SVR-C.TO vs. SPY
SVR-C.TO (iShares Silver Bullion ETF (Non-Hedged)) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SVR-C.TO is a Silver fund tracking the LBMA Silver Price, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SVR-C.TO returned 16.32%/yr vs 16.36%/yr for SPY. At a 0.02 correlation, their price movements are largely independent. SVR-C.TO charges 0.66%/yr vs 0.09%/yr for SPY.
Performance
SVR-C.TO vs. SPY - Performance Comparison
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Different Trading Currencies
SVR-C.TO is traded in CAD, while SPY is traded in USD. To make them comparable, the SPY 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 SPY's 12.65% return. Both investments have delivered pretty close results over the past 10 years, with SVR-C.TO having a 16.32% annualized return and SPY not far ahead at 16.36%.
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%
SPY
- 1D
- 0.00%
- 1M
- 7.46%
- YTD
- 12.65%
- 6M
- 10.82%
- 1Y
- 30.02%
- 3Y*
- 23.90%
- 5Y*
- 17.15%
- 10Y*
- 16.36%
SVR-C.TO vs. SPY - 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% |
SPY State Street SPDR S&P 500 ETF | 12.32% | 12.32% | 35.62% | 23.40% | -12.34% | 27.57% | 16.33% | 24.77% | 3.52% | 13.96% |
Correlation
The correlation between SVR-C.TO and SPY is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2011 | 0.02 |
The correlation between SVR-C.TO and SPY shifts across timeframes, from 0.02 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SVR-C.TO vs. SPY — Risk / Return Rank
SVR-C.TO
SPY
SVR-C.TO vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -1.34 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.49 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 3.50 | -0.78 |
| Martin ratioReturn relative to average drawdown | 5.83 | 13.31 | -7.48 |
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 | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.99 | 2.59 | -0.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.72 | 1.14 | -0.42 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 1.01 | -0.45 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 1.13 | -0.91 |
Drawdowns
SVR-C.TO vs. SPY - Drawdown Comparison
The maximum SVR-C.TO drawdown since its inception was -61.14%, which is greater than SPY's maximum drawdown of -27.34%. Use the drawdown chart below to compare losses from any high point for SVR-C.TO and SPY.
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Drawdown Indicators
| SVR-C.TO | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.14% | -27.34% | -33.80% |
Max Drawdown (1Y)Largest decline over 1 year | -41.54% | -8.62% | -32.92% |
Max Drawdown (3Y)Largest decline over 3 years | -41.54% | -19.00% | -22.54% |
Max Drawdown (5Y)Largest decline over 5 years | -41.54% | -22.08% | -19.46% |
Max Drawdown (10Y)Largest decline over 10 years | -41.54% | -27.34% | -14.20% |
Current DrawdownCurrent decline from peak | -35.92% | 0.00% | -35.92% |
Average DrawdownAverage peak-to-trough decline | -35.58% | -3.21% | -32.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.30% | 2.26% | +17.04% |
Volatility
SVR-C.TO vs. SPY - Volatility Comparison
iShares Silver Bullion ETF (Non-Hedged) (SVR-C.TO) has a higher volatility of 16.01% compared to State Street SPDR S&P 500 ETF (SPY) at 2.61%. This indicates that SVR-C.TO's price experiences larger fluctuations and is considered to be riskier than SPY 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 | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.01% | 2.61% | +13.40% |
Volatility (6M)Calculated over the trailing 6-month period | 55.45% | 8.79% | +46.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.72% | 11.66% | +45.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.57% | 15.15% | +21.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.57% | 16.19% | +17.38% |
SVR-C.TO vs. SPY - Expense Ratio Comparison
SVR-C.TO has a 0.66% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
SVR-C.TO vs. SPY - Dividend Comparison
SVR-C.TO has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 0.98% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
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 SPY have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPY is cheaper with a 0.09% expense ratio, compared with 0.66% for SVR-C.TO.
SVR-C.TO is categorized as Silver, while SPY is S&P 500. SVR-C.TO tracks LBMA Silver Price, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.66% for SVR-C.TO and 0.09% for SPY.
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