SUB vs. SLV

Last updated Jun 23, 2026

SUB (iShares Short-Term National Muni Bond ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - SUB is a Municipal Bonds fund tracking the ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, SUB returned 1.46%/yr vs 13.31%/yr for SLV. At a 0.10 correlation, their price movements are largely independent. SUB charges 0.07%/yr vs 0.50%/yr for SLV.

Performance

SUB vs. SLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Short-Term National Muni Bond ETF (SUB) and iShares Silver Trust (SLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SUB achieves a 0.93% return, which is significantly higher than SLV's -8.55% return. Over the past 10 years, SUB has underperformed SLV with an annualized return of 1.46%, while SLV has yielded a comparatively higher 13.31% annualized return.

SUB

• 1D: 0.00%
• 1M: 0.52%
• YTD: 0.93%
• 6M: 1.10%
• 1Y: 2.93%
• 3Y*: 3.08%
• 5Y*: 1.51%
• 10Y*: 1.46%

SLV

• 1D: -1.01%
• 1M: -13.82%
• YTD: -8.55%
• 6M: -5.70%
• 1Y: 80.04%
• 3Y*: 41.99%
• 5Y*: 19.74%
• 10Y*: 13.31%

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

SUB vs. SLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SUB iShares Short-Term National Muni Bond ETF	0.93%	3.64%	2.17%	2.91%	-2.05%	0.03%	2.51%	2.93%	1.85%	0.75%
SLV iShares Silver Trust	-8.55%	144.66%	20.89%	-1.09%	2.37%	-12.45%	47.30%	14.88%	-9.19%	5.82%

Correlation

The correlation between SUB and SLV is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Nov 7, 2008	0.10

Return for Risk

SUB vs. SLV — Risk / Return Rank

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

SUB

SUB Risk / Return Rank: 82
SUB Sharpe Ratio Rank: 90
SUB Sortino Ratio Rank: 92
SUB Omega Ratio Rank: 94
SUB Calmar Ratio Rank: 74
SUB Martin Ratio Rank: 60

SLV

SLV Risk / Return Rank: 36
SLV Sharpe Ratio Rank: 38
SLV Sortino Ratio Rank: 33
SLV Omega Ratio Rank: 44
SLV Calmar Ratio Rank: 36
SLV Martin Ratio Rank: 28

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.

SUB vs. SLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Short-Term National Muni Bond ETF (SUB) 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.

	SUB	SLV	Difference
Sharpe ratio: Return per unit of total volatility	2.92	1.34	+1.58
Sortino ratio: Return per unit of downside risk	4.21	1.69	+2.52
Omega ratio: Gain probability vs. loss probability	1.64	1.28	+0.36
Calmar ratio: Return relative to maximum drawdown	3.65	1.77	+1.88
Martin ratio: Return relative to average drawdown	10.32	3.70	+6.62

SUB vs. SLV - Sharpe Ratio Comparison

The current SUB Sharpe Ratio is 2.92, which is higher than the SLV Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of SUB and SLV, 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

SUB vs. SLV - Drawdown Comparison

The maximum SUB drawdown since its inception was -9.46%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for SUB and SLV.

Drawdown Indicators

	SUB	SLV	Difference
Max Drawdown Largest peak-to-trough decline	-9.46%	-76.28%	+66.82%
Max Drawdown (1Y) Largest decline over 1 year	-0.81%	-45.40%	+44.59%
Max Drawdown (3Y) Largest decline over 3 years	-1.23%	-45.40%	+44.17%
Max Drawdown (5Y) Largest decline over 5 years	-4.35%	-45.40%	+41.05%
Max Drawdown (10Y) Largest decline over 10 years	-9.46%	-45.40%	+35.94%
Current Drawdown Current decline from peak	0.00%	-44.21%	+44.21%
Average Drawdown Average peak-to-trough decline	-0.91%	-44.65%	+43.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.28%	21.70%	-21.42%

Volatility

SUB vs. SLV - Volatility Comparison

The current volatility for iShares Short-Term National Muni Bond ETF (SUB) is 0.25%, while iShares Silver Trust (SLV) has a volatility of 13.67%. This indicates that SUB 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.

Volatility by Period

	SUB	SLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.25%	13.67%	-13.42%
Volatility (6M) Calculated over the trailing 6-month period	0.80%	59.03%	-58.23%
Volatility (1Y) Calculated over the trailing 1-year period	1.01%	60.18%	-59.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.64%	36.51%	-34.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.60%	32.05%	-29.45%

SUB vs. SLV - Expense Ratio Comparison

SUB has a 0.07% expense ratio, which is lower than SLV's 0.50% expense ratio.

Dividends

SUB vs. SLV - Dividend Comparison

SUB's dividend yield for the trailing twelve months is around 2.52%, 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%
SUB iShares Short-Term National Muni Bond ETF	2.52%	2.42%	2.10%	1.73%	0.86%	0.72%	1.23%	1.58%	1.32%	0.95%	0.75%	0.77%

Frequently Asked Questions

Can I hold both SUB and SLV in my portfolio?

SUB and SLV have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SUB or SLV?

SLV has higher volatility (13.67%) compared to SUB (0.25%). In terms of maximum drawdown, SUB dropped -9.46% vs SLV's -76.28%.

Which ETF is better, SUB or SLV?

On 10-year performance, SLV leads with 13.31% vs 1.46% for SUB. On fees, SUB is cheaper at 0.07% per year. On volatility, SUB has been the lower-risk option at 0.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SUB or SLV?

Over the 10-year period, SLV has performed better with a 13.31% return vs 1.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SUB or SLV?

SUB is cheaper with a 0.07% expense ratio, compared with 0.50% for SLV.

Which ETF pays a higher dividend yield, SUB or SLV?

SUB has the higher dividend yield at 2.52%, compared with 0.00% for SLV.

What is the main difference between SUB and SLV?

SUB is categorized as Municipal Bonds, while SLV is Silver. SUB tracks ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross, while SLV tracks LBMA Silver Price. Their fees differ too: 0.07% for SUB and 0.50% for SLV.

Which has better risk-adjusted returns?

SUB currently has the higher Sharpe Ratio (2.92 vs 1.34), 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.