SMLF vs. SLV
SMLF (iShares U.S. Small-Cap Equity Factor ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - SMLF is a Small Cap Blend Equities fund tracking the STOXX U.S. Small-Cap Equity Factor Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, SMLF returned 12.14%/yr vs 10.19%/yr for SLV. At a 0.17 correlation, their price movements are largely independent. SMLF charges 0.15%/yr vs 0.50%/yr for SLV.
Performance
SMLF vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, SMLF achieves a 16.74% return, which is significantly higher than SLV's -21.78% return. Over the past 10 years, SMLF has outperformed SLV with an annualized return of 12.14%, while SLV has yielded a comparatively lower 10.19% annualized return.
SMLF
- 1D
- -0.16%
- 1M
- 0.42%
- 6M
- 9.80%
- YTD
- 16.74%
- 1Y
- 27.80%
- 3Y*
- 17.58%
- 5Y*
- 12.07%
- 10Y*
- 12.14%
SLV
- 1D
- -3.49%
- 1M
- -20.51%
- 6M
- -39.52%
- YTD
- -21.78%
- 1Y
- 46.44%
- 3Y*
- 30.28%
- 5Y*
- 16.22%
- 10Y*
- 10.19%
SMLF vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMLF iShares U.S. Small-Cap Equity Factor ETF | 16.74% | 12.30% | 16.33% | 19.99% | -12.19% | 26.53% | 8.38% | 21.56% | -8.42% | 12.70% |
SLV iShares Silver Trust | -21.78% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between SMLF and SLV is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Apr 30, 2015 | 0.17 |
The correlation between SMLF and SLV shifts across timeframes, from 0.17 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SMLF vs. SLV — Risk / Return Rank
SMLF
SLV
SMLF vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Small-Cap Equity Factor ETF (SMLF) and iShares Silver Trust (SLV). 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.
| SMLF | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +1.07 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.19 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.20 | 0.89 | +2.31 |
| Martin ratioReturn relative to average drawdown | 10.90 | 1.85 | +9.06 |
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Drawdowns
SMLF vs. SLV - Drawdown Comparison
The maximum SMLF drawdown since its inception was -41.89%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for SMLF and SLV.
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Drawdown Indicators
| SMLF | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.89% | -76.28% | +34.39% |
Max Drawdown (1Y)Largest decline over 1 year | -8.71% | -52.28% | +43.57% |
Max Drawdown (3Y)Largest decline over 3 years | -26.28% | -52.28% | +26.00% |
Max Drawdown (5Y)Largest decline over 5 years | -26.28% | -52.28% | +26.00% |
Max Drawdown (10Y)Largest decline over 10 years | -41.89% | -52.28% | +10.39% |
Current DrawdownCurrent decline from peak | -2.42% | -52.28% | +49.86% |
Average DrawdownAverage peak-to-trough decline | -6.54% | -44.67% | +38.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.56% | 25.22% | -22.66% |
Volatility
SMLF vs. SLV - Volatility Comparison
The current volatility for iShares U.S. Small-Cap Equity Factor ETF (SMLF) is 3.82%, while iShares Silver Trust (SLV) has a volatility of 12.88%. This indicates that SMLF experiences smaller price fluctuations and is considered to be less risky than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMLF | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.82% | 12.88% | -9.06% |
Volatility (6M)Calculated over the trailing 6-month period | 12.86% | 57.02% | -44.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.52% | 61.12% | -43.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.07% | 36.88% | -15.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.75% | 32.18% | -10.43% |
SMLF vs. SLV - Expense Ratio Comparison
SMLF has a 0.15% expense ratio, which is lower than SLV's 0.50% expense ratio.
Dividends
SMLF vs. SLV - Dividend Comparison
SMLF's dividend yield for the trailing twelve months is around 1.01%, while SLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SLV iShares Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SMLF iShares U.S. Small-Cap Equity Factor ETF | 1.01% | 1.14% | 1.33% | 1.13% | 1.23% | 1.07% | 1.33% | 1.39% | 1.17% | 0.93% | 0.78% | 0.79% |
Frequently Asked Questions
SMLF and SLV have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (12.88%) compared to SMLF (3.82%). In terms of maximum drawdown, SMLF dropped -41.89% vs SLV's -76.28%.
On 10-year performance, SMLF leads with 12.14% vs 10.19% for SLV. On fees, SMLF is cheaper at 0.15% per year. On volatility, SMLF has been the lower-risk option at 3.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SMLF has performed better with a 12.14% return vs 10.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMLF is cheaper with a 0.15% expense ratio, compared with 0.50% for SLV.
SMLF has the higher dividend yield at 1.01%, compared with 0.00% for SLV.
SMLF is categorized as Small Cap Blend Equities, while SLV is Silver. SMLF tracks STOXX U.S. Small-Cap Equity Factor Index, while SLV tracks LBMA Silver Price. Their fees differ too: 0.15% for SMLF and 0.50% for SLV.
SMLF currently has the higher Sharpe Ratio (1.59 vs 0.76), 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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