XME vs. SLV
XME (SPDR S&P Metals & Mining ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - XME is a Materials fund tracking the S&P Metals & Mining Select Industry Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, XME returned 18.50%/yr vs 13.58%/yr for SLV. At a 0.44 correlation, their price movements are largely independent. XME charges 0.35%/yr vs 0.50%/yr for SLV.
Performance
XME vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, XME achieves a 13.01% return, which is significantly higher than SLV's -7.62% return. Over the past 10 years, XME has outperformed SLV with an annualized return of 18.50%, while SLV has yielded a comparatively lower 13.58% annualized return.
XME
- 1D
- -1.16%
- 1M
- 1.42%
- YTD
- 13.01%
- 6M
- 11.47%
- 1Y
- 79.35%
- 3Y*
- 33.92%
- 5Y*
- 24.29%
- 10Y*
- 18.50%
SLV
- 1D
- -1.81%
- 1M
- -14.31%
- YTD
- -7.62%
- 6M
- -2.33%
- 1Y
- 81.88%
- 3Y*
- 38.96%
- 5Y*
- 20.04%
- 10Y*
- 13.58%
XME vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XME SPDR S&P Metals & Mining ETF | 13.01% | 83.47% | -4.54% | 21.51% | 13.13% | 34.92% | 15.95% | 14.69% | -26.78% | 21.17% |
SLV iShares Silver Trust | -7.62% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between XME and SLV is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006 | 0.44 |
The correlation between XME and SLV shifts across timeframes, from 0.42 (10 years) to 0.55 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XME vs. SLV — Risk / Return Rank
XME
SLV
XME vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Metals & Mining ETF (XME) 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.
| XME | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.80 | ||
| Sortino ratioReturn per unit of downside risk | +0.95 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.27 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.39 | 1.75 | +1.65 |
| Martin ratioReturn relative to average drawdown | 8.36 | 3.68 | +4.69 |
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Drawdowns
XME vs. SLV - Drawdown Comparison
The maximum XME drawdown since its inception was -85.89%, which is greater than SLV's maximum drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for XME and SLV.
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Drawdown Indicators
| XME | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.89% | -76.28% | -9.61% |
Max Drawdown (1Y)Largest decline over 1 year | -22.60% | -45.40% | +22.80% |
Max Drawdown (3Y)Largest decline over 3 years | -30.47% | -45.40% | +14.93% |
Max Drawdown (5Y)Largest decline over 5 years | -37.27% | -45.40% | +8.13% |
Max Drawdown (10Y)Largest decline over 10 years | -61.69% | -45.40% | -16.29% |
Current DrawdownCurrent decline from peak | -11.90% | -43.65% | +31.75% |
Average DrawdownAverage peak-to-trough decline | -44.06% | -44.65% | +0.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.15% | 21.52% | -12.37% |
Volatility
XME vs. SLV - Volatility Comparison
SPDR S&P Metals & Mining ETF (XME) and iShares Silver Trust (SLV) have volatilities of 14.01% and 14.09%, 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.
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Volatility by Period
| XME | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.01% | 14.09% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 28.05% | 59.18% | -31.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.15% | 60.10% | -23.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.71% | 36.50% | -3.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.92% | 32.04% | +0.88% |
XME vs. SLV - Expense Ratio Comparison
XME has a 0.35% expense ratio, which is lower than SLV's 0.50% expense ratio.
Dividends
XME vs. SLV - Dividend Comparison
XME's dividend yield for the trailing twelve months is around 0.33%, 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% |
XME SPDR S&P Metals & Mining ETF | 0.33% | 0.38% | 0.65% | 1.00% | 1.64% | 0.70% | 0.99% | 2.43% | 2.23% | 1.15% | 1.02% | 2.61% |
Frequently Asked Questions
XME and SLV have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (14.09%) compared to XME (14.01%). In terms of maximum drawdown, XME dropped -85.89% vs SLV's -76.28%.
On 10-year performance, XME leads with 18.50% vs 13.58% for SLV. On fees, XME is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XME has performed better with a 18.50% return vs 13.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XME is cheaper with a 0.35% expense ratio, compared with 0.50% for SLV.
XME has the higher dividend yield at 0.33%, compared with 0.00% for SLV.
XME is categorized as Materials, while SLV is Silver. XME tracks S&P Metals & Mining Select Industry Index, while SLV tracks LBMA Silver Price. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for XME and 0.50% for SLV.
XME currently has the higher Sharpe Ratio (2.12 vs 1.32), 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.
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