TRX vs. SLVP

Last updated Jun 4, 2026

TRX (Tanzanian Gold Corporation) is a stock, while SLVP (iShares MSCI Global Silver and Metals Miners ETF) is Silver fund tracking the MSCI ACWI Select Silver Miners Investable Market Index. Over the past 10 years, TRX returned 9.05%/yr vs 13.67%/yr for SLVP. At a 0.44 correlation, their price movements are largely independent.

Performance

TRX vs. SLVP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tanzanian Gold Corporation (TRX) and iShares MSCI Global Silver and Metals Miners ETF (SLVP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRX achieves a 16.19% return, which is significantly higher than SLVP's 2.25% return. Over the past 10 years, TRX has underperformed SLVP with an annualized return of 9.05%, while SLVP has yielded a comparatively higher 13.67% annualized return.

TRX

• 1D: -5.31%
• 1M: -3.60%
• YTD: 16.19%
• 6M: 47.53%
• 1Y: 217.88%
• 3Y*: 30.83%
• 5Y*: 16.18%
• 10Y*: 9.05%

SLVP

• 1D: -5.14%
• 1M: 1.42%
• YTD: 2.25%
• 6M: 13.09%
• 1Y: 112.07%
• 3Y*: 52.07%
• 5Y*: 15.97%
• 10Y*: 13.67%

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

TRX vs. SLVP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRX Tanzanian Gold Corporation	16.19%	199.97%	-19.24%	12.37%	-14.54%	-40.00%	7.22%	75.80%	25.90%	-44.39%
SLVP iShares MSCI Global Silver and Metals Miners ETF	2.25%	202.84%	14.47%	-2.31%	-18.06%	-23.53%	56.45%	37.71%	-22.10%	4.53%

Correlation

The correlation between TRX and SLVP is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Feb 3, 2012	0.44

The correlation between TRX and SLVP shifts across timeframes, from 0.44 (all time) to 0.63 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TRX vs. SLVP — Risk / Return Rank

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

TRX

TRX Risk / Return Rank: 88
TRX Sharpe Ratio Rank: 91
TRX Sortino Ratio Rank: 88
TRX Omega Ratio Rank: 87
TRX Calmar Ratio Rank: 89
TRX Martin Ratio Rank: 86

SLVP

SLVP Risk / Return Rank: 55
SLVP Sharpe Ratio Rank: 62
SLVP Sortino Ratio Rank: 48
SLVP Omega Ratio Rank: 51
SLVP Calmar Ratio Rank: 66
SLVP Martin Ratio Rank: 50

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.

TRX vs. SLVP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tanzanian Gold Corporation (TRX) and iShares MSCI Global Silver and Metals Miners ETF (SLVP). 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.

	TRX	SLVP	Difference
Sharpe ratio: Return per unit of total volatility	2.46	2.12	+0.34
Sortino ratio: Return per unit of downside risk	3.05	2.40	+0.64
Omega ratio: Gain probability vs. loss probability	1.39	1.33	+0.06
Calmar ratio: Return relative to maximum drawdown	4.31	3.36	+0.95
Martin ratio: Return relative to average drawdown	9.71	8.53	+1.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRX vs. SLVP - Sharpe Ratio Comparison

The current TRX Sharpe Ratio is 2.46, which is comparable to the SLVP Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of TRX and SLVP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TRX	SLVP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.46	2.12	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.38	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.12	0.32	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.09	-0.07

Drawdowns

TRX vs. SLVP - Drawdown Comparison

The maximum TRX drawdown since its inception was -97.69%, which is greater than SLVP's maximum drawdown of -80.47%. Use the drawdown chart below to compare losses from any high point for TRX and SLVP.

Drawdown Indicators

	TRX	SLVP	Difference
Max Drawdown Largest peak-to-trough decline	-97.69%	-80.47%	-17.22%
Max Drawdown (1Y) Largest decline over 1 year	-50.92%	-33.57%	-17.35%
Max Drawdown (3Y) Largest decline over 3 years	-50.92%	-33.57%	-17.35%
Max Drawdown (5Y) Largest decline over 5 years	-54.89%	-54.78%	-0.11%
Max Drawdown (10Y) Largest decline over 10 years	-82.73%	-62.03%	-20.70%
Current Drawdown Current decline from peak	-87.94%	-26.25%	-61.69%
Average Drawdown Average peak-to-trough decline	-72.13%	-46.82%	-25.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.54%	13.18%	+9.36%

Volatility

TRX vs. SLVP - Volatility Comparison

Tanzanian Gold Corporation (TRX) and iShares MSCI Global Silver and Metals Miners ETF (SLVP) have volatilities of 17.00% and 17.59%, 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.

Volatility by Period

	TRX	SLVP	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.00%	17.59%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	71.41%	43.22%	+28.19%
Volatility (1Y) Calculated over the trailing 1-year period	89.07%	53.06%	+36.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.12%	42.76%	+17.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.79%	42.24%	+30.55%

Dividends

TRX vs. SLVP - Dividend Comparison

TRX has not paid dividends to shareholders, while SLVP's dividend yield for the trailing twelve months is around 1.74%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SLVP iShares MSCI Global Silver and Metals Miners ETF	1.74%	1.78%	1.05%	0.88%	0.63%	1.63%	2.39%	2.03%	1.28%	0.85%	2.32%	0.72%
TRX Tanzanian Gold Corporation	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

Can I hold both TRX and SLVP in my portfolio?

TRX and SLVP have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRX or SLVP?

SLVP has higher volatility (17.59%) compared to TRX (17.00%). In terms of maximum drawdown, TRX dropped -97.69% vs SLVP's -80.47%.

Which has better risk-adjusted returns?

TRX currently has the higher Sharpe Ratio (2.46 vs 2.12), 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.