SVR-C.TO vs. SLV
SVR-C.TO (iShares Silver Bullion ETF (Non-Hedged)) and SLV (iShares Silver Trust) are both Silver funds from iShares tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, SVR-C.TO returned 16.32%/yr vs 16.38%/yr for SLV. A 0.70 correlation means they provide meaningful diversification when combined. SVR-C.TO charges 0.66%/yr vs 0.50%/yr for SLV.
Performance
SVR-C.TO vs. SLV - Performance Comparison
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Different Trading Currencies
SVR-C.TO is traded in CAD, while SLV is traded in USD. To make them comparable, the SLV values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, SVR-C.TO achieves a 3.58% return, which is significantly lower than SLV's 4.09% return. Both investments have delivered pretty close results over the past 10 years, with SVR-C.TO having a 16.32% annualized return and SLV not far ahead at 16.38%.
SVR-C.TO
- 1D
- -2.08%
- 1M
- 2.36%
- YTD
- 3.58%
- 6M
- 23.35%
- 1Y
- 112.17%
- 3Y*
- 46.44%
- 5Y*
- 24.24%
- 10Y*
- 16.32%
SLV
- 1D
- -2.22%
- 1M
- 2.41%
- YTD
- 4.09%
- 6M
- 24.28%
- 1Y
- 113.31%
- 3Y*
- 46.75%
- 5Y*
- 24.21%
- 10Y*
- 16.38%
SVR-C.TO vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SVR-C.TO iShares Silver Bullion ETF (Non-Hedged) | 3.58% | 132.91% | 30.61% | -2.65% | 9.31% | -12.72% | 43.88% | 9.28% | -2.35% | -2.30% |
SLV iShares Silver Trust | 4.09% | 133.44% | 31.28% | -3.27% | 9.67% | -13.25% | 44.81% | 9.23% | -1.49% | -0.91% |
Correlation
The correlation between SVR-C.TO and SLV is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2011 | 0.70 |
Over the past year, SVR-C.TO and SLV have become more correlated (0.91) than their long-term average of 0.70, meaning their price movements have been converging.
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Return for Risk
SVR-C.TO vs. SLV — Risk / Return Rank
SVR-C.TO
SLV
SVR-C.TO vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Silver Bullion ETF (Non-Hedged) (SVR-C.TO) 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.
| SVR-C.TO | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.37 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 2.77 | -0.05 |
| Martin ratioReturn relative to average drawdown | 5.83 | 5.92 | -0.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SVR-C.TO | SLV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.99 | 1.98 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.72 | 0.71 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 0.54 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.37 | -0.14 |
Drawdowns
SVR-C.TO vs. SLV - Drawdown Comparison
The maximum SVR-C.TO drawdown since its inception was -61.14%, roughly equal to the maximum SLV drawdown of -63.77%. Use the drawdown chart below to compare losses from any high point for SVR-C.TO and SLV.
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Drawdown Indicators
| SVR-C.TO | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.14% | -63.77% | +2.63% |
Max Drawdown (1Y)Largest decline over 1 year | -41.54% | -41.16% | -0.38% |
Max Drawdown (3Y)Largest decline over 3 years | -41.54% | -41.16% | -0.38% |
Max Drawdown (5Y)Largest decline over 5 years | -41.54% | -41.16% | -0.38% |
Max Drawdown (10Y)Largest decline over 10 years | -41.54% | -41.16% | -0.38% |
Current DrawdownCurrent decline from peak | -35.92% | -35.72% | -0.20% |
Average DrawdownAverage peak-to-trough decline | -35.58% | -37.11% | +1.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.30% | 19.21% | +0.09% |
Volatility
SVR-C.TO vs. SLV - Volatility Comparison
iShares Silver Bullion ETF (Non-Hedged) (SVR-C.TO) and iShares Silver Trust (SLV) have volatilities of 16.01% and 16.22%, 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.
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Volatility by Period
| SVR-C.TO | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.01% | 16.22% | -0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 55.45% | 56.91% | -1.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.72% | 57.61% | -0.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.57% | 34.33% | +2.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.57% | 30.20% | +3.37% |
SVR-C.TO vs. SLV - Expense Ratio Comparison
SVR-C.TO has a 0.66% expense ratio, which is higher than SLV's 0.50% expense ratio.
Dividends
SVR-C.TO vs. SLV - Dividend Comparison
Neither SVR-C.TO nor SLV has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.91, SVR-C.TO and SLV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, SLV is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SLV is cheaper with a 0.50% expense ratio, compared with 0.66% for SVR-C.TO.
Both ETFs track LBMA Silver Price. Their fees differ too: 0.66% for SVR-C.TO and 0.50% for SLV.
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