SLV vs SPY
iShares Silver Trust vs State Street SPDR S&P 500 ETF Trust
Which is better, SLV or SPY?
Silver against Large Cap Blend.
SPY has a lower expense ratio. SLV led over 1Y, 3Y and 5Y, SPY over the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SLV | SPY |
|---|---|---|
| Expense Ratio | 0.50% | 0.09%Best |
| AUM | $32.0B | $804.7B |
| Dividend Yield | 0.00% | 0.98% |
| Holdings | 1 | 505 |
| YTD Return | -8.85% | +12.09%Best |
| 1Y Return | +57.75%Best | +16.29% |
| 3Y Return (annualized) | +41.27%Best | +21.20% |
| 5Y Return (annualized) | +23.85%Best | +13.37% |
| Volatility (annualized) | 32.5% | 15.2%Best |
| Max Drawdown | -76.3% | -56.5%Best |
| $10,000 over 5 years | $29,139Best | $18,728 |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Commodity | Equity |
| Style | Silver | Large Cap Blend |
| Inception | Apr 21, 2006 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Apr 28, 2006 to Sep 18, 2026 (20.4 years).
SLV vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 20.4 years both funds cover.
SLV vs SPY Performance
iShares Silver Trust (SLV) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year SLV returned +57.75% while SPY returned +16.29%. Year to date, SLV is down 8.85% versus a gain of 12.09% for SPY.
Over three years, SLV compounded at +41.27% per year against +21.20% for SPY; over five years the annualized figures are +23.85% and +13.37% respectively. Across the full 20-year window we track, SPY has the edge at +9.39% annualized vs +7.46%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SLV has been the more volatile fund, with annualized monthly volatility of 32.5% compared with 15.2% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -76.3% for SLV and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.27. They move largely independently of each other.
Fees and Cost Over Time
SLV charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, SLV currently yields 0.00% against 0.98% for SPY.
You are not choosing between two funds in isolation.
Whichever of SLV and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SLV or SPY?
SLV has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option, by $41 a year on a $10,000 investment.
Which performed better, SLV or SPY?
Over the past year SLV returned +57.75% vs +16.29% for SPY, so SLV leads on 1-year performance. Over the longest common window we track (20 years), SLV annualized +7.46% vs +9.39% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SLV or SPY?
SLV has been the more volatile fund at 32.5% annualized versus 15.2% for SPY. Worst drawdown: SLV -76.3% vs SPY -56.5%.
Should I hold both SLV and SPY?
SLV and SPY have a monthly-return correlation of 0.27, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SLV or SPY?
SLV yields 0.00% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than SLV?
SPY has a lower expense ratio. SLV led over 1Y, 3Y and 5Y, SPY over the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.