Data as of Oct 28, 2026.
SLV vs SPYM: Differences, Returns & Fees
SLV is a commodity fund and SPYM an equity index fund, and over the year to Oct 28, 2026, SLV returned +14.9% against +13.7%.
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Net assets: $26.9bn on Oct 28, 2026 for iShares Silver Trust, and $185.0bn on Oct 27, 2026 for State Street SPDR Portfolio S&P 500 ETF.
Pair scorecard
SPYM costs 0.48 points a year less; their one-year returns differ by 1.2 points; SPYM is 7.0 times larger.
| Measure | SLV | SPYM |
|---|---|---|
| Return | ||
| Total return, 1 year | +14.9% | +13.7% |
| Drawdown | ||
| Below its high | 53.5%, high on Jan 28, 2026 | |
| Benchmark | ||
| What it tracks | Silver | S&P 500 Index |
| Cost and size | ||
| Expense ratio | 0.50% | 0.02% |
| Net assets, as of Oct 27, 2026 | $26.5bn | $185.0bn |
| Holdings | ||
| Holdings in common | not published | |
| In the S&P 500, by weight | 100% | |
| Top ten holdings, share of the fund | 38.1% | |
Risk and return
May 5, 2006 to Oct 23, 2026 · 1,068 weekly returnsEach against its own benchmark: SLV against SIVR, Jul 31, 2009 to Oct 23, 2026; SPYM against IVV, Nov 25, 2005 to Oct 23, 2026.
SPYM returned more: +747.0% to +248.1%. SPYM swung less: 17.3% to 32.5%. SPYM fell less at its worst: −53.9% to −75.2%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | SLV | SPYM | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +248.1% | +747.0% | SPYM | Price change plus distributions, reinvested. |
| Annualized | +6.3% | +11.0% | SPYM | Total return as a yearly rate. |
| Price return | +248.1% | +485.1% | SPYM | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 32.5% | 17.3% | SPYM | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 23.0% | 12.2% | SPYM | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −75.2% | −53.9% | SPYM | Deepest fall from a high to the low after it. |
| Upside capture | 100.2% | 94.1% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 100.2% | 96.9% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 1.00 | 0.96 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 1.00 | 0.95 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.30 | 0.59 | SPYM | Return above Treasury bills per unit of volatility. |
| Sortino | 0.42 | 0.83 | SPYM | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.107 | 0.106 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.08 | 0.20 | SPYM | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | SIVR | IVV | The ETF each fund is measured against. | |
| Alpha | −0.2% a year | +0.4% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.92 | 0.53 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −0.6% to +0.2% | −1.2% to +2.0% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.19 | 0.00 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 0.8% | 3.8% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 1,068 weekly returns. Cash rate: the 13-week Treasury bill.
Side by side
SLV and SPYM on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
SLV and SPYM do different jobs. What does each one do in a portfolio?
- What each follows. SLV follows Silver and SPYM follows S&P 500 Index.
- Cost. SLV charges 0.50% of assets a year and SPYM 0.02%, a gap of 0.48 points.
- Size. SLV has $26.5bn in net assets and SPYM $185.0bn (net assets, as of Oct 27, 2026); SPYM is 7.0 times larger.
Data as of Oct 28, 2026.
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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.
SPYM
SPYM tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.7% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.02% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 506 positions, with the top ten at 38.1%.
Questions people ask
- Which returned more over the last year, SLV or SPYM?
- In the year to Oct 28, 2026, with distributions reinvested, SLV returned +14.9% and SPYM +13.7%.
- Which is cheaper, SLV or SPYM?
- SPYM is cheaper, by 0.48 percentage points a year. That is about $48 on $10,000 held for a year. Fees come from each fund's own filings.
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ETFIQ, SLV against SPYM, data as of Oct 28, 2026. https://etfiq.com/compare/any/slv-vs-spym
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