SLV vs SIVR ETF Comparison 2026: Best Physical Silver ETF: AI Score, Valuation, Performance and Upside
SLV and SIVR are both physically backed silver ETFs providing essentially equivalent silver price exposure. The primary difference is expense ratio: SIVR at 0.30% vs SLV at 0.50%. For long-term buy-and-hold silver investors, SIVR's lower cost advantage compounds meaningfully. For traders or institutional investors needing maximum liquidity, SLV's deeper market is preferable. The investment case for either depends on your view of silver as a commodity allocation.
SLV vs SIVR — iShares Silver Trust (the most liquid and recognized silver ETF at 0.50% expense ratio with $10B+ AUM for institutional silver investors) versus abrdn Physical Silver ETF (the lower-cost 0.30% alternative with equivalent physical silver backing for long-term buy-and-hold commodity investors).
SIVR holds the edge across 3 of 5 key metrics in this comparison. SIVR has delivered stronger 1-year price return (+58.08% vs +57.75% for SLV).
- trade silver exposure actively or tactically where SLV's maximum liquidity and tightest bid-ask spreads are worth the 0.20% higher annual expense vs SIVR
- want iShares brand recognition and institutional familiarity — SLV is the silver benchmark referenced by financial media, advisors, and commodity allocation frameworks
- execute large silver positions where SLV's superior market depth reduces transaction costs that could offset SIVR's expense advantage for large trades
- hold silver in portfolios where iShares ecosystem integration simplifies reporting, rebalancing, and portfolio management
- hold silver as a long-term buy-and-hold portfolio allocation where SIVR's 0.20% lower annual expense saves meaningful cost over 5-10+ year holding periods
- want equivalent physical silver backing at materially lower cost — SIVR's London-vault silver is equivalent in quality to SLV's silver without paying the iShares liquidity premium
- invest smaller silver positions where SIVR's lower AUM and slightly wider bid-ask spreads are negligible at individual investor trade sizes
- are comfortable with abrdn brand vs iShares and lower institutional recognition for a commodity ETF where fund manager brand matters less than expense ratio
| Metric | SLV | SIVR |
|---|---|---|
| ETF scorei | 83.0 | 85.0 |
| Latest closei | $59.93 | $63.01 |
| 1M returni | -0.13% | -0.13% |
| 6M returni | -2.58% | -2.52% |
| 1Y returni | +57.75% | +58.08% |
The ETF score weights long-term returns and risk-adjusted performance most heavily, but still rewards low expense ratios, larger fund size, and broader diversification — so it can favor low-cost, broad, mega-cap funds over smaller thematic or actively-managed funds even when the latter have delivered stronger returns.
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | SLV | SIVR |
|---|---|---|
| 1Y ago | $15.78K (+57.8%) started 2025-09-18 | $15.81K (+58.1%) started 2025-09-18 |
| 5Y ago | $29.11K (+191.1%) started 2021-09-20 | $29.4K (+194.0%) started 2021-09-20 |
| 10Y ago | $32.93K (+229.3%) started 2016-09-19 | $33.57K (+235.7%) started 2016-09-19 |
Hypothetical — past performance does not guarantee future results.
| Metric | SLV | SIVR |
|---|---|---|
| Expense ratioi | 0.50% | 0.30% |
| Total assets (AUM)i | $34.68B | $4.88B |
| Dividend yieldi | 0.00% | 0.00% |
| Trailing P/Ei | N/A | N/A |
| Betai | 0.50 | 0.49 |
| 52-week change | 57.75% | 58.08% |
| Metric | SLV | SIVR |
|---|---|---|
| 1Y returni | +57.75% | +58.08% |
| 6M returni | -2.58% | -2.52% |
| 1M returni | -0.13% | -0.13% |
| 1Y Sharpe ratio | 0.99 | 1.00 |
| Betai | 0.50 | 0.49 |
| Dividend yieldi | 0.00% | 0.00% |
| 5Y CAGR | +23.85% | +24.11% |
Over the past year, SLV and SIVR have moved strongly in the same direction (correlation of 1.00), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | SLV | SIVR |
|---|---|---|---|
| 1Y | Growthi | +57.75% | +58.08% |
| CAGRi | +57.80% | +58.13% | |
| Volatilityi | 62.56% | 62.53% | |
| Sharpe ratioi | 0.99 | 1.00 | |
| Sortino ratioi | 1.28 | 1.28 | |
| Max drawdowni | 52.28% | 52.27% | |
| Current drawdowni | 43.25% | 43.17% | |
| Avg drawdowni | 25.87% | 25.83% | |
| Ulcer Indexi | 31.78% | 31.74% | |
| Max daily dropi | 28.54% | 28.55% | |
| Max wkly dropi | 36.83% | 36.85% | |
| 5Y | Growthi | +191.06% | +194.03% |
| CAGRi | +23.85% | +24.11% | |
| Volatilityi | 37.26% | 37.28% | |
| Sharpe ratioi | 0.65 | 0.65 | |
| Sortino ratioi | 0.89 | 0.89 | |
| Max drawdowni | 52.28% | 52.27% | |
| Current drawdowni | 43.25% | 43.17% | |
| Avg drawdowni | 13.78% | 13.67% | |
| Ulcer Indexi | 18.45% | 18.37% | |
| Max daily dropi | 28.54% | 28.55% | |
| Max wkly dropi | 36.83% | 36.85% | |
| 10Y | Growthi | +229.29% | +235.70% |
| CAGRi | +12.66% | +12.88% | |
| Volatilityi | 32.41% | 32.45% | |
| Sharpe ratioi | 0.40 | 0.40 | |
| Sortino ratioi | 0.54 | 0.55 | |
| Max drawdowni | 52.28% | 52.27% | |
| Current drawdowni | 43.25% | 43.17% | |
| Avg drawdowni | 17.48% | 17.22% | |
| Ulcer Indexi | 20.17% | 19.93% | |
| Max daily dropi | 28.54% | 28.55% | |
| Max wkly dropi | 36.83% | 36.85% |
| Category | SLV | SIVR |
|---|---|---|
| Fund name | iShares Silver Trust | abrdn Physical Silver Shares ETF |
| Type | ETF | ETF |
| Expense ratioi | 0.50% | 0.30% |
| Total assets (AUM)i | $34.68B | $4.88B |
| Dividend yieldi | 0.00% | 0.00% |
- Maximum silver ETF liquidity: SLV's $10B+ AUM and high daily volume make it the most liquid silver investment vehicle — minimal bid-ask spreads for large silver position entries and exits
- Physical silver backing: SLV holds actual silver bullion in secure vaults audited regularly — provides direct silver price exposure without commodity futures roll costs
- iShares brand and institutional recognition: SLV is the standard silver ETF used in institutional portfolios and is the silver benchmark for commodity allocation discussions
- 0.30% expense ratio vs SLV's 0.50%: SIVR saves 0.20% annually — on a $100,000 silver allocation, $200/year in additional silver retained over time rather than paid to the fund
- Physical silver backing at HSBC vaults: SIVR holds allocated silver bullion in secure London vaults with regular audit reports — equivalent physical backing to SLV
- Lower-cost long-term silver holding: for buy-and-hold silver investors, SIVR's lower expense materially outweighs SLV's liquidity premium over 3-5+ year holding periods
- 0.50% expense ratio vs SIVR's 0.30%: SLV's higher expense is a meaningful cost drag on a precious metals position held for years — SIVR's lower fee compounds favorably for long-term holders
- Grantor trust structure limitations: SLV cannot reinvest income or engage in other fund activities due to grantor trust structure — pure commodity exposure with no income component
- Silver price volatility: silver is more volatile than gold due to industrial demand sensitivity — SLV holders should be prepared for 30-50%+ drawdowns that are common in precious metals
- Lower liquidity than SLV: SIVR has smaller AUM and lower daily trading volume than SLV — wider bid-ask spreads for large trades create implicit transaction cost that can offset the expense ratio advantage for frequent traders
- abrdn brand less recognized than iShares: SLV's iShares backing provides deeper institutional familiarity — SIVR is less commonly referenced in financial media and advisor platforms
- Same silver price risk as SLV: SIVR holds silver and will experience the same commodity price volatility as SLV — lower fees don't reduce silver market risk
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