VEU vs. SLV

Last updated Jun 13, 2026

VEU (Vanguard FTSE All-World ex-US ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - VEU is a Foreign Large Cap Equities fund tracking the FTSE All-World ex US Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, VEU returned 10.41%/yr vs 13.99%/yr for SLV. At a 0.34 correlation, their price movements are largely independent. VEU charges 0.04%/yr vs 0.50%/yr for SLV.

Performance

VEU vs. SLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE All-World ex-US ETF (VEU) and iShares Silver Trust (SLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEU achieves a 14.08% return, which is significantly higher than SLV's -4.86% return. Over the past 10 years, VEU has underperformed SLV with an annualized return of 10.41%, while SLV has yielded a comparatively higher 13.99% annualized return.

VEU

• 1D: 0.40%
• 1M: 1.00%
• YTD: 14.08%
• 6M: 15.91%
• 1Y: 28.82%
• 3Y*: 18.67%
• 5Y*: 8.56%
• 10Y*: 10.41%

SLV

• 1D: 0.77%
• 1M: -22.76%
• YTD: -4.86%
• 6M: 9.25%
• 1Y: 85.39%
• 3Y*: 41.27%
• 5Y*: 18.83%
• 10Y*: 13.99%

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

VEU vs. SLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEU Vanguard FTSE All-World ex-US ETF	14.08%	32.35%	5.56%	15.84%	-15.58%	8.27%	11.10%	21.83%	-14.18%	27.40%
SLV iShares Silver Trust	-4.86%	144.66%	20.89%	-1.09%	2.37%	-12.45%	47.30%	14.88%	-9.19%	5.82%

Correlation

The correlation between VEU and SLV is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Mar 8, 2007	0.35

The correlation between VEU and SLV shifts across timeframes, from 0.34 (all time) to 0.46 (1 year), reflecting how their relationship changes across market environments.

VEU vs. SLV - Sectors Allocation Comparison

Sectors	VEU	SLV
Financial Services	23.3%	-
Technology	18.5%	-
Industrials	15.7%	-
Consumer Cyclical	8.2%	-
Basic Materials	7.1%	100.0%
Healthcare	7.1%	-
Energy	5.2%	-
Consumer Defensive	5.1%	-
Communication Services	4.6%	-
Utilities	3.2%	-
Real Estate	2.0%	-

Return for Risk

VEU vs. SLV — Risk / Return Rank

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

VEU

VEU Risk / Return Rank: 61
VEU Sharpe Ratio Rank: 62
VEU Sortino Ratio Rank: 61
VEU Omega Ratio Rank: 63
VEU Calmar Ratio Rank: 58
VEU Martin Ratio Rank: 62

SLV

SLV Risk / Return Rank: 42
SLV Sharpe Ratio Rank: 47
SLV Sortino Ratio Rank: 38
SLV Omega Ratio Rank: 53
SLV Calmar Ratio Rank: 43
SLV Martin Ratio Rank: 32

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.

VEU vs. SLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US ETF (VEU) and iShares Silver Trust (SLV). 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.

	VEU	SLV	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.44	+0.36
Sortino ratio: Return per unit of downside risk	2.48	1.76	+0.73
Omega ratio: Gain probability vs. loss probability	1.33	1.29	+0.04
Calmar ratio: Return relative to maximum drawdown	2.53	1.89	+0.64
Martin ratio: Return relative to average drawdown	9.70	4.10	+5.60

VEU vs. SLV - Sharpe Ratio Comparison

The current VEU Sharpe Ratio is 1.79, which is comparable to the SLV Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of VEU and SLV, 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

VEU vs. SLV - Drawdown Comparison

The maximum VEU drawdown since its inception was -61.52%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for VEU and SLV.

Drawdown Indicators

	VEU	SLV	Difference
Max Drawdown Largest peak-to-trough decline	-61.52%	-76.28%	+14.76%
Max Drawdown (1Y) Largest decline over 1 year	-11.43%	-45.40%	+33.97%
Max Drawdown (3Y) Largest decline over 3 years	-13.69%	-45.40%	+31.71%
Max Drawdown (5Y) Largest decline over 5 years	-29.31%	-45.40%	+16.09%
Max Drawdown (10Y) Largest decline over 10 years	-34.98%	-45.40%	+10.42%
Current Drawdown Current decline from peak	-1.42%	-41.96%	+40.54%
Average Drawdown Average peak-to-trough decline	-13.12%	-44.66%	+31.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	20.88%	-17.89%

Volatility

VEU vs. SLV - Volatility Comparison

The current volatility for Vanguard FTSE All-World ex-US ETF (VEU) is 6.77%, while iShares Silver Trust (SLV) has a volatility of 16.34%. This indicates that VEU experiences smaller price fluctuations and is considered to be less risky than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEU	SLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.77%	16.34%	-9.57%
Volatility (6M) Calculated over the trailing 6-month period	14.06%	59.10%	-45.04%
Volatility (1Y) Calculated over the trailing 1-year period	16.18%	59.82%	-43.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.23%	36.46%	-20.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.25%	32.00%	-14.75%

VEU vs. SLV - Expense Ratio Comparison

VEU has a 0.04% expense ratio, which is lower than SLV's 0.50% expense ratio.

Dividends

VEU vs. SLV - Dividend Comparison

VEU's dividend yield for the trailing twelve months is around 2.62%, while SLV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SLV iShares Silver Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VEU Vanguard FTSE All-World ex-US ETF	2.62%	3.09%	3.24%	3.32%	3.12%	3.08%	2.00%	3.10%	3.27%	2.66%	2.96%	2.95%

Frequently Asked Questions

Can I hold both VEU and SLV in my portfolio?

VEU and SLV have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VEU or SLV?

SLV has higher volatility (16.34%) compared to VEU (6.77%). In terms of maximum drawdown, VEU dropped -61.52% vs SLV's -76.28%.

Which ETF is better, VEU or SLV?

On 10-year performance, SLV leads with 13.99% vs 10.41% for VEU. On fees, VEU is cheaper at 0.04% per year. On volatility, VEU has been the lower-risk option at 6.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VEU or SLV?

Over the 10-year period, SLV has performed better with a 13.99% return vs 10.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VEU or SLV?

VEU is cheaper with a 0.04% expense ratio, compared with 0.50% for SLV.

Which ETF pays a higher dividend yield, VEU or SLV?

VEU has the higher dividend yield at 2.62%, compared with 0.00% for SLV.

What is the main difference between VEU and SLV?

VEU is categorized as Foreign Large Cap Equities, while SLV is Silver. VEU tracks FTSE All-World ex US Index, while SLV tracks LBMA Silver Price. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.04% for VEU and 0.50% for SLV.

Which has better risk-adjusted returns?

VEU currently has the higher Sharpe Ratio (1.79 vs 1.44), 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.