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SVR-C.TO vs. XSP.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SVR-C.TO vs. XSP.TO

Last updated Jun 4, 2026

SVR-C.TO (iShares Silver Bullion ETF (Non-Hedged)) and XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) are both exchange-traded funds - SVR-C.TO is a Silver fund tracking the LBMA Silver Price, while XSP.TO 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 13.79%/yr for XSP.TO. At a 0.08 correlation, their price movements are largely independent. SVR-C.TO charges 0.66%/yr vs 0.09%/yr for XSP.TO.

Performance

SVR-C.TO vs. XSP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Silver Bullion ETF (Non-Hedged) (SVR-C.TO) and iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SVR-C.TO achieves a 3.58% return, which is significantly lower than XSP.TO's 9.64% return. Over the past 10 years, SVR-C.TO has outperformed XSP.TO with an annualized return of 16.32%, while XSP.TO has yielded a comparatively lower 13.79% annualized return.

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%

XSP.TO

1D
-0.73%
1M
4.98%
YTD
9.64%
6M
9.50%
1Y
25.13%
3Y*
20.28%
5Y*
12.18%
10Y*
13.79%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SVR-C.TO vs. XSP.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		9.64%15.68%23.39%24.33%-19.32%27.85%15.17%29.35%-6.26%20.71%

Correlation

The correlation between SVR-C.TO and XSP.TO 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

0.17

Correlation (5Y)
Calculated over the trailing 5-year period

0.13

Correlation (10Y)
Calculated over the trailing 10-year period

0.10

Correlation (All Time)
Calculated using the full available price history since Mar 7, 2011

0.08

The correlation between SVR-C.TO and XSP.TO shifts across timeframes, from 0.08 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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iShares Silver Bullion ETF (Non-Hedged)

iShares Core S&P 500 Index ETF (CAD-Hedged)

Often compared with SVR-C.TO:
SVR-C.TO vs. SVR.TOSVR-C.TO vs. PSLV.TOSVR-C.TO vs. MNS.TOSVR-C.TO vs. SBT.TOSVR-C.TO vs. HUG.TOSVR-C.TO vs. CGL.TOSVR-C.TO vs. GDX
Often compared with XSP.TO:
XSP.TO vs. XUS.TOXSP.TO vs. XEQT.TOXSP.TO vs. ZSP.TOXSP.TO vs. VSP.TOXSP.TO vs. XIU.TOXSP.TO vs. VFVAXSP.TO vs. XQQ.TO

Return for Risk

SVR-C.TO vs. XSP.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SVR-C.TO
SVR-C.TO Risk / Return Rank: 5050
Overall Rank
SVR-C.TO Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
SVR-C.TO Sortino Ratio Rank: 4141
Sortino Ratio Rank
SVR-C.TO Omega Ratio Rank: 5858
Omega Ratio Rank
SVR-C.TO Calmar Ratio Rank: 5454
Calmar Ratio Rank
SVR-C.TO Martin Ratio Rank: 3737
Martin Ratio Rank
XSP.TO
XSP.TO Risk / Return Rank: 6161
Overall Rank
XSP.TO Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
XSP.TO Sortino Ratio Rank: 6262
Sortino Ratio Rank
XSP.TO Omega Ratio Rank: 6262
Omega Ratio Rank
XSP.TO Calmar Ratio Rank: 5353
Calmar Ratio Rank
XSP.TO Martin Ratio Rank: 6666
Martin Ratio Rank
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.

SVR-C.TO vs. XSP.TO - 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 Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO). 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.TOXSP.TODifference
Sharpe ratioReturn per unit of total volatility
1.99
2.15

-0.16

Sortino ratioReturn per unit of downside risk
2.13
2.96

-0.83

Omega ratioGain probability vs. loss probability

1.36

1.39

-0.02

Calmar ratioReturn relative to maximum drawdown

2.72

2.68

+0.03

Martin ratioReturn relative to average drawdown

5.83

12.40

-6.57

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SVR-C.TO vs. XSP.TO - Sharpe Ratio Comparison

The current SVR-C.TO Sharpe Ratio is 1.99, which is comparable to the XSP.TO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of SVR-C.TO and XSP.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SVR-C.TOXSP.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.99

2.15

-0.16

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.72

0.73

-0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.56

0.76

-0.20

Sharpe Ratio (All Time)

Calculated using the full available price history

0.23

0.37

-0.14

Drawdowns

SVR-C.TO vs. XSP.TO - Drawdown Comparison

The maximum SVR-C.TO drawdown since its inception was -61.14%, which is greater than XSP.TO's maximum drawdown of -57.82%. Use the drawdown chart below to compare losses from any high point for SVR-C.TO and XSP.TO.

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Drawdown Indicators

SVR-C.TOXSP.TODifference

Max Drawdown

Largest peak-to-trough decline

-61.14%

-57.82%

-3.32%

Max Drawdown (1Y)

Largest decline over 1 year

-41.54%

-9.41%

-32.13%

Max Drawdown (3Y)

Largest decline over 3 years

-41.54%

-18.77%

-22.77%

Max Drawdown (5Y)

Largest decline over 5 years

-41.54%

-25.44%

-16.10%

Max Drawdown (10Y)

Largest decline over 10 years

-41.54%

-36.05%

-5.49%

Current Drawdown

Current decline from peak

-35.92%

-0.73%

-35.19%

Average Drawdown

Average peak-to-trough decline

-35.58%

-12.11%

-23.47%

Ulcer Index

Depth and duration of drawdowns from previous peaks

19.30%

2.03%

+17.27%

Volatility

SVR-C.TO vs. XSP.TO - Volatility Comparison

iShares Silver Bullion ETF (Non-Hedged) (SVR-C.TO) has a higher volatility of 16.01% compared to iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) at 3.25%. This indicates that SVR-C.TO's price experiences larger fluctuations and is considered to be riskier than XSP.TO 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.TOXSP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

16.01%

3.25%

+12.76%

Volatility (6M)

Calculated over the trailing 6-month period

55.45%

8.99%

+46.46%

Volatility (1Y)

Calculated over the trailing 1-year period

56.72%

11.75%

+44.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.57%

16.75%

+19.82%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.57%

18.19%

+15.38%

SVR-C.TO vs. XSP.TO - Expense Ratio Comparison

SVR-C.TO has a 0.66% expense ratio, which is higher than XSP.TO's 0.09% expense ratio.

Dividends

SVR-C.TO vs. XSP.TO - Dividend Comparison

SVR-C.TO has not paid dividends to shareholders, while XSP.TO's dividend yield for the trailing twelve months is around 1.12%.

PositionTTM20252024202320222021202020192018201720162015
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%
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		1.12%1.23%1.09%1.18%1.37%1.00%1.31%1.73%1.84%1.47%1.75%1.86%

Frequently Asked Questions

SVR-C.TO and XSP.TO 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, XSP.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XSP.TO is cheaper with a 0.09% expense ratio, compared with 0.66% for SVR-C.TO.

SVR-C.TO is categorized as Silver, while XSP.TO is S&P 500. SVR-C.TO tracks LBMA Silver Price, while XSP.TO tracks S&P 500 Index. Their fees differ too: 0.66% for SVR-C.TO and 0.09% for XSP.TO.

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