UCIB vs. SLVO

Last updated Jun 24, 2026

UCIB (ETRACS CMCI Total Return ETN Series B) and SLVO (UBS ETRACS Silver Shares Covered Call ETN) are both exchange-traded funds - UCIB is a Commodities fund tracking the UBS Bloomberg CMCI Index, while SLVO is a Silver fund tracking the Credit Suisse NASDAQ Silver FLOWS 106 Index. Both are passively managed. Over the past year, UCIB returned 22.65% vs 38.83% for SLVO. At a 0.15 correlation, their price movements are largely independent. UCIB charges 0.55%/yr vs 0.65%/yr for SLVO.

Performance

UCIB vs. SLVO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS CMCI Total Return ETN Series B (UCIB) and UBS ETRACS Silver Shares Covered Call ETN (SLVO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UCIB achieves a 17.40% return, which is significantly higher than SLVO's -0.85% return.

UCIB

• 1D: -0.15%
• 1M: -5.98%
• YTD: 17.40%
• 6M: 17.51%
• 1Y: 22.65%
• 3Y*: 11.68%
• 5Y*: 11.67%
• 10Y*: 9.99%

SLVO

• 1D: -5.10%
• 1M: -12.72%
• YTD: -0.85%
• 6M: -1.19%
• 1Y: 38.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UCIB vs. SLVO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UCIB ETRACS CMCI Total Return ETN Series B	17.40%	8.97%	-2.66%
SLVO UBS ETRACS Silver Shares Covered Call ETN	-0.85%	71.20%	0.94%

Correlation

The correlation between UCIB and SLVO is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.15

Return for Risk

UCIB vs. SLVO — Risk / Return Rank

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

UCIB

UCIB Risk / Return Rank: 27
UCIB Sharpe Ratio Rank: 21
UCIB Sortino Ratio Rank: 21
UCIB Omega Ratio Rank: 35
UCIB Calmar Ratio Rank: 27
UCIB Martin Ratio Rank: 30

SLVO

SLVO Risk / Return Rank: 41
SLVO Sharpe Ratio Rank: 36
SLVO Sortino Ratio Rank: 30
SLVO Omega Ratio Rank: 43
SLVO Calmar Ratio Rank: 47
SLVO 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.

UCIB vs. SLVO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS CMCI Total Return ETN Series B (UCIB) and UBS ETRACS Silver Shares Covered Call ETN (SLVO). 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.

	UCIB	SLVO	Difference
Sharpe ratio: Return per unit of total volatility	0.70	1.24	-0.54
Sortino ratio: Return per unit of downside risk	1.13	1.57	-0.45
Omega ratio: Gain probability vs. loss probability	1.22	1.27	-0.05
Calmar ratio: Return relative to maximum drawdown	1.28	2.26	-0.99
Martin ratio: Return relative to average drawdown	3.95	8.21	-4.27

UCIB vs. SLVO - Sharpe Ratio Comparison

The current UCIB Sharpe Ratio is 0.70, which is lower than the SLVO Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of UCIB and SLVO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UCIB vs. SLVO - Drawdown Comparison

The maximum UCIB drawdown since its inception was -51.29%, which is greater than SLVO's maximum drawdown of -17.23%. Use the drawdown chart below to compare losses from any high point for UCIB and SLVO.

Drawdown Indicators

	UCIB	SLVO	Difference
Max Drawdown Largest peak-to-trough decline	-51.29%	-17.23%	-34.06%
Max Drawdown (1Y) Largest decline over 1 year	-17.82%	-17.23%	-0.59%
Max Drawdown (3Y) Largest decline over 3 years	-17.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.95%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.94%	—	—
Current Drawdown Current decline from peak	-17.82%	-15.44%	-2.38%
Average Drawdown Average peak-to-trough decline	-21.03%	-3.29%	-17.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.76%	4.74%	+1.02%

Volatility

UCIB vs. SLVO - Volatility Comparison

The current volatility for ETRACS CMCI Total Return ETN Series B (UCIB) is 7.47%, while UBS ETRACS Silver Shares Covered Call ETN (SLVO) has a volatility of 10.77%. This indicates that UCIB experiences smaller price fluctuations and is considered to be less risky than SLVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UCIB	SLVO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.47%	10.77%	-3.30%
Volatility (6M) Calculated over the trailing 6-month period	31.71%	29.34%	+2.37%
Volatility (1Y) Calculated over the trailing 1-year period	32.37%	31.36%	+1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.86%	26.00%	+0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.33%	26.00%	-2.67%

UCIB vs. SLVO - Expense Ratio Comparison

UCIB has a 0.55% expense ratio, which is lower than SLVO's 0.65% expense ratio.

Dividends

UCIB vs. SLVO - Dividend Comparison

UCIB has not paid dividends to shareholders, while SLVO's dividend yield for the trailing twelve months is around 66.91%.

Position	TTM	2025	2024
SLVO UBS ETRACS Silver Shares Covered Call ETN	66.91%	19.35%	14.45%
UCIB ETRACS CMCI Total Return ETN Series B	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UCIB and SLVO in my portfolio?

UCIB and SLVO have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UCIB or SLVO?

SLVO has higher volatility (10.77%) compared to UCIB (7.47%). In terms of maximum drawdown, UCIB dropped -51.29% vs SLVO's -17.23%.

Which ETF is better, UCIB or SLVO?

On 1-year performance, SLVO leads with 38.83% vs 22.65% for UCIB. On fees, UCIB is cheaper at 0.55% per year. On volatility, UCIB has been the lower-risk option at 7.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UCIB or SLVO?

Over the 1-year period, SLVO has performed better with a 38.83% return vs 22.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UCIB or SLVO?

UCIB is cheaper with a 0.55% expense ratio, compared with 0.65% for SLVO.

Which ETF pays a higher dividend yield, UCIB or SLVO?

SLVO has the higher dividend yield at 66.91%, compared with 0.00% for UCIB.

What is the main difference between UCIB and SLVO?

UCIB is categorized as Commodities, while SLVO is Silver. UCIB tracks UBS Bloomberg CMCI Index, while SLVO tracks Credit Suisse NASDAQ Silver FLOWS 106 Index. Their fees differ too: 0.55% for UCIB and 0.65% for SLVO.

Which has better risk-adjusted returns?

SLVO currently has the higher Sharpe Ratio (1.24 vs 0.70), 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.