SSLN.L vs. ION
SSLN.L (iShares Physical Silver ETC) and ION (Proshares S&P Global Core Battery Metals ETF) are both exchange-traded funds - SSLN.L is a Silver fund tracking the LBMA Silver Price, while ION is a Lithium & Battery Metals fund tracking the S&P Global Core Battery Metals Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, SSLN.L returned 35.76%/yr vs 11.52%/yr for ION. At a 0.38 correlation, their price movements are largely independent. SSLN.L charges 0.20%/yr vs 0.58%/yr for ION.
Performance
SSLN.L vs. ION - Performance Comparison
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Different Trading Currencies
SSLN.L is traded in GBp, while ION is traded in USD. To make them comparable, the ION values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, SSLN.L achieves a -15.38% return, which is significantly lower than ION's 0.54% return.
SSLN.L
- 1D
- 3.08%
- 1M
- -20.04%
- YTD
- -15.38%
- 6M
- -20.49%
- 1Y
- 71.23%
- 3Y*
- 35.76%
- 5Y*
- 18.76%
- 10Y*
- 11.54%
ION
- 1D
- 2.00%
- 1M
- -13.95%
- YTD
- 0.54%
- 6M
- 0.33%
- 1Y
- 84.73%
- 3Y*
- 11.52%
- 5Y*
- —
- 10Y*
- —
SSLN.L vs. ION - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SSLN.L iShares Physical Silver ETC | -15.38% | 130.26% | 23.21% | -6.20% | 9.12% |
ION Proshares S&P Global Core Battery Metals ETF | 0.54% | 93.52% | -18.63% | -18.39% | -7.25% |
Correlation
The correlation between SSLN.L and ION is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2022 | 0.38 |
The correlation between SSLN.L and ION shifts across timeframes, from 0.38 (all time) to 0.52 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SSLN.L vs. ION — Risk / Return Rank
SSLN.L
ION
SSLN.L vs. ION - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Physical Silver ETC (SSLN.L) and Proshares S&P Global Core Battery Metals ETF (ION). 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.
| SSLN.L | ION | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.34 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 3.41 | -1.91 |
| Martin ratioReturn relative to average drawdown | 3.40 | 10.83 | -7.43 |
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Drawdowns
SSLN.L vs. ION - Drawdown Comparison
The maximum SSLN.L drawdown since its inception was -78.44%, which is greater than ION's maximum drawdown of -53.57%. Use the drawdown chart below to compare losses from any high point for SSLN.L and ION.
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Drawdown Indicators
| SSLN.L | ION | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.44% | -53.57% | -24.87% |
Max Drawdown (1Y)Largest decline over 1 year | -47.19% | -25.00% | -22.19% |
Max Drawdown (3Y)Largest decline over 3 years | -47.19% | -44.96% | -2.23% |
Max Drawdown (5Y)Largest decline over 5 years | -47.19% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -47.19% | — | — |
Current DrawdownCurrent decline from peak | -45.56% | -23.49% | -22.07% |
Average DrawdownAverage peak-to-trough decline | -59.64% | -25.24% | -34.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.86% | 7.85% | +13.01% |
Volatility
SSLN.L vs. ION - Volatility Comparison
iShares Physical Silver ETC (SSLN.L) has a higher volatility of 14.91% compared to Proshares S&P Global Core Battery Metals ETF (ION) at 13.07%. This indicates that SSLN.L's price experiences larger fluctuations and is considered to be riskier than ION based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SSLN.L | ION | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.91% | 13.07% | +1.84% |
Volatility (6M)Calculated over the trailing 6-month period | 53.08% | 30.04% | +23.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.25% | 37.94% | +18.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.68% | 29.65% | +7.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.05% | 29.65% | +1.40% |
SSLN.L vs. ION - Expense Ratio Comparison
SSLN.L has a 0.20% expense ratio, which is lower than ION's 0.58% expense ratio.
Dividends
SSLN.L vs. ION - Dividend Comparison
SSLN.L has not paid dividends to shareholders, while ION's dividend yield for the trailing twelve months is around 1.50%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
ION Proshares S&P Global Core Battery Metals ETF | 1.50% | 1.63% | 1.74% | 2.23% | 0.13% |
SSLN.L iShares Physical Silver ETC | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SSLN.L and ION have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SSLN.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SSLN.L is cheaper with a 0.20% expense ratio, compared with 0.58% for ION.
SSLN.L is categorized as Silver, while ION is Lithium & Battery Metals. SSLN.L tracks LBMA Silver Price, while ION tracks S&P Global Core Battery Metals Index - Benchmark TR Net. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.20% for SSLN.L and 0.58% for ION.
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