EWY — Risk / Return Rank

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

SLVR

SLVR Risk / Return Rank: 51
SLVR Sharpe Ratio Rank: 56
SLVR Sortino Ratio Rank: 45
SLVR Omega Ratio Rank: 48
SLVR Calmar Ratio Rank: 62
SLVR Martin Ratio Rank: 46

EWY

EWY Risk / Return Rank: 96
EWY Sharpe Ratio Rank: 98
EWY Sortino Ratio Rank: 95
EWY Omega Ratio Rank: 95
EWY Calmar Ratio Rank: 97
EWY Martin Ratio Rank: 97

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.

SLVR vs. EWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Silver Miners & Physical Silver ETF (SLVR) and iShares MSCI South Korea ETF (EWY). 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.

	SLVR	EWY	Difference
Sharpe ratio Return per unit of total volatility	1.93	6.02	-4.10
Sortino ratio Return per unit of downside risk	2.25	5.31	-3.07
Omega ratio Gain probability vs. loss probability	1.31	1.74	-0.44
Calmar ratio Return relative to maximum drawdown	3.08	10.99	-7.91
Martin ratio Return relative to average drawdown	7.66	40.91	-33.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SLVR vs. EWY - Sharpe Ratio Comparison

The current SLVR Sharpe Ratio is 1.93, which is lower than the EWY Sharpe Ratio of 6.02. The chart below compares the historical Sharpe Ratios of SLVR and EWY, 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

	SLVR	EWY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	6.02	-4.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.71	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.64	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.02	0.33	+1.68

Drawdowns

SLVR vs. EWY - Drawdown Comparison

The maximum SLVR drawdown since its inception was -38.60%, smaller than the maximum EWY drawdown of -74.14%. Use the drawdown chart below to compare losses from any high point for SLVR and EWY.

Drawdown Indicators

	SLVR	EWY	Difference
Max Drawdown Largest peak-to-trough decline	-38.60%	-74.14%	+35.54%
Max Drawdown (1Y) Largest decline over 1 year	-38.60%	-23.08%	-15.52%
Max Drawdown (3Y) Largest decline over 3 years	—	-27.36%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-48.55%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-49.73%	—
Current Drawdown Current decline from peak	-28.51%	-1.73%	-26.78%
Average Drawdown Average peak-to-trough decline	-9.24%	-20.13%	+10.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.47%	6.19%	+9.28%

Volatility

SLVR vs. EWY - Volatility Comparison

Sprott Silver Miners & Physical Silver ETF (SLVR) and iShares MSCI South Korea ETF (EWY) have volatilities of 19.31% and 20.32%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLVR	EWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.31%	20.32%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	51.02%	37.41%	+13.61%
Volatility (1Y) Calculated over the trailing 1-year period	61.64%	42.10%	+19.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.85%	28.83%	+29.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.85%	27.37%	+30.48%

SLVR vs. EWY - Expense Ratio Comparison

SLVR has a 0.65% expense ratio, which is higher than EWY's 0.59% expense ratio.

Dividends

SLVR vs. EWY - Dividend Comparison

SLVR's dividend yield for the trailing twelve months is around 3.45%, more than EWY's 0.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWY iShares MSCI South Korea ETF	0.96%	2.10%	2.55%	2.52%	1.23%	2.16%	0.73%	2.10%	1.34%	2.90%	1.21%	2.42%
SLVR Sprott Silver Miners & Physical Silver ETF	3.45%	3.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SLVR and EWY in my portfolio?

SLVR and EWY have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLVR or EWY?

EWY has higher volatility (20.32%) compared to SLVR (19.31%). In terms of maximum drawdown, SLVR dropped -38.60% vs EWY's -74.14%.

Which ETF is better, SLVR or EWY?

On 1-year performance, EWY leads with 251.82% vs 118.11% for SLVR. On fees, EWY is cheaper at 0.59% per year. On volatility, SLVR has been the lower-risk option at 19.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLVR or EWY?

Over the 1-year period, EWY has performed better with a 251.82% return vs 118.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLVR or EWY?

EWY is cheaper with a 0.59% expense ratio, compared with 0.65% for SLVR.

Which ETF pays a higher dividend yield, SLVR or EWY?

SLVR has the higher dividend yield at 3.45%, compared with 0.96% for EWY.

What is the main difference between SLVR and EWY?

SLVR is categorized as Silver, while EWY is Asia Pacific Equities. SLVR tracks Nasdaq Sprott Silver Miners™ Index, while EWY tracks MSCI Korea Index. They also come from different issuers: Sprott and iShares. Their fees differ too: 0.65% for SLVR and 0.59% for EWY.

Which has better risk-adjusted returns?

EWY currently has the higher Sharpe Ratio (6.02 vs 1.93), 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.