Silver ETF vs Global X Silver Miners ETF (SLV vs SIL) 2026: Returns, Risk & Volatility

Reviewed by Sid Kalla CFA Charterholder

Returns shown in USD.

Quick answer

Which is a better investment: SLV or SIL?

From October 14, 2025 to October 13, 2026: SLV led on total return (+14.3% vs SIL +13.1%). SLV had the higher Sharpe ratio (0.49 vs SIL 0.44). On observed risk, SIL had lower annualized volatility (55.6% vs SLV 63.0%); SIL had a smaller maximum drawdown (-39.5% vs SLV -52.3%).

Total Return

SLV +14.3%

SIL +13.1%

Sharpe Ratio

SLV 0.49

SIL 0.44

Annualized Volatility

SLV 63.0%

SIL 55.6%

Max Drawdown

SLV -52.3%

SIL -39.5%

Metric winners: Total Return: SLV; Sharpe Ratio: SLV; Annualized Volatility: SIL (less volatile); Max Drawdown: SIL (smaller drawdown).

SLV Total Return

↑ +14.3%

SIL Total Return

↑ +13.1%

Relative Performance of SLV vs SIL (Normalized to 100)

SLV SIL

Normalized to 100 at start date for comparison

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Key Takeaways

Total Return: SLV delivered a +14.3% total return, while SIL returned +13.1% over the same period. SLV outperformed on total returns.
Risk-Adjusted Return (Sharpe Ratio): SLV had a higher Sharpe (0.49 vs 0.44), indicating better risk-adjusted performance.
Volatility (Annualized): SLV was more volatile, with 63.0% annualized volatility, versus 55.6% for SIL.
Maximum Drawdown: SIL's maximum drawdown was -39.5%, while SLV experienced a deeper drawdown of -52.3%.
Tail Risk (VaR & Expected Shortfall): At the 5% level (daily log returns), SLV's VaR was -5.64% and its Expected Shortfall (CVaR) was -10.67%; SIL's were -5.54% and -8.44%. VaR is the cutoff; Expected Shortfall is the average move on the worst days.
Skew & Kurtosis: Skew: SLV -2.55 vs SIL -0.65. Excess kurtosis: SLV 17.14 vs SIL 1.74. Negative skew leans downside; higher excess kurtosis means fatter tails.
Tail Days & Extremes: 2σ tail days (down/up): SLV 7/1, SIL 8/3. Worst day: SLV -28.54% (2026-01-30) vs SIL -14.78% (2026-01-30). Best day: SLV +9.05% (2025-12-26) vs SIL +9.61% (2026-05-06).
Risk ratios: Sortino - SLV: 0.62 vs. SIL: 0.60 , Calmar - SLV: 0.27 vs. SIL: 0.33 , Sterling - SLV: 0.32 vs. SIL: 0.35 , Treynor - SLV: 0.16 vs. SIL: 0.11 , Ulcer Index - SLV: 34.13% vs. SIL: 21.36%

Investment Comparison

If you invested $10,000 in each asset on October 14, 2025:

SLV $11,429.49 +14.3%

SIL $11,312.65 +13.1%

Difference: $116.84 (SLV ahead)

Silver ETF vs Global X Silver Miners ETF Performance Over Time

Metric	SLV	SIL
30 Days	-8%	-12.7%
90 Days	2.5%	12.1%
180 Days	-24.9%	-13.4%
1 Year	14.3%	13.1%

Across the available lookbacks in this table, SLV led on total return for 30 Days and 1 Year, while SIL led for 90 Days and 180 Days.

Shorter time frames can show different leaders as market conditions change. Consider your investment horizon when comparing performance.

Silver ETF vs Global X Silver Miners ETF Correlation

Average Correlation

strongly correlated

0.87

Current (30-day) 0.90

30-day rolling range +0.68 to +0.93

Silver ETF and Global X Silver Miners ETF were strongly correlated from October 14, 2025 to October 13, 2026. The reported average correlation of 0.87 showed strong positive linear co-movement in the observed sample.

Correlation alone does not establish portfolio risk reduction or predict selloff behavior. This comparison does not model a combined portfolio.

Metric	Value
Current (30-day)	0.90
Average (full period)	0.87
Minimum (30-day rolling)	0.68
Maximum (30-day rolling)	0.93

Correlation measures linear co-movement of returns: near +1 indicates strong positive co-movement, near 0 indicates weak linear co-movement, and negative values indicate inverse co-movement. Near-zero correlation does not establish independence. Current, minimum, and maximum figures are 30-day rolling correlations on shared daily returns.

Drawdown

Maximum Drawdown

SLV

-52.3%

SIL

-39.5%

Silver ETF experienced its maximum drawdown of -52.3% from 2026-01-28 to 2026-07-16. It has not yet recovered to its previous peak.

Global X Silver Miners ETF experienced its maximum drawdown of -39.5% from 2026-02-27 to 2026-07-20. It has not yet recovered to its previous peak.

Smaller drawdowns and faster recoveries indicate lower downside risk and greater resilience during market stress.

Silver ETF vs Global X Silver Miners ETF Volatility (SLV vs SIL)

SLV Volatility

63.0%

±3.97% 1-day vol

SIL Volatility

55.6%

±3.5% 1-day vol

1-day volatility (1σ)

SLV

±3.97%

SIL

±3.5%

Silver ETF's 63.0% annualized volatility translates to about ±3.97% one-standard-deviation daily volatility.

Global X Silver Miners ETF's 55.6% annualized volatility translates to about ±3.5% one-standard-deviation daily volatility.

SLV had the wider volatility profile over this window. That means its day-to-day return distribution was broader; SIL was calmer, but lower volatility does not by itself mean better returns.

Treat the ± daily figure as a one-standard-deviation estimate from historical returns, not a forecast or expected absolute daily move. For context, 15-18% annualized volatility is roughly ±1% one-standard-deviation daily volatility.

Risk-adjusted ratios

Sharpe Ratio of SLV and SIL

Sharpe Ratio: SLV vs. SIL

Return per total volatility

Sharpe gives us excess return per unit of risk. Upside and downside volatility both count as risk.

Higher is better

excess return / total volatility

Formula

\displaystyle \mathrm{Sharpe} = \frac{\mathbb{E}[R] - R_f}{\sigma_R}

Sharpe ratio measures return per unit of risk (volatility). A higher Sharpe indicates better risk-adjusted performance. SLV had a higher Sharpe (0.49 vs 0.44), indicating better risk-adjusted performance.

A Sharpe above 1.0 is generally considered good, above 2.0 is excellent. Negative Sharpe means the asset underperformed the risk-free rate. Calculated on each asset's full 365-day lookback of available prices and annualized using the asset calendar (365 for crypto, 252 trading days for equities/ETFs/metals).

Sortino Ratio of SLV and SIL

Sortino Ratio: SLV vs. SIL

Return per downside volatility

Sortino keeps the return-over-risk idea, but only returns below the target rate count as volatility.

Higher is better

excess return / downside volatility

Formula

\displaystyle \mathrm{Sortino} = \frac{\mathbb{E}[R] - R_f}{\sigma_{\mathrm{down}}}

Sortino ratio measures return per unit of downside risk. Unlike Sharpe, it only counts downside deviation (returns below the target return). SLV had better downside-adjusted returns.

A higher Sortino is better. It's useful when upside volatility is common (crypto is the obvious example). Downside deviation: SLV 49.2% vs SIL 40.4%. Calculated on each asset's full 365-day lookback of available prices, using the daily risk-free rate as the target return, and annualized using the asset calendar (365 for crypto, 252 trading days for equities/ETFs/metals).

Calmar Ratio of SLV and SIL

Calmar Ratio: SLV vs. SIL

CAGR per worst drawdown

Calmar compares CAGR against the single deepest peak-to-trough loss over the period.

Higher is better

CAGR / max drawdown

Formula

\displaystyle \mathrm{Calmar} = \frac{\mathrm{CAGR}}{|\mathrm{MaxDD}|}

Calmar ratio compares CAGR to maximum drawdown. Higher Calmar means more return per unit of worst drawdown. SIL posted the higher Calmar ratio.

Calmar is computed on each asset's full 365-day lookback and uses the max drawdown over that same window.

Sterling Ratio of SLV and SIL

Sterling Ratio: SLV vs. SIL

Return per average drawdown

Sterling smooths the drawdown penalty by using average drawdown events instead of only the worst one.

Higher is better

excess annual return / average deep drawdown

Formula

\displaystyle \mathrm{Sterling} = \frac{\mathrm{CAGR} - R_f}{\overline{D}_{>10\%}}

Sterling ratio measures excess return per unit of average drawdown (typically drawdowns worse than 10%). SIL posted the higher Sterling ratio.

Sterling uses average drawdown events deeper than 10% and subtracts the risk-free rate to report excess return.

Treynor Ratio of SLV and SIL

Treynor Ratio: SLV vs. SIL

Excess return per market beta

Treynor divides excess annualized return by beta — the sensitivity of the asset to broad-market moves. The slope shown is each asset’s beta vs SPY.

Higher is better

excess return / market beta

Formula

\displaystyle \mathrm{Treynor} = \frac{\mathbb{E}[R] - R_f}{\beta}

Treynor ratio measures excess return per unit of market risk (beta) instead of total volatility. SLV posted the higher Treynor ratio.

Treynor uses beta vs the S&P 500 (SPY) on shared dates and the average 3-month Treasury rate as the risk-free rate.

Ulcer Index of SLV and SIL

Ulcer Index: SLV vs. SIL

Drawdown pain

Ulcer Index is a risk index, not a return-over-risk ratio. Lower means smaller and shorter drawdowns.

Lower is better

root-mean-square drawdown

Formula

\displaystyle \mathrm{UI} = \sqrt{\mathbb{E}[D_t^2]}

Ulcer Index captures drawdown depth and duration. Lower Ulcer Index means less drawdown pain. SIL had the lower Ulcer Index (less drawdown pain).

Ulcer Index is computed from each asset's drawdown series over the full lookback window.

Tail Risk & Distribution Shape (1-Year): Silver ETF vs. Global X Silver Miners ETF

This section looks at the shape of daily returns, not just the average. Tail stats are computed per asset on its own daily series (crypto includes weekends). We use daily log returns $\ln\left(\frac{P_t}{P_{t-1}}\right)$ so multi-day moves add cleanly.

Definitions: Value at Risk (VaR), Expected Shortfall, skew, kurtosis, and fat tails.

Tail Risk & Distribution Shape: SLV vs. SIL (1-Year)

Actual daily return tails

The bars are real daily log-return observations from the article window. Darker bars are observations at or beyond each asset’s 5% VaR cutoff.

Observed returns

VaR marks the 5th percentile loss cutoff; Expected Shortfall averages the observations beyond that cutoff.

Formula

\displaystyle \mathrm{VaR}_{5\%}=Q_{0.05}(r_t),\quad \mathrm{ES}_{5\%}=\mathbb{E}[r_t\mid r_t\le \mathrm{VaR}_{5\%}]

Metric (1-Year)	SLV	SIL
5% VaR (daily log return)	-5.64%	-5.54%
5% Expected Shortfall (CVaR)	-10.67% (worst 13 days)	-8.44% (worst 13 days)
Skew	-2.55	-0.65
Excess kurtosis	17.14	1.74
2σ tail days (down / up)	7 / 1	8 / 3
Worst day	-28.54% (2026-01-30)	-14.78% (2026-01-30)
Best day	+9.05% (2025-12-26)	+9.61% (2026-05-06)

Downside co-moves (2σ) — 1-Year

Computed on shared dates only (n=250). A “2σ downside move” means a shared-close log return more than 2 standard deviations below that asset’s own mean on this shared-date series. Dates below show simple returns (%) for readability.

Downside co-move map: SLV vs. SIL (2σ)

Shared-close daily returns

Dots mark actual downside days: asset-colored dots are one-sided downside moves, and red dots are joint downside days. Grey dots add sampled shared-return context when available. The shaded lower-left zone shows where both SLV and SIL crossed their own 2σ downside threshold.

2σ

Show downside tail dates

Dates below are shared-date observations. The “Date” is the period end (close). Tail thresholds are computed on log returns, but the table shows simple returns (%) for readability. Returns are computed from the previous shared close to this one (for example, Friday → Monday includes weekend moves).

Days when both SLV and SIL had a big down day (2σ)

Date (interval)	SLV	SIL
2025-10-21	-8.24%	-10.86%
2026-01-30	-28.54%	-14.78%
2026-02-05	-15.77%	-7.63%
2026-02-12	-11.53%	-8.11%
2026-03-03	-8.45%	-8.92%
2026-05-15	-8.57%	-7.55%
2026-06-05	-8.08%	-10.44%

Days when SLV had a big down day

Date (interval)	SLV	SIL
2025-10-21	-8.24%	-10.86%
2026-01-30	-28.54%	-14.78%
2026-02-05	-15.77%	-7.63%
2026-02-12	-11.53%	-8.11%
2026-03-03	-8.45%	-8.92%
2026-05-15	-8.57%	-7.55%
2026-06-05	-8.08%	-10.44%

Days when SIL had a big down day

Date (interval)	SLV	SIL
2025-10-17	-4.43%	-7.68%
2025-10-21	-8.24%	-10.86%
2026-01-30	-28.54%	-14.78%
2026-02-05	-15.77%	-7.63%
2026-02-12	-11.53%	-8.11%
2026-03-03	-8.45%	-8.92%
2026-05-15	-8.57%	-7.55%
2026-06-05	-8.08%	-10.44%

Read this as “how ugly the ugly days get”, not as a precise forecast. One-year samples are small, so tail estimates are inherently noisy.

Full Comparison of Silver ETF vs. Global X Silver Miners ETF (1-Year)

Metric	SLV	SIL
Total Return	+14.3%	+13.1%
Annualized Volatility	63.0%	55.6%
Sharpe Ratio	0.49	0.44
Sortino Ratio	0.62	0.60
Calmar Ratio	0.27	0.33
Sterling Ratio	0.32	0.35
Treynor Ratio	0.16	0.11
Ulcer Index	34.13%	21.36%
Max Drawdown	-52.3%	-39.5%
Avg Correlation to S&P 500	0.47	0.57
5% VaR (daily log return)	-5.64%	-5.54%
5% Expected Shortfall (CVaR)	-10.67%	-8.44%
Skew	-2.55	-0.65
Excess kurtosis	17.14	1.74
2σ tail days (down / up)	7 / 1	8 / 3

Audit this calculation

Formulas, inputs, and conventions used to compute the metrics on this page.

Inputs & conventions

Shared window for pair metrics: 2025-10-14 → 2026-10-13 (last shared close).
Rolling correlation sample (shared closes): 221 rolling 30-day values (from 250 shared daily returns).
Annualization (days/year): SLV: 252 days/year; SIL: 252 days/year.
Risk-free rate: Uses the 3-month U.S. Treasury yield (FRED: DGS3MO), averaged over each asset’s window:

SLV: 3.81% over 2025-10-14 → 2026-10-13.

SIL: 3.81% over 2025-10-14 → 2026-10-13.
Volatility drag (rule of thumb): Estimated from annualized volatility (simple returns). For the log-return framing, see Log returns.

SLV: ≈ -19.8%/yr

SIL: ≈ -15.5%/yr
Data alignment: No forward fill. Correlation and tail co-moves are computed on shared closes only.
For cross-calendar pairs (e.g., crypto vs stocks), weekend/holiday moves roll into the next shared close.
Return conventions: Volatility/Sharpe/Sortino use simple daily returns. Tail-risk uses daily log returns for distribution stats (but tables show simple returns). Log returns.

Formulas

Daily simple return

r_t = \frac{P_t}{P_{t-1}} - 1

Volatility

\sigma_{ann} = \sigma(r_t)\sqrt{A}

Volatility drag (approx.)

\text{drag} \approx \tfrac{1}{2}\sigma_{ann}^2

Sharpe Ratio

S = \frac{A\,\bar{r} - r_f}{\sigma(r_t)\sqrt{A}}

Sortino Ratio

So = \frac{A\,\bar{r} - r_f}{\sqrt{\mathbb{E}[\min(0,\,r_t - r_f/A)^2]}\,\sqrt{A}}

Maximum Drawdown

MDD = \min_t\left(\frac{P_t}{\max_{s \le t} P_s} - 1\right)

Average Correlation

\rho = \frac{\operatorname{cov}(r^A,\,r^B)}{\sigma_A\,\sigma_B}

Log returns

\ell_t = \ln\left(\frac{P_t}{P_{t-1}}\right)

Notation

$P_t$: Price on day t.
$r_t$: Simple daily return.
$\ell_t$: Log daily return.
$\bar{r}$: Average daily return.
$\sigma(r_t)$: Standard deviation of daily returns.
$A$: Annualization factor (days/year).
$r_f$: Annual risk-free rate.

Silver ETF vs Global X Silver Miners ETF: Frequently Asked Questions

Which has higher volatility: SLV or SIL?

SLV showed higher volatility at 63.0% annualized, compared to 55.6% for SIL Over the past year. Higher volatility means larger price swings in both directions.

Does SLV provide diversification when held with SIL?

SLV and SIL were strongly correlated from October 14, 2025 to October 13, 2026, with an average correlation of 0.87. Correlation alone does not establish portfolio risk reduction or predict selloff behavior. This comparison does not model a combined portfolio.

How bad are the worst 5% days for SLV vs SIL?

Over the past year, SLV's 5% VaR was -5.64% and its 5% Expected Shortfall was -10.67% (worst 13 days). SIL's were -5.54% and -8.44% (worst 13 days).

Do SLV and SIL crash together on bad days?

On shared dates (n=250), when SIL has a 2σ down day, SLV also does 87.5% (7/8 days). In the other direction, when SLV has one, SIL also does 100.0% (7/7 days).

Which has better risk-adjusted returns: SLV or SIL?

SLV showed better risk-adjusted performance with a Sharpe ratio of 0.49 versus SIL's 0.44 Over the past year.

Can SLV and SIL be combined in a portfolio?

This comparison measures the assets individually, not a combined portfolio. Portfolio risk depends on allocation weights and the joint return path; no portfolio result is calculated here. SLV had higher annualized volatility (63.0%) in this sample; the effect of an allocation is not measured here.

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Which is a better investment: SLV or SIL?

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Relative Performance of SLV vs SIL (Normalized to 100)

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Key Takeaways

Investment Comparison

Silver ETF vs Global X Silver Miners ETF Performance Over Time

Silver ETF vs Global X Silver Miners ETF Correlation

Drawdown

Silver ETF vs Global X Silver Miners ETF Volatility (SLV vs SIL)

Risk-adjusted ratios

Sharpe Ratio of SLV and SIL

Sharpe Ratio: SLV vs. SIL

Sortino Ratio of SLV and SIL

Sortino Ratio: SLV vs. SIL

Calmar Ratio of SLV and SIL

Calmar Ratio: SLV vs. SIL

Sterling Ratio of SLV and SIL

Sterling Ratio: SLV vs. SIL

Treynor Ratio of SLV and SIL

Treynor Ratio: SLV vs. SIL

Ulcer Index of SLV and SIL

Ulcer Index: SLV vs. SIL

Tail Risk & Distribution Shape (1-Year): Silver ETF vs. Global X Silver Miners ETF

Tail Risk & Distribution Shape: SLV vs. SIL (1-Year)

Downside co-moves (2σ) — 1-Year

Downside co-move map: SLV vs. SIL (2σ)

Days when both SLV and SIL had a big down day (2σ)

Days when SLV had a big down day

Days when SIL had a big down day

Full Comparison of Silver ETF vs. Global X Silver Miners ETF (1-Year)

Inputs & conventions

Formulas

Silver ETF vs Global X Silver Miners ETF: Frequently Asked Questions

Which has higher volatility: SLV or SIL?

Does SLV provide diversification when held with SIL?

How bad are the worst 5% days for SLV vs SIL?

Do SLV and SIL crash together on bad days?

Which has better risk-adjusted returns: SLV or SIL?

Can SLV and SIL be combined in a portfolio?