Data as of Oct 28, 2026.
FENI vs SLV: Differences, Returns & Fees
FENI is an actively managed equity fund and SLV a commodity fund, and over the year to Oct 28, 2026, SLV returned +14.9% against +14.2%.
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Net assets: $11.5bn on Sep 30, 2026 for Fidelity Enhanced International ETF, and $26.9bn on Oct 28, 2026 for iShares Silver Trust.
Pair scorecard
FENI costs 0.22 points a year less; their one-year returns differ by 0.7 points; SLV is 2.6 times larger.
| Measure | FENI | SLV |
|---|---|---|
| Return | ||
| Total return, 1 year | +14.2% | +14.9% |
| Drawdown | ||
| Below its high | 4.7%, high on Aug 13, 2026 | 53.5%, high on Jan 28, 2026 |
| Benchmark | ||
| What it tracks | No index, actively managed | Silver |
| Cost and size | ||
| Expense ratio | 0.28% | 0.50% |
| Net assets, as of Sep 30, 2026 | $11.5bn | $30.0bn |
| Holdings | ||
| Holdings in common | not published | |
| In the S&P 500, by weight | 0% | |
| Top ten holdings, share of the fund | 16.5% | |
Risk and return
Dec 1, 2023 to Oct 23, 2026 · 151 weekly returnsEach against its own benchmark: FENI against EFA, Dec 1, 2023 to Oct 23, 2026; SLV against SIVR, Jul 31, 2009 to Oct 23, 2026.
SLV returned more: +108.8% to +68.2%. FENI swung less: 14.5% to 39.1%. FENI fell less at its worst: −11.2% to −47.6%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | FENI | SLV | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +68.2% | +108.8% | SLV | Price change plus distributions, reinvested. |
| Annualized | +19.6% | +28.9% | SLV | Total return as a yearly rate. |
| Price return | +54.7% | +108.8% | SLV | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 14.5% | 39.1% | FENI | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 10.2% | 25.6% | FENI | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −11.2% | −47.6% | FENI | Deepest fall from a high to the low after it. |
| Upside capture | 105.3% | 100.2% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 97.4% | 100.2% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.99 | 1.00 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.98 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 1.01 | 0.73 | FENI | Return above Treasury bills per unit of volatility. |
| Sortino | 1.43 | 1.12 | FENI | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.147 | 0.107 | Return above Treasury bills per unit of beta. | |
| Calmar | 1.75 | 0.61 | FENI | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | EFA | SIVR | The ETF each fund is measured against. | |
| Alpha | +3.1% a year | −0.2% a year | SLV not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 2.73 | −0.92 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | +0.9% to +5.4% | −0.6% to +0.2% | SLV includes zero | The 95% range for the yearly alpha. |
| Information ratio | 1.55 | −0.19 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 1.9% | 0.8% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 151 weekly returns. Cash rate: the 13-week Treasury bill.
Side by side
FENI and SLV on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
FENI and SLV do different jobs. What does each one do in a portfolio?
- What each follows. FENI follows No index, actively managed and SLV follows Silver.
- Cost. FENI charges 0.28% of assets a year and SLV 0.50%, a gap of 0.22 points.
- One-year total return (similar). Over 1 year to Oct 28, 2026 FENI returned +14.2% and SLV +14.9% with distributions reinvested, a gap of 0.7 points.
Data as of Oct 28, 2026.
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FENI
FENI is actively managed and tracks no index. Over the year to Oct 28, 2026 it returned +14.2% with distributions reinvested, against +12.1% for its benchmark, the MSCI EAFE Index. The prospectus expense ratio is 0.28% a year. By its holdings filed for Jun 30, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 386 positions, with the top ten at 16.5%. It sat 4.7% below its high of Aug 13, 2026 on Oct 28, 2026.
Its expense ratio is 0.50% a year, for the three months to Jun 30, 2026, as its 10-Q states.
SLV holds silver. Over the year to Oct 28, 2026 it returned +14.9% with distributions reinvested, against +15.0% for its benchmark, the price of silver. It sat 53.5% below its high of Jan 28, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, FENI or SLV?
- In the year to Oct 28, 2026, with distributions reinvested, FENI returned +14.2% and SLV +14.9%.
- Which is cheaper, FENI or SLV?
- FENI is cheaper, by 0.22 percentage points a year. That is about $22 on $10,000 held for a year. Fees come from each fund's own filings.
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ETFIQ, FENI against SLV, data as of Oct 28, 2026. https://etfiq.com/compare/any/feni-vs-slv
ETFIQ. (Oct 28, 2026). FENI against SLV. Retrieved from https://etfiq.com/compare/any/feni-vs-slv
[FENI against SLV (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/feni-vs-slv)
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