SVR-C.TO vs. SMH
SVR-C.TO (iShares Silver Bullion ETF (Non-Hedged)) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - SVR-C.TO is a Silver fund tracking the LBMA Silver Price, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, SVR-C.TO returned 14.84%/yr vs 38.68%/yr for SMH. At a 0.07 correlation, their price movements are largely independent. SVR-C.TO charges 0.66%/yr vs 0.35%/yr for SMH.
Performance
SVR-C.TO vs. SMH - Performance Comparison
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Different Trading Currencies
SVR-C.TO is traded in CAD, while SMH is traded in USD. To make them comparable, the SMH 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 -3.47% return, which is significantly lower than SMH's 75.82% return. Over the past 10 years, SVR-C.TO has underperformed SMH with an annualized return of 14.84%, while SMH has yielded a comparatively higher 38.68% annualized return.
SVR-C.TO
- 1D
- 1.42%
- 1M
- -17.08%
- YTD
- -3.47%
- 6M
- 10.25%
- 1Y
- 89.11%
- 3Y*
- 43.04%
- 5Y*
- 22.05%
- 10Y*
- 14.84%
SMH
- 1D
- 2.02%
- 1M
- 10.59%
- YTD
- 75.82%
- 6M
- 78.31%
- 1Y
- 141.88%
- 3Y*
- 62.51%
- 5Y*
- 42.51%
- 10Y*
- 38.68%
SVR-C.TO vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SVR-C.TO iShares Silver Bullion ETF (Non-Hedged) | -3.47% | 132.91% | 30.61% | -2.65% | 9.69% | -13.03% | 43.88% | 9.28% | -2.35% | -2.30% |
SMH VanEck Semiconductor ETF | 75.64% | 42.36% | 50.88% | 69.25% | -29.32% | 42.06% | 51.84% | 57.67% | -1.41% | 29.10% |
Correlation
The correlation between SVR-C.TO and SMH is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jan 24, 2012 | 0.07 |
The correlation between SVR-C.TO and SMH shifts across timeframes, from 0.07 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SVR-C.TO vs. SMH — Risk / Return Rank
SVR-C.TO
SMH
SVR-C.TO vs. SMH - 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 VanEck Semiconductor ETF (SMH). 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.
| SVR-C.TO | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.73 | ||
| Sortino ratioReturn per unit of downside risk | -2.58 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.62 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 2.03 | 10.42 | -8.39 |
| Martin ratioReturn relative to average drawdown | 4.36 | 36.73 | -32.38 |
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Drawdowns
SVR-C.TO vs. SMH - Drawdown Comparison
The maximum SVR-C.TO drawdown since its inception was -53.26%, smaller than the maximum SMH drawdown of -65.72%. Use the drawdown chart below to compare losses from any high point for SVR-C.TO and SMH.
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Drawdown Indicators
| SVR-C.TO | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.26% | -65.72% | +12.46% |
Max Drawdown (1Y)Largest decline over 1 year | -43.91% | -13.69% | -30.22% |
Max Drawdown (3Y)Largest decline over 3 years | -43.91% | -33.72% | -10.19% |
Max Drawdown (5Y)Largest decline over 5 years | -43.91% | -41.26% | -2.65% |
Max Drawdown (10Y)Largest decline over 10 years | -43.91% | -41.26% | -2.65% |
Current DrawdownCurrent decline from peak | -40.29% | -1.81% | -38.48% |
Average DrawdownAverage peak-to-trough decline | -28.89% | -19.94% | -8.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.45% | 3.88% | +16.57% |
Volatility
SVR-C.TO vs. SMH - Volatility Comparison
The current volatility for iShares Silver Bullion ETF (Non-Hedged) (SVR-C.TO) is 15.49%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.36%. This indicates that SVR-C.TO experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SVR-C.TO | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.49% | 16.36% | -0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 56.18% | 27.95% | +28.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.55% | 33.30% | +24.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.53% | 36.05% | -0.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.58% | 33.59% | -2.01% |
SVR-C.TO vs. SMH - Expense Ratio Comparison
SVR-C.TO has a 0.66% expense ratio, which is higher than SMH's 0.35% expense ratio.
Dividends
SVR-C.TO vs. SMH - Dividend Comparison
SVR-C.TO has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.18%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMH VanEck Semiconductor ETF | 0.18% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
SVR-C.TO iShares Silver Bullion ETF (Non-Hedged) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SVR-C.TO and SMH have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SMH is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SMH is cheaper with a 0.35% expense ratio, compared with 0.66% for SVR-C.TO.
SVR-C.TO is categorized as Silver, while SMH is Semiconductors. SVR-C.TO tracks LBMA Silver Price, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.66% for SVR-C.TO and 0.35% for SMH.
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